Commentary & Deal Flow

KfW, rated Aaa/AAA/AAA (Moody's/Scope/S&P, all stable) and guaranteed by the Federal Republic of Germany, has mandated Credit Agricole CIB, DekaBank, J.P. Morgan and Morgan Stanley to lead manage a EUR benchmark tap of its 2.5% 15-Oct-2031 line (ISIN DE000A383P48, immediate fungibility).

A launch is expected in the near future, subject to market conditions, off the Issuer's EMTN Programme.

• Issuer: KfW
• Ratings: Aaa/AAA/AAA (Moody's/Scope/S&P)
• Guarantor: Federal Republic of Germany
• Transaction: Tap of the existing 2.5% bond due 15-Oct-31
• ISIN: DE000A383P48
• Fungibility: Immediate
• Size: € Benchmark
• Lead Managers: Credit Agricole CIB, DekaBank, J.P. Morgan, Morgan Stanley
• Documentation: EMTN Programme
• Fees: 0.125%
• Target Market: (MIFID II and UK MiFIR product governance) Eligible counterparties, retail and professional (all distribution channels)
• Stabilisation: FCA/ICMA