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Commentary & Deal Flow

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by Jp Albin

Jun 23, 2026 4:34 AM ET

UPDATE: KfW € bmk Oct-31 Sr Unsec Tap; Spread set at MS+5bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
KfW	Oct-31	15-Oct-31	bmk	Sr Unsec	Fixed	MS+6a	MS+5

Spread set at: Oct-31: MS+5bp - Books > €7.6bn (incl. €1bn JLM)
Guidance: Oct-31: MS+6a

Issuer: Kreditanstalt fuer Wiederaufbau (KfW)
Issuer LEI: 549300GDPG70E3MBBU98
Guarantor: Federal Republic of Germany
Ratings: Aaa/AAA/AAA (Moody’s/Scope/S&P, all stable)
Status: Senior, Unsecured, Unsubordinated
Format: Reg S, Bearer, TEFRA C applicable, Cat 1
Tap size: € Benchmark
Current O/S: €3bn
Maturity: 15-Oct-31
Coupon: 2.5% Fixed, Annual, Act/Act (258 days accrued)
Fee: 0.125%
ISIN/WKN: DE000A383P48 / A383P4
Listing: Frankfurt Stock Exchange (regulated market)
Governing Law: German Law
Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties, retail and professional (all distribution channels)
Denominations: €1k x €1k
Docs: Issuer's EMTN Programme
Bookrunners: Credit Agricole CIB, DekaBank, J.P. Morgan, Morgan Stanley
Timing: Books open. Today's business.
Books to close: 10:45 UK / 11:45 CET
Settlement: 30-Jun-26 (T+5)