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Commentary & Deal Flow

NEW ISSUE: KfW £300m Feb-30 Green Sr Unsec Tap; Spread Set at SONIA MS+25bp

IGC European Market: Deal Flow - SSA

Issuer

Term

Maturity

Size

Ranking

Type

Spread Set

KfW

Feb-30

15-Feb-30

£300m

Sr Unsec

Fixed

SONIA MS+25


Spread Set: Feb-30: £300m @ SONIA MS+25bp


  • Issuer: KfW
  • Status: Guaranteed by the Federal Republic of Germany
  • Ratings: Aaa/AAA/AAA (all stable) (Moody's/S&P/Scope)
  • Format: Senior, Unsecured, Reg S Bearer
  • ESG: Green
  • Tap Size: £300m
  • Current o/s: £500m
  • Settlement: 02-Jul-26 (T+5)
  • Maturity: 15-Feb-30
  • Spread: SONIA MS (A, A/365) +25bp (the #) (currently ~ UKT 4 ⅜ 03-Jul-30 + 1bp)
  • Coupon: 4.250%, Annual, ACT/ACT (incl. 137 days accrued), short first
  • Denominations: £1k + £1k
  • Documentation: Issued off KfW's EMTN Programme
  • Leads: Santander / UBS
  • Listing: Luxembourg
  • ISIN: XS3006160033 (immediately fungible on Settlement)
  • Target Market: Manufacturer target markets (MIFID II product governance) as assessed by the lead managers are eligible counterparties and professional and retail (all distribution channels)
  • Use of Proceeds: KfW will use an amount equal to the bond proceeds to finance