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Commentary & Deal Flow

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by Oleksandr Vynychuk

Sep 08, 2026 4:45 AM ET

UPDATE: KfW £200m+ Short 6yr Sr Unsec; Spread set at SONIA MS+33bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	IPT	Spread Set
KfW	Short 6yr	01-Jun-32	£200m+	Sr Unsec	Fixed	XS3403817003	SONIA MS+34a	SONIA MS+33

Spread set at: Short 6yr: SONIA MS+33bp - Books £275 (excl JLM)
IPTs: 6yr: SONIA MS+34a

Issuer: Kreditanstalt fuer Wiederaufbau (KfW)
Guarantor: Federal Republic of Germany
Rating: Aaa/AAA/AAA (all stable, Moody's/S&P/Scope)
Format: Reg S Bearer
Tap Size: £200m+
Current o/s: £800m
Settle: 15-Sep-26 (T+5)
Maturity: 01-Jun-32
Spread: SONIA MS+33bps
Coupon: 4.5%, Annual, ACT/ACT (incl. 95 days accrued)
Denoms: £1k + £1k
Docs: Issuer's Debt Issuance Programme
List: Luxembourg Regulated Market
Law: German Law
Tgt Mkt: Manufacturer target market (MiFID II and UK MiFIR product governance) as determined by the Lead Managers is eligible counterparties and professional clients (all distribution channels)
Leads: BMO (B&D/DM), Morgan Stanley
ISIN: XS3403817003 (immediately fungible)
Timing: Books open, Today's business. Books to close at 10:15 London time