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With the issuance of a 5 bn EUR-Benchmark bond with 10 years maturity KfW kicked off very successfully in 2018. The extremely high investor demand was way beyond expectations given Eurosystem’s reduced PSPP programme and the new regulatory environment (MiFiD II).


  • The final orderbook size in excess of EUR 11.4 bn with almost 150 investors participating in the deal proved to be the largest EUR-benchmark orderbook ever.
  • Bank treasuries took the highest share with 47%, followed by asset managers (23%) and central banks (22%).
  • The deal was priced at mid-swaps -18bp corresponding to a spread over Bunds of 25.8bp.

Bond features


Issuer: KfW

Guarantor: Federal Republic of Germany

Rating: Aaa/stable (Moody’s) – AAA/stable (Scope) – AAA/stable (S&P)

Amount: EUR 5,000,000,000

Maturity: 16 January 2018 – 07 January 2028

Coupon: 0.625% p.a.

Re-Offer Price: 99.289%

Format/Listing: Global/SEC-registered/Frankfurt

Lead Managers: BNP Paribas, Commerzbank, Goldman Sachs

Distribution by investor type

Banks: 47%

Asset Manager: 23%

Central Banks: 22%

Insurances & Pension Funds: 5%

Others: 4%

Geographical distribution

Germany: 36%

UK: 17%

France: 8%

Benelux: 7%

Scandinavia: 7%

Other Europe: 14%

Asia: 9%

North America: 2%

Middle East: 0.1%

Further details can be accessed by clicking here:

Deal Review: KfW EUR Benchmark I/2018

Investor Relations: Overview on KfW's refinancing activities including amongst others funding data and target, bond information, SEC reports and the current ratings