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„This is KfW´s third USD-Benchmark bond for 2018. It completes the curve from 3 to 10 years already in the first quarter of the year and shows our strength in the USD market. In an environment of rising rates and higher volatility KfW could issue again a successful 4bn USD-Benchmark bond with a maturity of 3 years”, comments Petra Wehlert, Head of Capital Markets at KfW.


  • KfW completes the funding curve from 3 to 10 years with its third USD-Benchmark bond, where central banks took the highest share with 46%.
  • The bond was priced flat leading to a premium of +25.35 bps to UST Mar 2021.
  • The current issuance takes the KfW 2018 funding programme up to 37% completion level.

Bond features

ISIN Code: US500769HU15
Issuer: KfW
Guarantor: Federal Republic of Germany
Rating: Aaa/stable (Moody’s) – AAA/stable (Scope) – AAA/stable (S&P)
Amount: USD 4,000,000,000
Maturity: 5 April 2018 – 12 April 2021
Coupon: 2.625% p.a. payable semiannually
Re-Offer Price: 99.870%
Format/Listing: Global/SEC-registered/Luxembourg
Lead Managers: Citigroup, Nomura, RBC Capital Markets

Distribution by investor type

Central Banks: 46%
Banks: 28%
Asset Manager: 26%
Insurances & Pension Funds: 0%
Others (incl. Corporates): 0%

Geographical distribution

Americas: 42%
Europe: 35%
Asia: 20%
MEA: 1%
Other: 2%

Further details can be accessed by clicking here:

Deal Review: KfW USD Global III/2018

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