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“Today's green bond is the fourth of its kind since 2014. Supported by the exceptionally strong demand from green bond investors we feel encouraged in our KfW green bond programme,” Dr. Frank Czichowski, Treasurer of KfW Group, says.
KfW's USD green bond has a tenor of 5 years. The issuance met a particularly strong demand from banks and asset manager. With this issuance, KfW received net proceeds from its green bonds in the amount of EUR 3.6bn in 2017 so far. This already exceeds the total net proceeds from green bonds issued in 2016 (EUR 2.8bn).
- The orderbook closed in excess of EUR 2.4bn. The bond was priced at mid-swaps +9bp and offered a spread of 17.2bp over UST.
- More than 80 investors – with many of them beeing dedicated green investors – participated in the deal. Very strong demand from European (51%) and American (47%) investors.
- The book was driven by orders from banks (44%) and asset manager (38%), followed by corporates (10%).
- KfW's net proceeds from its green bonds in 2017 ytd amounts to EUR 3.6bn, exceeding the prior year's number (EUR 2.8bn).
ISIN Code: US500769HP20
Guarantor: Federal Republic of Germany
Rating: Aaa/stable (Moody’s) – AAA/stable (Scope) – AAA/stable (S&P)
Amount: USD 1,000,000,000
Maturity: 05 October 2017 – 29 September 2022
Coupon: 2.000% p.a., payable semiannually
Re-Offer Price: 99.684%
Format/Listing: Global/SEC registered/Luxembourg
Lead Managers: Bank of America Merrill Lynch, RBC, Toronto Dominion
Further details can be accessed by clicking here:
KfW Research expects euro area growth in 2017 to be strongest in ten years
The upswing in the euro area is consolidating and entering its fifth consecutive year. All countries of the single currency area are now benefiting from dynamic economic development. KfW Research has therefore lifted its economic forecast for this year to 2.2% (previous forecast: 1.8%). That would make 2017 the most successful year of the euro area economies in the last decade. The pace of growth in 2018 is set to slow only slightly to a real rate of 2.0% at the end of the year (previous forecast: 1.7%).
- Growth forecast raised from 1.8% to 2.2% for 2017 and from 1.7% to 2.0% for 2018
- Sentiment remains outstanding as hard cyclical indicators catch up
- Strong euro could be a headwind