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FRANKFURT - German state-owned development bank Kreditanstalt für Wiederaufbau (KfW) announced Wednesday it will tap its existing 2.875% bond due December 28, 2029, for an additional €1 billion, bringing the total outstanding amount to €5 billion.
The tap issuance comes with the full backing of the Federal Republic of Germany, maintaining KfW’s top-tier credit ratings of Aaa/AAA/AAA from Moody’s, Scope, and S&P, all with stable outlooks.
Landesbank Baden-Württemberg will serve as the Stabilisation Coordinator for the issuance, according to the press release. The stabilisation period is expected to begin October 22, 2025, and may continue for up to 30 days after the proposed issue date.
As part of the stabilisation process, the Stabilisation Manager may over-allot securities or conduct transactions to support the market price of the securities at levels higher than might otherwise prevail, though stabilisation is not guaranteed to occur.
The securities will be offered in bearer form under KfW’s Note Programme, with trading expected to take place over the counter.
The announcement specified that the securities have not been registered under the United States Securities Act and cannot be offered or sold in the United States without registration or an exemption.
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