KfW Bank - 100M EUR Token

Overview

KfW Bank has issued previous bonds on-chain, including a 4 billion euro bond, however used a central securities depository (CSD). This bond excludes that component, issued on Polygon as the distributed registry which is compliant under the German Electronic Securities Act (eWpG). They call them "crypto securities." KfW placed particular emphasis on investor engagement in its first crypto security bond. The transaction was therefore accompanied by a bookrunner consortium consisting of DZ BANK AG, Deutsche Bank AG, LBBW and Bankhaus Metzler, which holistically represents the four pillars of the German banking system.

Issuer(s): KfW Bank
Date: 7/4/2024
Country/Jurisdiction: Germany
Size (Native Currency): 100M Euros
Size (USD): $108M
Length: 17.2 Months
Interest Rate: 3.125%
Ratings: Moody's: Aaa, S&P: AAA, Scope: AAA

During the preceding eight-week period, the bookrunner consortium also organized an intensive exchange of knowledge on the special features of the transaction with potential European investors, which enabled the following investors to be won, among others: Berliner Volksbank, DekaBank, LBBW, Solventis AG, Sparkasse Pforzheim Calw, WI Bank. In addition, Union Investment, as an important anchor investor, has accompanied the transaction in a partnership from the outset.