By Laura Contemori – ROME (Econostream) – German state-owned development bank KfW on Tuesday priced a €3 billion tap of its October 2031 benchmark bond after order books closed above €8.5 billion, including €1 billion of joint lead manager interest.

The tap doubled the outstanding size of the 2.50% bond due October 15, 2031 to €6 billion from €3 billion previously.

The bond was reoffered at 98.415, corresponding to a yield of 2.825%, or 5bp over mid-swaps.

The reoffer level was equivalent to 18.2bp over the 2.50% German federal note due April 2031.

KfW is rated Aaa by Moody’s, AAA by Scope and AAA by S&P, all with stable outlooks.

The bond is senior, unsecured and unsubordinated, guaranteed by the Federal Republic of Germany and governed by German law.

Settlement is scheduled for June 30, 2026.

Crédit Agricole CIB, DekaBank, J.P. Morgan and Morgan Stanley acted as bookrunners.