By Laura Contemori – ROME (Econostream) – German state-owned development bank KfW said Thursday that it had priced a dual-tranche US dollar benchmark on Wednesday for a total of $6 billion, including $3 billion of a three-year tranche and $3 billion of a long seven-year tranche.

The three-year tranche, due July 30, 2029, carries a 4.250% fixed coupon. It was reoffered at 99.933 for a yield of 4.273% and a spread of 22bp over SOFR mid-swaps.

The long seven-year tranche, due August 15, 2033, carries a 4.375% fixed coupon. It was reoffered at 99.352 for a yield of 4.482% and a spread of 39bp over SOFR mid-swaps.

Final order books exceeded $6.9 billion for the three-year tranche and $6.2 billion for the seven-year tranche, both excluding joint lead manager interest.

EMEA and the Americas accounted for the largest regional allocations. Banks were the largest investor group for both tranches, receiving 44% of the three-year tranche and 59% of the seven-year tranche. Central banks and official institutions accounted for 38% and 22%, respectively.

“This format allowed us to launch a USD 6bn aggregate volume; larger than our typical USD 3-5bn USD issue size,” KfW Treasurer Tim Armbruster said in a statement.

He said market conditions remained volatile, but that the success of the transaction highlighted KfW’s deep and loyal global investor base.

Settlement is scheduled for July 15, 2026.

BofA Securities Europe SA, Bank of Montreal Europe plc, RBC Capital Markets, LLC and Toronto-Dominion Bank acted as joint lead managers.