The Wall Street Journal-20080205-New Securities Issues

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New Securities Issues

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The following were among recent offerings and pricings in U.S. and non-U.S. capital markets, with terms and syndicate manager, based on information provided by Dow Jones Newswires and Factiva. (A basis point is one-hundredth of a percentage point; 100 basis points equal a percentage point.)

GLOBAL

KfW -- $4 billion bond was priced, lead managers Deutsche Bank, HSBC and Lehman Brothers said. Terms: maturity: March 15, 2013; coupon: 3.25% (short first coupon); reoffer: 99.621; payment: Feb. 11, 2008; spread: 18 basis points below midswaps; guarantor: the Federal Republic of Germany; ratings: Aaa (Moody's Investors Service), triple- A (Standard & Poor's Ratings Group) and AAA (Fitch Inc.); denominations: 1,000 euros; listing: Luxembourg.

Merrill Lynch -- 500 million euros self-led bond was priced, a syndicate official at the bank said. Terms: maturity: Feb. 11, 2013; coupon: 6%; reoffer: 99.992; payment: Feb. 11, 2008; spread: 195 basis points more than midswaps; ratings: A1 (Moody's), single-A-plus (S&P) and A+ (Fitch); denominations: 50,000 euros; listing: London; interest: annual. The bonds are being sold under the borrower's euro medium-term note program.