By Laura Contemori – ROME (Econostream) – German state-owned investment and development bank KfW on Wednesday raised $4 billion through a new five-year benchmark bond maturing July 22, 2031.

The bond carries a 4.125% coupon and was priced at a yield of 4.143%, about 2.4bp over the five-year US Treasury.

The final order book exceeded $17.3 billion.

Banks accounted for 47% of allocations, followed by central banks and official institutions with 32% and fund managers with 17%. By geography, EMEA investors represented 65% of allocations, ahead of Asia with 18% and the Americas with 17%.

“KfW successfully navigated a period of heightened market volatility, taking advantage of an opportune issuance window to raise a $4 billion benchmark and effectively reopen the USD primary market,” KfW Treasurer Tim Armbruster said in a statement.

The transaction demonstrated “continued confidence in KfW as a safe-haven issuer” and reinforced the institution’s position “as a benchmark issuer and a clear market leader in the SSA space,” he added.

Settlement was scheduled for May 20, 2026.