German development bank KfW [Kreditanstalt fuer Wiederaufbau] has priced $750 million in 10-year kangaroo bonds at 103.5 basis points over the benchmark rate on Wednesday. The rate is equivalent to 67 basis points over semi-quarterly swap, according to a term sheet for the sale.

The deal was upsized from a minimum offer of $500 million, and was led by UBS Investment Bank, TD Securities and RBC Capital Markets. The bonds pay a semi-annual coupon of 6 per cent and mature on August 20, 2010.