Germany's L-Bank plans 2-yr US dollar bond -IFR

LONDON | Thu Feb 5, 2009 8:53am EST

LONDON Feb 5 (Reuters) - L-Bank, the development agency of the German state of Baden-Wurttemberg, plans to issue a two-year U.S. dollar benchmark bond, IFR reported on Thursday.

Guidance has been set at mid-swaps plus around 90 basis points, said IFR Markets, a Thomson Reuters online news and market analysis service.

Landeskreditbank Baden-Wurttemberg Foerderbank (L-Bank) has appointed Bank of America, Citi, HSBC and Morgan Stanley as lead managers, IFR reported.

The issue will be guaranteed by the German state of Baden-Wurttemberg. Both the bank and the state are rated AA+ by Standard & Poors and AAA by Fitch Ratings and Moody's Investors Service.

(Reporting by Jane Merriman)

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