KfW, Germany's government-guaranteed state development agency, will launch its three-year €5bn ($4.55bn) bond issue in the week beginning October 15.

The deal will be the third in a series of high profile euro-denominated bond issues by KfW, which has established a large-scale funding programme along the same lines as Freddie Mac, the US mortgage refinancing agency. It will also be KfW's last issue of the year.