The largest ever equity-linked bond has increased in size to a mammoth €5bn ($5.7bn), following the exercise of the greenshoe in the issue from Kreditanstalt für Wiederaufbau (KfW), the German state-owned development bank.

Deutsche Bank and JP Morgan were joint bookrunners of the bond which is exchangeable into shares of Deutsche Telekom. JP Morgan is the stabilisation manager.

Record breaking KfW exchangeable bond increases to €5bn

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