Commentary & Deal Flow

Spread set at: MS+20bp - Books in excess of €14bn (including €1.8bn JLM interest)
Guidance: MS+22a

• Issuer: Kreditanstalt fuer Wiederaufbau (KFW)
• Issuer LEI: 549300GDPG70E3MBBU98
• Guarantor: Federal Republic of Germany
• Ratings: Aaa/AAA/AAA (Moody's/S&P/Scope, all stable)
• Ranking: Senior, Unsecured, Unsubordinated
• Format: Reg S, Bearer, TEFRA C applicable, Cat 1
• Settlement: 27-May-26 (T+5)
• Coupon: Fixed, Annual, Act/Act (long first on 30-Jun-27)
• Maturity Date: 30-Jun-36
• Size: €3bn (no-grow)
• Fee: 0.175%
• ISIN: DE000A5H27X9 (WKN: A5H27X)
• Listing: Frankfurt Stock Exchange (regulated market)
• Governing Law: German Law
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties, retail and professional (all distribution channels)
• Denominations: €1,000 x €1,000
• Documentation: Issuer's EMTN Programme
• Bookrunners: BNPP, DZ BANK, Goldman Sachs Bank Europe SE, HSBC
• Timing: Books to close at 10am London / 11am CET. Pricing later today.