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by Anastasiia Zaika

May 19, 2026 7:10 AM ET

ALLOCATIONS OUT: Kreditanstalt fuer Wiederaufbau €3bn (no-grow) 10yr Sr Unsec; MS+20bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
Kreditanstalt fuer Wiederaufbau	10yr	30-Jun-36	€3bn (no-grow)	Sr Unsec	Fixed	MS+22a	MS+20

Final Books in excess of €12bn (incl. €1.8bn JLM). Peak book in excess of €14bn (incl. €1.8bn JLM)

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)
Benchmark: DBR Feb-36
Hedge Ratio: 103%
Hedge Deadline: 12:05pm London / 1:05pm CET
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 (B&D/DM), DZ BANK, Goldman Sachs Bank Europe SE, HSBC
Timing: Pricing to follow.