Commentary & Deal Flow

Reoffer: 10yr: MS+20bp / 99.834 / 3.394%
Benchmark: 10yr: DBR Feb-36 @ 97.82 / B+23.2bp

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/Scope/S&P, all stable)
• Status: Senior, Unsecured, Unsubordinated
• Format: Reg S, Bearer, TEFRA C applicable, Cat 1
• Settlement: 27-May-26 (T+5)
• Coupon: 3.375%, Annual, Act/Act (long first on 30-Jun-27)
• Maturity: 30-Jun-36
• Size: €3bn
• Reoffer spread: MS+20bps, DBR 02/36 +23.2bps, DBR spot 97.82
• Reoffer price: 99.834
• Reoffer yield: 3.394%
• Fee: 0.175%
• ISIN/WKN: DE000A5H27X9/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 (B&D/DM), DZ BANK, Goldman Sachs Bank Europe SE, HSBC
• Timing: Priced, TOE 12:30 UKT