Commentary & Deal Flow

Reoffer: 6yr: SONIA MS+33bp / 99.527 / 4.593%
Benchmark: 6yr: UKT 4.25% 07-Jun-32 @ 98.690 / B+4.0 / HR 101%

Final Books: £850m (excl. JLM)

Launched: 6yr: £600m @ SONIA MS+33bp - Books closed at £850m (excl. JLM)

• Issuer: Kreditanstalt fuer Wiederaufbau (KfW)
• Guarantor: Federal Republic of Germany
• Rating: Aaa/AAA/AAA (Moody's/S&P/Scope)
• Ranking: Senior Unsecured
• Format: Reg S, Bearer
• Size: £600m
• Settle: 12-Jun-26 (T+6)
• Maturity: 01-Jun-32
• Spread: SONIA MS (A, A/365) + 33bps
• Price /Yield: 99.527 / 4.593% Annual / 4.541% Semi-Annual
• Gilt Ref: +4.0 vs UKT 4.25% 07-Jun-32 MID (mid @ 98.690; HR 101%)
• Coupon: 4.500%, Annual, ACT/ACT (short first to the 01-Jun-27)
• Denoms: £1k + £1k
• Docs: Issuer's Debt Issuance Programme
• List: Luxembourg Regulated Market
• Law: German Law
• Tgt Mkt: Manufacturer target market (MiFID II and UK MiFIR product governance) as determined by the Lead Managers is eligible counterparties and professional clients (all distribution channels)
• Leads: BofA, MS(DM, B&D), RBC
• ISIN: XS3403817003
• Timing: PRICED. TOE: 12:39 UKT. FTT immediately