Commentary & Deal Flow

Launched: Oct-31: €3bn @ MS+5bp - Books closed > €8.5bn (incl. €1bn JLM)
Spread set at: Oct-31: MS+5bp - Books > €7.6bn (incl. €1bn JLM)
Guidance: Oct-31: MS+6a

• 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
• Tap size: €3bn
• Current O/S: €3bn
• Maturity: 15-Oct-31
• Coupon: 2.5% Fixed, Annual, Act/Act (258 days accrued)
• Fee: 0.125%
• ISIN/WKN: DE000A383P48 / A383P4
• 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: €1k x €1k
• Docs: Issuer's EMTN Programme
• Bookrunners: Credit Agricole CIB, DekaBank, J.P. Morgan, Morgan Stanley (DM/B&D)
• Timing: Books closed. Allocations and pricing to follow later today.
• Settlement: 30-Jun-26 (T+5)