Commentary & Deal Flow

Reoffer: Feb-30: SONIA MS+25bp / 99.999 / 4.244%
Benchmark: Feb-30: UKT 4 3/8 03-Jul-30 @ 100.61 / B+0.6bp / HR 99%

Spread Set: Feb-30: £300m @ SONIA MS+25bp

• Issuer: KfW
• Status: Guaranteed by the Federal Republic of Germany
• Ratings: Aaa/AAA/AAA (all stable) (Moody's/S&P/Scope)
• Format: Senior, Unsecured, Reg S Bearer
• ESG: Green
• Tap Size: £300m
• Current o/s: £500m
• New o/s: £800m
• Settlement: 02-Jul-26 (T+5)
• Maturity: 15-Feb-30
• Spread: SONIA MS (A, A/365) +25bp
• Coupon: 4.250%, Annual, ACT/ACT (incl. 137 days accrued), full first
• Reoffer: 99.999 / 4.244% Ann
• Benchmark: UKT 4 3/8 03-Jul-30 (100.61) +0.6bps / HR 99%
• Denominations: £1k + £1k
• Documentation: Issued off KfW's EMTN Programme
• Leads: Santander / UBS
• Listing: Luxembourg
• ISIN: XS3006160033 (immediately fungible on Settlement)
• Target Market: Manufacturer target markets (MIFID II product governance) as assessed by the lead managers are eligible counterparties and professional and retail (all distribution channels)
• Use of Proceeds: KfW will use an amount equal to the bond proceeds to finance new eligible green projects according to the "Green Bonds, Made by KfW" framework, which has received a Second Opinion by Morningstar Sustainalytics.
• Additional Info: Framework, Second Party Opinion and Investor presentation available on https://www.kfw.de/green-bonds
• Timing: PRICED - TOE 12.26 UKT / 13.26 CET - FTT Immediately