Commentary & Deal Flow

Kreditanstalt fuer Wiederaufbau (KfW), rated Aaa/AAA/AAA (Moody's/S&P/Scope) and guaranteed by the Federal Republic of Germany, has mandated Barclays, Deutsche Bank, NatWest, and Societe Generale to lead manage a new Reg S Bearer 3-year Green benchmark issue maturing 24-Sep-29.

The issue is expected to be launched in the near future, subject to market conditions, off the Issuer's EMTN Programme.

• ESG Ratings: Prime, C+ (ISS-ESG), AAA (MSCI ESG Issuer Rating)
• Fees: 10 cents
• Target Market: The manufacturer target markets (UK MiFIR / MiFID II product governance) as assessed by the lead managers are eligble counterparties, retail and professional (all distribution channels).
• Stabilisation: FCA/ICMA stabilisation.
• Further Info: Framework, Second Party Opinion and Investor Presentation available on https://www.kfw.de/green-bonds