Commentary & Deal Flow

Final books in excess of €26bn (incl. €1.4bn JLM)

Launched: 3yr: €5bn @ MS-3bp - Books in excess of €26bn (incl. €1.4bn JLM)
Spread set at: 3yr: MS-3bp - Books in excess of €19bn (incl. €1.4bn JLM)
Guidance: 3yr: MS-2a

• Issuer: Kreditanstalt fuer Wiederaufbau (KfW)
• Issuer LEI: 549300GDPG70E3MBBU98
• Guarantor: Federal Republic of Germany
• Status: Senior, Unsecured, Unsubordinated
• Rating: Aaa/AAA/AAA (Moody's/S&P/Scope - all stable)
• ESG Ratings: Prime, C+ (ISS-ESG), AAA (MSCI ESG Issuer Rating)
• Format: Reg S, Bearer, TEFRA C applicable
• Size: €5bn
• Ranking: Senior Unsecured
• Maturity Date: 24-Sep-29
• Coupon: Fixed, Annual, Act/Act, Short first
• Reference Benchmark: OBL 2.5 11-Oct-29 (DE000BU25034)
• Hedge Ratio (HR): 98%
• Hedge Deadline: 13:20 UK / 14:20 CET
• Listing: Luxembourg
• Governing Law: German Law
• Denominations: €1,000 x €1,000
• 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)
• Docs: Issuer's EMTN Programme
• Bookrunners: Barclays(DM, B&D) / Deutsche Bank / NatWest / Societe Generale
• Fees: 0.10%
• ISIN/WKN: XS3480769069 / A4P96B
• Settle: 25-Aug-26 (T+5)
• Further Info: Framework, Second Party Opinion and Investor Presentation available on https://www.kfw.de/green-bonds