Commentary & Deal Flow

Tranche 1 (Short 6yr): Final Books >£280m (excl JLM). Peak book >£280m (excl JLM)
Reference Benchmark: UKT 4.25 Jun-32 / HR 99%
Hedge Deadline: 11:00 UKT

Launched: Short 6yr: £250m @ SONIA MS+33bp - Books >£280m (excl JLM)
Spread set at: Short 6yr: SONIA MS+33bp - Books £275 (excl JLM)
IPTs: 6yr: SONIA MS+34a

• Issuer: Kreditanstalt fuer Wiederaufbau (KfW)
• Guarantor: Federal Republic of Germany
• Rating: Aaa/AAA/AAA (all stable, Moody's/S&P/Scope)
• Format: Reg S Bearer
• Tap Size: £250m (Upsized from £200m)
• Current o/s: £800m
• Settle: 15-Sep-26 (T+5)
• Maturity: 01-Jun-32
• Spread: SONIA MS+33bps
• Coupon: 4.5%, Annual, ACT/ACT (incl. 95 days accrued)
• 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: BMO (B&D/DM), Morgan Stanley
• ISIN: XS3403817003 (immediately fungible)
• Timing: Books open, Today's business. Books to close at 10:15 London time
• HR: 99% vs UKT 4.25 Jun-32
• Hedge Deadline: 11:00 UKT