Commentary & Deal Flow

Reoffer: Short 6yr: SONIA MS+33bp / 98.205 / 4.864%
Benchmark: Short 6yr: UKT 4.25 07-Jun-32 @ 97.571 / B+6.9bp / HR 99%

Tranche 1 (Short 6yr): Final Books >£280m (excl JLM). Peak book >£280m (excl JLM)

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: 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
• Tap Size: £250m
• New o/s: £1.05bn
• Settlement: 15-Sep-26 (T+5)
• Maturity: 01-Jun-32
• Reoffer: 98.205 / 4.864% ann. / 4.806% s/a
• Spread: SONIA MS (A, A/365) +33bps
• UKT ref: UKT 4.25 07-Jun-32 +6.9bps (97.571 bid / HR 99%)
• Coupon: 4.250%, Annual, ACT/ACT (incl. 95 days accrued)
• Denoms: £1k + £1k
• Docs: Issued off KfW's EMTN Programme
• Leads: BMO (B&D/DM) / MS
• Listing: Luxembourg
• ISIN: XS3403817003 (immediately fungible)
• Timing: PRICED: TOE: 11:13 LDN / 12:13 CET. FTT immediately.
• 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)
• Hedge Deadline: 11:00 UKT