Commentary & Deal Flow

Kreditanstalt für Wiederaufbau (KfW), guaranteed by the Federal Republic of Germany, rated Aaa/AAA/AAA (Moody's/S&P/Scope – all stable), has mandated BNP Paribas, Citi, Nomura and UBS to lead manage a €3bn WNG benchmark tap of its Green 2.625% 15-Nov-32 line (ISIN XS3166721913, immediate fungibility). Issue No. VIII/2026.

Launch is expected in the near future, subject to market conditions, off the Issuer's EMTN Programme.