Commentary & Deal Flow

Guidance: 6yr: MS+7a

• 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
• Current O/S: €3bn
• Tap Size: €3bn (WNG)
• Maturity: 15-Nov-32
• Settlement: 29-Sep-26 (T+5)
• Coupon: 2.625%, Annual, Act/Act (318 days accrued)
• Listing: Luxembourg
• Governing Law: German law
• Denoms: 1K x 1K
• Docs: Issuer's EMTN Programme
• Bookrunners: BNP Paribas / Citi / Nomura / UBS
• Fees: 0.125%
• ISIN/WKN: XS3166721913 / A38J5V
• Schedule: Books open, today's business