Commentary & Deal Flow

Tranche 1 (Long 6yr): Final books > €10.9bn (incl. €750m JLM)

Launched: Long 6yr: €3bn @ MS+6bp - Books > €8.6bn (incl. €750m JLM)
Spread set at: Long 6yr: MS+6bp
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
• 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
• DM/B&D: Citi
• Fees: 0.125%
• ISIN/WKN: XS3166721913 / A38J5V
• Schedule: Books to close at 10:15 LDN / 11:15 CET
• Benchmark: DBR 1.7 Aug-32 / HR 105%
• Hedge Deadline: 12:10 UK / 13:10 CET