Filed pursuant to Rule 433
Registration No. 333-238461
September 15, 2020
Final Term Sheet
EUR 1,000,000,000 1.500% Global Bonds due 2024
To be fungible and form a single series with KfW’s
EUR 5,000,000,000 1.500% Global Bonds due 2024, of which
EUR 3,000,000,000 were issued on June 11, 2014,
EUR 1,000,000,000 were issued on October 25, 2016, and
EUR 1,000,000,000 were issued on June 7, 2017
Terms: |
|
Issuer: | KfW |
Guarantor: | Federal Republic of Germany |
Aggregate Principal Amount: | EUR 1,000,000,000 |
Denomination: | EUR 1,000 |
Maturity: | June 11, 2024 |
Redemption Amount: | 100% |
Interest Rate: | 1.500% per annum, payable annually in arrears |
Date of Pricing: | September 15, 2020 |
Closing Date: | September 22, 2020 |
Interest Payment Dates: | June 11 in each year |
First Interest Payment Date: | June 11, 2021 (for interest accrued from, and including, June 11, 2020 to, but excluding, June 11, 2021) |
Accrued Interest: | In the aggregate amount of EUR 4,232,876.71 from, and including, June 11, 2020 to, but excluding, September 22, 2020 (for aggregate principal amount of EUR 1,000,000,000) |
Currency of Payments: | EUR |
Price to Public/Issue Price: | 107.821%, plus Accrued Interest |
Underwriting Commissions: | 0.000% |
Proceeds to Issuer: | 107.821%, plus Accrued Interest |
Format: | SEC-registered global bonds |
Listing: | Frankfurt Stock Exchange (regulated market) |
Business Day: | Frankfurt |
Business Day Convention: | Following, unadjusted |
Day Count Fraction: | Actual/Actual ICMA |
Governing Law/Jurisdiction: | German Law; District Court Frankfurt am Main |
Gross-Up: | No gross-up if tax deduction or withholding is imposed |
Cross-Default: | None |
Clearing System: | CBF (CBL, Euroclear) |
Selling Restrictions: | European Economic Area, UK, Japan, Canada, Hong Kong |
ISIN: | DE000A1R0709 |
Ratings of Issuer:1 | Aaa by Moody’s Investors Service, AAA by Scope Ratings and AAA by S&P Global Ratings |
Manager: | Commerzbank |
Stabilization Manager: | Commerzbank Aktiengesellschaft |
Paying Agent: | KfW |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. The prospectus supplement relating to the bonds is available under the following link: https://www.sec.gov/Archives/edgar/data/821533/000119312520205388/d889057d424b3.htm. KfW’s base prospectus relating to the bonds is available through the following link: https://www.sec.gov/Archives/edgar/data/821533/000119312520205348/d889037d424b3.htm. Alternatively, Commerzbank Aktiengesellschaft will arrange to send you the prospectus, which you may request by calling toll-free +1-800-233-9164.
Notice by the Manager to Distributors regarding MiFID II Product Governance
The Manager acting in its capacity as manufacturer of the bonds in the meaning of Directive 2014/65/EU and implementing legislation (as amended, “MiFID II”) hereby informs prospective distributors for the purpose of the product governance rules under MiFID II that the target market assessment made by the Manager in respect of the bonds in accordance with the product governance rules under MiFID II has led the Manager to the conclusion that: (i) the target market for the bonds is eligible counterparties, professional clients and retail clients each as defined in MiFID II; and (ii) all channels for distribution of the bonds are appropriate. Any distributor should take into consideration the Manager’s target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the bonds (by either adopting or refining the Manager’s target market assessment), determining appropriate distribution channels and performing the suitability and appropriateness assessment with respect to each client.
1 A security rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating.