Filed pursuant to Rule 433
Registration No. 333-238461
March 16, 2021
Final Term Sheet
EUR 1,000,000,000 0.000% Global Bonds due 2023
To be fungible and form a single series with KfW’s
EUR 4,000,000,000 0.000% Global Bonds due 2023
issued on September 27, 2016
Terms: |
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Issuer: | KfW |
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Guarantor: | Federal Republic of Germany |
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Aggregate Principal Amount: | EUR 1,000,000,000 |
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Denomination: | EUR 1,000 |
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Maturity: | September 15, 2023 |
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Redemption Amount: | 100% |
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Interest Rate: | 0.000% per annum, payable annually in arrears |
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Date of Pricing: | March 16, 2021 |
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Closing Date: | March 23, 2021 |
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Interest Payment Dates: | September 15 in each year |
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First Interest Payment Date: | September 15, 2021 (for interest accrued from, and including, September 15, 2020 to, but excluding, September 15, 2021) |
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Accrued Interest: | In the aggregate amount of EUR 0.00 from, and including, September 15, 2020 to, but excluding, March 23, 2021 (for aggregate principal amount of EUR 1,000,000,000) |
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Currency of Payments: | EUR |
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Price to Public/Issue Price: | 101.561%, plus Accrued Interest |
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Underwriting Commissions: | 0.000% |
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Proceeds to Issuer: | 101.561%, plus Accrued Interest |
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Format: | SEC-registered global bonds |
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Listing: | Frankfurt Stock Exchange (regulated market) |
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Business Day: | Frankfurt |
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Business Day Convention: | Following, unadjusted |
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Day Count Fraction: | Actual/Actual ICMA |
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Governing Law/Jurisdiction: | German Law; District Court Frankfurt am Main |
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Gross-Up: | No gross-up if tax deduction or withholding is imposed |
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Cross-Default: | None |
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Clearing System: | CBF (CBL, Euroclear) |
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Selling Restrictions: | European Economic Area, UK, Japan, Canada, Hong Kong |
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ISIN: | DE000A2BPB50 |
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Ratings of Issuer:1 | Aaa by Moody’s Investors Service, AAA by Scope Ratings and |
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.
| AAA by S&P Global Ratings |
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Managers: | Barclays UniCredit |
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Stabilization Manager: | Barclays Bank Ireland PLC |
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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: http://www.sec.gov/Archives/edgar/data/821533/000119312520205388/d889057d424b3.htm. KfW’s base prospectus relating to the bonds is available through the following link: http://www.sec.gov/Archives/edgar/data/821533/000119312520205348/d889037d424b3.htm. Alternatively, Barclays Bank Ireland PLC will arrange to send you the prospectus, which you may request by calling toll-free +1-888-603-5847.
Notice by the Managers to Distributors regarding MiFID II Product Governance
The Managers acting in their capacity as manufacturers of the bonds in the meaning of Directive 2014/65/EU and implementing legislation (as amended, “MiFID II”) hereby inform prospective distributors for the purpose of the product governance rules under MiFID II that the target market assessment made by the Managers in respect of the bonds in accordance with the product governance rules under MiFID II has led the Managers 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 Managers’ 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 Managers’ target market assessment), determining appropriate distribution channels and performing the suitability and appropriateness assessment with respect to each client.