Filed pursuant to Rule 433
Registration No. 333-260756
April 17, 2024
Final Term Sheet
USD 3,000,000,000 5.000% Global Notes due 2026
Terms:
| Issuer: | KfW |
| Guarantor: | Federal Republic of Germany |
| Aggregate Principal Amount: | USD 3,000,000,000 |
| Denomination: | USD 1,000 |
| Maturity: | March 16, 2026 |
| Redemption Amount: | 100.0% |
| Interest Rate: | 5.000% per annum, payable semi-annually in arrear |
| Date of Pricing: | April 17, 2024 |
| Closing Date: | April 24, 2024 |
| Interest Payment Dates: | March 16 and September 16 in each year |
| First Interest Payment Date: | September 16, 2024 (for interest accrued from, and including, April 24, 2024 to, but excluding, September 16, 2024) |
| Interest Payable on First Interest Payment Date: | USD 59,166,666.67 (for aggregate principal amount of USD 3,000,000,000) |
| Currency of Payments: | USD |
| Price to Public/Issue Price: | 99.923% |
| Underwriting Commissions: | 0.075% |
| Proceeds to Issuer: | 99.848% |
| Format: | SEC-registered global notes |
| Listing: | Luxembourg Stock Exchange (regulated market) |
| Business Day: | New York |
| Business Day Convention: | Following, unadjusted |
| Day Count Fraction: | 30/360 |
| 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: | DTC (deliverable through CBL and Euroclear) |
| ISIN: | US500769KF01 |
| CUSIP: | 500769 KF0 |
| Selling Restrictions: | European Economic Area, UK, Japan, Canada, Hong Kong |
| Ratings of Issuer:1 | Aaa by Moody’s Investors Service, AAA by Scope Ratings and AAA by S&P Global Ratings |
| Managers: | HSBC Morgan Stanley Nomura RBC Capital Markets |
| Stabilization Manager: | RBC Capital Markets, LLC |
| Registrar: | The Bank of New York Mellon SA/NV, Luxembourg Branch |
| Paying Agent: | The Bank of New York Mellon |
| Additional Paying Agent: | The Bank of New York Mellon, Filiale Frankfurt am Main |
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 notes is available under the following link:
https://www.sec.gov/Archives/edgar/data/0000821533/000110465921142926/tm2131584-8_424b3.htm.
KfW’s base prospectus relating to the notes is available through the following link:
https://www.sec.gov/Archives/edgar/data/0000821533/000110465921142909/tm2131584-3_sb.htm.
Alternatively, RBC Capital Markets, LLC will arrange to send you the prospectus, which you may request by calling toll-free +1-866-375-6829.
Notice by HSBC Continental Europe, Morgan Stanley Europe SE and Nomura Financial Products Europe GmbH (the “EU Manufacturers”) to Distributors regarding MiFID II Product Governance
The EU Manufacturers acting in their capacity as manufacturers of the notes 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 EU Manufacturers in respect of the notes in accordance with the product governance rules under MiFID II has led the EU Manufacturers to the conclusion that: (i) the target market for the notes is eligible counterparties, professional clients and retail clients each as defined in MiFID II; and (ii) all channels for distribution of the notes are appropriate. Any distributor should take into consideration the EU Manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the notes (by either adopting or refining the EU Manufacturers’ 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.