PRICING SUPPLEMENT (To Prospectus Supplement dated July 30, 2020 | Filed pursuant to Rule 424(b)(3) Registration No. 333-238461 |
KfW, Frankfurt/Main, Federal Republic of Germany
USD 300,000,000
0.200% Notes due 21 March 2023,
CUSIP: 48245ACP4, ISIN: US48245ACP49
Investing in the Notes involves certain risks that are described in the “Risk Factors” section in the Prospectus Supplement.
| Price to Public(1) | Discounts and Commissions | Proceeds, before expenses to KfW | ||||
Per Note | 100.00% | 0.00% | 100.00% | |||
Total | USD 300,000,000 | — | USD 300,000,000 |
| (1) | Plus accrued interest, if any, from the Interest Commencement Date specified below, if the notes are delivered after that date. |
The Dealer(s) named below expect to deliver the notes to investors on or about 21 September 2020.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined whether this pricing supplement or the related prospectus supplement or prospectus is truthful or complete. Any representation to the contrary is a criminal offence.
BANK OF MONTREAL, LONDON BRANCH
16 September 2020
ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated July 30, 2020 relating to KfW’s Medium-Term Note Program and the accompanying prospectus dated July 30, 2020 relating to KfW’s debt securities. If the information in this pricing supplement differs from the information contained in the prospectus supplement or the prospectus, you should rely on the information in this pricing supplement.
You should read this pricing supplement along with the accompanying prospectus supplement and prospectus. All three documents contain information you should consider when making your investment decision. You should rely only on the information provided or incorporated by reference in this pricing supplement, the prospectus and the prospectus supplement. We have not authorized anyone else to provide you with different information. KfW and the dealers are offering to sell the notes and seeking offers to buy the notes only in jurisdictions where it is lawful to do so. The information contained in this pricing supplement, the accompanying prospectus supplement and prospectus is current only as of this date, and information incorporated by reference is current only as of the date of such information.
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SPECIFIC TERMS
| Issuer: KfW | Title of Securities: USD 300,000,000 0.200% Notes due 21 March 2023 (the “Notes”) | |
| Aggregate Principal Amount: USD 300,000,000 | Interest Rate: 0.200% per annum | |
| Original Issue Date: 21 September 2020 | Maturity Date: 21 March 2023 | |
| Interest Commencement Date: 21 September 2020 | Final Redemption Price: 100% |
Payments:
First Interest Payment Date: 21 March 2021
Interest Payment Date(s): 21 March 2021, 21 September 2021, 21 March 2022, 21 September 2022 and 21 March 2023
Redemption: ☐ Yes ☒ No
Redemption Commencement Date (as provided in para. 3 of §7 of the Conditions):
Redemption Date(s) (as provided in para. 2 of §7 of the Conditions):
Minimum Redemption Notice Period:
Redemption Price (expressed as a percentage of the Aggregate Principal Amount to be redeemed):
Repayment: ☐ Yes ☒ No
Repayment Date(s):
Minimum Repayment Notice Period:
Repayment Price (expressed as a percentage of the Aggregate Principal Amount to be repaid):
Specified Currency: U.S. dollars for all payments unless otherwise specified below:
Payments of principal and any premium:
Payments of interest:
Authorized Denomination: USD 200,000
Exchange Rate Agent:
Original Issue Discount Note (“OID”): ☐ Yes ☒ No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period OID:
Day Count Fraction: 30/360 (as provided in para. 2 of §3 of the Conditions; for the avoidance of doubt: interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months (unless (A) the last day of the Calculation Period is the 31st day of a month and the first day of the Calculation Period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (B) the last day of the Calculation Period is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month))
Business Day Convention: Following Business Day Convention; no adjustment of interest (as provided in para. “Payments due on a Non-Business Day” of §5 of the Conditions)
Other Terms of Notes:
N/A
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Other:
(1) United States Tax Considerations
Please see the description under the heading “United States Taxation — United States Holders” in the accompanying prospectus for a summary of the material U.S. federal income tax consequences of owning the Notes.
(2) Delivery and Settlement
We expect that delivery of the Notes will be made against payment therefor on or about the closing date, which will be the fifth New York business day following the date of pricing of the Notes (“T+5”). Under Rule 15c6-1 under the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to the delivery of the Notes may be required, by virtue of the fact that the Notes will initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Such purchasers should also consult their own advisors in this regard.
Terms left blank or marked “N/A,” “No,” “None” or in a similar manner shall not apply to the issue of Notes except as may otherwise be specified.
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