KfW is issuing $3,000,000,000 of 4.50% global notes that mature on October 10, 2031. Investors receive semiannual interest payments, while KfW expects approximately $2,980,650,000.00 in net proceeds for general business, subject to Underwriting commissions and offering expenses.

Key Highlights

  • KfW expects to receive $2,980,650,000 after underwriting commissions from the notes sale.
  • Interest payments begin on October 10, 2026, with the first payment covering accrued interest from September 16.
  • The notes are divided into three million $1,000 denominations and carry CUSIP 500,769 KT0.

KfW is offering $3,000,000,000 of 4.50% global notes due October 10, 2031. The notes will pay interest twice a year and cannot be redeemed before maturity.

Pricing, Proceeds and Distribution

The notes will be issued as three million instruments, each carrying a $1,000 denomination and ranking equally among themselves. The price to public is 99.480%, producing total public proceeds of $2,984,400,000. Underwriting commissions are set at 0.125%, or $3,750,000, leaving KfW with proceeds of 99.355%, equal to $2,980,650,000 before expenses. KfW estimates net proceeds from the sale at approximately $2,980,650,000 and says the money will be used for general business. Delivery is expected on or about September 16, 2026, through DTC and participating clearing systems, including Clearstream Banking and Euroclear.

Interest Payments Through 2031

KfW will make interest payments on April 10 and October 10, beginning October 10, 2026. The notes will be represented by permanent global certificates and carry CUSIP 500,769 KT0, ISIN US500769KT05 and common code 350,762,949. Payments will be made without tax deductions or Withholding unless required by law. The terms contain no gross-up provision requiring extra payments for tax withholding, and the notes are not exchangeable for definitive certificates except in limited circumstances.