FWP 1 a18-9043_2fwp.htm FINAL TERM SHEET

 

Filed pursuant to Rule 433

Registration No. 333-214613

March 27, 2018

 

GRAPHIC

 

Final Term Sheet
USD 4,000,000,000 2.625% Global Notes due 2021

 

Terms:

 

Issuer:

 

KfW

 

 

 

Guarantor:

 

Federal Republic of Germany

 

 

 

Aggregate Principal Amount:

 

USD 4,000,000,000

 

 

 

Denomination:

 

USD 1,000

 

 

 

Maturity:

 

April 12, 2021

 

 

 

Redemption Amount:

 

100%

 

 

 

Interest Rate:

 

2.625% per annum, payable semi-annually in arrears

 

 

 

Date of Pricing:

 

March 27, 2018

 

 

 

Closing Date:

 

April 5, 2018 (T+7)1

 

 

 

Interest Payment Dates:

 

April 12 and October 12 in each year

 

 

 

First Interest Payment Date:

 

October 12, 2018 (for interest accrued from, and including, April 5, 2018 to, but excluding, October 12, 2018)

 

 

 

Interest Payable on First Interest Payment Date:

 

USD 54,541,666.67 (for aggregate principal amount of USD 4,000,000,000)

 

 

 

Currency of Payments:

 

USD

 

 

 

Price to Public/Issue Price:

 

99.870%

 

 

 

Underwriting Commissions:

 

0.100%

 

 

 

Proceeds to Issuer:

 

99.770%

 

 

 

Format:

 

SEC-registered global notes

 

 

 

Listing:

 

Luxembourg Stock Exchange (regulated market)

 

1  It is expected that delivery of the notes will be made upon instruction of the Lead Managers against payment on or about the Closing Date, which will be the seventh business day following the Date of Pricing of the notes (such settlement being referred to as “T+7”). Under Rule 15c6-1 under the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market 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 hereunder may be required, by virtue of the fact that the notes will initially settle in T+7, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to their date of delivery hereunder should consult their advisors.

 


 

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:

 

US500769HU15

 

 

 

CUSIP:

 

500769HU1

 

 

 

Selling Restrictions:

 

European Economic Area, UK, Japan, Canada, Hong Kong

 

 

 

Ratings of Issuer:2

 

Aaa by Moody’s Investors Service, AAA by Scope Ratings and AAA by S&P Global Ratings

 

 

 

Lead Managers:

 

Citi
Nomura
RBC Capital Markets

 

 

 

Stabilization Manager:

 

Citigroup Global Markets Limited

 

 

 

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/821533/000119312516772784/d291860d424b3.htm. KfW’s base prospectus relating to the notes is available through the following link: https://www.sec.gov/Archives/edgar/data/821533/000119312516772757/d291282d424b3.htm. Alternatively, Citigroup Global Markets Limited will arrange to send you the prospectus, which you may request by calling toll-free: +1-800-831-9146.

 

Notice by the Lead Managers to Distributors regarding MiFID II Product Governance

 

The Lead Managers 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 Lead Managers in respect of the notes in accordance with the product governance rules under MiFID II has led the Lead Managers 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 Lead Managers’ 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 Lead Managers’ target market assessment), determining appropriate distribution channels and performing the suitability and appropriateness assessment with respect to each client.

 

2  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.