FWP 1 a18-41539_2fwp.htm FWP

 

Filed pursuant to Rule 433

Registration No. 333-224298

December 13, 2018

 

 

Final Term Sheet
EUR 500,000,000 0.625% Global Bonds due 2022

 

To be fungible and form a single issuance with KfW’s EUR 5,500,000,000 0.625% Global Bonds due 2022 of which EUR 2,000,000,000 were issued on June 23, 2015, EUR 1,500,000,000 were issued on November 26, 2015, EUR 1,000,000,000 were issued on July 26, 2017 and EUR 1,000,000,000 were issued on November 29, 2018

 

Terms:

 

 

 

 

 

Issuer:

 

KfW

 

 

 

Guarantor:

 

Federal Republic of Germany

 

 

 

Aggregate Principal Amount:

 

EUR 500,000,000

 

 

 

Denomination:

 

EUR 1,000

 

 

 

Maturity:

 

July 4, 2022

 

 

 

Redemption Amount:

 

100%

 

 

 

Interest Rate:

 

0.625% per annum, payable annually in arrears

 

 

 

Date of Pricing:

 

December 13, 2018

 

 

 

Closing Date:

 

December 20, 2018

 

 

 

Interest Payment Dates:

 

July 4 in each year

 

 

 

First Interest Payment Date:

 

July 4, 2019 (for interest accrued from, and including, July 4, 2018 to, but excluding, July 4, 2019)

 

 

 

Accrued Interest:

 

In the aggregate amount of EUR 1,446,917.81 from, and including, July 4, 2018 to, but excluding, December 20, 2018 (for aggregate principal amount of EUR 500,000,000)

 

 

 

Currency of Payments:

 

EUR

 

 

 

Price to Public/Issue Price:

 

102.722%, plus Accrued Interest

 

 

 

Underwriting Commissions:

 

0.000%

 

 

 

Proceeds to Issuer:

 

102.722%, plus Accrued Interest

 

 

 

Format:

 

SEC-registered global bonds

 

 

 

Listing:

 

Frankfurt Stock Exchange (regulated market)

 

 

 

Business Day:

 

Frankfurt

 

 

 

Business Day Convention:

 

Following, unadjusted

 

 

 

Day Count Fraction:

 

Actual/Actual ICMA

 

 

 

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:

 

CBF (CBL, Euroclear)

 

 

 

Selling Restrictions:

 

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

 

 

 

ISIN:

 

DE000A11QTG5

 

 

 

Ratings of Issuer:(1)

 

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

 

 

 

Lead Manager:

 

Commerzbank

 

 

 

Stabilization Manager:

 

Commerzbank Aktiengesellschaft

 

 

 

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: https://www.sec.gov/Archives/edgar/data/821533/000104746918003756/a2235402z424b3.htm. KfW’s base prospectus relating to the bonds is available through the following link: https://www.sec.gov/Archives/edgar/data/821533/000104746918003754/a2235558z424b3.htm. Alternatively, Commerzbank Aktiengesellschaft will arrange to send you the prospectus, which you may request by calling toll-free +1-800-233-9164.

 

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

 

The Lead Manager acting in its capacity as manufacturer of the bonds in the meaning of Directive 2014/65/EU and implementing legislation (as amended, “MiFID II”) hereby informs prospective distributors for the purpose of the product governance rules under MiFID II that the target market assessment made by the Lead Manager in respect of the bonds in accordance with the product governance rules under MiFID II has led the Lead Manager 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 Lead Manager’s 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 Lead Manager’s 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.