FWP 1 d762353dfwp.htm TWO MINUTE GUIDE Two Minute Guide
80%
20%
Federal Republic of Germany
German federal states
Filed pursuant to Rule 433
Registration No. 333-192196
The following information is dated July 24, 2014 and has not been subsequently updated. No person other than KfW has been authorized to use or distribute this document.
KfW at a glance
›
The promotional bank of the Federal Republic of Germany, established in   
1948 as a public law institution
›
Benefits from explicit and direct statutory guarantee and institutional liability
from the Federal Republic of Germany, expressly provided in the KfW law
›
Regulated by the “Law concerning KfW”
and exempt from corporate taxes
›
Supervision by the German Federal Ministry of Finance and the German
Financial Supervisory Authority “BaFin”
›
Subject to certain provisions of the German Banking Act by analogy, large 
parts effective as of July 1, 2016
Ownership structure
Our credit quality*
The Law Concerning KfW expressly provides that the Federal Republic of Germany guarantees all existing and
future obligations of KfW in respect of money borrowed, bonds and notes issued and derivative transactions
entered into by KfW, as well as obligations of third parties that are expressly guaranteed by KfW (Law
Concerning KfW, §
1a).
* A rating is not a recommendation to buy, hold or sell the 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.
Rating agency
Short-term rating
Long-term rating
Outlook
Fitch Ratings
F1+
AAA
Stable
Moody’s
P-1
Aaa
Stable
Standard & Poor’s
A-1+
AAA
Stable
Our financial performance
(consolidated financial statements prepared in accordance with IFRS as adopted by the EU; capital ratios are calculated voluntarily for internal purposes on the basis of
relevant legal regulations; adjustments to 2012 figures due to changes in accounting policies)
Our responsibility
We take particular responsibility for promoting the protection of the environment and the climate
Share of environment investment financings of total promotional business volume in 2013: 38%
* As of December 31
EUR in bn
2013
2012
Total promotional business volume
72.5
73.4
Operating result before valuation (before promotional activities)
2.3
2.8
Consolidated profit
1.3
2.4
Total assets
*
464.8
509.4
Equity
*
20.5
18.2
Tier 1 ratio
*
20.6%
18.2%
Total capital ratio
*
22.3%
20.6%
Our main activities comprise:
›
Promotion of small and medium-sized enterprises, business founders, start-ups and self-employed professionals
›
Provision of housing-related loans and grants as well as financing for education to private individuals
›
Financing for infrastructure projects, primarily for municipalities, and global funding to other German regional
development agencies and financial institutions
›
Export and project finance
›
Promotion of developing and transition countries
Strictly Private and Confidential
KfW –
A two minute guide

KfW –
A two minute guide
KfW is one of the largest regular borrowers in international capital markets.
We are committed to a responsible issuance strategy focusing on the liquidity and stability of our bonds.
Our funding strategy and instruments
Benchmark Programs (EUR & USD)
›
Global
format
-
SEC
registered
›
Target
size:
3
-
5
billion
›
Benchmark
maturities:
e.g., 3y, 5y, 10y
Other Public Bonds
›
Strategic non-core markets:
AUD, CAD, GBP, NOK, NZD, SEK
›
Niche markets: e.g., BRL, TRY, ZAR
›
Complementary issues in EUR & USD
›
Fixed or floating rate, callables
›
EMTN or global format
Private
Placements
*
›
Tailor-made structured notes
›
Flexible in currency, structure, and
maturity
›
EMTN or US-MTN format
*
Term used here in the commercial sense to refer
to sales to a specific investor or a limited number
of investors.
Funding
volume
(EUR
in
billion)
Issuance
by
instruments
(in
%)
Issuance
by
currencies
(in
%)
KfW’s US-MTN Program
Fact Sheet
Program volume
USD 10 billion
Targeted investors
US-domiciled investors
Currencies
USD and other currencies
Governing law, forum
German law, Frankfurt am Main
Listing
None
Registered with the SEC
Yes
›
KfW Bankengruppe: www.kfw.de
›
KfW’s
SEC-registered
securities
and
company
information:
www.sec.gov/edgar/searchedgar/companysearch.html
Subscription to KfW’s e-mail US-newsletter under: www.kfw.de/us-
investors
Dr. Frank Czichowski
Treasurer
+ 49 69 7431-2165
frank.czichowski@kfw.de
Horst Seissinger
Head of Capital Markets
+ 49 69 7431-2048
horst.seissinger@kfw.de
Petra Wehlert
Head of New Issues
+ 49 69 7431-4650
petra.wehlert@kfw.de
Alexander Liebethal
Head of New Issues
+ 49 69 7431-4656
alexander.liebethal@kfw.de
Jürgen Köstner
Head of Investor Relations
+ 49 69 7431-3536
juergen.koestner@kfw.de
How to contact us
55 - 60
65.4
78.7
79.7
0
20
40
60
80
100
2011
2012
2013
2014e
0
10
20
30
40
50
60
Benchmark
Public
Private
2011
2012
2013
0
10
20
30
40
50
EUR
USD
AUD
GBP
NOK
JPY
Others
2011
2012
2013
Where to find out more
›
Among the world’s best ESG-rated
financial institutions according to
independent rating agencies
›
Top-5 rankings across these agencies:
Strictly Private and Confidential
1
pillar
2
nd
pillar
3
pillar
st
rd
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/edgar.shtml.
KfW’s
prospectus
supplement
relating
to
the
US
MTN
Program
is
available
through
the following link: http://www.sec.gov/Archives/edgar/data/821533/000119312513445116/d627595d424b3.htm . KfW’s base prospectus relating to SEC-registered notes is
available through the following link: http://www.sec.gov/Archives/edgar/data/821533/000119312513445094/d624297d424b3.htm. Alternatively, the issuer will arrange to send you
the prospectus, which you may request by calling collect 1800 292 0049 (for the operator) and then 069 7431 22 22  (for KfW's Investor Relations Team) or by emailing
investor.relations@kfw.de.
Top
ESG-ratings
(Environmental,
Social
&
Governance)