Obbligazione KFWB 2.75% ( US500769DK78 ) in USD

KFWB

100 USD ▼

Germania

US500769DK78 ( in USD )

2.75% per anno ( pagato 2 volte l'anno)

21/10/2014 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione KFW US500769DK78 in USD 2.75%, scaduta

1 000 USD

3 000 000 000 USD

500769DK7

NR

Aaa ( Prime - Investment-grade )

La KfW, Kreditanstalt für Wiederaufbau, è una banca pubblica tedesca che fornisce finanziamenti per progetti di sviluppo in Germania e all'estero.

The Obbligazione issued by KFWB ( Germany ) , in USD, with the ISIN code US500769DK78, pays a coupon of 2.75% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 21/10/2014

The Obbligazione issued by KFWB ( Germany ) , in USD, with the ISIN code US500769DK78, was rated Aaa ( Prime - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by KFWB ( Germany ) , in USD, with the ISIN code US500769DK78, was rated NR by Standard & Poor's ( S&P ) credit rating agency.

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424B5 1 f03175e424b5.htm PRICING SUPPLEMENT
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Table of Contents

PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(5)
(To prospectus supplement dated April 2, 2009
Registration No. 333-158277
and prospectus dated April 2, 2009)

KfW, Frankfurt/Main, Federal Republic of Germany

$3,000,000,000

2.75% Global Notes due 2014

KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes in two equal
semi-annual installments in arrears on April 21 and October 21, commencing on April 21, 2010. The
notes will mature on October 21, 2014. The notes are not redeemable at any time prior to maturity.

KfW will make payments with respect to the notes without deduction or withholding of taxes,
unless otherwise required by law. There will be no "gross-up" provision requiring additional payments
to be made in respect of the notes in the event of the imposition of a tax deduction or withholding.

Pursuant to the Law Concerning KfW, the notes will benefit from a statutory guarantee of the
Federal Republic of Germany.

The notes are governed by the laws of the Federal Republic of Germany and provide that
the District Court (Landgericht) in Frankfurt am Main is the exclusive jurisdiction in which an
action or other legal proceedings arising out of or in connection with the notes may be brought.

Application has been made to list the notes on the regulated market of the Luxembourg Stock
Exchange pursuant to Chapter 2 of Part III of the Loi relative aux prospectus pour valeurs mobilières
dated July 10, 2005 (the "Luxembourg Prospectus Act").

Per Note
Total

Price to public(1)
99.926 % $ 2,997,780,000
Underwriting commissions
0.150 % $
4,500,000
Proceeds to KfW(1)(2)
99.776 % $ 2,993,280,000

(1) Plus accrued interest, if any, from October 21, 2009, if settlement occurs after that date.

(2) Before deduction of expenses payable by KfW.

The managers named in this pricing supplement are offering the notes subject to various
conditions. The managers will have the right to reject any order in whole or in part and to withdraw,
cancel or modify the offer without notice. It is expected that delivery of the notes will be made upon
the instructions of the managers through the facilities of The Depository Trust Company, New York,
also known as DTC, as well as through the facilities of other clearing systems that participate in DTC,
including Clearstream Banking, société anonyme, Luxembourg, also known as CBL, and Euroclear
Bank SA/NV, also known as Euroclear, on or about October 21, 2009. The notes will be represented
by one or more permanent global certificates and will not be exchangeable for definitive certificates
except in the limited circumstances described in the accompanying prospectus supplement. The notes
have been assigned a CUSIP number of 500769DK7, an ISIN number of US500769DK78 and a
common code of 045899632.

Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this pricing supplement, the
accompanying prospectus supplement or prospectus to which it relates is truthful or complete.
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Any representation to the contrary is a criminal offense.

Barclays Capital
J.P. Morgan
RBC Capital Markets

Pricing Supplement dated October 16, 2009
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TABLE OF CONTENTS

Page

INCORPORATION BY REFERENCE

PS-4
USE OF PROCEEDS

PS-4
TERMS OF THE NOTES

PS-5
General Provisions

PS-5
Status

PS-5
Interest

PS-5
Maturity; Repurchase

PS-6
Payments

PS-6
Taxes

PS-6
Termination for Default

PS-6
Registrar and Paying Agents

PS-7
Further Issues

PS-7
Notices

PS-7
Governing Law, Jurisdiction, Enforcement and Language

PS-7
SUBSCRIPTION AGREEMENT

PS-9
VALIDITY OF THE NOTES

PS-9
GENERAL INFORMATION

PS-10
Further Information

PS-10
Documents Available

PS-10
Listing

PS-10
Additional Paying Agent

PS-10
Securities Identification Numbers

PS-10
Authorization

PS-10
Auditors

PS-10
Interim Financial Statements

PS-11
Material Change

PS-11
Litigation

PS-11

This pricing supplement should be read together with the accompanying prospectus supplement
dated April 2, 2009 setting forth information relating to U.S. dollar-denominated global notes, the
accompanying prospectus dated April 2, 2009, and the documents incorporated herein by reference.
See "Incorporation by Reference" in this pricing supplement. These documents taken together are
herein referred to as the "disclosure document." The documents incorporated herein by reference
contain information regarding KfW, the Federal Republic of Germany and other matters. Further
information concerning KfW and the notes offered hereby may be found in the registration statement
(Registration Statement No. 333-158277) filed with the U.S. Securities and Exchange Commission
(the "SEC") under the Securities Act of 1933 relating to our debt securities described in the
prospectus.

If the information in this pricing supplement differs from the information contained in the
accompanying prospectus supplement or prospectus, you should rely on the information in this pricing
supplement.

The disclosure document fulfills the requirements for a simplified prospectus pursuant to
Chapter 2 of Part III of the Luxembourg Prospectus Act. It does not constitute a prospectus pursuant to
Part II of the Luxembourg Prospectus Act, which transforms Directive 2003/71/EC (the "Prospectus
Directive") into law in Luxembourg. Accordingly, the disclosure document does not purport to meet
the format and the disclosure requirements of the Prospectus Directive and Commission Regulation
(EC) No. 809/2004 implementing the Prospectus Directive, and it has not been, and will not be,
submitted for approval to any competent authority within the meaning of the Prospectus Directive.
The notes issued pursuant to the disclosure document will therefore not qualify for the benefit of the
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single European passport pursuant to the Prospectus Directive.

The Luxembourg Stock Exchange takes no responsibility for the content of the disclosure
document, makes no representations as to its accuracy or completeness and expressly disclaims any
liability for any loss arising from or in reliance upon the whole or any part of the contents of the
disclosure document. KfW accepts full responsibility for the accuracy of the information contained in
the disclosure document, and confirms, having made all reasonable inquiries, that to the best of its
knowledge and belief there are no other facts the omission of which would make any statement herein
misleading in any material respect.

PS-2
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You should rely only on the information provided in the disclosure document. We have not
authorized anyone else to provide you with different information. We are not making an offer of these
securities in any jurisdiction where such offer is not permitted. You should not assume that the
information contained in the disclosure document is accurate as of any date other than the date on the
front of each document forming part of the disclosure document or, with respect to information
incorporated by reference, as of date of such information.

References herein to "euro" or "" are to the single European currency adopted by certain
participating member countries of the European Union, including the Federal Republic of Germany, as
of January 1, 1999. References to "U.S. dollars" or "$" are to United States dollars.

For historical information regarding exchange rates between euro and U.S. dollars based on the
noon buying rates as published by the Federal Reserve Bank of New York until December 31, 2008,
see KfW's annual report on Form 18-K, as amended, which is incorporated by reference herein. The
euro foreign exchange reference rate as published by the European Central Bank on October 15, 2009
was 1.00=$1.4864.

References herein to "we" or "us" or similar expressions are to KfW. References to "KfW
Bankengruppe" or "group" are to KfW and its consolidated subsidiaries.

In connection with this offering of notes, Barclays Bank PLC or any person acting for it may
over-allot the notes or effect transactions with a view to supporting the market price of the notes
at a level higher than that which might otherwise prevail. However, there is no assurance that
Barclays Bank PLC or any person acting for it will undertake stabilization action. Any
stabilization action may begin at any time after the adequate public disclosure of the final terms
of the offer of the notes and, if begun, may be ended at any time, but it must end no later than
the earlier of 30 days after the closing date and 60 days after the date of the allotment of the
notes. Any stabilization action or over-allotment must be conducted by Barclays Bank PLC or
any person acting for it in accordance with all applicable laws and rules.

PS-3
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INCORPORATION BY REFERENCE

The SEC and the Luxembourg Stock Exchange allow us to "incorporate by reference" into this
pricing supplement and the accompanying prospectus supplement and prospectus the information in
documents that we file with them, which means that we can disclose important information to you by
referring to those documents. The information incorporated by reference is an important part of the
information provided to you, and information that we file later with the SEC and the Luxembourg
Stock Exchange, in each case to the extent it stipulates that it is to be incorporated by reference, will
automatically update and supersede this information. We incorporate by reference the documents and
any amendments to them filed with the SEC and the Luxembourg Stock Exchange until completion of
this offering. For a list, see "Where You Can Find More Information" in the accompanying
prospectus.

We will provide, without charge, to each person to whom a copy of this pricing supplement has
been delivered, upon the request of such person, a copy of any or all of the documents deemed to be
incorporated herein by reference unless such documents have been modified or superseded as
specified above. Requests for such documents should be directed to KfW at its office at
Palmengartenstraße 5-9, D-60325 Frankfurt am Main. In addition, such documents will be available
free of charge from the principal office in Luxembourg of Deutsche Bank Luxembourg S.A. See
"General Information--Further Information" in this pricing supplement. You may also request a copy
of these filings at no cost by writing to Deutsche Bank Trust Company Americas, c/o Deutsche Bank
National Trust Company, Trust & Securities Services, 25 DeForest Avenue, Mail Stop: SUM 01-0105,
Summit, New Jersey 07901, U.S.A.

USE OF PROCEEDS

We estimate that the net proceeds from the sale of the notes will be approximately $2,993,280,000
(after deducting underwriting commissions). The net proceeds from the sale of the notes will be used
by us in our general business.

PS-4
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TERMS OF THE NOTES

The following description of the particular terms and conditions of the notes offered hereby
(referred to as the "notes" in this pricing supplement and the accompanying prospectus supplement
and as the "securities" in the accompanying prospectus) supplements, and to the extent inconsistent
therewith replaces, the description of the general terms and conditions of notes set forth in the
accompanying prospectus supplement and prospectus, to which description reference is hereby made.
The description of the terms and conditions below (with the exception of certain explanatory text
designated by italics) is substantially the same as the legally binding English language text thereof
and is qualified in its entirety by reference thereto. A copy of the form of conditions has been filed with
the SEC as an exhibit to the registration statement.

General Provisions

Aggregate Principal Amount and Denomination. The notes will be issued in the aggregate
principal amount of three billion U.S. dollars ($3,000,000,000), divided into three million notes in the
denomination of $1,000 each, which will rank equally among themselves.

Global Certificates, Notes and Form. The notes will be represented by one or more permanent
global certificates without interest coupons (the "global certificates"). The global certificates will be
kept in custody by Deutsche Bank Trust Company Americas, c/o Deutsche Bank National
Trust Company, New York, also known as DBTCA, or any successor, as custodian for DTC until all
our obligations under the notes have been satisfied. The global certificates will be issued in registered
form in the name of Cede & Co., as nominee of DTC, also known as the registered holder, recorded in
a register kept by the registrar (as defined under "--Registrar and Paying Agents") and represent the
notes credited to accounts maintained with DTC by financial institutions that are participants in DTC.
Each person ultimately holding a note is referred to herein as a "noteholder." Each global certificate
will be manually signed by two of our authorized representatives and manually authenticated by or on
behalf of the registrar. Copies of the global certificates will be available free of charge at the paying
agent (as defined under "--Registrar and Paying Agents"). Definitive certificates and interest coupons
for individual notes will not be issued, unless DTC is unable or unwilling to continue providing its
services and a successor securities depositary is not obtained. In such a case, a noteholder may request
the issue of definitive certificates representing its individual notes and corresponding interest coupons
(see "Clearing and Settlement--The Clearing Systems--DTC" in the accompanying prospectus
supplement).

Transfer. The notes may be transferred through DTC or its participants. Transfers of notes will
require appropriate entries in securities accounts as described in further detail under "Clearing and
Settlement--Transfers" in the accompanying prospectus supplement.

Status

The notes will constitute unsecured and unsubordinated obligations of KfW and will rank equally
with all of our other present and future unsecured and unsubordinated obligations, but subject to any
applicable mandatory statutory exceptions.

Interest

Interest Rate and Due Dates. The notes will bear interest at the rate of 2.75% per year as from
October 21, 2009. The notes will cease to bear interest upon the end of the day preceding the day on
which they become due for redemption. Interest is payable in two equal semi-annual installments in
arrears on April 21 and October 21. The first interest payment date will be April 21, 2010.

Late Payment. Should we fail to redeem the notes on the due date therefore, interest on the notes
shall, subject to the provisions with respect to business days (as defined under "--Payments--
Business Days" in this pricing supplement), accrue beyond the due date until actual redemption of the
notes at the default rate of interest established by law. Under German law, the default rate is five
percentage points above the basic rate of interest announced by the German Federal Bank
immediately after January 1 and July 1 in each year. In
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July 2009, the German Federal Bank announced a base rate of 0.12% per annum, making the default
rate at that time 5.12%.

Accrued Interest. If it is necessary to compute interest for a period of other than a full year,
interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Maturity; Repurchase

Maturity. The notes will be redeemed at par on October 21, 2014. Subject to the provisions with
respect to termination for default set forth under "--Termination for Default" in this pricing
supplement, neither we nor any noteholder will be entitled to redeem the notes prior to their stated
maturity.

Repurchase. We may at any time purchase and resell notes in the open market or otherwise at any
price. Notes so purchased and not resold by us may, at our own discretion, be held or surrendered to
the paying agent for cancellation.

Payments

Payments. Payments of principal of, and interest on, the notes shall be made in U.S. dollars on the
relevant payment date (see "--Payment Date and Due Date" below) to, or to the order of, the
registered holder registered at the close of business on the relevant record date (see "--Record Date"
below) in the register kept by the registrar. The funds will be distributed through the relevant DTC
participants (see "Clearing and Settlement--Certification and Custody; Appointment of Registrar and
Paying Agents" in the accompanying prospectus supplement) to the noteholders as of the relevant
record date. Payments of principal will be made upon surrender of the global certificates to the paying
agent.

All payments made by or on behalf of us to, or to the order of, the registered holder at the close of
business on the relevant record date in the register shall discharge our liability under the notes to the
extent of the sums so paid.

Record Date. The record date for purposes of payments of principal and interest (see "--
Payments" above) will be, in respect of each such payment, the tenth New York business day prior to
the relevant payment date.

Business Days. If any due date for payment of principal or interest to, or to the order of, the
registered holder is not a New York business day, such payment will not be made until the next day
which is a New York business day, and no further interest will be paid in respect of the delay in such
payment. "New York business day" means any day, other than a Saturday or Sunday, that is neither a
legal holiday nor a day on which commercial banks are authorized or required by law, regulation or
executive order to close in New York City.

Payment Date and Due Date. For the purposes of the terms and conditions of the notes, "payment
date" means the day on which the payment is actually to be made, where applicable as adjusted in
accordance with the preceding paragraph, and "due date" means the interest payment date or the
maturity date set forth above, without taking account of any such adjustment.

Taxes

All payments by us in respect of the notes will be made without deduction or withholding of taxes
or other duties, unless such deduction or withholding is required by law. In the event of such
deduction or withholding, we will not be required to pay any additional amounts in respect of the
notes. There will be no "gross-up" provision requiring additional payments to be made in respect of
the notes in the event of imposition of deduction or withholding of taxes or other duties.

Termination for Default

Any noteholder may, at its option, through DTC, declare its notes due and demand repayment
thereof at their principal amount plus interest accrued to the date of repayment if we fail to pay any
amount payable under the notes within 30 days from the relevant due date. The right to declare notes
due will cease if we have
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