Obbligazione Wiederaufbaukreditanstalt 1.75% ( US500769JD71 ) in USD

Wiederaufbaukreditanstalt

100 USD ▲

Germania

US500769JD71 ( in USD )

1.75% per anno ( pagato 2 volte l'anno)

14/09/2029

Prospetto opuscolo dell'obbligazione Kreditanstalt für Wiederaufbau US500769JD71 en USD 1.75%, scadenza 14/09/2029

1 000 USD

2 000 000 000 USD

500769JD7

14/03/2026 ( In 137 giorni )

La Kreditanstalt für Wiederaufbau (KfW) è una banca pubblica tedesca che fornisce finanziamenti per la promozione dello sviluppo economico e sociale.

The Obbligazione issued by Wiederaufbaukreditanstalt ( Germany ) , in USD, with the ISIN code US500769JD71, pays a coupon of 1.75% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 14/09/2029

424B5 1 a2239643z424b5.htm $2,000,000,000 1.750% GLOBAL NOTES DUE 2029 (GREEN BOND)
Use these links to rapidly review the document
TABLE OF CONTENTS 1
TABLE OF CONTENTS 2
TABLE OF CONTENTS 3
Table of Contents
Filed pursuant to Rule 424(b)(5)
Registration No. 333-224298
PRICING SUPPLEMENT

(To prospectus supplement dated May 11, 2018
and prospectus dated May 11, 2018)
KfW, Frankfurt/Main, Federal Republic of Germany
$2,000,000,000
1.750% Global Notes due 2029 (Green Bond)
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes in two equal semi-annual installments in arrears on
March 14 and September 14, commencing on March 14, 2020. The first interest payment will be for interest accrued from, and including,
September 17, 2019 to, but excluding, March 14, 2020. The notes will mature on September 14, 2029. The notes will not be redeemable at any
time prior to maturity.
As described under "Use of Proceeds," an amount equal to the net proceeds from this offering will be attributed to loan programs that seek to
further energy efficient construction and the use of renewable energies.
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 du 16 juillet 2019 relative aux prospectus pour valeurs mobilières et portant mise en æuvre du règlement (UE) 2017/1129 (the "Luxembourg
Prospectus Act").

Per Note

Total

Price to public(1)

99.900%
$ 1,998,000,000
Underwriting commissions

0.175%
$
3,500,000
Proceeds to KfW(1)(2)

99.725%
$ 1,994,500,000
(1)
Plus accrued interest, if any, from, and including, September 17, 2019, if settlement occurs after that date.
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(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 S.A., also known as CBL, and Euroclear Bank SA/NV,
also known as Euroclear, on or about September 17, 2019. 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 500769JD7, an ISIN number of US500769JD71 and a common code of 205308725.
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. Any representation to the contrary is a criminal offense.

BNP PARIBAS

Citigroup

TD Securities

Pricing Supplement dated September 12, 2019
Table of Contents
TABLE OF CONTENTS

Page

Incorporation by Reference
PS-4
Use of Proceeds
PS-4
Terms of the Notes
PS-6
General Provisions
PS-6
Status
PS-6
Interest
PS-6
Maturity; Repurchase
PS-7
Payments
PS-7
Taxes
PS-8
Termination for Default
PS-8
Registrar and Paying Agent
PS-8
Further Issues
PS-8
Notices
PS-9
Governing Law; Jurisdiction; Enforcement and Language
PS-9
Subscription and Sale
PS-10
Subscription Agreement
PS-10
Notice by the Managers to Distributors regarding MiFID II Product Governance
PS-10
Certain Selling Restrictions
PS-10
Validity of the Notes
PS-12
General Information
PS-13
Further Information
PS-13
Documents Available
PS-13
Listing
PS-13
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Additional Paying Agent
PS-13
Securities Identification Numbers
PS-13
Authorization
PS-13
Auditors
PS-13
Interim Financial Statements
PS-14
Material Change
PS-14
Litigation
PS-14
This pricing supplement should be read together with the accompanying prospectus supplement dated May 11, 2018 setting forth information
relating to U.S. dollar-denominated global notes, the accompanying prospectus dated May 11, 2018, 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. 333-224298) 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. Accordingly, the disclosure document does not
purport to meet the format and the disclosure requirements of Regulation (EU) 2017/1129 (the "Prospectus Regulation"), and it has not been, and
will not be, submitted for approval to any competent authority within the meaning of the Prospectus Regulation. The notes issued pursuant to the
disclosure document will therefore not qualify for the benefit of the passporting regime pursuant to the Prospectus Regulation.
PS-2
Table of Contents
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.
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 the 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.
The euro foreign exchange reference rate as published by the European Central Bank on September 11, 2019 was 1.00 = $1.1003.
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.
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In connection with this offering of notes, Citigroup Global Markets Limited 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, stabilization may not necessarily occur. 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 cease 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
Citigroup Global Markets Limited or any person acting for it in accordance with all applicable laws and rules.
PS-3
Table of Contents
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. See "General Information--Further Information" in this pricing supplement. You may also request a copy of these filings at no cost by
writing to The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, United States.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $1,994,500,000 (after deducting underwriting
commissions). The net proceeds from the sale of the notes will be used by us in our general business.
However, upon issuance, we will enter an amount equal to the net proceeds of the notes, converted into Euros, into an internal register (the
"Green Issuance Amount"). Amounts matching requests for disbursements under one of our loan programs mentioned below will also be recorded
in such register and contrasted with the Green Issuance Amount. For these purposes, any such requests made since the beginning of the calendar
year in which the notes are issued will be considered.
We will provide allocation reports on an annual basis on our website. Any information available on or accessible through our website is not
incorporated herein by reference.
Our loan program "Erneuerbare Energien--Standard" ("Renewable Energies--Standard") aims to promote the development of electricity and
heat from renewable resources.
Measures financed through this program may include (but are not limited to) the following project types:
·
Photovoltaic panels;
·
Wind energy (on- and offshore);
·
Hydropower (excluding plants with an installed power exceeding 20MW);
·
Electricity and heat generated in combined heat and power stations from solid biomass (up to a size of 2MW), biogas or geothermal
energy;
·
Biogas energy; and
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·
Grids and plants for the storage of heat or power produced from renewable energy.
PS-4
Table of Contents
Our loan program "Energieeffizient Bauen" ("Energy-efficient Construction") aims to promote the construction of new energy-efficient
residential buildings in Germany. This program mainly promotes energy-efficient buildings with a primary energy consumption of 75% or less
compared to the requirements of the German Energy Saving Regulation for new buildings (Energieeinsparverordnung, EnEV 2016).
The common objective of all projects under these two programs is to counter climate change, in particular by reducing greenhouse gas
emissions.
Payment of principal and interest on the notes will be made from our general funds and will not be linked to the performance of any projects
financed under the programs mentioned above.
If our use of the net proceeds from the notes is a factor in your decision to invest in the notes, you should consider the foregoing
discussion and consult with your counsel or other advisors before making an investment in the notes.
PS-5
Table of Contents
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 two billion U.S. dollars
($2,000,000,000), divided into two 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 The Bank of New York Mellon, New York, also known as BNY
Mellon, or any successor, as custodian for DTC until all of 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 Agent") 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 Agent"). 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 depository 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.
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Interest
Interest Rate and Due Dates. The notes will bear interest at the rate of 1.750% per year as from September 17, 2019. The notes will cease to
bear interest upon the end of the day preceding the day on which they become due for redemption. Interest will be payable, subject to the last two
sentences of this subsection, in two equal semi-annual installments in arrears on March 14 and September 14. The first interest payment, which
will be for the period commencing on September 17, 2019 (inclusive) and ending on March 14, 2020 (exclusive), will be due on March 14, 2020.
The interest amount for this period will total $17,208,333.33 for the aggregate principal amount of $2,000,000,000.
PS-6
Table of Contents
Late Payment. Should we fail to redeem the notes on the due date therefor, interest on the notes will, 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 base rate of
interest announced by the German Federal Bank effective as of January 1 and July 1 in each year. On June 25, 2019, the German Federal Bank
announced a base rate of -0.88% per annum, making the default rate for the second half of 2019 4.12%.
Accrued Interest. If it is necessary to compute interest for a period of other than a full year ("Calculation Period"), interest will be calculated
on the basis of a 360-day year consisting of twelve 30-day months (unless (A) the last day of the Calculation Period is the 31st day of a month and
the first day of the Calculation Period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall
not be considered to be shortened to a 30-day month, or (B) the last day of the Calculation Period is the last day of the month of February, in which
case the month of February shall not be considered to be lengthened to a 30-day month).
Maturity; Repurchase
Maturity. The notes will be redeemed at their aggregate principal amount on September 14, 2029. Subject to the provisions with respect to
termination for default set forth under "--Termination for Default" in this pricing supplement, neither will we be entitled to redeem, nor will any
noteholder be entitled to demand the repayment of 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 option, be held or surrendered to the paying agent for cancellation.
Payments
Payments. Payments of principal of, and interest on, the notes will 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" in the accompanying prospectus supplement) to the noteholders as of the relevant record date.
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 will 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.
PS-7
Table of Contents
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.
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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 made payment to, or to the order of, the registered holder before the noteholder has exercised such right.
Any notice declaring notes due will be made by means of a notice in text format (Textform, e.g. email or fax) or in written form to be sent to us
together with proof that such noteholder at the time of such notice is a holder of the relevant notes by means of a certificate of the noteholder's
custodian as set forth under "--Governing Law; Jurisdiction; Enforcement and Language--Enforcement" in this pricing supplement. Definitive
certificates and interest coupons for individual notes will not be issued in the event of a default.
Registrar and Paying Agent
We will appoint The Bank of New York Mellon SA/NV, Luxembourg Branch as initial registrar (the "registrar"), BNY Mellon as paying
agent, and, to the extent required by law, The Bank of New York Mellon acting through its Frankfurt branch ("BNY Mellon Frankfurt") as
additional paying agent (BNY Mellon and, if applicable, BNY Mellon Frankfurt in performing such function, the "paying agent"). We reserve the
right at any time to vary or terminate the appointment of the registrar or any paying agent or approve any change in the office through which they
act (the "specified office"), provided that there will at all times be a registrar and a paying agent, and provided further that so long as the notes are
listed on any stock exchange (and the rules of such stock exchange so require), we will maintain a paying agent with a specified office in the city
in which such stock exchange is located. We will give notice of any change in the registrar or the paying agent or in their specified offices by
publication in the manner set forth under "--Notices" in this pricing supplement.
The registrar and the paying agent in such capacities are acting exclusively as our agents and do not have any legal relationship of whatever
nature with the registered holder or any noteholder and are not in any event accountable to the registered holder or any noteholder.
Further Issues
We reserve the right, from time to time without the consent of the noteholders, to issue additional notes, on terms identical in all respects to
those set forth in the terms and conditions of the notes (except that the date from which interest will accrue may vary), so that such additional notes
will be consolidated with, form a single issue with and increase the aggregate principal amount of, the notes. The term "notes" will, in the event of
such increase, also include such additional notes.
PS-8
Table of Contents
Notices
All notices regarding the notes will be published (a) in the Federal Republic of Germany in the Federal Gazette (Bundesanzeiger) and, to the
extent legally required, in addition thereto, in any other form of media prescribed by law; and (b) also in a leading daily newspaper printed in the
English language and of general circulation in New York City (expected to be The Wall Street Journal). Any notice will become effective for all
purposes on the third day following the date of its publication or, if published more than once or on different dates, on the third day following the
date of first publication.
Governing Law; Jurisdiction; Enforcement and Language
Governing Law. The notes, both as to form and content, as well as our rights and duties and those of the noteholders, will be governed by
and will be construed in accordance with the laws of the Federal Republic of Germany. Any disposition of the notes, including transfers and
pledges, executed between DTC participants, and between DTC itself and DTC participants, will be governed by the laws of the State of New York.
Jurisdiction. Any action or other legal proceedings arising out of or in connection with the notes may exclusively be brought in the District
Court (Landgericht) in Frankfurt am Main.
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Enforcement. Any noteholder may in any proceedings against us or to which the noteholder and we are parties protect and enforce in its own
name its rights arising under its notes on the basis of (a) a certificate issued by its custodian (i) stating the full name and address of the noteholder,
(ii) specifying a principal amount of notes credited on the date of such statement to such noteholder's securities account maintained with such
custodian and (iii) confirming that the custodian has given a written notice to DTC and the registrar containing the information pursuant to (i) and
(ii) and bearing acknowledgments of DTC and the relevant DTC participant and (b) copies of the global certificates certified as being true copies by
a duly authorized officer of DTC or the registrar. For purposes of the foregoing, "custodian" means any bank or other financial institution of
recognized standing authorized to engage in securities custody business with which the noteholder maintains a securities account in respect of any
notes and includes DTC and its participants, including any other clearing system which participates in DTC.
Language. The conditions are written in the English language and accompanied by a German language translation. The English text will be
controlling and binding. The German language translation is provided for convenience only.
PS-9
Table of Contents
SUBSCRIPTION AND SALE
Subscription Agreement
BNP Paribas, Citigroup Global Markets Limited and The Toronto-Dominion Bank (collectively, the "managers") have agreed with us,
severally and not jointly, pursuant to a subscription agreement dated September 12, 2019 (the "subscription agreement"), to subscribe and pay for
the principal amount of the notes set forth opposite their respective names below at 99.900% of their principal amount less a combined commission
of 0.175% of such principal amount.
Principal amount
Managers

of notes

BNP Paribas
$
667,000,000
Citigroup Global Markets Limited
$
667,000,000
The Toronto-Dominion Bank
$
666,000,000
?
?
?
??
Total
$ 2,000,000,000
?
?
?
??
?
?
?
? ?
?
?
?
??
Under the terms and conditions of the subscription agreement, the managers are committed to take and pay for all of the notes, if any are taken.
The managers propose to offer the notes in part directly to the public at the price to public set forth on the cover page of this pricing supplement
and in part to dealers at such price less a concession of 0.175%. After the initial public offering, the price to public may be changed.
We have agreed in the subscription agreement to indemnify the managers against certain liabilities, including liabilities under the Securities
Act of 1933. The managers have agreed to bear certain expenses relating to the offering of the notes.
The notes will be offered for sale in those jurisdictions in the United States, Europe, Asia and elsewhere where it is legal to make such offers.
The selling restrictions applicable to the notes are set forth under "Subscription and Sale--Certain Selling Restrictions" in the accompanying
prospectus supplement.
Notice by the Managers to Distributors regarding MiFID II Product Governance
The 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 managers in respect of the notes in accordance with the product governance rules under MiFID II has led the 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 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 managers' target market assessment), determining appropriate distribution channels and performing the suitability
and appropriateness assessment with respect to each client.
Certain Selling Restrictions
The following disclosure replaces the disclosure set forth in the 2nd to 7th paragraph under the caption "Subscription and Sale--Certain
Selling Restrictions" in the accompanying prospectus supplement.
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European Economic Area. Each manager has represented and agreed that in relation to each Member State of the European Economic Area it
has not made and will not make an offer of the notes to the public in that Member State, except that it may make an offer of the notes to the public
in that Member State at any time in any circumstances which do not require the publication by us of a prospectus
PS-10
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pursuant to (i) Article 1(4) of the Prospectus Regulation or (ii) any applicable national law of that Member State.
For the purposes of this representation, the following expressions have the meanings specified:
"offer of the notes to the public" in relation to the notes in any Member State means the communication in any form and by any means of
sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe the notes;
and
"Prospectus Regulation" means Regulation (EU) 2017/1129.
PS-11
Table of Contents
VALIDITY OF THE NOTES
The validity of the notes will be passed upon on behalf of KfW by the Legal Department of KfW, and on behalf of the managers by Hengeler
Mueller Partnerschaft von Rechtsanwälten mbB, Frankfurt am Main. KfW is also being represented by Sullivan & Cromwell LLP, New York, New
York, and the managers are also being represented by Simpson Thacher & Bartlett LLP, New York, New York.
PS-12
Table of Contents
GENERAL INFORMATION
Further Information
Further information concerning the notes and concerning KfW and the Federal Republic of Germany may be found on file with the SEC, as
described in greater detail under the heading "Where You Can Find More Information" in the accompanying prospectus.
Documents Available
For so long as the notes are outstanding, copies of the documents mentioned in this pricing supplement will be available free of charge during
the usual business hours at the specified offices of KfW and the paying agent, including:
·
the form of global certificates, including the terms of the notes;
·
the Law Concerning KfW and KfW's by-laws;
·
the form of subscription agreement;
·
the agency agreement appointing BNY Mellon, BNY Mellon Luxembourg and, to the extent required by law, BNY Mellon
Frankfurt as agents;
·
the most recent annual report of KfW; and
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·
the documents incorporated by reference as stated under "Incorporation by Reference" in this pricing supplement.
Listing
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
Luxembourg Prospectus Act and in accordance with the rules thereof. This pricing supplement, together with the accompanying prospectus
supplement and prospectus, will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).
Additional Paying Agent
We have appointed The Bank of New York Mellon, Filiale Frankfurt am Main, Messe Turm, Friedrich-Ebert-Anlage 49, 60327 Frankfurt am
Main, as an additional paying agent.
Securities Identification Numbers
The notes have been assigned a CUSIP number of 500769JD7, an ISIN number of US500769JD71, a common code of 205308725 and a WKN
number of A2YNRB.
Authorization
The issuance of the notes was authorized by resolution of KfW's Board of Supervisory Directors on April 8, 2019.
Auditors
The independent auditors of KfW are Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft for the fiscal year ended December 31, 2017
onwards.
PS-13
Table of Contents
Interim Financial Statements
KfW does not publish interim financial statements.
Material Change
Except as disclosed herein, there has been no material adverse change in the business, financial position capitalization or results of operations
of KfW since the date of the latest audited financial statements of KfW.
Litigation
To the best knowledge of KfW, except as otherwise disclosed herein, there is no pending or threatened action, suit or proceeding before any
court or governmental agency, authority or body or any arbitrator involving KfW which would materially adversely affect the financial position of
KfW.
PS-14
Table of Contents
PROSPECTUS SUPPLEMENT
(To prospectus dated May 11, 2018)
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