Obligation KFWB 0.047% ( US500769BQ66 ) en CAD

KFWB

100 % ▼

Allemagne

US500769BQ66 ( en CAD )

0.047% par an ( paiement semestriel )

02/06/2037

Prospectus brochure de l'obligation Kfw US500769BQ66 en CAD 0.047%, échéance 02/06/2037

1 000 CAD

300 000 000 CAD

500769BQ6

02/06/2026 ( Dans 169 jours )

La KfW (Kreditanstalt für Wiederaufbau) est une banque publique allemande qui fournit des prêts et des financements pour la promotion du développement économique et social en Allemagne et à l'international.

L'Obligation émise par KFWB ( Allemagne ) , en CAD, avec le code ISIN US500769BQ66, paye un coupon de 0.047% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 02/06/2037

Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006
424B5 1 d424b5.htm GLOBAL NOTES PROSPECTUS SUPPLEMENT TO THE PROSPECTUS
DATED JANUARY 3, 2006
Table of Contents
PROSPECTUS SUPPLEMENT
(To prospectus dated January 3, 2006)

KfW, Frankfurt/Main, Federal Republic of Germany

C$300,000,000

4.70% Global Notes due 2037
Kreditanstalt für Wiederaufbau, also known as KfW, will pay interest on the notes in two equal, semi-annual
installments in arrears on June 2 and December 2, commencing on June 2, 2006. The first interest payment,
however, will be for interest accrued from and including March 29, 2006 to, but excluding, June 2, 2006. The
notes will mature on June 2, 2037. The notes are not redeemable at any time prior to maturity.
The notes will be represented by one or more permanent global certificates, initially kept in custody by Deutsche
Bank Trust Company Americas, known as DBTCA, that will not be exchangeable for definitive notes except in
the very limited circumstances described in this prospectus supplement.
KfW will make payments with respect to the notes without deduction of withholding 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 the Kreditanstalt für Wiederaufbau, the notes will benefit from a statutory
guarantee of the Federal Republic of Germany.
Purchasers of the notes must make payment in Canadian dollars. The managers may arrange for U.S. purchasers
to pay for the notes in U.S. dollars. KfW will pay the principal of and interest on the notes in Canadian dollars.
However, if you elect to hold notes through DTC, you will receive the principal of and interest on the notes in U.
S. dollars unless you elect to receive such payments in Canadian dollars.
For information on exchange risks, see ``Information on Currency Conversion and Foreign Exchange
Exposure'' and ``Description of the Notes'' herein.
The notes are governed by the laws of the Federal Republic of Germany. Any action or other legal
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Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006
proceedings arising out of or in connection with the notes may exclusively be brought in the District Court
(Landgericht) in Frankfurt am Main.
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)

99.60%
C$298,800,000
Underwriting commissions

0.45%
C$ 1,350,000
Proceeds to KfW(1)(2)

99.15%
C$297,450,000
(1) Plus accrued interest, if any, from March 29, 2006 if settlement occurs after that date.
(2) Before deduction of expenses payable by KfW.
The managers (as defined in "Subscription and Sale") 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 through the facilities of The Depository
Trust Company, also known as DTC, as well as through the facilities of other clearing systems that participate in
DTC, including The Canadian Depository for Securities Limited, also known as CDS, Clearstream Banking,
société anonyme, Luxembourg, also known as CBL, and Euroclear, on or about March 29, 2006.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus supplement or the prospectus to which it
relates is truthful or complete. Any representation to the contrary is a criminal offense.

TD Securities

The date of this prospectus supplement is March 24, 2006.
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Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006
Table of Contents
TABLE OF CONTENTS

Page

USE OF PROCEEDS

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RECENT DEVELOPMENTS

S-4
EXCHANGE RATE INFORMATION

S-5
DESCRIPTION OF THE NOTES

S-6
General Provisions

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Status

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Interest

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Maturity; Repurchase

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Payments

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Taxes

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Termination for Default

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Registrar and Paying Agent

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Further Issues

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Notices

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Governing Law, Jurisdiction, Enforcement and Language

S-9
ADDITIONAL UNITED STATES TAX CONSIDERATIONS

S-9
Page

CLEARING AND SETTLEMENT

S-10
Certification and Custody; Appointment of Registrar and Paying Agent

S-10
Payments

S-10
Transfers

S-11
The Clearing Systems

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Global Clearance and Settlement Procedures

S-13
INFORMATION ON CURRENCY CONVERSION AND FOREIGN EXCHANGE
EXPOSURE

S-14
Currency Conversion

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Foreign Exchange Exposure

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SUBSCRIPTION AND SALE

S-15
INCORPORATION BY REFERENCE

S-18
VALIDITY OF THE NOTES

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FURTHER INFORMATION

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Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006
This prospectus supplement should be read together with the accompanying prospectus dated January 3, 2006,
and the documents incorporated herein by reference, which contain information regarding KfW, the Federal
Republic of Germany and other matters, including a description of certain terms of the notes offered hereby. See
"Incorporation by Reference" below. Further information concerning KfW and the notes offered hereby may be
found in the registration statement (Registration Statement No. 333-121363/121363-01) filed with the Securities
and Exchange Commission (the "SEC") under the Securities Act of 1933 and relating to our debt securities
described in the prospectus.

This prospectus supplement, together with the accompanying prospectus dated January 3, 2006 and the
documents incorporated herein by reference, 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 Luxemburg Prospectus Act transforming Directive 2003/71/EC (the "Prospectus Directive") into law in
Luxemburg. Accordingly, this prospectus supplement, together with the accompanying prospectus dated January
3, 2006 and the documents incorporated herein by reference, 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 this prospectus
supplement will therefore not qualify for the benefit of the single European passport pursuant to the Prospectus
Directive.

The Luxembourg Stock Exchange takes no responsibility for the contents of this prospectus supplement and the
accompanying prospectus, makes no representations as to their 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 this prospectus
supplement and the accompanying prospectus. KfW accepts full responsibility for the accuracy of the
information contained in this prospectus supplement and the accompanying prospectus and confirms, having

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Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006
Table of Contents
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 or in the prospectus misleading in any material respect.

You should rely only on the information incorporated by reference or provided in this prospectus supplement or
the prospectus. 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 the offer is not permitted. You should not assume
that the information contained in this prospectus supplement or the accompanying prospectus is accurate as of
any date other than the date on the front of such documents or, with respect to information incorporated by
reference, as of date of such information.

In this prospectus supplement, references 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 "$" are to United States dollars. See "Exchange Rate
Information" for information regarding the rates of conversion of euro into U.S. dollars. References to "Canadian
dollars," "C$" or "CAD" are to Canadian dollars.
In this prospectus supplement, references to "we" or "us" are to KfW. References to "KfW Bankengruppe" or
"group" are to KfW and its consolidated subsidiaries.

In connection with this offering of notes, The Toronto-Dominion Bank or any person acting for it may
over-allot the notes (provided that the aggregate principal amount of notes allotted does not exceed 105
percent of the aggregate principal amount of the notes) or effect transactions with a view to supporting the
price of the notes at a level higher than that which might otherwise prevail. However, there is no assurance
that The Toronto-Dominion Bank 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.

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Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006
Table of Contents
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately C$297,450,000 (after
deducting underwriting discounts and expenses). The net proceeds from the sale of the notes will be used by us in
our general business.

RECENT DEVELOPMENTS
For information on KfW's unaudited results for the year ended December 31, 2005, as well as updated
information on the Federal Republic of Germany, see Amendment No. 3 to the annual report on Form 18-K/A
filed with the SEC on February 1, 2006, which is incorporated herein by reference. See "Incorporation by
Reference" below.

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Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006
Table of Contents
EXCHANGE RATE INFORMATION
We file reports with the Securities and Exchange Commission giving financial and economic data expressed in
euro.

The following table shows the average noon buying rates for euro, expressed as U.S. dollars per 1.00, for the
periods and dates indicated.
Year ended December 31,
Average(1)

2001

0.8909
2002

0.9495
2003

1.1411
2004

1.2478
2005

1.2400
(1) The average of the noon buying rates on the last business day of each month during the relevant period.

The following table shows the high and low noon buying rates for euro, expressed as U.S. dollars per 1.00, for
each month from September 2005 through January 2006 as well as for March 2006 (through March 23).

High
Low

September 2005
1.2538 1.2011
October 2005
1.2148 1.1914
November 2005
1.2067 1.1667
December 2005
1.2041 1.1699
January 2006
1.2287 1.1980
February 2006
1.2120 1.8600
March 2006 (through March 23)
1.2197 1.1886

The noon buying rate for euro on March 23, 2006 was 1.00 = $1.1984.
No representation is made that the euro or U.S. dollar amounts referred to herein could have been or could be
converted into euro or U.S. dollars, as the case may be, at any particular rate.
There are, except in limited embargo circumstances, no legal restrictions in the Federal Republic of Germany on
international capital movements and foreign exchange transactions. However, for statistical purposes only, every
individual or corporation residing in the Federal Republic of Germany must report to the Deutsche Bundesbank,
the German Central Bank, subject to a number of exceptions, any payment received from or made to an
individual or a corporation resident outside of the Federal Republic of Germany if such payment exceeds
12,500 (or the equivalent in a foreign currency).
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Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006

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Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006
Table of Contents
DESCRIPTION OF THE NOTES
The following description of the particular terms and conditions of the notes (the "conditions") offered hereby
(referred to herein as the "notes" and in the prospectus as the "securities") supplements, and to the extent
inconsistent therewith replaces, the description of the general terms and provisions of the securities set forth in
the prospectus, to which description reference is hereby made. The description of the notes below (with the
exception of certain explanatory text designated by italics) is substantially the same as the legally binding
English text thereof and is qualified in its entirety by reference thereto. A copy of the form of conditions has been
filed with the Securities and Exchange Commission as an exhibit to the registration statement of which this
prospectus supplement and the prospectus are a part.
General Provisions
Principal Amount and Denomination. The notes will be issued in an aggregate principal amount of three hundred
million Canadian dollars (C$300,000,000), divided into 300 thousand notes in the principal amount of C$1,000
each which will rank equally among themselves.
Global Certificates--Form. The notes will be represented by one or more permanent global certificates without
interest coupons, which will be kept in custody by DBTCA, or any successor, as custodian for DTC until all our
obligations under the notes have been satisfied. The global certificates (as defined under "Clearing and Settlement
--Certification and Custody; Appointment of Registrar and Paying Agent") will be manually signed by two of
our authorized representatives and will each be manually authenticated by or on behalf of the registrar (as defined
under "Clearing and Settlement--Certification and Custody; Appointment of Registrar and Paying Agent").
According to the conditions, definitive certificates representing individual notes and interest coupons will not be
issued. Definitive certificates representing individual notes may however be issued in the very limited
circumstances described under "Clearing and Settlement--The Clearing Systems--DTC."
Transfers. Transfers will be made by book-entry only as described in further detail under "Clearing and
Settlement--Transfers."
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 4.70% per year as from March 29, 2006.
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 June 2 and December 2. The
first interest payment, however, will be made on June 2, 2006 for the period commencing on March 29, 2006
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Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006
(inclusive) and ending on June 2, 2006 (exclusive). The interest amount for this period shall total C$2,510,958.90
for the aggregate principal amount of C$300,000,000.
Late Payment. Should we fail to repay the notes on the due date therefor, interest on the notes shall, subject to the
provisions with respect to business days (as defined under "--Payments--Business Days"), continue to accrue
beyond the due date until actual repayment 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 January 2006, the German Federal Bank
announced a base rate of 1.37% per annum, making the default rate at that time 6.37%.
Accrued Interest. Whenever it is necessary to compute any amount of accrued interest in respect of the notes for a
period of less than one full year, other than with respect to regular semi-annual interest payments, such

S-6
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Document Outline

sec.gov
- #1">Global Notes Prospectus Supplement to the Prospectus dated January 3, 2006