Obligation KFWB 0% ( US500769BR40 ) en USD

KFWB

60.27 % ▲

Allemagne

US500769BR40 ( en USD )

17/04/2036

Prospectus brochure de l'obligation KFW US500769BR40 en USD 0%, échéance 17/04/2036

500769BR4

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 USD, avec le code ISIN US500769BR40, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 17/04/2036

Prospectus Supplement (To Prospectus dated January 3, 2006)
424B5 1 d424b5.htm PROSPECTUS SUPPLEMENT (TO PROSPECTUS DATED JANUARY 3,
2006)
Table of Contents
PROSPECTUS SUPPLEMENT
(To prospectus dated January 3, 2006)

KfW, Frankfurt/Main, Federal Republic of Germany

$3,000,000,000

Zero Coupon Global Notes due 2036
Kreditanstalt für Wiederaufbau, also known as KfW, will pay the principal amount of the notes on their maturity
date of April 18, 2036. The notes will not be redeemable at any time prior to maturity.
The notes are being offered at an original issue discount to their principal amount, and no interest payments will
be made on the notes. The yield to maturity will be 5.476% per annum.
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.
The notes are governed by the laws of the Federal Republic of Germany. 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.
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").

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Prospectus Supplement (To Prospectus dated January 3, 2006)

Per Note
Total

Price to public

19.778746%
$593,362,380
Underwriting commissions

0.10%
$ 3,000,000
Proceeds to KfW(1)

19.678746%
$590,362,380
(1) 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 Clearstream Banking, société anonyme, Luxembourg, also known as CBL, and Euroclear, on or
about April 19, 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.

Barclays Capital
Merrill Lynch & Co.

The date of this prospectus supplement is April 13, 2006.
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Prospectus Supplement (To Prospectus dated January 3, 2006)
Table of Contents
TABLE OF CONTENTS

Page

USE OF PROCEEDS

S-4
RECENT DEVELOPMENTS

S-4
EXCHANGE RATE INFORMATION

S-5
DESCRIPTION OF THE NOTES

S-6
General Provisions

S-6
Status

S-6
Interest

S-6
Maturity; Repurchase

S-7
Payments

S-7
Taxes

S-7
Registrar and Paying Agent

S-7
Further Issues

S-7
Notices

S-8
Governing Law, Jurisdiction, Enforcement and Language

S-8
Page

ADDITIONAL TAX CONSIDERATIONS

S-8
CLEARING AND SETTLEMENT

S-9
Certification and Custody; Appointment of Registrar and Paying Agent

S-9
Payments

S-9
Transfers

S-10
The Clearing Systems

S-10
Global Clearance and Settlement Procedures

S-12
SUBSCRIPTION AND SALE

S-12
INCORPORATION BY REFERENCE

S-16
VALIDITY OF THE NOTES

S-16
FURTHER INFORMATION

S-16

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
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Prospectus Supplement (To Prospectus dated January 3, 2006)
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
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.

S-2
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Prospectus Supplement (To Prospectus dated January 3, 2006)
Table of Contents
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.
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, Merrill Lynch International 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
Merrill Lynch International 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.

S-3
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Prospectus Supplement (To 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 $590,362,380 (after deducting
underwriting commissions and expenses). The net proceeds from the sale of the notes will be used by us in our
general business.

RECENT DEVELOPMENTS
For information concerning KfW's results for the year ended December 31, 2005, as well as updated information
concerning the Federal Republic of Germany, see Amendment No. 4 to the annual report on Form 18-K/A filed
with the SEC on April 3, 2006, which is incorporated herein by reference. See "Incorporation by Reference"
below.

S-4
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Prospectus Supplement (To 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 October 2005 through March 2006 as well as for April 2006 (through April 12).

High
Low

October 2005
1.2148 1.1914
November 2005
1.2067 1.1667
December 2005
1.2041 1.1699
January 2006
1.2148 1.1980
February 2006
1.2120 1.1860
March 2006
1.2197 1.1886
April 2006 (through April 12)
1.2272 1.2091

The noon buying rate for euro on April 12, 2006 was 1.00 = $1.2107.
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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Prospectus Supplement (To 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 billion
dollars ($3,000,000,000), divided into three million notes in the principal amount of $1,000 each which will rank
equally among themselves. The notes are being offered at an original issue discount to their principal amount and
will be treated as discount notes.
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 Payments. No interest payments will be made on the notes.
Late Payment. Should we fail to repay the notes on the due date therefor, interest on the notes shall, subject to the
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Prospectus Supplement (To Prospectus dated January 3, 2006)
provisions with respect to business days (as defined under "--Payments--Business Days"), accrue from the due
date until actual repayment of the notes at the default rate of interest established by law. The interest shall be
calculated on the basis of a 360-day year consisting of twelve 30-day months. 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%.
Yield to Maturity. The yield to maturity for the notes will be 5.476% per annum. The yield to maturity is the
annual percentage rate that produces a present value equal to the price to the public of the notes ($593,362,380)
when their aggregate principal amount ($3,000,000,000) is discounted back semi-annually at that rate from the
scheduled maturity date (April 18, 2036) to the issue date (April 19, 2006) calculated on the basis of a 360-day
year consisting of twelve 30-day months.

S-6
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Document Outline

sec.gov
- #1">Prospectus Supplement (To Prospectus dated January 3, 2006)