Obligation KFWB 4.875% ( US500769BY90 ) en USD

KFWB

100 % ▼

Allemagne

US500769BY90 ( en USD )

4.875% par an ( paiement semestriel )

17/01/2017 - Obligation échue

Prospectus brochure de l'obligation KFW US500769BY90 en USD 4.875%, échue

1 000 USD

3 000 000 000 USD

500769BY9

AAA ( Première qualité )

Aaa ( Première qualité )

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 US500769BY90, paye un coupon de 4.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 17/01/2017

L'Obligation émise par KFWB ( Allemagne ) , en USD, avec le code ISIN US500769BY90, a été notée Aaa ( Première qualité ) par l'agence de notation Moody's.

L'Obligation émise par KFWB ( Allemagne ) , en USD, avec le code ISIN US500769BY90, a été notée AAA ( Première qualité ) par l'agence de notation Standard & Poor's ( S&P ).

e424b5
Page 1 of 55
424B5 1 f01513e424b5.htm PRICING SUPPLEMENT
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007

e424b5
Page 2 of 55
Table of Contents

PRICING SUPPLEMENT
Filed pursuant to Rule 424(b)(5)
(To prospectus supplement dated December 29, 2006

Registration No. 333-139448
and prospectus dated December 21, 2006)

KfW, Frankfurt/ Main, Federal Republic of Germany
$3,000,000,000
4.875% Global Notes due 2017
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes in two equal semi-annual installments in arrears on
January 17 and July 17, commencing on July 17, 2007. The first interest payment will be for interest accrued from and including January 17,
2007, to, but excluding, July 17, 2007. The notes will mature on January 17, 2017. 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 exclusively 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)
99.352%
$
2,980,560,000
Underwriting commissions

0.15%
$
4,500,000
Proceeds to KfW(1) (2)
99.202%
$
2,976,060,000

(1) Plus accrued interest, if any, from January 17, 2007, 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 S.A./ N.V., also known as Euroclear, on or about January 17, 2007. 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 500769BY9, an ISIN number of US500769BY90
and a common code of 028241186.
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.

JPMorgan
Merrill Lynch & Co.
UBS Investment Bank
Pricing Supplement dated January 11, 2007
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007

e424b5
Page 3 of 55

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-9

Further Information
PS-9

Documents Available
PS-9

Listing
PS-10

Securities Identification Numbers
PS-10

Authorization
PS-10

Auditors
PS-10

Interim Financial Statements
PS-10

Material Change
PS-10

Litigation
PS-10

This pricing supplement should be read together with the accompanying prospectus supplement setting forth information relating to U.S.
dollar-denominated global notes dated December 29, 2006, the accompanying prospectus dated December 21, 2006, 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. 333-139448) 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 Luxemburg Prospectus Act, which transforms Directive 2003/71/
EC (the "Prospectus Directive") into law in Luxemburg. 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 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
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007

e424b5
Page 4 of 55
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007

e424b5
Page 5 of 55
Table of Contents
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 the 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
information regarding exchange rates between euro and U.S. dollars, see KfW's annual report on Form 18-K, as amended, which is
incorporated by reference herein. The noon buying rate on January 10, 2007 was 1.00=$1.2940.
References herein 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.
PS-3
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007

e424b5
Page 6 of 55
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. In addition, such documents will be available free of charge from the principal office in Luxembourg of Deutsche Bank
Luxembourg S.A. See "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.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $2,976,060,000 (after deducting underwriting
commissions and expenses). The net proceeds from the sale of the notes will be used by us in our general business.
PS-4
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007

e424b5
Page 7 of 55
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
Principal Amount and Denomination. The notes will be issued in the 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.
Global Certificates, Notes and Form. The notes will be represented by one or more permanent global certificates without interest coupons,
which will be kept in custody by Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company, also known as
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 Agents" in the accompanying
prospectus supplement) will be in registered form in the name of Cede & Co., as nominee of DTC, recorded in a register kept by the registrar
(as defined under "Clearing and Settlement -- Certification and Custody; Appointment of Registrar and Paying Agents" in the accompanying
prospectus supplement). The global certificates will represent the notes credited to accounts maintained with DTC by financial institutions that
are participants in DTC. Each global certificate will be manually signed by two of our authorized representatives and will each be 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" in this pricing supplement). Definitive certificates representing individual notes and interest coupons
will only be issued in the limited circumstances described under "Clearing and Settlement -- The Clearing Systems -- DTC" in the
accompanying prospectus supplement.
Transfers. 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 4.875% per year as from January 17, 2007. 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 January 17 and July 17. The first interest payment will be made on July 17, 2007 for the period commencing on
January 17, 2007 (inclusive) and ending on July 17, 2007 (exclusive).
Late Payment. Should we fail to redeem 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" 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 January 2007,
PS-5
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007

e424b5
Page 8 of 55
Table of Contents
the German Federal Bank announced a base rate of 2.70% per annum, making the default rate at that time 7.70%.
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 shall be redeemed at par on January 17, 2017. 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 shall be entitled to redeem the notes before 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" in this pricing supplement) to, or to the order of, the person registered at the close of business on the relevant record date
(see "-- Record Date" in this pricing supplement) 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 shall 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 of the global certificates at the close of business on the
relevant record date 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" in this pricing supplement) shall be, in
respect of each such payment, the tenth New York business day prior to the relevant payment date (see "-- Payment Date and Due Date" in
this pricing supplement).
Business Days. If any due date (see "-- Payment Date and Due Date" in this pricing supplement) for payment of principal or interest to the
registered holder of a global certificate is not a New York business day, such payment shall not be made until the next day which is a New
York business day and no further interest shall 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 The City of New York.
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 shall 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 shall 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, through DTC, declare its notes due and demand repayment thereof at their principal amount plus interest accrued to
the date of repayment if we shall fail to pay any amount payable under the notes
PS-6
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007

e424b5
Page 9 of 55
Table of Contents
within 30 days from the relevant due date. The right to declare notes due shall cease if we have made payment to, or to the order of, the
registered holder of the global certificates before the noteholder has exercised such right. Any notice declaring notes due shall be made by
means of a written notice to be delivered by hand or registered mail 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 representing individual notes and interest
coupons will not be issued in the event of a default.
Registrar and Paying Agents
We will appoint DBTCA as initial registrar (the "registrar") and paying agent, and, to the extent required by law, Deutsche Bank
Aktiengesellschaft, Frankfurt am Main ("Deutsche Bank Frankfurt") as additional paying agent (DBTCA and, if applicable, Deutsche Bank
Frankfurt in performing such function, the "paying agent"). We may at any time 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 shall at all times be a
registrar and 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 paying agents or in their specified offices by publication in the manner set forth under "-- Notices" in this pricing
supplement.
The registrar and the paying agents in such capacities are acting exclusively as our agents and do not have any legal relationship of any
nature with or accountability to the registered holder of the global certificates or to 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 as to the date from which interest shall accrue), so that such additional notes
shall be consolidated with, form a single issue with and increase the aggregate principal amount of, the notes. The term "notes" shall, in the
event of such increase, also include such additional notes.
Notices
All notices regarding the notes shall be published (a) in the electronic Federal Gazette (elektronischer Bundesanzeiger) and, if legally
required, in the form of media determined by law in addition thereto, (b) so long as required by the rules and regulations of the Luxembourg
Stock Exchange, in a leading daily newspaper having general circulation in Luxembourg (expected to be the d'Wort), and (c) 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 first date of any such 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, shall be governed by
and shall be construed in accordance with the laws of the Federal Republic of Germany. Any disposition of the notes, including transfers and
pledges of notes, executed between DTC participants and between DTC 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.
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 an aggregate principal amount of notes credited on the date of such statement to such noteholder's securities account
maintained with
PS-7
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007

e424b5
Page 10 of 55
Table of Contents
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 is a participant in DTC.
Language. The conditions are written in the English and German languages, with the English version controlling and binding.
PS-8
http://www.sec.gov/Archives/edgar/data/821533/000132693207000007/f01513e424b5.htm
1/12/2007