Obligation KFWB 0% ( US500769CH58 ) en USD

KFWB

57 % ▼

Allemagne

US500769CH58 ( en USD )

28/06/2037

Prospectus brochure de l'obligation KFW US500769CH58 en USD 0%, échéance 28/06/2037

500769CH5

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 US500769CH58, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 28/06/2037

Pricing Supplement $3,000,000,000 Zero Coupon Global Notes due 2037
Page 1 of 58
424B5 1 d424b5.htm PRICING SUPPLEMENT $3,000,000,000 ZERO COUPON GLOBAL NOTES
DUE 2037
Table of Contents
PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(5)
(To prospectus supplement dated April 10, 2007
Registration No. 333-141868
and prospectus dated April 9, 2007)

KfW, Frankfurt/Main, Federal Republic of Germany
$3,000,000,000
Zero Coupon Global Notes due 2037
KfW, also known as Kreditanstalt für Wiederaufbau, will pay the principal amount of the notes on the maturity date of
June 29, 2037. The notes are not 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 is 5.78% per annum.
KfW will make payments with respect to the notes without deduction or withholding of taxes, unless otherwise required
by law. There will be no "gross-up" provision requiring additional payments to be made in respect of the notes in the event of
the imposition of a tax deduction or withholding.
Pursuant to the Law Concerning KfW, the notes will benefit from a statutory guarantee of the Federal Republic of
Germany.
The notes are governed by the laws of the Federal Republic of Germany and provide that the District Court
(Landgericht) in Frankfurt am Main is the exclusive jurisdiction in which an action or other legal proceedings arising
out of or in connection with the notes may be brought.
Application has been made to list the notes on the regulated market of the Luxembourg Stock Exchange pursuant to
Chapter 2 of Part III of the Loi relative aux prospectus pour valeurs mobilières dated July 10, 2005 (the "Luxembourg
Prospectus Act").

Per Note
Total
Price to public(1)

18.097141%
$542,914,230
Underwriting commissions

0.125%
$ 3,750,000
Proceeds to KfW(1)(2)

17.972141%
$539,164,230
(1) Plus accretion, if any, from June 29, 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 SA/NV, also
known as Euroclear, on or about June 29, 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 500769 CH5, an ISIN number of US500769CH58
and a common code of 030788931.
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.

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Barclays Capital
Merrill Lynch & Co.

Pricing Supplement dated June 22, 2007
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Table of Contents
TABLE OF CONTENTS

Page

Page
INCORPORATION BY REFERENCE
PS-4
German Flat Tax on Investment Income

PS-8
USE OF PROCEEDS
PS-4
Original Issue Discount

PS-8
TERMS OF THE NOTES
PS-5
SUBSCRIPTION AGREEMENT

PS-9
General Provisions
PS-5
VALIDITY OF THE NOTES

PS-9
Status
PS-5
GENERAL INFORMATION
PS-10
Interest
PS-5
Further Information
PS-10
Maturity; Repurchase
PS-6
Documents Available
PS-10
Payment
PS-6
Listing
PS-10
Taxes
PS-6
Additional Paying Agent
PS-10
Registrar and Paying Agents
PS-7
Securities Identification Numbers
PS-10
Further Issues
PS-7
Authorization
PS-10
Notices
PS-7
Auditors
PS-10
Governing Law, Jurisdiction, Enforcement
Interim Financial Statements
PS-11
and Language
PS-7
Material Change
PS-11
ADDITIONAL TAX CONSIDERATIONS
PS-8
Litigation
PS-11

This pricing supplement should be read together with the accompanying prospectus supplement dated April 10, 2007
setting forth information relating to U.S. dollar-denominated global notes, the accompanying prospectus dated April 9, 2007,
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-
141868) filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933 relating to
our debt securities described in the prospectus.
If the information in this pricing supplement differs from the information contained in the accompanying prospectus
supplement or prospectus, you should rely on the information in this pricing supplement.

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

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

References herein to "euro" or "" are to the single European currency adopted by certain participating member
countries of the European Union, including the Federal Republic of Germany, as of January 1, 1999. References to "U.S.
dollars" or "$" are to United States dollars.
For 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 June 21, 2007 was 1.00=$1.3399.
References herein to "we" or "us" are to KfW. References to "KfW Bankengruppe" or "group" are to KfW and its
consolidated subsidiaries.

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INCORPORATION BY REFERENCE
The SEC and the Luxembourg Stock Exchange allow us to "incorporate by reference" into this pricing supplement and
the accompanying prospectus supplement and prospectus the information in documents that we file with them, which means
that we can disclose important information to you by referring to those documents. The information incorporated by
reference is an important part of the information provided to you, and information that we file later with the SEC and the
Luxembourg Stock Exchange, in each case to the extent it stipulates that it is to be incorporated by reference, will
automatically update and supersede this information. We incorporate by reference the documents and any amendments to
them filed with the SEC and the Luxembourg Stock Exchange until completion of this offering. For a list, see "Where You
Can Find More Information" in the accompanying prospectus.
We will provide, without charge, to each person to whom a copy of this pricing supplement has been delivered, upon the
request of such person, a copy of any or all of the documents deemed to be incorporated herein by reference unless such
documents have been modified or superseded as specified above. Requests for such documents should be directed to KfW at
its office at Palmengartenstraße 5-9, D-60325 Frankfurt am Main. In addition, such documents will be available free of
charge from the principal office in Luxembourg of Deutsche Bank Luxembourg S.A. See "General Information--Documents
Available" in this pricing supplement. You may also request a copy of these filings at no cost by writing to Deutsche Bank
Trust Company Americas, c/o Deutsche Bank National Trust Company, Trust & Securities Services, 25 DeForest Avenue,
Mail Stop: SUM 01-0105, Summit, New Jersey 07901, U.S.A.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $539,164,230 (after deducting
underwriting commissions and expenses). The net proceeds from the sale of the notes will be used by us in our general
business.

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TERMS OF THE NOTES
The following description of the particular terms and conditions of the notes offered hereby (referred to as the "notes"
in this pricing supplement and the accompanying prospectus supplement and as the "securities" in the accompanying
prospectus) supplements, and to the extent inconsistent therewith replaces, the description of the general terms and
conditions of notes set forth in the accompanying prospectus supplement and prospectus, to which description reference is
hereby made. The description of the terms and conditions below (with the exception of certain explanatory text designated by
italics) is substantially the same as the legally binding English language text thereof and is qualified in its entirety by
reference thereto. A copy of the form of conditions has been filed with the SEC as an exhibit to the registration statement.
General Provisions
Principal Amount and Denomination. The notes will be issued in the aggregate principal amount of three billion U.S.
dollars ($3,000,000,000), divided into three million notes in the 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, 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 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. No interest payments will be made on the notes.
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 "--Payment--Business Days" in this pricing supplement), accrue
from 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

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announced by the German Federal Bank immediately after January 1 and July 1 in each year. In January 2007, the German
Federal Bank announced a base rate of 2.70% per annum, making the default rate at that time 7.70%.
Yield to Maturity. The yield to maturity for the notes will be 5.78% 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 ($542,914,230) when their
aggregate principal amount ($3,000,000,000) is discounted back semi-annually at that rate from the scheduled maturity date
(June 29, 2037) to the issue date (June 29, 2007) 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 June 29, 2037. 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. Notes so purchased and not
resold by us may, at our own discretion, be held or surrendered to the paying agent for cancellation.
Payment
Payment. Payment of principal of the notes shall be made in U.S. dollars on the relevant payment date (see "--Payment
Date and Due Date" below) to, or to the order of, the person registered at the close of business on the relevant record date
(see "--Record Date" below) in the register kept by the registrar. The funds will be distributed through the relevant DTC
participants (see "Clearing and Settlement--Certification and Custody; Appointment of Registrar and Paying Agents" in the
accompanying prospectus supplement) to the noteholders as of the relevant record date. Payments of principal 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 in the register shall discharge our liability under the notes to the extent of the sums so
paid.
Record Date. The record date for purposes of payment of principal (see "--Payment" above) shall be the tenth New
York business day prior to the relevant payment date (see "--Payment Date and Due Date" below).
Business Days. If the due date (see "--Payment Date and Due Date" below) for payment of principal to or to the order
of 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 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 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,

PS-6
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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.
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 issue date), 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 in (a) the electronic Federal Gazette (elektronischer Bundesanzeiger)
and, if legally required, in the form of media determined by law in addition thereto, and (b) 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 such custodian and (iii) confirming that the custodian
has given a written notice to DTC and the registrar

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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.
ADDITIONAL TAX CONSIDERATIONS
German Flat Tax on Investment Income
The following information relates to certain German income tax consequences of owning the notes and supersedes the
disclosure set forth under "Federal Republic Taxation--Proposal for the Introduction of a Flat Tax on Investment Income"
in the accompanying prospectus.
Draft legislation introduced in the German Bundestag on March 27, 2007 provides for the introduction of a flat tax on
investment income (Abgeltungssteuer). The flat tax would be collected by way of withholding from interest income received
after December 31, 2008. In addition, capital gains derived from non-business financial assets would be subject to the flat tax
irrespective of any holding period, in cases where the assets are acquired after December 31, 2008. The flat tax would be
collected at a rate of 25% (plus 5.5% solidarity surcharge thereon and, if applicable, church tax) of gross income. It would
satisfy the income tax liability of a non-business investor with respect to investment income. However, investors would be
able to apply for a tax assessment on the basis of applicable general rules if the resulting income tax burden were lower.
Original Issue Discount
Federal Republic Taxation. The notes are issued with an original issue discount that exceeds certain thresholds. As a
result, the notes qualify as financial innovation (Finanzinnovation) and, therefore, will be subject to the related rules
described under "Federal Republic Taxation--Tax Residents" in the accompanying prospectus.
United States Taxation. The notes are being issued with original issue discount and, therefore, will be subject to the tax
treatment set forth under "United States Taxation--United States Holders--Original Issue Discount" in the accompanying
prospectus.

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SUBSCRIPTION AGREEMENT
Barclays Capital Inc. and Merrill Lynch International (the "managers") have agreed with us, severally and not jointly,
pursuant to a subscription agreement dated June 22, 2007 (the "subscription agreement"), to subscribe and pay for the
principal amount of the notes set forth opposite their respective names below at 18.097141% of their principal amount less a
combined commission of 0.125% of such principal amount.

Principal
amount
Managers

of notes
Barclays Capital Inc.

$1,500,000,000
Merrill Lynch International

$1,500,000,000

Total

$3,000,000,000

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. 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.
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, 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.

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