Obligation Wiederaufbaukreditanstalt 3.125% ( US500769JU96 ) en USD

Wiederaufbaukreditanstalt

99.97 % ▲

Allemagne

US500769JU96 ( en USD )

3.125% par an ( paiement semestriel )

09/06/2025 - Obligation échue

Prospectus brochure de l'obligation Kreditanstalt für Wiederaufbau US500769JU96 en USD 3.125%, échue

La Kreditanstalt für Wiederaufbau (KfW) est une banque publique allemande de développement qui fournit des prêts et des financements à des projets économiques et sociaux, tant en Allemagne qu'à l'international.

L'Obligation émise par Wiederaufbaukreditanstalt ( Allemagne ) , en USD, avec le code ISIN US500769JU96, paye un coupon de 3.125% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 09/06/2025

PRICING SUPPLEMENT
(To prospectus supplement dated November 19, 2021
and prospectus dated November 19, 2021)
KfW, Frankfurt/Main, Federal Republic of Germany
$3,000,000,000
3.125% Global Notes due 2025
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes semi-annually in
arrears on June 10 and December 10, commencing on December 10, 2022. The first interest payment will be
for interest accrued from, and including, June 30, 2022 to, but excluding, December 10, 2022. The notes will
mature on June 10, 2025. The notes will not be 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 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.990%
$2,999,700,000
Underwriting commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.100%
$
3,000,000
Proceeds to KfW(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.890%
$2,996,700,000
(1) Plus accrued interest, if any, from, and including, June 30, 2022, 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 S.A., also
known as CBL, and Euroclear Bank SA/NV, also known as Euroclear, on or about June 30, 2022. 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 500769JU9, an ISIN number of US500769JU96 and a common
code of 249718602.
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.
Citigroup
Morgan Stanley
Nomura
Pricing Supplement dated June 27, 2022

TABLE OF CONTENTS
Page
Page
Incorporation by Reference . . . . . . . . . . . . . PS-4
Notice by the Managers to Distributors
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . PS-4
regarding Product Governance . . . . . . . PS-9
Terms of the Notes . . . . . . . . . . . . . . . . . . . PS-5
Validity of the Notes . . . . . . . . . . . . . . . . . .PS-10
General Provisions . . . . . . . . . . . . . . . . . PS-5
General Information . . . . . . . . . . . . . . . . . .PS-11
Status . . . . . . . . . . . . . . . . . . . . . . . . . . PS-5
Further Information . . . . . . . . . . . . . . . .PS-11
Interest . . . . . . . . . . . . . . . . . . . . . . . . . PS-5
Documents Available . . . . . . . . . . . . . . . .PS-11
Maturity; Repurchase . . . . . . . . . . . . . . . PS-6
Issuer Legal Entity Identifier (LEI) . . . . . . PS-11
Payments . . . . . . . . . . . . . . . . . . . . . . . . PS-6
Listing . . . . . . . . . . . . . . . . . . . . . . . . . .PS-11
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . PS-6
Additional Paying Agent . . . . . . . . . . . . . PS-11
Termination for Default . . . . . . . . . . . . . . PS-7
Securities Identification Numbers . . . . . . . PS-11
Registrar and Paying Agent . . . . . . . . . . . PS-7
Authorization . . . . . . . . . . . . . . . . . . . . .PS-11
Further Issues . . . . . . . . . . . . . . . . . . . . PS-7
Auditors . . . . . . . . . . . . . . . . . . . . . . . .PS-12
Notices . . . . . . . . . . . . . . . . . . . . . . . . . PS-7
Interim Financial Statements . . . . . . . . . . PS-12
Governing Law; Jurisdiction; Enforcement
Material Change . . . . . . . . . . . . . . . . . . .PS-12
and Language . . . . . . . . . . . . . . . . . . . PS-7
Litigation . . . . . . . . . . . . . . . . . . . . . . . .PS-12
Subscription and Sale . . . . . . . . . . . . . . . . . PS-9
Subscription Agreement . . . . . . . . . . . . . PS-9
This pricing supplement should be read together with the accompanying prospectus supplement dated
November 19, 2021 setting forth information relating to U.S. dollar-denominated global notes, the
accompanying prospectus dated November 19, 2021, 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. 333-260756) 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 an alleviated 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 the Prospectus 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

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 June 24, 2022
was 1.00 = 1.0524.
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.
In connection with this offering of notes, Citigroup Global Markets Europe AG 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 Europe AG or any person acting for it in accordance with all applicable
laws and regulations.
PS-3

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 NewYork Mellon, 240 Greenwich Street, NewYork,
New York 10286, United States.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $2,996,700,000.00
(after deducting underwriting commissions). The net proceeds from the sale of the notes will be used by us in
our general business.
PS-4

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 the terms and 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 three billion U.S. dollars ($3,000,000,000), divided into three 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.
Interest
Interest Rate and Due Dates. The notes will bear interest at the rate of 3.125% per year as from June 30,
2022. 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, semi-annually
in arrears on June 10 and December 10. The first interest payment, which will be for the period commencing
on June 30, 2022 (inclusive) and ending on December 10, 2022 (exclusive), will be due on December 10, 2022.
The interest amount for this period will total $41,666,666.67 for the aggregate principal amount of
$3,000,000,000.
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
PS-5

interest announced by the German Federal Bank effective as of January 1 and July 1 in each year. On December 28,
2021, the German Federal Bank announced a base rate of -0.88% per annum, making the default rate for the first
half of 2022 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 June 10, 2025. 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.
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 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.
PS-6

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.
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) 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.
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
PS-7

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-8

SUBSCRIPTION AND SALE
Subscription Agreement
Citigroup Global Markets Europe AG, Morgan Stanley Europe SE and Nomura Financial Products
Europe GmbH (collectively, the "managers") have agreed with us, severally and not jointly, pursuant to a
subscription agreement dated June 27, 2022 (the "subscription agreement"), to subscribe and pay for the
principal amount of the notes set forth opposite their respective names below at 99.990% of their principal
amount less a combined commission of 0.100% of such principal amount.
Principal amount
Managers
of notes
Citigroup Global Markets Europe AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,000,000,000
Morgan Stanley Europe SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,000,000,000
Nomura Financial Products Europe GmbH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,000,000,000
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. 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 0.100%. 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 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.
PS-9

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-10