RELY ON THE SAFE HAVEN - KFW
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Rely on the safe haven. KfW Bonds - Rely on the safe haven / July 2020
Haftungsausschluss / Disclaimer
Die in diesem Dokument enthaltenen Informationen stellen kein Angebot zum Kauf von
Wertpapieren in den USA dar. Wertpapiere dürfen in den USA nur mit vorheriger Registrierung
oder ohne vorherige Registrierung nur aufgrund einer Ausnahmeregelung verkauft oder zum Kauf
angeboten werden. Ein Angebot zum Kauf von Wertpapieren wird in den USA nur auf Grundlage
eines Prospekts erfolgen, der von der KfW zur Verfügung gestellt wird und detaillierte
Informationen über KfW, ihre Geschäftsleitung, ihre Jahresabschlüsse sowie Informationen über
die Bundesrepublik Deutschland enthalten wird.
The information contained in this document does not constitute an offer of securities for sale in the
United States. Securities may not be offered or sold in the United States absent registration or an
exemption from registration. Any offering of securities in the United States will be made by means
of a prospectus that may be obtained from KfW and will contain detailed information about KfW
and its management, financial statements and information about the Federal Republic of
Germany.
KfW Bonds - Rely on the safe haven / July 2020 2
KfW: Overview and Recent Developments KfW Bonds - Rely on the safe haven / July 2020
KfW in brief
Germanyʼs Shareholders
Professionally
flagship
German credit supervised and German
development federal
regulated states 20%
agency
Federal
› The promotional bank of the Federal Republic of Rating(1) Republic
of Germany
Germany, established in 1948 as a public law 80%
institution.
Credit
› Benefits from explicit and direct statutory
guarantee and institutional liability by the Aaa Moody‘s
Federal Republic of Germany. Headquarters: Frankfurt am Main
AAA Scope
Branches: Berlin, Bonn
› Regulated by the "Law concerning KfW" and
exempt from corporate taxes. AAA S&P
› Zero risk weighting of KfW’s bonds.(2) Sustainability
› Supervision by the German Federal Ministry of out of
Finance and the German Financial Supervisory TOP 2 19 imug
Frankfurt Berlin
Authority "BaFin". ISS ESG
"Prime"
› Subject to certain provisions of German and
TOP 3 out
77
of
Sustainalytics
European bank regulatory laws by analogy, in large
part with effect from January 1, 2016. AAA MSCI
(1)
A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by Bonn Cologne (DEG)
the assigning rating organization. Each rating should be evaluated independently of any other rating.
(2)
According to the standardized approach of the Capital Requirements Regulation (CRR)
KfW Bonds - Rely on the safe haven / July 2020 4
Worldwide presence Number of KfW employees 6,705
About 80 representative offices
1948 1950 1960 1970 1980 1990 2000 2010 2016 2017 2018 2019
Bonn
Cologne Moscow
London Berlin
Brussels Chişinău Kyiv
Frankfurt Belgrad
Mazar-e-Sharif Ulan Bator
Sarajevo Priština Tiflis
Istanbul Taschkent Bishkek
New York Podgorica Baku Beijing
Tirana Skopje Ankara Yerevan Dushanbe
Tunis Islamabad
Rabat Beirut Kabul
Ramallah-Al-Bireh Amman
New Delhi Kathmandu
Cairo
Abu Dhabi
Dhaka Hanoi
Mexiko City Mumbai
Rangoon Vientiane
Tegucigalpa Niamey Sanaa
Guatemala City Dakar Bamako Manila
Managua Abidjan Bangkok
San Salvador Ouagadougou Phnom Penh
Addis Abeba Ho Chi Minh City
Cotonou
Bogotá Lomé Yaoundé Kampala Singapore
Accra
Quito Kigali Nairobi
Kinshasa Bujumbura
Daressalam Jakarta
Lima
Lusaka Lilongwe
La Paz Brasilia
Windhoek
São Paulo Pretoria Maputo
Johannesburg
KfW Bonds - Rely on the safe haven / July 2020 5
KfW Group’s business activities
New business 2019: EUR 77.3bn (+2% yoy)
SME Bank & Private Clients Customized Finance & Public Clients KfW Capital
Standardized financing products for SMEs, Individual financings for municipal & social Subsidiary (100%, est. 2018) to carry out KfW’s
Domestic
business founders, start-ups, self-employed infrastructure, customized financing for FI & entire private equity & venture capital business
professionals and private individuals promotional institutes of German federal states
46% 9%
Proven and successful business model
KfW involves commercial banks in its domestic activities
Backed by Understanding II
reached with EU Commission
KfW Bonds - Rely on the safe haven / July 2020 7
Allocation of the economic capital for credit risk
Strong focus on Germany and financial industry due to business model
3% 2% 1% 1%1%1% 3%
1% 2%
2% 2%
2%
Germany 6%
5% Financial sector
Euro-area countries (excl. Financial
Germany) investment/funds
EU countries (excl. euro-area Consumer
countries and Germany)
By region Europe outside EU By sector Energy/environment
Africa Public Sector
Asia (incl. Australia and New Transport infrastructure
Zealand)
84% Latin America 84%
Essential goods
North America Other
Exposure to Exposure to
84% 84%
Germany: financial sector:
Credit risk of EUR 9,057mn at year-end 2019 includes loans, securities, investments and derivates. Based on year-end 2019 data.
KfW Bonds - Rely on the safe haven / July 2020 8
KfWʼs business activities focus on four megatrends
A contribution to all of the United Nationsʼ Sustainable Development Goals
The heart of KfWʼs
business activities:
SDG-MAPPING
of entire KfW Groupʼs new business 2019
PROMOTION Focal SDGs are: 7, 8, 11, 13
38%
Climate Change
& Environment
3%
Digitisation
& Innovation
SDG 13:
26% Climate
Action
Globalisation
15% SDG 11:
Sustainable
SDG 7: Affordable
Cities and
and Clean Energy
Social Change Communities
SDG 8: Decent Work and
Numbers represent the share of new commitments in 2019 Economic Grow th
KfW Bonds - Rely on the safe haven / July 2020 9
Sustainability has been and remains one of KfWʼs top priorities
Manifold activities to improve sustainabilty and to act as vocal advocate - examples
Setting new corporate targets:
KfW shall remain among top-performer in ESG ratings by renowned int’l ESG rating agencies
Improving lending business:
Development of a group-wide KfW Roadmap Sustainable Finance by 2020:
‒ Improvement of impact evaluation of KfW’s business (e.g. SDG mapping)
‒ Assessment of sustainability control elements in bank steering
‒ Consideration of ESG and climate risks
in internal risk management process "Sustainability has always been an
important part of our DNA. KfW is
Financing landmark projects: sustainable in a holistic sense,
Clean Ocean Initiative (KfW, EIB and AFD; 2018) i.e. our understanding of
sustainability goes far beyond
– EUR 2bn for sustainable projects to reduce the pollution environment and climate protection. "
in the world’s ocean within the next 5 years
Dr. Günther Bräunig, CEO
– Focus on river and costal areas of developing countries
in Asia, Africa, and the Middle East
Engaging in global initiatives:
‒ PRI – Principles for Responsible Investments signatory
‒ Green Bond Principles Executive Committee member
– TCFD – Task-Force on Climate-related Financial
Disclosure supporter
KfW Bonds - Rely on the safe haven / July 2020 10Business performance
76.2 bn EUR 522 bn EUR - 0.4 bn EUR
Total promotional business Total assets at H1 2020 Consolidated profit H1 2020
volume H1 2020
• About 83% domestic and 17% international • Germany’s 3rd largest credit institution in Due to the pandemic, profit before IFRS effects
business. terms of total assets. from hedging is, however, significantly less than
• In 2020 shift towards domestic business. the previous year.
81.0 77.3
76.5 75.5 76.2 522
507 472.4 486 506
2.0
1.6
in bn EUR
1.4 1.4
in bn EUR
in bn EUR
H1
2016 2017 2018 2019 2020
-0.4
2016 2017 2018 2019 H1 2020 2016 2017 2018 2019 H1 2020 Strategic target (before IFRS effects)
Capital Ratio (Tier 1)
23.7
22.3 20.6 21.3 • BaFin approval as advanced IRBA institution
20.1
20 since 6/2017.
preliminary IRBA The increase of the Tier 1 capital ratio of KfW as
15 of December 31, 2019, is largely attributable to
IRBA approval
CRSA
10 IRBA approved
the increase in regulatory capital and to
16.5 changes in the measurement of counterparty
16.1 BaFin minimum requirement
5 default risk.
0
2016 2017 2018 2019 H1 2020
KfW Bonds - Rely on the safe haven / July 2020 11Economic risk-bearing capacity of KfW
Large share of tier 1 capital reflects high quality of KfW’s financial resources.
Very sound capital basis.
Credit Risk Invest- Market Project risk & 91
Op-Risk
(incl. migration, CVA ment price hidden burdens (81)
and settlement risk) risk risk 14,467 Economic capital
Model buffer (18,369*) requirements
8,539 518 3,275 844 1200
(10,607) (739) (5,403)(1,441) (0)
Tier 1 capital Tier 2 capital
29,775 Available financial
(28,297) resources
29,775 0
(28,278) (19)
15,308 Excess coverage
in EUR million (9,928)
confidence level 99.99%
* Including hidden burdens of EUR 98 million
figures as of 31.12.2019
(figures as of 31.12.2018)
Tier 1 ratio: 21.3% Total capital ratio: 21.3%
KfW Bonds - Rely on the safe haven / July 2020 12Key financial figures of KfW Group (IFRS)
Solid business performance
2018 2019 H1 2020
Business activities (in EUR bn) – for the period
Promotional business volume 75.5 77.3 76.2
Income statement key figures (in EUR mn) – for the period
Operating result before valuation & promotional activities 1,387 1,677 967
Consolidated profit 1,636 1,367 -576
Consolidated profit before IFRS effects from hedging 1,311 1,447 -392
Balance sheet (in EUR bn) – at the end of the period
Total assets 485.8 506.0 522.3
Equity 30.3 31.4 30.9
Volume of business 590.7 610.7 652.2
Key regulatory figures (in %) – at the end of the period
Tier 1 capital ratio 20.1% 21.3% 23.5%
Total capital ratio 20.1% 21.3% 23.7%
KfW Bonds - Rely on the safe haven / July 2020 13Highlights in 2019 & H1 2020
In 2019, KfW achieved EUR 77.3bn in its promotional activities (+2% yoy). While int’l business increased again
KfW Group quite significantly, this was offset by a slight decrease in domestic business. EUR 76.2bn (+127% yoy) in H1
marked a successful start in 2020, a year dominated by KfW’s role in delivering COVID-19-related liquidity aid.
Domestic In 2019, 5% decrease to EUR 43.4bn due to excellent financing conditions for SMEs; however, increasing
Business demand for housing (e.g. grant-based government-sponsored Baukindergeld). EUR 63bn (+203% yoy) in H1
2020 as a result of the coronavirus aid programmes.
KfW Special On behalf of the government and part of a comprehensive package of measures, KfW is responsible for various
Programme 2020 loan facilities providing liquidity aid for COVID-19 affected companies in Germany. As of 30 June 2020, KfW has
(COVID-19 aid) received around 70,000 loan applications and has made commitments totalling EUR 33.6 billion.
International In 2019, 25% increase in export & project finance to record level EUR 22.1bn; further growth in H1, decrease
Business expected as the year progresses. Promotion of developing countries & emerging economies remained
unchanged in 2019, significant role in implementing government’s Emergency COVID-19 Support Programme.
Financial In 2019, KfW invested approx. EUR 1.1bn in securitization transactions to promote SMEs and EUR 0.3bn in
Markets green bonds (2020e: EUR 0.4bn) to support climate change mitigation and environmental protection. While
securitization transactions ended in Q1 2020, green bond investments rose to EUR 221m.
Consolidated profit of EUR 1.4bn in 2019 characterised by rise of operating result combined with decline in the
Results valuation result, exceeded well KfW’s target (EUR 0.8bn). In H1 2020, result of EUR -0.4bn marked by extreme
burdens of approx. EUR 1bn related to COVID-19 pandemic, operating result before valuation up 11% yoy.
KfW Bonds - Rely on the safe haven / July 2020 14COVID-19 related loan facilities
Focus on supporting the German economy on behalf of the German government
KfW Special Programme 2020 Facts and Figures (as of 28 July 2020)
On behalf of the government and part of a compre- About 78,000 applications totalling ~ € 53bn.
hensive package of measures. Launched in March. 98.5% of all applications for loans < € 3m
Loan facilities as liquidity aid for businesses in 45 applications for direct lending totalling ~ € 16bn,
Germany affected by the COVID-19 pandemic.
Precondition: no financial difficulties at end of 2019. 99% of all applications already processed
Up to 100,000 loans, more than € 50bn expected. Commitment volume: ~ € 41bn
Promotional terms are significantly modified in order Average loan amount: ~ 500k
to facilitate the approval and extension.
On-lending loan via commercial banks Direct lending
in consortium
No risk assessment Fast-track risk assmt Ordinary risk assmt Loan Already Commitment
Loans < EUR 800k Loans < EUR 100m Loans > EUR 25m applications processed volume
max. 80% of total
Risk: 100% govt Risk: 80/90% govt
20/10% bank Risk: 100% govt
78k 99% €41bn
KfW Bonds - Rely on the safe haven / July 2020 15Funding at KfW KfW Bonds - Rely on the safe haven / July 2020
KfW’s funding highlights in 2019
Most Impressive
Government of
Government Agency
Green/SRI Bond
Issuer
Best Agency Asia-Pcific Award - Greater China Currencies
€ Deal of the Year Uridashi Award - Deal of the Year
JPY, ZAR, PLN
CNY, CAD, HKD
EUR 80.6bn 12 currencies 57%
SEK
The highest volume KfW via 158 transactions Via 10 highly liquid bench- 13%
ever funded in the debt underpin KfW’s global mark transactions (plus 4 AUD
capital markets so far. approach in DCM. taps) in EUR and USD.
NOK
26%
EUR Benchmarks
dominate (EUR 28bn) amid
USD Global Bonds
KfW’s excellent access to
Green Bonds
New framework scaled-up
GBP
rapidly falling yields. $-market allows to borrow green issuances to
Ongoing high investor
demand.
$20bn with excellent
investor diversification.
EUR 8.1bn. Landmark
transactions in 7 ccys. USD
Sterling & NOK Emerging Markets Inaugural €STR FRN 52%
Run on our #3 & #4 funding
ccys. Despite Brexit,
£1.25bn 2021 is the largest
Remarkable very fine
tailor-made placements in
CNY and HK$. Awarder for
KfW €STR 1bn 2022: Our
important step forward for
establishing the new euro
EUR
SSA issuance at the time. Greater China Ccy bonds. short-term rate.
KfW Bonds - Rely on the safe haven / July 2020 17Refinancing during the COVID-19 pandemic
KfW‘s refinancing via international capital markets Supplementary refinancing options
Examples
€
High uncertainty regarding
refinancing needs Option to refinance the COVID-19
related financings through
Funding needs from DCM
the German Federal Government
determined by many factors,
e.g. demand for and Federal Government enables refinancing of
disbursement pattern of KfW up to EUR 100bn through the Economic
Special Programme, demand Stabilisation Fund (WSF). Short-term
for regular KfW promotional prefunding by KfW, replaced by long-term
business. funding through WSF. Close coordination with
Federal Ministry of Finance & German DMO.
Only limited effect of Covid-19
loan programmes on funding Commercial paper programmes
programme
Access to money market secured through two
Exceptionally turbulent CP programmes, US-CP recently increased
market conditions to USD 20bn.
Spread widening in Euro system
March, but impressive
demand from a wide KfW has access to instruments of the euro
range of investors system (e.g. TLTRO), which it will make use
of if appropriate.
Increase of refinancing
options
KfW Bonds - Rely on the safe haven / July 2020 18Explicit and direct guarantee from the Federal Republic of Germany
Basis of KfW’s funding
Guarantee established in 1998
Defined by law
Direct, explicit and unconditional
§1a of the Law concerning KfW:
The Federal Republic guarantees all obligations of KfW
in respect of loans extended to and debt securities issued by
KfW, fixed forward transactions or options entered into by
KfW and other credits extended to KfW as well as
credits extended to third parties inasmuch as they are expressly
guaranteed by KfW.
KfW Bonds - Rely on the safe haven / July 2020 19Top notch financial ratings from leading rating agencies
Moody's, Scope Ratings and Standard&Poor's have assigned triple-A ratings to KfW
Solicited Ratings Unsolicited Ratings
KfW’s strength
Largest public Strong and explicit Germany’s Flagship Direct and unlimited statutory
development bank with linkages between KfW and Development Bank guarantee and maintenance
stable core operating the Federal Republic of obligation drives ratings.
performance and solid Germany Solid asset quality benefits from
risk profile on-lending.
Strong funding based on ‘safe-
Aaa Outlook stable AAA Outlook stable AAA Outlook stable haven‘-status.
Short-term: P-1 Short-term: S-1+ Short-term: A-1+ AAA Outlook stable Last update:
Jul 2019
KfW’s strengths KfW’s strengths KfW’s strengths
Strong ownership support in the Explicit and direct statutory Timely and sufficient extraordinary
form of a direct guarantee from the guarantee and institutional liability support from German government. KfW’s strength
German goverment. from the Federal Republic of Integral link with the government. Maintenance obligation of the
Germany. German government.
Low liquidity risk, given the good Explicit guarantee from the
market access & fallback options. KfW operates in a prudent manner Federal Republic & institutional High asset quality & low default
Conservative risk postion, which & complies with capital and risk liability. rates.
benefits from on-lending. management requirements. Low-risk assets, comprising Stable annual net income.
Mandatory profit retention predominately secured loans. Diversified, low-interest funding.
Access to capital markets is very
safeguards strong capitalization.
Last update: Feb 2020
good and sustainable.
Last update: Aug 2019
AAA Outlook stable Watch* Last update:
Dec 2019
Last update: Dec 2019
Top credit standing is recognized by the three mandated rating agencies and by further unsolicited agencies
A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated
independently of any other rating.; * Creditreform has revised its rating methodology for banks. All current ratings will be reviewed and therefore receive the supplement “watc h”.
KfW Bonds - Rely on the safe haven / July 2020 20Top ESG ratings confirm KfW’s holistic sustainability approach
Renown international rating agencies assign KfW to be among top-performers in ESG
AAA A+ 10 0
KfW is among KfW is among KfW’s rating is KfW is #3 out Leader
5.2
the 2 best out Leader the best-rated at the highest 7.7
of 77 develop-
of 19 develop- BB
institutions in Leader level possible ment banks
ment banks its peer group Industry C+
BB D
Prime D-
AAA 0
Top 3 100
KfW’s strengths KfW’s strengths KfW’s strengths KfW’s strengths
Profound measures regarding the Comprehensive policy regarding In 2019, KfW received a rating of KfW is rated in the lowest ESG
management of ESG issues. the respect for human rights. AAA (on a scale of AAA-CCC) in Risk Rating category (="negligible
Development and implementation the MSCI ESG Ratings risk") within its peer group and
Performance regarding assessment. rated banks globally.
environmental and governance of an approach to calculate GHG
criteria is above average and on emissions in the corp. value chain. KfW continues to demonstrate
average regarding social criteria. Code of conduct covering impor- strong sustainability performance.
Specifically striking is the positive tant aspects of business ethics.
performance in the area of Reasonable integration of environ-
environmental business mental and social aspects into the
operations. own investment portfolio.
Last update: March 1, 2020 Last update: June 16, 2020 Last update: Dec 20, 2019 Last update: June 2, 2020
KfW has set a new strategic objective of achieving top sustainability rankings among its peers.
A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated
independently of any other rating.
KfW Bonds - Rely on the safe haven / July 2020 21Increasing importance of debt capital markets for KfW
Share of funds from debt capital markets
In % of total sources of funds
99%
88%
78%
KfW’s funding volumes 50%
at debt capital markets
In euros in billions
KfW Bonds - Rely on the safe haven / July 2020 22How do we issue a benchmark bond in a responsible manner?
Preparation Issuance
Price
Basic terms Timing Syndicate Allocation
determination
Currency: EUR or Approx. once per Choose 3 banks / EUR: Equal treatment
USD month lead arrangers announcement and within each investor
Maturity: Short issuance criteria: pricing in general type
KfW Issuance
2 to 10 years windows Expert knowledge within a day Central banks
in issuance USD: Banks
activities announcement and
Asset manager
Diversification with pricing in general
over two days Insurance
regard to investor
first indicative companies
access /
relationship orderbook
Internal: Internal: liquidity Business Pricing depends on Buy-and-hold
Influencing Factors
duration on needs, Black-out relationship final issuance investors preferred
credit/asset side periods Secondary trading volume Early orders
External: External: event risks of KfW bonds Safeguarding preferred
investor demand regular: Quality of performance on
e.g. interest rate consulting secondary market
decisions ECB Other business
singular: relationship
Brexit
KfW Bonds - Rely on the safe haven / July 2020 23Wide selection of products addressing investor needs
KfW Benchmark Programmes Green Bonds – Made by KfW
Large and highly liquid bonds, Liquid green bonds, diversified
highly diversified investor base SRI investor base
Regular offerings and taps Focus: € and $
Size: 3–5bn (6bn incl. taps, euro only) Regular offerings and taps
3, 5, 7 and 10y Private placements possible
Format: EMTN, Global Format: EMTN, Global, Kangaroo, US-MTN
€$ € $ ₤ A$ NOK SEK HK$...
€45.1 bn
July 31, 2020
Additional Public Bonds Tailor-made Placements
Large and liquid bonds, Customized products for
diversified investor base investor needs
Tenors from 1 to 30y Flexible in currency, structure
Liquid curves and strategic and maturity
approach in ₤ and A$ Uridashi transactions
Regular offerings and taps Format: EMTN, US-MTN, NSV, SSD
Format: EMTN, Global, Kangaroo, Kauri
€ $ ₤ A$ NZ$ C$ SEK NOK € $ ¥ HK$ Mex$ CN¥ ZAR …
KfW Bonds - Rely on the safe haven / July 2020 24Strong presence in debt capital markets
Funding volume (EUR in billions) Capitalization (as of December 31, 2019)
90.00
78.2 80.6
6%
80.00 76.1
72.8 3.3
4.2 5%
2.1
70.00 4.3
15.8 17.0 22.4 9%
60.00 16.0
3.7 1.6
50.00 2.8 8.1 EUR Total
40.00
2.1
7.3
3.6
45.1bn
issued as per
July 31, 2020
€493bn
30.00
55.4 55.4
49.8
45.9
20.00
32.2 80%
10.00
0.00
2016 2017 2018 2019 2020
KfW Benchmark Programmes Green Bonds – Made by KfW Capital Markets Money Markets
Additional Public Bonds Tailor-made Placements Other Liabilities Equity
(primarily collateral from derivative transactions)
KfW Bonds - Rely on the safe haven / July 2020 25KfW’s funding by currencies and instruments
Benchmark bonds are key – core currencies euro and US dollar
Instruments Currencies
(in %) (in %)
80 70 14
70 60 12
60 10
50
50
40 8
40
30 6
30
20 4
20
10 10 2
0 0 0
Benchmark Green Additional Tailor-made EUR USD GBP AUD JPY Others
Programmes Bonds Public Bonds Placements
2017 (EUR 78.2bn) 2018 (EUR 76.1bn) 2019 (EUR 80.6bn) H1 2020 (EUR 36bn)
Highlights in H1 2020
5 benchmark bonds (plus 3 taps) issued in EUR (2x 5y, 3y, 7y) and USD (5y) accounting for EUR 26.7bn raised.
Second half of the year will focus on “Green Bonds – Made by KfW” with issuances so far in PLN, NOK, HKD and HUF.
Ongoing strong demand for large and liquid benchmark bonds: 75% of total funding volume in H1 2020.
EUR remains by far #1 funding currency. In H1/2020, EUR funding amounted to EUR 23.7bn making up 66% of KfW’s funding volume ytd.
Although a challenging market environment, KfW continuously issued in a variety of currencies. Especially tapping the AUD mar ket five times
indicates a solid access to investors.
In the current crisis, KfW is creating a comfortable liquidity position by tapping into new sources of funding (TLTRO III an d WSF funds)
KfW Bonds - Rely on the safe haven / July 2020 26€
KfW’s global investor base
Distribution of KfW’s EUR-Benchmark investor base
in % Geographic Distribution in % Investor Distribution
70 70
60 60
Europe ex
Germany
50 50
Central Banks
40 40
Banks
30 30
20 Germany 20 Asset Mgt.
Other
10 Asia 10
Other
Americas Ins. & Pension
0 0
2015 2016 2017 2018 2019 H1 2020 2015 2016 2017 2018 2019 H1 2020
Europe ex Germany Germany Central Banks Banks
Asset Mgt. Ins. & Pension
Asia Americas Other
Other
Based on allocations
KfW Bonds - Rely on the safe haven / July 2020 27KfW’s global investor base
Distribution of KfW’s USD-Benchmark investor base
in % Geographic Distribution in % Investor Distribution
$
60 60
Central Banks*
50 50
40 40
Asia
Europe
30 30
Banks
Americas
20 20
10 10
Asset Mgt.
Other
Other
MEA
0 0 Ins. & Pension
2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
Asia MEA Europe Americas Other Central Banks Banks Asset Mgt.
Ins. & Pension Other
* The category „Central Banks“ includes also Official Institutions since April 2019
Based on allocations
KfW Bonds - Rely on the safe haven / July 2020 28KfW’s Benchmark-Programmes in EUR and USD
Outstanding bonds and notes
Amount
Outstanding
Amount Outstanding in EUR mn
7000
€
6000
5000
4000
3000
2000
1000
0
Amount
6000 outstanding
$
in USD mn
5000
4000
3000
2000
1000
0
Issued in 2020
KfW Bonds - Rely on the safe haven / July 2020 29€
KfW EUR-Benchmark-Programme
Highlights H1 2020
Established in 2001, KfW’s EUR benchmark programme is the backbone of KfW’s funding strategy. Including 2019, KfW issued
a total of 80 EUR benchmark bonds with an issuance volume of more than EUR 380bn. In H1/2020 KfW placed 4 new euro-
denominated benchmark bonds with investors totaling EUR 19bn.
KfW is strongly committed to liquidity and regular issuance across all benchmark maturities each year. In the first 6 months of
2020, KfW launched two outings in 5y and one in 3y and 7y respectively. KfW closely monitors secondary market liquidity.
KfW’s EUR benchmark programme has become a true “benchmark” in the market for many other issuers as well.
In 2020, all new lines achieved a strong and oversubscribed order book, priced at the tighter end of guidance and showed good
performance in secondary markets.
In H1/2020, EUR benchmark funding amounted to EUR 22bn making up 62% of KfW’s funding volume ytd.
bn EUR Settlement Tenor in yrs Coupon in % Lead Managers
KfW-EUR-Benchmark I/2020 5.0 Jan 14, 2020 5 0.00 BoA, Barclays, Commerzbank
KfW-EUR-Benchmark II/2020 5.0 Feb 12, 2020 7 0.00 Deutsche Bank, HSBC, JP Morgan
KfW-EUR-Benchmark III/2020 4.0 Mar 31, 2020 5 0.01 Deutsche Bank, DZ Bank, Goldman Sachs, JP Morgan
KfW-EUR-Benchmark IV/2020 5.0 Apr 01, 2020 3 0.00 Citi, HSBC, Natwest, Unicredit
4 Re-openings 4.0 various various various GS, BoA, Credit Agricole, Unicredit, Barclays, Coba, HSBC
23.0 0,000 0,000 0,000
KfW Bonds - Rely on the safe haven / July 2020 30KfW USD-Global-Programme
Highlights H1 2020
Established in 2002, KfW’s USD Global Programme strategically complements KfW benchmark programmes. Until now, KfW
has issued over 90 USD Global bonds with an issuance volume of more than USD 350bn and a current outstanding of USD
$
110bn.
KfW is strongly committed to liquidity and regular issuance across all benchmark maturities. KfW closely monitors secondary
market liquidity.
KfW’s USD Global programme has become a true “benchmark” in the market for many other issuers as well.
In 2019, KfW has issued five Global bonds amounting to USD 20bn. This is especially remarkable in an environment with very
competitive funding levels in the EUR market.
In 2019, all new lines were oversubscribed with excellent investor diversification, priced at the tighter end of guidance and
showed good performance in secondary markets.
bn USD Settlement Tenor in yrs Coupon in % Lead Managers
KfW-USD-Benchmark I/2020 5.0 Jan 22, 2020 5 1.625 BMO, Citi, Morgan Stanley
KfW-USD-Benchmark II/2020 5.0 Jul 14, 2020 5 0.375 BofA, RBC, TD
10.0 0,000 0,000 0,000
KfW Bonds - Rely on the safe haven / July 2020 31The liquidity of KfW’s benchmark bonds
Characteristics, HQLA assessment & turnover statistics
Characteristics that support the liquidity in KfW
Turnover in KfW benchmark bonds in secondary markets:
benchmark bonds:
Public sector entity in the EU Total turnover in KfW benchmark bonds is shown in relation to the
Risk weight: 0% according to CRR/Basel III total outstandings and the new issues of EUR and USD benchmark
bonds of each funding year, respectively.
PSPP and PEPP eligibility: 33% limit PSPP only
in billion EUR
Frequent issuer of benchmark bonds in core currencies EUR and 158
144 147
160
USD Total
140
€
Outstandings
Three lead managers for each benchmark bond 120 97 139 (aggregate
100 124 principal)
Large-volume benchmark bonds 80 96 98 New Issuance
(sizes of 3 – 6 bn EUR/USD) 60 37.5 41.5 (aggregate
40
32.5 principal)
Traded by approx. 30-40 banks OTC and at various stock 19
20
exchanges 0 Total Turnover*
2016 2017 2018 2019
Broad order book diversification (Ø more than 100 investors)
in billion USD
194
Bonds and notes issued by KfW are in principle eligible 200 165
$
in the EU as level 1 assets pursuant to Article 10 para. 1 138 146
160
lit. (c)(v) of the Commission Delegated Regulation (EU)
120
2015/61 of October 10, 2014.
80 106 96 92 84
KfW’s bonds and notes have been assessed as "HQLA 34 25 23.4
40 21.5
US Eligible Assets" by Bloomberg, see Bloomberg,
0
KFW Corp , DES , 12 , 58 2016 2017 2018 2019
*No warranty is given as to the completeness or accuracy of the total turnover data which has been supplied by 15-20 different banks and accumulated but not verified by KfW.
KfW Bonds - Rely on the safe haven / July 2020 32Green Bonds – Made by KfW
Highlights of KfW’s footprint in the green bond market
Currency Split of all
KfW Green Bonds issued
by July 31, 2020
High Quality Liquidity Credibility 3%
HKD, PLN
NOK
Aligned with GBP & Harmoni- Large sizes in benchmark Top ESG ratings and a strong 4% AUD
zed Framework for Reporting, maturities make KfW green focus on green finance make 6% SEK
SPO from CICERO, external bonds among the most liquid KfW one of the most credible 8%
impact evaluation. green bonds in the market. issuers of green bonds. GBP
#1 in Germany
€26bn of „Green Bonds –
Contribution to SDGs
7: Affordable & Clean Energy,
Green Indices
Eligible for many green
25%
USD
Made by KfW“ since 2014 11: Sustainable Cities & Com- indices like “The BofA Merrill
make KfW one of the largest munities, 13: Climate Action. Lynch GB Index”, “Barclays
issuers globally and by far the MSCI GB Index”, “S&P GB
largest issuer in Germany. Index”, “Solactive GB Index”.
EUR
Green Bond Investor Vocal Advocate Global Engagement 54%
Since 2015 runs a dedicated As member (since 2015) of Engaging in and suppoting of
green bond investment the Exec. Committee of the int‘l and national initiatives to
portfolio of €2bn (target) Grren Bond Principles, KfW is promote sustainability in
mandated by the Federal highly committed to foster capital markets (e.g. PRI,
Ministry of Environment. green bond market standards. TCFD, EU TechExpert-Group).
KfW Bonds - Rely on the safe haven / July 2020 33Green Bonds – Made by KfW
Overview on issuances and reporting
EUR in
billions
9
Volume of KfW Green Bonds
8.1
8 EUR
issued by July 31, 2020:
EUR 26bn USD
7
AUD
6 GBP
5 SEK
4 3.7 3.7 3.6 HKD
NOK
2.7 2.8
3 PLN
2 1.6 HUF
1
0
2014 2015 2016 2017 2018 2019 2020ytd
2 Green Bonds 5 Green Bonds 4 Green Bonds 7 Green Bonds 3 Green Bonds & 9 Green Bonds & 10 Green Bonds
Details issued issued issued issued 1 promissory note 1 promissory ytd
loan issued note loan issued
Allocation Available in
Reporting Q1 2021
Impact Available in 2022 once impact is
Available in Q3 2020
Reporting externally evaluated
EUR equivalent; based on ECB reference rate on the pricing date;
Reports available under: https://www.kfw.de/KfW-Konzern/Investor-Relations/KfW-Green-Bonds/KfW-Green-Bonds-Reporting/index-2.html
KfW Bonds - Rely on the safe haven / July 2020 34How do “Green Bonds – Made by KfW“ work?
Liquidity management
Renewable Energy &
Energy Efficiency
2 Loan Programmes
~ 43,000 loans
2019
Socially Lender On-lending bank Final borrower
responsible
investors
Other renewables
SSD EUR2m 10y Other OECD
Solar countries
0.2%
0.0% Wind 5.6%
Funding USD2bn 10y Sweden
EUR4bn 8y energy
22.3% 4.5%
14.9% France
Other 1.9%
3.4%
buildings
NOK6bn 4y €8.1bn 49.4%
0.2%
€10.9bn
7.3%
HKD300m 2y 2019 2019
0.4%
8.9%
GBP650m 7y 90.2% Germany
3.5% Residential 79.1%
AUD450m 5y 8.1%
buildings
SEK7bn 3y
Green Bonds – Made by KfW Underlying assets
KfW Bonds - Rely on the safe haven / July 2020 35A comparison of green and conventional KfW Bonds
Green Bonds – Made by KfW Conventional KfW Bonds
Issuer
Guarantor The Federal Republic of Germany
Rating (1) Moody‘s: Aaa Scope Ratings: AAA Standard & Poor‘s: AAA
Risk weight 0% according to CRR/Basel III
General business, however, amount General business
Use of
equal to net proceeds for climate friend-
Proceeds
ly projects accord. to KfW Framework
Reporting Allocation report & Impact report None
Target Institutional investors, especially green Institutional investors
investors or socially responsible investors (SRI)
Currency Flexible, primarily EUR, USD, GBP, AUD, SEK, JPY. Up to 20 currencies possible.
Determined by underlying green assets, Flexible, primarily 2 to 15 year
Term
primarily 5 to 10 years
Repayment Bullet
(1) A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any ti me by the assigning rating organization. Each rating should be evaluated
independently of any other rating.
KfW Bonds - Rely on the safe haven / July 2020 36Additional public transactions
Diversification of investor base
Issues outside Benchmark-Programmes
EUR Non-benchmark maturities
USD
Bullet, Callables, FRN (€-STR, Euribor)
AUD
CHF
CNY
Complementary currencies to cover different capital markets
DKK
GBP
Complete yield curve with the aim to enhance liquidity through taps
HUF
JPY
Expand the programme to new currencies/markets
MXN
NOK
Institutional and retail as well as local investor base
NZD
PLN
SEK
SGD
ZAR
…
KfW Bonds - Rely on the safe haven / July 2020 37KfW in GBP
KfW is one of the leading SSA issuers in the Sterling market
Amount
outstanding in
GBP million
KfW’s GBP curve across the maturity spectrum
(only fixed rate lines outstanding)
£
3500 3300 3035
3000 2650 2537 2500
2500 2250 2050
1850 1750 Green
2000 1550 1500
1500 Bond
1000 750 800 800 700
500 200 300
0
Issued in 2020
Characteristics Highlights
17 fixed rate lines outstanding over the entire curve up to 2037. A run on our Sterling bonds 2019 (£9bn ytd; +180% yoy) made us #1 SSA
Fixed rate issuance is complemented by lightly structured issuer in GBP despite Brexit discussions.
transactions (primarily Step-ups, Callables, FRNs). GBP remains the 3rd most important currency after EUR and USD in KfW
currency mix in 2019 with a current share of around 13%.
Listing Luxembourg possible.
In 2019, 3 new bond lines (with maturities in 2021, 2024, and 2025) and a
successful return to the GBP green bond market with a new 2026 after
the GBP green bond debut in 2015.
KfW GBP 650mn 7-year Green Bond due 2026 was the largest and
longest SSA Green Bond transaction at that time.
Our £1.50bn 2024 bond issued in January 2020 was the largest ever SSA
£ issuance at that time.
KfW Bonds - Rely on the safe haven / July 2020 38KfW in AUD
KfW is the largest SSA Kangaroo issuer
Amount
outstanding in
KfW’s AUD curve across the maturity spectrum
(fixed rate lines outstanding)
A$
AUD million 3000 Amount Outstanding
3000
2650
2100 2150 2050
2000 1700 1800
1350
Green
1000 Bond
650 600
450
0
KFW 6 KFW 2.8 KFW 6 1/4 KFW 5 1/2 KFW 2.9 KFW 2.8 KFW 5 KFW 1 1/2 KFW 4 KFW 3.2 KFW 3.2
08/20/20 02/17/21 05/19/21 02/09/22 06/06/22 03/07/23 03/19/24 07/24/24 02/27/25 09/11/26 03/15/28 Issued in 2020
Characteristics Highlights
KfW maintains its strategic approach to the Kangaroo market and In 2019, AUD 2.6bn issued vs. AUD 1bn in 2018
is a regular issuer. 5th most important funding currency in 2019 (2.1%).
With 12 fixed rate lines outstanding, KfW offers a very wide range Remarkable return to AUD green bond market with new KfW AUD
of maturities in the Kangaroo market. 450mn Green Kangaroo after KfW debut in 2015.
KfW is the largest Kangaroo SSA issuer in terms of newly issued KfW is a constant provider of liquidity via taps across the curve.
bonds and outstanding volume (AUD 19.5bn).
KfW Kangaroo bonds are RBA repo eligible.
KfW Bonds - Rely on the safe haven / July 2020 39KfW in NOK
A strong addition to KfW’s funding programme
Amount
outstanding in KfW’s NOK curve across the maturity spectrum
NOK FRN
NOK million
VPS
16000 14500
14000
12000 Green
Bond
10000 8000
8000 VPS
6000 5000
4000 4250
VPS VPS VPS VPS
4000 2500
1000 1000 1000 1000 1500 1000 1100
2000 900 750 500 400
200 250
0
Issued in 2020
Characteristics Highlights
KfW is one of the largest issuer NOK funding for KfW totals NOK 25.5bn in 2019 (total in 2018:
Offering one of the most liquid bonds NOK 4.75bn).
Flexibility in deal/tap size. In 2019 five new lines have been added including the inaugural
Listing Luxembourg. KfW NOK4bn Green Bond due in August 2023.
In total 19 fixed and FRN lines.
KfW Bonds - Rely on the safe haven / July 2020 40KfW in SEK
Expanding green activities into Nordic region
Amount KfW’s SEK curve across the maturity spectrum
SEK
outstanding in
SEK million
12000
10000
10000
8000 6600 7000
6000 5000
SGB
4000 SGB
2350 2000
1600
2000 1000 1000 1000 1000 1000
0
Issued in 2020
Characteristics Highlights
KfW is one of the largest issuer In 2019, KfW evolved its SEK funding activities further into Green
Offering one of the most liquid bonds Bonds – Made by KfW in public format and issued further private
Flexibility in deal/tap size. placements.
Listing Luxembourg. The SEK 7bn green bond with a maturity of 3 years was the fifth
"Green Bond - Made by KfW" denominated in SEK since
2015. With its SEK 7bn green bond with a maturity of 3 years KfW
expanded its SEK Green Bond curve, it was the largest ever
issued SEK green bond.
KfW Bonds - Rely on the safe haven / July 2020 41KfW in JPY
Public Issues
Uridashi Award - Deal of the Year ¥
Outstanding:
Global JPY 125bn 2.05%, due February 2026
Global JPY 50bn 2.60%, due June 2037
Japanese retail (Uridashi) Private placements (MTNs)
Predominantly structured JPY Mostly structured issues, Nikkei-linked and PRDCs
(Nik k ei-Linked and Dual Currency), are predominant;
Available also in other currencies e.g. AUD, USD Minimum issue size JPY 100mn
› EUR 98m equivalent raised
H1 2020 › No issuance
via 4 transactions
› EUR 350mn equivalent raised
2019 › JPY 800m raised via 4 trades
via 9 transactions
› EUR 1.471bn equivalent raised
2018 › JPY 1.00bn raised via 4 trades
via 28 transactions
› EUR 1.796bn equivalent raised
2017 › No issuance
via 24 transactions
› EUR 1.481bn equivalent raised
2016 › JPY 1.00bn raised via 2 trades
via 36 transactions
KfW Bonds - Rely on the safe haven / July 2020 42KfW in CNH (Offshore CNY)
KfW’s long-term goal is to enter the Panda bond market
KfW is convinced of the increasing global importance of the Chinese Renminbi.
CN¥
Since 2012 KfW has established itself in the CNY Offshore market and has issued a total amount of more than CNY 17bn
with maturities up to 4 years.
In 2020 KfW launched 6 CNY trades with maturity of 1-3 years and is still one of leading SSA issuers in the CNY Offshore
market.
KfW's strategic goal is the issuance of its inaugural Panda Bond. While intensely monitoring the developments in Chinese
capital markets, KfW is making internal preparations for a first Panda bond.
Issuance volume KfW’s new issues in CNY since 2012 Total trades
in CNY million
7000 2019: 6404 18.0
2012: 17
KfW issued an all-time 16.0
6000 KfW’s inaugural high funding volume of
Offshore CNY bond CNY 6.4bn, making it the 14.0
5000
largest SSA issuer in 12.0
2014: CNY.
4000 First KfW CNY 3448 10.0
bond ever listed in 2850
3000 8.0
Frankfurt 1830
6 6 6.0
2000 1500 1068
1000 4 4.0
1000 620 200
2 2 2 2 2.0
1
0 -
2012 2013 2014 2015 2016 2017 2018 2019 2020 ytd
KfW Bonds - Rely on the safe haven / July 2020 43Tailor-made placements (1)
Current product development
Customized products for investor needs
Targets Flexible approach
Broad investor diversification in various currencies
Currencies H1 2020 and structures
EUR 1.95bn
6%
6%
23% Key figures H1 2020 48 transactions
17% 11 currencies (among others PLN & HUF Green Bond)
EUR 1.95bn
27%
19% KfW satisfies current investor’s requirements:
Demand for CNY and HKD bonds remains on a
higher level
EUR USD HKD
Current product
CNY PLN Other developement Greater number of transactions in total
KfW satisfies investors’ preferences for yield
enhancing products in combination with an AAA
credit quality
KfW Bonds - Rely on the safe haven / July 2020 44Tailor-made placements (2)
Characteristics Highlights
Highly diversified: Minimum size:
Step-up callables EUR, USD 10m
Range accruals USMTN 5m
Zeros JPY 100m (MTN)
CMS-linked structures JPY 1bn (Uridashi)
FX-linked structures
Minimum non call 6 months, multi-callable
KfW offers etc. structures can be quarterly callable for
tailor-made 50m (EMTN)
structures to
Redemption profile: 10m (US-MTN)
Bullet
investors Callable Minimum non call 3 months and quarterly
TARN callable for
Trigger JPY-MTN and Uridashi
Method of distribution:
Underwriting
KfW Bonds - Rely on the safe haven / July 2020 45“Namensschuldverschreibungen”
Issuance volume1
(in EUR million)
H1 2020 60
Due to increased investor demand, KfW offers
2019 82
"Namensschuldverschreibungen" since August
2018 276
2009 2017 414
Solid investor demand and constant broadening 2016 755
of investor base 2015 183
2014 335
"Schuldscheindarlehen" remain available 2013 800
2012 190
2011 1900
0 500 1000 1500 2000
Characteristics
Investor base: German insurances and pension funds
Product variations: fixed rate with step-up and zero structures with optional issuer call options as well as double-/triple-or-quit structures
Stand-alone KfW documentation
Assignments possible of EUR 1m
Minimum issuance volume of EUR 10m
1 Issuance volume comprises “Namensschuldverschreibungen“ and “Schuldscheindarlehen“
KfW Bonds - Rely on the safe haven / July 2020 46Money market
Its CP programmes make KfW an important issuer in the money market as well
Issuer KfW Federal Republic of
Guarantor
EUR / USD-CP Germany
P-1 (Moody’s) / S-1+ (Scope
Programme Rating
Ratings) / A-1+ (S&P) EUR-CP: multicurrency
Currencies
USD-CP: USD
Maturities Up to 1 year
As of 31 December 2019 EUR-CP (in million) USD-CP (in million)
USD 10,000
Programme volume EUR 70,000
(increased to USD 20,000 as of April 2020)
Issue volume EUR 87,392 USD 42,993
Number of transactions 691 419
Average ticket volume EUR 126 USD 103
Average maturity 124 days 59 days
Outstanding volume
EUR 33,844 USD 6,721
(at the end of period)
Targeted outstanding
+/- EUR 35,000 +/- USD 7,500
volume
KfW Bonds - Rely on the safe haven / July 2020 47KfW in the capital markets in 2020
Strong presence in the capital markets with funding target of
EUR 65 billion.
KfW’s outstanding access to the capital markets, including in
USD, facilitates the issue of liquid global bonds.
KfW relies on its proven strategy of diversification and therefore
continues to offer a wide selection of products addressing
investors’ needs.
EUR & USD remain key currencies in 2020 (2019: 78%).
The KfW Benchmark Programs remain the most important
funding source.
GBP, AUD and Scandinavian currencies are important for
KfW’s funding mix.
Strong commitment to green bonds, target: up to EUR 8 billion.
KfW Bonds - Rely on the safe haven / July 2020 48Photo credits / references
Cover page/page 20:
Disclaimer
Full-page image: Freunde des Hauses / Getty Images
This document is provided for information purposes only. This
Page 4
document may not be reproduced either in full or in part, nor may it
Picture 1: KfW-Photo Archive / Rüdiger Nehmzow be passed on to another party. It constitutes neither an offer nor an
Picture 2: KfW-Photo Archive / Angelika Kohlmeier invitation to subscribe or to purchase securities, nor is this
Picture 3: KfW-Photo Archive / - document or the information contained herein meant to serve as a
Picture 4: DEG / Andreas Huppertz
basis for any kind of obligation, contractual or otherwise. In all
Page 6 legal systems this document may only be distributed in compliance
Picture 1: KfW-Photo Archive / photothek.net with the respective applicable law, and persons obtaining
Picture 2: KfW-Photo Archive / Jürgen Lösel possession of this document should familiarise themselves with
Picture 3: KfW-Photo Archive / Frank Blümler and adhere to the relevant applicable legal provisions. A breach of
Picture 4: KfW Photo Archive / photothek.net these restrictions may constitute a violation of US securities law
Picture 5: KfW Bankengruppe / Jens Steingässer regulations or of the law applicable in other legal systems. The
Picture 6: KfW-Photo Archive / Charlie Fawell information contained in this document is historical and speaks
Page 9 only as of its date. KfW disclaims any intention or obligation to
Picture 1: thinkstock / Top Photo Corporation update or revise the information contained in this document. By
Picture 2: Fótolia / Olivier Le Moal accessing this document you acknowledge acceptance of these
Picture 3: KfW-Photo Archive / Thomas Klewar terms.
Picture 4: KfW-Bildarchiv / photothek.net
Page 10
Picture 1: KfW Photo Archive / Jens Steingässer Page 20:
The use by KfW of any MSCI ESG Research LLC Data, and the
Page 18
use of MSCI logos, trademarks, service marks or index names
Picture 1: Deutscher Bundestag / Lichtblick / Achim Melde herin, do not constitute a sponsorship, endorsement or promotion
Page 23 of KfW by MSCI or any of its affiliates. MSCI services and data are
the property of MSCI or its information providers. MSCI and MSCI
Picture 1: Freunde des Hauses / gettyImages
research names and logos are trademarks or service marks of
Page 47 MSCI or its affiliates.
Picture 1: gettyImages, plainpicture / Piotr Krzeslak, Cultura
KfW Bonds - Rely on the safe haven / July 2020 49Contacts
Treasurer of KfW: Ext. KfW Bankengruppe
Tim Armbruster - 5599 Palmengartenstrasse 5–9
60325 Frankfurt am Main
Treasury:
Markus Schmidtchen - 4783 Phone +49 69 7431 - Ext.
Fax +49 69 7431 - 3986
Capital Markets:
Petra Wehlert - 4650 investor.relations@kfw.de
Otto Weyhausen-Brinkmann - 4652
Alexander Liebethal - 4656 Bloomberg: KfW
Investor Relations: www.kfw.de/investor-relations
Jürgen Köstner - 3536
Tom Richter - 6120
Serviceline - 2222 Sign up here for our
newsletter service
KfW Bonds - Rely on the safe haven / July 2020 50Notes KfW Bonds - Rely on the safe haven / July 2020 51
Back-up Folien
www.kfw.de/investor-relations
Disclaimer
This document is provided for information purposes only. This document may not be reproduced either in full or in part, nor may it be passed on to another party. It constitutes neither an offer nor an
invitation to subscribe or to purchase securities, nor is this document or the information contained herein meant to serve as a basis for any kind of obligation, contractual or otherwise. In all legal
sy stems this document may only be distributed in compliance with the respective applicable law, and persons obtaining possession of this document should familiarise themselves with and adhere to
the relevant applicable legal provisions. A breach of these restrictions may constitute a violation of US securities law regulations or of the law applicable in other legal systems. The information
contained in this document is historical and speaks only as of its date. KfW disclaims any intention or obligation to update or revise the information contained in this document. By accessing this
document you acknowledge acceptance of these terms.
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