RELY ON THE SAFE HAVEN - KFW
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Rely on the safe haven. KfW Bonds - Rely on the safe haven / October 2019
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 / October 2019 2
KfW: Overview and Recent Developments KfW Bonds - Rely on the safe haven / October 2019 3
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 out of
# 1 342 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 / October 2019 4
Worldwide presence Number of KfW employees 6,376
About 80 representative offices
1948 1950 1960 1970 1980 1990 2000 2010 2016 2017 2018
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
Abidjan Bangkok
San Salvador Managua 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 / October 2019 5
KfW Group’s business activities
New business 2018: EUR 75.5bn (2017: EUR 76.5bn)
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
48% 13%
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 / October 2019 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%
3% 1% 1%
2% 3%
6% Germany 4%
Financial sector
4%
Euro-area countries (excl. Financial
Germany) 5% investment/funds
EU countries (excl. euro-area Consumer
countries and Germany)
By region Europe outside EU By sector Energy/environment
Africa Commodities
Asia (incl. Australia and New Transport infrastructure
Zealand)
82% 81%
Latin America Essential goods
North America Other
Exposure to Exposure to
82% 81%
Germany: financial sector:
Credit risk of EUR 11,346mn at year-end 2018 includes loans, securities, investments and derivates. Based on year-end 2018 data.
KfW Bonds - Rely on the safe haven / October 2019 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 2018
PROMOTION Focal SDGs are: 7, 8, 11, 13
40%
Climate Change
& Environment
5%
Digitalisation
& Innovation SDG 13:
Climate
22% Action
Globalisation
SDG 11:
SDG 7: Affordable
12% Sustainable
Cities and
Communities
and Clean Energy
SDG 8: Decent Work and
Social Change Economic Growth
Numbers represent the share of new commitments in 2018
KfW Bonds - Rely on the safe haven / October 2019 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 / October 2019 10Business performance
75.5 bn EUR 486 bn EUR 1.6 bn EUR
Total promotional business Total assets at end-2018 Consolidated profit 2018
volume 2018
• About 60% domestic and 40% international • Germany’s 3rd largest credit institution in • Better than expected, due to extremely low
business. terms of total assets. risk provisioning and positive valuation
• In 2018/19 shift towards int’l business. effects.
81.0 507 519
79,3 76.5 75.5 503 472 486
2.2 2.0
1.6
in bn EUR
1.4
in bn EUR
in bn EUR
33.6 0.9
2015 2016 2017 2018 1H 2019
2015 2016 2017 2018 1H 2019
2015 2016 2017 2018 1H 2019 Strategic target (before IFRS effects)
Capital Ratio (Tier 1)
in % 22.3 21.2
20.6 20.1 • BaFin approval as advanced IRBA institution
18.3 since 6/2017.
preliminary IRBA
IRBA approval
• The increase of the Tier 1 capital ratio of KfW
CRSA
as of June 30, 2019, was mainly due to
IRBA approved methodical adjustments of the evaluation
16.1 16.8
BaFin minimum requirement procedure.
2015 2016 2017 2018 1H 2019
KfW Bonds - Rely on the safe haven / October 2019 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 Market Project risk &
Op-Risk
(inkl. SLI) price risk hidden burdens
18,369 Economic capital
(18,228) requirements
11,346 5,403 1,441 179
(11,255) (5,242) (1,598) (132)
Tier 1 capital Tier 2 capital
28,297 Available financial
(27,347) resources
28,278 19
(27,347) (0)
9,928 Excess coverage
in EUR million (9,119)
confidence level 99.99%
figures as of 31.12.2018
(figures as of 31.12.2017)
Tier 1 ratio: 20.1% Total capital ratio: 20.1%
Based on year-end 2018 data.
KfW Bonds - Rely on the safe haven / October 2019 12Key financial figures of KfW Group (IFRS)
Solid business performance
2017 2018 1H 2019
Business activities (in EUR bn) – for the period
Promotional business volume 76.5 75.5 33.6
Income statement key figures (in EUR mn) – for the period
Operating result before valuation & promotional activities 1,661 1,387 843
Consolidated profit 1,427 1,636 904
Consolidated profit before IFRS effects from hedging 1,192 1,311 805
Balance sheet (in EUR bn) – at the end of the period
Total assets 472.3 485.8 519.1
Equity 28.7 30.3 30.9
Volume of business 572.2 590.7 618.4
Key regulatory figures (in %)(1) – at the end of the period
Tier 1 capital ratio 20.6% 20.1% 21.2%
Total capital ratio 20.6% 20.1% 21.2%
(1) Since 2017 calculations based on the IRBA approach for a large part of the portfolio. For the remaining sub-portfolios KfW applies the CRSA approach until full IRBA approval.
KfW Bonds - Rely on the safe haven / October 2019 13Highlights in 2018 and 1H2019
In 2018, KfW Group achieved a total volume of EUR 75.5bn in its promotional activity (-1.3% vs 2017). While KfW’s
international business increased significantly, this was offset by a substantial decrease in its domestic business sectors.
In light of the robust economic growth and good financing conditions for private and commercial investors, KfW scaled back
its domestic promotion to EUR 46.0bn (2017: EUR 51.8bn). However, segments that provide impetus for the future were
expanded, e.g. digitalisation and innovation. Also, there is great demand for the new Baukindergeld, a grant-based
government-sponsored program launched in 09/2018, which helps families buy their own homes.
International business grew by 20% to EUR 28.3bn. It was marked by a 29% increase in commitments in export and
project finance (EUR 17.7bn) driven by an increase in almost all sectors. The promotion of developing countries and
emerging economies grew by 8% to EUR 10.6bn, of which 82% were accounted for by KfW Development Bank and
18% by DEG. Focus areas are Africa and the Middle East.
KfW Capital was founded in 08/2018 as a wholly owned subsidiary of KfW for the purpose of bundling its venture capital
activities in one entity. Its business objective is to invest in German and European venture capital and venture debt funds
with the aim to improve access to capital for innovative technology-oriented growth companies in Germany. While
commitments in 2018 amounted to EUR 141m, KfW Capital aims to invest roughly EUR 2 billion within the next ten years.
In the Financial markets business sector KfW invested a total of around EUR 1.1bn in securitisation transactions to
promote SMEs (2019e: EUR 1bn). In addition, KfW supported climate change mitigation and environmental protection by
investing EUR 0.4bn in green bonds (2019e: EUR 0.3bn).
With a consolidated profit of EUR 1.6bn, KfW’s earnings position developed very well overall in 2018, significantly
exceeding expectations. KfW expects a consolidated result 2019 before IFRS effects from hedging of approx. EUR 0.8bn,
and therefore below its strategic target of EUR 1bn.
In 1H2019, KfW Group committed EUR 33.6bn (-7% yoy) with 64% resulting from domestic and 36% from int’l business.
Decreasing domestic commitments were only partially offset by increasing int’l commitments. Profit evolved very well
(EUR 904m, +10% yoy) primarily due to persistently low need for credit risk provisions. Total assets are up 7% to
EUR 519bn vs year-end 2018 mainly because of an increase in liquidity held due to the high funding volume in 1H2019.
KfW Bonds - Rely on the safe haven / October 2019 14Funding at KfW KfW Bonds - Rely on the safe haven / October 2019 15
KfW’s funding highlights in 9M 2019
Most Impressive
Government of
Government Agency
Green/SRI Bond
Issuer
Asia-Pcific Award - Greater China Currencies
Uridashi Award - Deal of the Year
JPY, ZAR
CAD, CNY, HKD
EUR 73.1bn 11 currencies 63%
AUD
or 90% of the funding via 126 transactions Via 10 highly liquid bench- 12%
programme for 2019 underpin KfW ’s global mark transactions (plus 4 NOK
(~EUR 80bn) completed. approach in DCM. taps) in EUR and USD. SEK
27%
EUR Benchmarks USD Global Bonds Green Bonds GBP
dominate (EUR 27bn) amid KfW’s excellent access to New framework scaled-up
rapidly falling yields. $-market allows to borrow green issuances to
Ongoing high investor
demand.
$20bn with excellent
investor diversification.
EUR 6.9bn. Landmark
transactions in 7 ccy ytd.
USD
Sterling Back in CAD Emerging Markets 52%
Run on #3 funding currency
despite Brexit discussions.
£1.25bn 2021 is the largest
Successful return to the
CAD market after almost 4
years of absence with a 3y
Remarkable very fine
tailor-made placements in
CNY (6.4bn = €830m) and
EUR
ever SSA £ issuance. C$1bn 2022 bond. HK$ (3.4bn = €380m).
KfW Bonds - Rely on the safe haven / October 2019 16Explicit 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 / October 2019 17Top 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. good and sustainable.
Last update: Aug 2019 Last update: Aug 2019 Last update: Aug 2019
AAA Outlook stable Last update:
Aug 2018
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.
KfW Bonds - Rely on the safe haven / October 2019 18Top ESG ratings confirm KfW’s holistic sustainability approach
Renown international rating agencies assign KfW to be among top-performers in ESG
AAA A+ 10 100
KfW is among KfW is among KfW’s rating is KfW is #1 out 93
7.9
the 2 best out Leader the best-rated at the highest of 343 listed
of 19 develop- BB
institutions in Leader level possible and non-listed Industry
ment banks its peer group Industry
C+ banks
BB D
Prime D-
AAA 0
Leader 0
KfW’s strengths KfW’s strengths KfW’s strengths KfW’s strengths
Profound measures regarding the Comprehensive policy regarding In 2018, KfW received a rating of KfW is rated as leader in
management of ESG issues. the respect for human rights. AAA (on a scale of AAA-CCC) in sustainability aspects within its
Development and implementation the MSCI ESG Ratings peer group and all banks
Performance regarding assessment. worldwide.
environmental and governance of an approach to calculate GHG
criteria is above average and on emissions in the corp. value chain. KfW continues with strong
average regarding social criteria. sustainability performance and
Code of conduct covering impor-
even outperforms its excellent
Specifically striking is the positive tant aspects of business ethics.
results from last year in all three
performance in the area of Reasonable integration of environ- ESG categories.
environmental business mental and social aspects into the
operations. own investment portfolio.
Last update: March 1, 2019 Last update: Sep 23, 2018 Last update: Sep 4, 2018 Last update: March 18, 2019
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 / October 2019 19Increasing importance of 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 / October 2019 20How 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 / October 2019 21Wide 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
Target ’19
€$ €80bn € $ ₤ A$ SEK HK$ …
€73.1bn
Additional Public Bonds Sep 30’19 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 / October 2019 22Strong presence in debt capital markets
Relying on debt capital markets KfW is one of the largest issuers of bonds and notes
Funding volume (EUR in billions) Capitalization (at end-1H2019)
90,00
78.2 6%
80,00 76.1
72.8 EUR 4%
70,00 4.3 3.4 73.1bn
62.6 15.8 17.0 issued as per 10%
Sep 30, 2019
60,00 4.3 16.0 16.9
3.7
50,00 15.8 2.8
6.9 Total
40,00 3.7 €502bn
30,00
55.4 55.4
49.8
45.9
20,00 38.8
80%
10,00
0,00
2015 2016 2017 2018 2019
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 / October 2019 23KfW’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
2016 (EUR 72.8bn) 2017 (EUR 78.2bn) 2018 (EUR 76.1bn) 2019 H1 (EUR 73.1bn)
Highlights in 9M 2019
− 10 benchmark bonds (plus 4 taps) issued in EUR (2x 5y, 3y, 10y, 7y) and USD (2y, 2x 3y, 2x 5y) accounting for EUR 45.9bn raised.
− 7 “Green Bonds – Made by KfW” issuances in EUR, SEK, AUD, GBP, HKD, NOK, and USD with an equivalent of EUR 6.9bn. The SEK 7bn
issuance in 3s and USD 2bn in 10s mark the largest green bonds of their kind at the time.
− Ongoing strong demand for large and liquid benchmark bonds: 63% of total funding by September 2019.
− The challenging market environment led to yield all-time lows and a particularly flexible funding strategy.
− EUR remains by far #1 funding currency (approx. EUR 38bn, 52% of total funding). Decreasing share of USD funding as EUR funding levels
are very competitive vs USD (after hedging into EUR). Strong investor demand for Sterling pushes the share of GBP as funding currency #3.
KfW Bonds - Rely on the safe haven / October 2019 24KfW’s global investor base
Distribution of KfW’s EUR-Benchmark investor base
in % Geographic Distribution in % Investor Distribution
70 70
Europe ex
60 Germany 60
50 50
40 40
Banks
30 30 Central Banks
Asset Mgt.
20 Germany 20
Asia
10 10
Other Other
Ins. & Pension
0 Americas 0
2014 2015 2016 2017 2018 Sep 2019 2014 2015 2016 2017 2018 Sep 2019
Europe ex Germany Germany Central Banks Banks
Asia Americas Asset Mgt. Ins. & Pension
Other Other
Based on allocations
KfW Bonds - Rely on the safe haven / October 2019 25KfW’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
Europe Banks
Asia
30 30
Americas
20 20
10 10
Asset Mgt.
MEA Ins. & Pension
Other Other
0 0
2014 2015 2016 2017 2018 Aug 2019 2014 2015 2016 2017 2018 Aug 2019
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 / October 2019 26KfW’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 2019
KfW Bonds - Rely on the safe haven / October 2019 27KfW EUR-Benchmark-Programme
Highlights 9M 2019
− Established in 2001, KfW’s EUR benchmark programme is the backbone of KfW’s funding strategy. Up to the middle of 2019,
KfW issued a total of 79 EUR benchmark bonds with an issuance volume of more than EUR 373bn. Current outstanding volume:
EUR 167bn.
− KfW is strongly committed to liquidity and regular issuance across all benchmark maturities each year. In 2019, KfW was able to
issue two benchmark bonds in 5y and one each in 3y, 7y and 10y respectively. KfW closely monitors secondary market liquidity.
The 3y benchmark marks KfW’s first EUR 3-year benchmark since 2015.
− KfW’s EUR benchmark programme has become a true “benchmark” in the market for many other issuers as well.
− 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.
− In H1 2019, EUR currency dominated amounting to EUR 38bn making up 52% of KfW’s total funding target by September
2019. This is remarkable especially in an environment of less PSPP support and ultra low interest rates.
bn EUR Settlement Tenor in yrs Coupon in % Lead Managers
KfW-EUR-Benchmark I/2019 5.0 Jan 15, 2019 10 0.750 BoA Merrill Lynch, Commerzbank, Société Général
KfW-EUR-Benchmark II/2019 5.0 Feb 5, 2019 5 0.00 Credit Agricole, Deutsche Bank, Goldman Sachs
KfW-EUR-Benchmark III/2019 5.0 Mar 19, 2019 3 0.00 BNP Paribas, JP Morgan, Toronto Dominion
KfW-EUR-Benchmark IV/2019 5.0 Jun 13, 2019 5 0.00 JP Morgan, LBBW, NatWest Markets
KfW-EUR-Benchmark IV/2019 4.0 Sep 24, 2019 7 0.00 Barclays, Deutsche Bank, Merrill Lynch
4 Re-openings of 2016&2018 lines 4.0 various various various DZ, Goldman Sachs, JPM, BoA ML, Citi, SocGen, Barclays, Coba
28.0 0,000 0,000 0,000
KfW Bonds - Rely on the safe haven / October 2019 28KfW USD-Global-Programme
Highlights 9M 2019
− Established in 2002, KfW’s USD-Global-Programme strategically complements KfW benchmark programmes. Up to the middle
of 2019, KfW issued a total of 90 USD global bonds with an issuance volume of more than USD 340bn. Current outstanding:
USD 112bn.
− KfW is strongly committed to liquidity and regular issuance across all benchmark maturities each year. 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 9M 2019, KfW has been issuing five bonds amounting to USD 18.0bn. This is especially remarkable in an environment with
very competitive funding levels in the EUR-market.
− In 9M 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/2019 5.0 Jan 23, 2019 5 2.625 Barclays, Bank of Montreal, Citigroup
KfW-USD-Benchmark II/2019 3.0 Feb 27, 2019 3 2.500 Citigroup, Toronto Dominion, RBC CM
KfW-USD-Benchmark III/2019 3.0 Apr 24, 2019 2 0.075 HSBC, Morgan Stanley, Nomura
KfW-USD-Benchmark IV/2019 4.0 July 11, 2019 3 1.75 Barclays, Morgan Stanley, RBC
KfW-USD-Benchmark V/2019 3.0 Sep 5, 2019 5 1.375 Goldman Sachs, Nomura, HSBC
18.0 0,000 0,000 0,000
KfW Bonds - Rely on the safe haven / October 2019 29The 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 eligibility: 33% limit
in billion EUR
− Frequent issuer of benchmark bonds in core currencies EUR and 144 147
160
USD Total
140 113
€
Outstandings
− Three lead managers for each benchmark bond 120 97 (aggregate
100 124 principal)
− Large-volume benchmark bonds 80 96 96 98 New Issuance
(sizes of 3 – 6 bn EUR/USD) 60 37,5 (aggregate
32,5
40 19 principal)
− Traded by approx. 30-40 banks OTC and at various stock 20
16,5
exchanges 0 Total Turnover*
2015 2016 2017 2018
− Broad order book diversification (Ø more than 100 investors)
in billion USD
194
Bonds and notes issued by KfW are in principle eligible 200
146
$
in the EU as level 1 assets pursuant to Article 10 para. 1 160 138
118
lit. (c)(v) of the Commission Delegated Regulation (EU)
120
2015/61 of October 10, 2014. 120
80 106 96 92
KfW’s bonds and notes have been assessed as "HQLA 25 34 25
40 21,5
US Eligible Assets" by Bloomberg, see Bloomberg,
0
KFW Corp , DES , 12 , 58 2015 2016 2017 2018
*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 / October 2019 30Green Bonds – Made by KfW
Highlights of KfW’s footprint in the green bond market
Currency Split of all
KfW Green Bonds issued
by September 30, 2019
High Quality Liquidity Credibility HKD
NOK
5% AUD
Aligned with GBP & Harmoni- Large sizes in benchmark Top ESG ratings and a strong
7%
zed Framework for Reporting, maturities make KfW green focus on green finance make SEK
SPO from CICERO, external bonds among the most liquid KfW one of the most credible 9%
impact evaluation. green bonds in the market. issuers of green bonds. GBP
#1 in Germany Contribution to SDGs Green Indices
€21.4bn of „Green Bonds –
Made by KfW“ since 2014
7: Affordable & Clean Energy,
11: Sustainable Cities & Com-
Eligible for many green
indices like “The BofA Merrill
30%
USD
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”.
Green Bond Investor Vocal Advocate Global Engagement
Since 2015 runs a dedicated
green bond investment
portfolio of €2bn (target)
As member (since 2015) of
the Exec. Committee of the
Grren Bond Principles, KfW is
Engaging in and suppoting of
int‘l and national initiatives to
promote sustainability in
47%
EUR
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 / October 2019 31Green Bonds – Made by KfW
Green Bond issuances
EUR in
billions
6.9
7
6
EUR
5
USD
4 3.7 3.7 AUD
3 2.7 2.8 GBP
SEK
2 1.6
HKD
1 NOK
0
2014 2015 2016 2017 2018 2019ytd
Volume of green bonds issued by September 30, 2019: EUR 21.4bn
EUR equivalent; based on ECB reference rate on the pricing date
KfW Bonds - Rely on the safe haven / October 2019 32How do “Green Bonds – Made by KfW“ work?
Liquidity management
Renewable Energy &
Energy Efficiency
2 Loan Programmes
36,268 loans
2018
Socially Lender On-lending bank Final borrower
responsible
investors
Other
SEK1bn 5y France Solar renewables
Other OECD
€1bn 8y Wind countries
Funding energy
16% Residential
buildings
SEK5bn 10y €1.6bn €9.3bn
2018 2018
96% Germany
82%
Green Bonds – Made by KfW Underlying assets*
* For illustration purpose only, may be subject to adjustments. Energy efficiency projects (construction and acquisition of new energy efficient residential buildings) were newly included in eligible underlying assets for KfW Green Bonds.
KfW Bonds - Rely on the safe haven / October 2019 33A comparison of green and conventional KfW Bonds
Pricing Green vs. Conventional Bonds
Green Bonds – Made by KfW Conventional KfW Bonds
(EUR, April 2019)
Issuer Maturity
Sep.2017
17 2020
Jun. 20 2023
Mrz. 23 202525
Dez. 2028
Sep. 28 2031
Jun. 31
Guarantor The Federal Republic of Germany 0
-5
Rating Moody‘s: Aaa Scope Ratings: AAA Standard & Poor‘s: AAA -10
-15
Risk weight 0% according to CRR/Basel III
Spread
-20
-25
General business, however, amount General business
Use of -30
equal to net proceeds for climate friend-
Proceeds
ly projects accord. to KfW Framework -35
-40
Reporting Allocation report & Impact report None
o
-45
Green Bonds Conventional Bonds
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.
“Green Bonds – Made by KfW”
Determined by underlying green assets, Flexible, primarily 2 to 15 year achieve currently tighter spread levels
Term
primarily 5 to 10 years
in comparison with KfW’s conventional
Repayment Bullet bonds for the corresponding maturity.
EMTN, Global, Kangaroo, US-MTN EMTN, Global, Kangaroo, US-MTN,
Format
Kauri, NSV, SSD
KfW Bonds - Rely on the safe haven / October 2019 34Additional public transactions
Diversification of investor base
Issues outside Benchmark-Programmes
EUR Non-benchmark maturities
USD
Callables, floaters
AUD
BRL
CNH
Complementary currencies to cover different capital markets
GBP
INR
Complete yield curve with the aim to enhance liquidity through taps
JPY
MXN
Expand the programme to new currencies/markets
NOK
NZD
Institutional and retail as well as local investor base
SEK
SGD
TRY
ZAR
…
KfW Bonds - Rely on the safe haven / October 2019 35KfW in GBP
KfW is one of the leading SSA issuers in the Sterling market
Amount KfW’s GBP curve across the maturity spectrum
outstanding in (only fixed rate lines outstanding)
GBP million
6000
4800
5000
4000 Green 2650 2650 2537 3035
3000 2500 Green
Bond 1550 1750 1550 1600 Bond
2000 1500
1000 750 800 650 700
1000 200 300
0
New lines issued in
2019
Characteristics Highlights
− 18 fixed rate lines outstanding over the entire curve up to 2037. − A run on our Sterling bonds 2019 (£8.5bn ytd; +90% yoy) made us #1
− Fixed rate issuance is complemented by lightly structured SSA 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 9M 2019 with a current share of around 12%.
− Listing Luxembourg possible.
− 3 new bond lines (with maturities in 2021, 2024 and 2025) as well as
fulminant return to the GBP green bond market after the KfW 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 £1.25bn 2021 bond issued in January 2019 is the largest ever SSA £
issuance.
Pitch presentation – IFR Awards 2019 / October 2019 36KfW in AUD
KfW is the largest SSA Kangaroo issuer
KfW’s AUD curve across the maturity spectrum
Amount (fixed rate lines outstanding)
outstanding in
AUD million 3000 Amount Outstanding
3000
2650
2500 2450
2100 2150
1950
2000
Green 1550
Bond 1200 1250
1000 Green
1000 Bond 600
450 450
0 Taps issued
KFW 6 1/4 KFW 2 3/4 KFW 2.4 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 in 2019
12/04/19 04/16/20 07/02/20 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
Characteristics Highlights
− KfW maintains strategic approach to the Kangaroo market and is − In 9M 2019, AUD 2.45bn issued vs. AUD 1bn in 2018
a regular issuer. − 5th most important funding currency in 1H 2019 (2.2%).
− With 14 fixed rate lines outstanding, KfW offers the widest choice − 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 SSA issuer in terms of issued and outstanding − KfW is a constant provider of liquidity via taps across the curve.
volume (AUD 23.1bn).
− KfW Kangaroo bonds are RBA repo eligible.
KfW Bonds - Rely on the safe haven / October 2019 37KfW in NOK
A strong addition to KfW’s funding programme
Amount KfW’s NOK curve across the maturity spectrum FRN
outstanding in
New issues in 2019
NOK million
VPS
7000 Green
6000 Bond
6000 VPS
5000 4000 4000
4000 VPS
VPS
3000 2500 VPS VPS VPS
1750 2000
2000 1500 1500
1000 1000 1000 1000 1000 900 750 1100
1000 200 500 250 400
0
Characteristics Highlights
− Flexibility in deal/tap size. − NOK funding for KfW totals NOK 17bn in 9M 2019 (total in 2018:
− Fixed and floating rate notes possible. NOK 4.75bn).
− Listing Luxembourg. − In 9M 2019 five new lines have been added including the inaugural
− Issuance targeting domestic (via VPS-Clearing with KfW NOK4bn Green Bond due in August 2023.
stand-alone documentation) and retail/other institutional accounts − In total 20 fixed and FRN lines.
(documentation under KfW EMTN programme).
KfW Bonds - Rely on the safe haven / October 2019 38KfW in SEK
Expanding green activities into Nordic region
Amount KfW’s SEK curve across the maturity spectrum
outstanding in
SEK million
8000 7000
6600
7000
5600
6000 5000
5000
4000 SGB
3000 SGB
3000 2350
2000
1600
2000 1000 1000 1000 1000
1000
0
Issued in 2019
Characteristics Highlights
− Flexibility in deal/tap size. − In 2018 and 9M 2019, KfW evolved its SEK funding activities
− Fixed and floating rate notes possible. further into Green Bonds – Made by KfW in public format and
− Swedish Government Bonds 1047, 1051, 1052, 1054 matches issued further private placements.
already in place. − The SEK 7bn green bond with a maturity of 3 years was the fifth
− Listing Luxembourg. "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 is the largest ever issued
SEK green bond.
KfW Bonds - Rely on the safe haven / October 2019 39KfW in JPY
Uridashi Award - Deal of the Year
Public Issues
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
(Nikkei-Linked and Dual Currency), are predominant;
Available also in other currencies e.g. AUD, USD Minimum issue size JPY 100m
› EUR 253mn equivalent raised
9M 2019 › JPY 800mn raised via 4 trades
via 8 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
› EUR 1.405bn equivalent raised
2015 › JPY 7.65bn raised via 35 trades
via 41 transactions
KfW Bonds - Rely on the safe haven / October 2019 40KfW 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 Renminbi.
KfW has by now established itself in the RMB Offshore market. In addition, KfW supported the financial
centre Frankfurt to be a Renminbi centre in Europe.
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.
KfW’s new issues in CNY since 2012
Issuance volume Total
in CNY million October 2019: trades
In 2019 KfW 6404
7000 20
launches 18 CNY
2012: trades (incl. one tap) 18 18
6000 KfW’s inaugural ytd with maturity of 1- 16
Offshore CNY bond 4 years with a size
5000 14
2014: between 200 to 700m
4000 CNY each 12
First KfW CNY
bond ever listed in 10
2850
3000 Frankfurt 8
1830
2000 1500 6 6
1068
1000 4 4
1000 620 200
2 2 2 2 2
1
0 -
2012 2013 2014 2015 2016 2017 2018 2019
KfW Bonds - Rely on the safe haven / October 2019 41Tailor-made placements (1)
Current product development
Customized products for investor needs
Targets Flexible approach
Broad investor diversification in various currencies
Currencies 1H 2019 and structures
5% 1%
EUR 2.2bn
16% Key figures H1 2019 34 transactions
6 currencies (CNY, EUR GBP, HKD, JPY, ZAR)
EUR 2.2bn 52%
26%
KfW satisfies current investor’s requirements:
Demand for CNY and HKD bonds has increased
significantly
EUR CNY HKD
Current product
GBP Other developement Greater number of transactions in total
KfW satisfies investor’s preferences for yield
enhancing products in combination with an AAA
credit quality
KfW Bonds - Rely on the safe haven / October 2019 42Tailor-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 / October 2019 43“Namensschuldverschreibungen”
Issuance volume1
(in EUR million)
2018 276
Due to increased investor demand, KfW offers
2017 414
"Namensschuldverschreibungen" since August
2016 755
2009
2015 183
Solid investor demand and constant broadening 2014 335
of investor base 2013 800
"Schuldscheindarlehen" remain available 2012 190
2011 1900
2010 900
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 / October 2019 44Money 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 30 June 2019 EUR-CP (in million) USD-CP (in million)
Programme volume EUR 70,000 USD 10,000
Issue volume EUR 56,026 USD 24,831
Number of transactions 416 210
Average ticket volume EUR 135 USD 118
Average maturity 143 days 59 days
Outstanding volume
EUR 36,749 USD 8,310
(at the end of period)
Targeted outstanding
+/- EUR 35,000 +/- USD 7,800
volume
KfW Bonds - Rely on the safe haven / October 2019 45KfW in the capital markets in 2019
Strong presence in the capital markets with funding target of
EUR 80 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 2019 (2018: 88%).
The KfW Benchmark Programmes remain the most important
funding source.
GBP, AUD and JPY are important for KfW’s funding mix.
Increasing commitment to green bonds.
KfW Bonds - Rely on the safe haven / October 2019 46Photo 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 19:
The use by KfW of any MSCI ESG Research LLC Data, and the
Page 17
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 22 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 46 MSCI or its affiliates.
Picture 1: gettyImages, plainpicture / Piotr Krzeslak, Cultura
KfW Bonds - Rely on the safe haven / October 2019 47Contacts
Treasurer of KfW: Ext. KfW Bankengruppe
Dr. Frank Czichowski - 2165 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
Dorota Reiter - 8537
Serviceline - 2222 Sign up here for our
newsletter service
KfW Bonds - Rely on the safe haven / October 2019 48Notes KfW Bonds - Rely on the safe haven / October 2019 49
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
systems 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
documentKfW you Bonds
acknowledge
- Relyacceptance of haven
on the safe these terms.
/ October 2019 50You can also read
