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      Scope affirms AAA/Stable issuer rating on KfW

      KFW 4.000 02/27/25 MTN KFW 5.000 03/19/24 MTN KFW 3.000 07/13/45 '18 FRN KFW 3.000 03/27/45 FRN MTN KFW 03/30/37 MTN KFW 01/02/43 '19 MTN KFW 5.050 02/04/25 KFW 4.700 06/02/37 KFW 5.500 06/18/25 MTN KFW 4.300 12/15/36 MTN KFW 07/17/37 FRN MTN KFW 2.003 06/10/25 FRN MTN KFW 4.500 01/04/30 '20 MTN KFW 07/17/37 FRN MTN KFW 2.610 07/10/37 FRN MTN KFW 06/01/27 MTN KFW 2.746 05/24/33 '17 MTN KFW 5.750 06/07/32 MTN KFW 4.730 07/12/23 MTN KFW 2.593 02/14/44 FRN MTN KFW 3.000 02/14/33 '23 FRN KFW 6.000 12/07/28 MTN KFW 1.850 10/07/44 '24 MTN KFW 3.590 11/07/44 '19 MTN KFW 1.456 09/12/44 '24 MTN KFW 0.927 05/08/37 FRN MTN KFW 2.431 11/28/36 FRN MTN KFW 0.302 10/17/25 FRN MTN KFW 2.250 08/12/26 '24 MTN KFW 2.194 03/28/44 '19 FRN KFW 4.660 12/22/29 '19 MTN KFW 0.988 03/23/45 '25 FRN KFW 0.475 08/19/30 FRN MTN KFW 07/30/37 FRN MTN KFW 08/07/37 FRN MTN KFW 7.780 03/09/37 FRN MTN KFW 10/30/34 FRN MTN KFW 4.200 06/07/34 '24 MTN KFW 10/30/34 FRN MTN KFW 1.899 02/06/45 FRN MTN KFW 07/09/37 FRN MTN KFW 08/07/37 FRN MTN KFW 2.400 06/06/44 FRN MTN KFW 2.065 01/31/37 MTN NACT KFW 2.674 04/29/26 FRN MTN KFW 2.380 09/24/30 MTN KFW 2.052 12/10/30 FRN MTN KFW 1.116 11/14/44 '24 MTN KFW 0.956 05/18/35 '20 FRN KFW 4.000 03/27/35 FRN MTN KFW 08/07/37 FRN MTN KFW 07/09/37 FRN MTN KFW 3.522 11/18/33 '17 MTN KFW 4.500 05/26/26 MTN KFW 06/06/42 '18 MTN KFW 0.534 02/14/26 FRN MTN KFW 4.000 10/23/34 '17 MTN KFW 2.700 10/02/34 '24 KFW 09/26/44 '17 MTN KFW 6.582 12/19/36 FRN MTN KFW 07/28/31 MTN KFW 3.960 10/13/34 FRN MTN KFW 6.375 12/20/36 FRN MTN KFW 0.916 03/14/44 '25 MTN KFW 2.410 07/01/43 '23 MTN KFW 01/02/43 '19 MTN KFW 6.000 12/07/28 MTN KFW 3.100 06/22/41 '21 MTN KFW 2.650 07/24/37 FRN MTN KFW 03/28/36 FRN MTN KFW 4.000 03/24/34 '24 MTN KFW 0.550 01/20/45 FRN MTN KFW 2.080 06/26/45 FRN MTN KFW 2.500 08/08/34 '24 MTN KFW 07/23/37 FRN MTN KFW 4.050 03/24/34 '24 MTN KFW 2.166 10/28/44 FRN MTN KFW 08/13/37 FRN MTN KFW 08/07/37 FRN MTN KFW 08/13/37 FRN MTN KFW 08/13/37 FRN MTN KFW 0.518 06/05/37 FRN MTN KFW 08/13/37 FRN MTN KFW 08/13/37 FRN MTN KFW 3.200 02/13/45 '17 MTN KFW 3.000 01/13/45 FRN MTN KFW 2.600 07/24/37 FRN MTN KFW 07/23/37 FRN MTN KFW 08/13/37 FRN MTN KFW 2.414 09/29/34 '17 MTN KFW 1.378 02/25/28 '17 MTN KFW 3.510 03/28/36 FRN MTN KFW 0.528 03/12/38 FRN MTN KFW 3.000 07/08/41 '21 MTN KFW 07/24/38 FRN MTN KFW 3.100 04/24/43 '17 FRN KFW 4.000 12/12/34 '19 MTN KFW 2.130 10/07/23 MTN KFW 1.333 11/28/44 FRN MTN KFW 2.548 02/05/44 FRN MTN KFW 2.000 07/27/45 FRN KFW 2.658 04/30/24 MTN KFW 8.155 03/02/37 FRN MTN KFW 02/07/25 MTN KFW 4.150 06/05/43 '18 MTN KFW 3.600 11/04/44 '24 FRN KFW 3.000 07/06/43 '23 MTN KFW 0.558 04/08/43 '17 FRN KFW 2.550 07/24/37 FRN MTN KFW 11/25/44 '19 MTN KFW 7.440 11/21/36 FRN MTN KFW 8.500 02/20/37 FRN MTN KFW 2.125 08/07/23 MTN KFW 0.050 11/06/37 FRN MTN KFW 08/20/37 FRN MTN KFW 3.200 09/01/31 MTN KFW 5.255 05/21/25 MTN KFW 3.500 03/05/29 FRN MTN KFW 4.160 06/16/37 MTN KFW 04/24/37 FRN MTN KFW 12/30/26 FRN MTN KFW 0.341 04/13/37 FRN MTN KFW 1.894 03/23/43 '23 KFW 0.811 11/25/44 FRN MTN KFW 1.558 06/23/45 FRN MTN KFW 4.997 03/04/32 '23 MTN KFW 01/18/43 '19 MTN KFW 3.950 02/24/28 '23 MTN KFW 1.527 11/07/30 FRN MTN KFW 08/21/37 FRN MTN KFW 2.400 09/21/44 '26 MTN KFW 4.500 09/29/33 FRN MTN KFW 0.210 05/08/37 FRN MTN KFW 07/09/37 FRN MTN KFW 1.931 02/05/35 '17 MTN KFW 09/26/35 FRN MTN KFW 02/22/43 '19 MTN KFW 2.650 07/24/37 FRN MTN KFW 2.160 07/10/37 FRN MTN KFW 10.000 03/28/36 FRN MTN KFW 3.750 09/25/28 '23 MTN KFW 6.389 03/09/37 FRN MTN KFW 0.980 07/30/37 FRN MTN KFW 3.000 04/14/44 '24 FRN KFW 02/09/45 FRN MTN KFW 01/18/43 '19 MTN KFW 2.965 02/08/33 '18 FRN KFW 2.033 11/25/44 FRN MTN KFW 0.427 08/22/25 FRN MTN KFW 2.510 07/10/37 FRN MTN KFW 2.148 01/07/44 '24 MTN KFW 4.259 03/01/27 '17 MTN KFW 2.500 07/10/45 '17 MTN KFW 10/16/42 '18 MTN KFW 0.898 10/28/44 FRN MTN KFW 1.519 02/24/26 FRN MTN KFW 4.300 11/27/28 '23 MTN KFW 1.986 10/26/36 FRN MTN KFW 4.650 07/09/32 MTN KFW 07/24/42 '18 MTN KFW 4.650 07/10/24 MTN KFW 3.000 01/13/34 '24 MTN KFW 1.872 02/05/44 FRN MTN KFW 1.436 11/14/34 '24 MTN KFW 06/20/42 '18 MTN KFW 6.300 05/28/32 FRN MTN KFW 3.200 02/25/44 FRN MTN KFW 11/16/37 FRN MTN KFW 10.000 11/28/36 FRN MTN KFW 3.000 01/29/44 '24 MTN KFW 3.550 07/18/34 '21 FRN KFW 2.000 01/13/45 FRN MTN KFW 1.933 12/15/34 FRN MTN KFW 2.210 07/10/37 FRN MTN KFW 1.971 09/07/34 '17 MTN KFW 3.890 07/10/37 FRN MTN KFW 0.050 06/05/37 FRN MTN KFW 3.000 09/26/29 '24 MTN KFW 0.539 02/13/26 FRN MTN KFW 07/09/37 FRN MTN KFW 3.293 11/13/37 FRN MTN KFW 07/09/37 FRN MTN KFW 07/03/42 '18 MTN KFW 2.800 03/25/34 FRN MTN KFW 3.500 06/07/33 '17 FRN KFW 4.000 06/07/33 '17 FRN KFW 3.000 02/12/44 FRN MTN KFW 07/17/37 FRN MTN KFW 2.590 06/16/24 MTN KFW 3.500 02/07/34 '19 MTN KFW 0.902 02/22/36 FRN MTN KFW 10.000 03/27/37 FRN MTN KFW 0.625 11/28/44 '19 MTN KFW 10/11/42 '18 MTN KFW 2.250 08/21/45 FRN MTN KFW 3.108 01/30/29 '24 FRN KFW 3.300 09/26/34 FRN MTN KFW 2.450 09/29/44 '24 FRN KFW 06/21/37 MTN CALd KFW 10/22/45 '21 MTN KFW 11/08/42 '18 MTN KFW 0.210 07/10/37 FRN MTN KFW 3.486 12/27/33 '23 FRN KFW 4.000 03/18/41 '21 MTN KFW 4.380 07/30/40 FRN MTN KFW 04/24/37 FRN MTN KFW 0.492 09/03/24 '17 MTN KFW 3.500 01/10/34 FRN MTN KFW 1.069 03/25/44 '24 MTN KFW 1.398 05/14/43 FRN MTN KFW 10.000 07/17/37 FRN MTN KFW 05/23/41 '18 MTN KFW 07/17/37 FRN MTN KFW 07/23/37 FRN MTN KFW 0.619 07/05/25 FRN MTN KFW 3.500 06/19/43 FRN MTN KFW 5.422 06/20/33 '23 MTN KFW 2.201 06/16/34 '24 MTN KFW 4.860 01/22/30 '20 MTN KFW 4.370 11/28/30 MTN KFW 0.134 09/29/34 '17 MTN KFW 3.600 12/02/44 '17 MTN KFW 07/09/37 FRN MTN KFW 3.000 07/07/34 '18 FRN KFW 4.454 06/16/26 MTN KFW 4.800 03/25/33 FRN MTN KFW 1.059 06/22/26 FRN MTN KFW 11/29/42 '18 MTN KFW 10/23/45 '25 MTN KFW 5.220 07/17/37 FRN MTN KFW 2.700 11/06/34 '17 MTN KFW 3.000 01/07/45 FRN MTN KFW 1.705 03/27/45 FRN MTN KFW 2.867 03/28/33 '17 FRN KFW 2.970 09/26/44 '17 MTN KFW 2.606 07/22/43 '23 FRN KFW 2.050 03/03/25 MTN CALd KFW 4.200 03/24/34 '24 MTN KFW 3.500 04/03/34 '24 MTN KFW 0.330 03/25/44 '24 MTN KFW 3.000 09/26/44 FRN MTN KFW 08/20/37 FRN MTN KFW 2.700 03/24/44 '24 MTN KFW 3.000 03/13/45 MTN KFW 3.000 09/18/35 FRN MTN KFW 08/13/42 '18 MTN KFW 01/30/28 MTN KFW 08/07/37 FRN MTN KFW 0.916 03/28/26 FRN MTN KFW 2.516 06/06/44 FRN MTN KFW 6.136 12/04/36 FRN MTN KFW 3.550 11/20/34 '17 FRN KFW 0.389 07/28/25 FRN MTN KFW 1.850 09/16/44 FRN MTN KFW 2.291 06/24/32 FRN MTN KFW 0.695 03/13/26 FRN MTN KFW 0.515 01/24/26 FRN MTN KFW 3.289 07/31/37 FRN MTN KFW 07/17/37 FRN MTN KFW 3.150 03/26/38 MTN KFW 3.200 03/19/35 '18 KFW 1.626 01/13/45 '25 MTN KFW 0.500 08/07/37 FRN MTN KFW 09/24/42 '18 MTN KFW 2.047 09/19/34 '17 MTN KFW 3.500 03/07/33 '17 MTN KFW 08/07/37 FRN MTN KFW 4.316 08/14/45 FRN MTN KFW 1.614 04/24/43 '23 MTN KFW 3.767 11/07/33 FRN MTN KFW 1.973 01/13/45 '25 MTN KFW 08/07/37 FRN MTN KFW 1.485 03/23/26 FRN MTN KFW 2.800 04/06/45 '17 FRN KFW 0.452 11/17/25 FRN MTN KFW 08/20/37 FRN MTN KFW 10/30/34 FRN MTN KFW 1.400 02/24/45 '25 MTN KFW 1.818 03/10/38 FRN MTN KFW 2.897 03/22/33 '17 MTN KFW 4.696 06/28/32 FRN MTN KFW 1.700 08/29/34 '24 MTN KFW 3.161 04/07/36 FRN MTN KFW 2.066 03/01/32 FRN MTN KFW 1.800 07/24/37 FRN MTN KFW 10/26/27 FRN MTN KFW 3.030 06/05/34 FRN MTN KFW 01/02/43 '19 MTN KFW 2.050 07/24/37 FRN MTN KFW 3.000 08/25/45 '17 FRN KFW 1.550 07/24/37 FRN MTN KFW 4.300 03/24/34 FRN MTN KFW 10/30/42 '18 MTN KFW 2.861 03/15/33 '17 MTN KFW 0.546 09/20/25 FRN MTN KFW 0.548 09/21/25 FRN MTN KFW 4.000 04/11/41 '21 FRN KFW 3.100 12/30/44 '17 MTN KFW 1.550 07/24/37 FRN MTN KFW 3.900 10/16/34 FRN MTN KFW 01/17/43 '19 MTN KFW 2.280 09/25/37 FRN MTN KFW 7.546 12/19/36 FRN MTN KFW 2.426 03/25/27 FRN MTN KFW 1.055 12/21/25 FRN MTN KFW 3.150 10/29/29 FRN MTN KFW 5.000 06/09/36 MTN KFW 3.800 01/10/29 '24 FRN KFW 0.546 12/19/25 FRN MTN KFW 3.100 03/25/33 FRN MTN KFW 07/05/42 '18 MTN KFW 5.099 05/15/37 FRN MTN KFW 0.836 12/16/44 '24 MTN KFW 07/09/37 FRN MTN KFW 1.031 03/25/44 '24 MTN KFW 2.543 04/11/44 '17 MTN KFW 05/08/43 '19 MTN KFW 03/10/37 FRN MTN KFW 4.760 09/24/24 MTN KFW 4.875 03/15/37 MTN KFW 02/27/43 '19 MTN KFW 03/16/45 '25 FRN KFW 2.050 06/29/45 FRN KFW 0.635 12/04/27 FRN MTN KFW 2.061 03/25/42 FRN MTN KFW 09/17/29 KFW 0.122 10/30/34 FRN MTN KFW 2.548 03/24/44 '24 MTN KFW 4.400 08/08/41 FRN MTN KFW 0.375 04/23/30 MTN KFW 1.970 10/08/38 MTN KFW 1.400 08/06/35 '25 MTN KFW 3.340 09/01/25 FRN KFW 7.074 11/30/26 FRN KFW 1.375 07/31/35 MTN KFW 08/19/41 '26 MTN KFW 5.000 09/10/24 MTN KFW 02/16/25 FRN KFW 1.987 07/22/33 KFW 2.000 10/30/27 MTN KFW 08/12/26 FRN KFW 2.700 08/08/34 '24 KFW 4.203 10/27/33 FRN MTN KFW 2.695 07/10/23 FRN MTN KFW 10/30/29 KFW 0.750 12/09/25 FRN KFW 07/09/37 FRN MTN KFW 12/15/32 MTN KFW 07/09/37 FRN MTN KFW 2.050 02/16/26 KFW 2.909 02/24/28 '23 MTN KFW 1.450 02/17/45 FRN KFW 2.600 06/20/37 KFW 2.125 08/15/23 KFW 0.625 01/15/25 KFW 08/22/42 '18 MTN KFW 1.500 06/11/24 KFW 4.600 08/13/29 FRN MTN KFW 1.449 06/18/43 '23 MTN KFW 2.500 08/25/25 KFW 2.000 05/02/25 KFW 06/29/37 KFW 2.500 11/20/24 KFW 2.750 02/16/37 KFW 04/18/36 KfW EUR 90bn Multi-Currency CP KfW US 30bn CP KFW 12/15/31 MTN KFW 01/15/46 '19 MTN KFW 3.293 01/12/46 FRN MTN KFW 01/29/46 '31 KFW 1.250 07/04/36 MTN KFW 3.200 09/11/26 MTN KFW 03/18/46 MTN KFW 0.375 03/09/26 KFW 03/14/36 '18 MTN KFW 0.500 03/28/31 KFW 1.240 04/18/36 '26 KFW 2.600 05/23/41 '26 MTN KFW 05/27/46 '19 MTN KFW 0.050 05/30/24 MTN KFW 05/27/46 '23 MTN KFW 06/28/46 '23 MTN KFW 1.110 07/13/46 '26 KFW 0.860 08/08/31 '18 MTN KFW 2.760 08/08/46 '17 MTN KFW 0.170 08/18/26 '17 MTN KFW 1.027 08/31/46 '26 MTN KFW 0.570 09/04/28 KFW 0.755 09/05/30 KFW 0.545 09/13/28 KFW 0.700 09/22/31 KFW 0.250 09/20/30 KFW 0.250 10/05/28 '18 KFW 0.250 10/05/28 KFW 0.017 09/18/23 KFW 0.800 09/27/30 KFW 09/15/23 KFW 0.250 10/17/28 KFW 0.500 10/20/31 KFW 10/31/46 '21 MTN KFW 2.820 11/08/46 '17 MTN KFW 0.250 10/27/31 MTN KFW 0.250 10/31/28 KFW 0.500 11/03/31 '17 KFW 0.600 11/24/31 '18 KFW 0.860 11/28/28 KFW 0.500 11/24/31 '17 KFW 0.600 12/01/31 KFW 12/23/46 '19 MTN KFW 0.125 01/15/24 KFW 0.132 01/15/24 KFW 1.125 06/15/37 MTN KFW 7.500 12/07/23 MTN KFW 01/26/47 '22 MTN KFW 02/15/47 '27 KFW 0.320 02/27/25 MTN KFW 0.625 02/22/27 KFW 0.150 02/27/24 MTN KFW 0.159 04/18/24 '18 MTN KFW 0.150 04/18/24 '18 MTN KFW 0.300 05/04/27 '18 KFW 0.250 06/30/25 MTN KFW 1.635 06/26/42 '19 KFW 0.335 06/16/32 FRN KFW 0.125 10/04/24 KFW 1.240 07/12/32 '18 MTN KFW 1.125 09/15/32 MTN KFW 0.100 01/18/28 '18 KFW 1.780 07/17/47 '32 MTN KFW 1.000 07/21/32 '20 MTN KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 3.200 03/15/28 MTN KFW 0.500 09/15/27 KFW 10/10/47 '28 KFW 09/25/47 '34 KFW 0.400 10/18/27 KFW 0.400 10/18/27 '19 KFW 0.400 10/18/27 '19 KFW 0.220 10/13/24 MTN KFW 0.400 10/30/27 '19 KFW 0.300 11/08/27 '19 KFW 0.400 11/03/27 '19 MTN KFW 1.600 11/10/37 '18 KFW 0.400 11/15/27 '19 KFW 1.200 11/22/27 MTN KFW 0.625 01/07/28 MTN KFW 0.221 01/15/25 KFW 01/16/48 '28 FRN KFW 0.250 01/19/28 '20 KFW 2.875 04/03/28 KFW 3.570 02/09/38 '19 MTN KFW 1.375 02/02/28 MTN KFW 0.974 02/14/28 '20 KFW 02/22/38 '21 MTN KFW 1.330 03/29/28 MTN KFW 1.215 04/24/28 KFW 0.375 04/23/25 KFW 0.500 05/08/28 '20 KFW 1.125 05/09/33 MTN KFW 7.750 06/06/23 MTN KFW 0.125 06/07/23 KFW 1.800 10/25/48 '28 MTN KFW 1.250 12/29/23 MTN KFW 0.625 07/18/33 '19 KFW 3.532 06/25/28 KFW 0.325 01/15/26 '20 MTN KFW 1.845 10/19/48 '28 MTN KFW 10/04/38 '20 MTN KFW 0.750 06/28/28 KFW 0.500 09/28/26 MTN KFW 3.370 07/12/38 '28 MTN KFW 0.500 08/14/28 '20 KFW 0.300 11/27/28 '19 MTN KFW 0.500 08/14/28 '20 KFW 0.500 08/14/28 '20 MTN KFW 0.125 11/07/23 KFW 0.300 11/27/28 '19 MTN KFW 0.250 09/15/25 KFW 11/13/23 FRN MTN KFW 0.400 06/29/28 '20 MTN KFW 01/10/24 FRN MTN KFW 01/23/24 MTN KFW 0.750 01/15/29 MTN KFW 2.625 02/28/24 KFW 1.375 12/09/24 MTN KFW 04/02/24 MTN KFW 1.375 12/15/25 MTN KFW 0.450 02/20/29 '21 MTN KFW 06/29/23 FRN MTN KFW 2.700 03/15/24 MTN KFW 2.140 03/15/24 MTN KFW 1.625 04/03/24 MTN KFW 0.875 07/04/39 MTN KFW 0.010 05/05/27 MTN KFW 07/04/24 MTN KFW 06/18/24 MTN KFW 2.800 07/29/24 MTN KFW 1.500 07/24/24 MTN KFW 0.875 09/15/26 MTN KFW 1.250 08/28/23 MTN KFW 1.375 08/05/24 MTN KFW 1.750 09/14/29 KFW 2.490 09/10/23 MTN KFW 0.110 10/24/29 MTN KFW 09/30/26 MTN KFW 0.050 09/29/34 MTN KFW 0.301 10/15/34 '20 MTN KFW 0.680 11/12/39 '23 MTN KFW 0.788 11/04/39 '21 MTN KFW 0.660 11/12/39 '22 MTN KFW 0.885 11/14/39 MTN KFW 0.935 12/16/39 MTN KFW 1.030 12/06/49 MTN KFW 0.945 12/17/40 MTN KFW 1.075 12/20/49 '24 MTN KFW 0.875 07/18/24 MTN KFW 02/18/25 MTN KFW 12/19/2024 KFW 1.087 01/21/50 '27 MTN KFW 7.885 01/28/30 MTN KFW 7.655 02/11/30 MTN KFW 03/31/27 MTN KFW 02/12/25 FRN MTN KFW 1.000 02/21/25 MTN KFW 8.000 03/18/30 '21 KFW 1.500 03/30/30 MTN KFW 0.205 04/06/29 '21 KFW 0.955 04/06/40 '23 MTN KFW 1.768 04/06/50 '21 MTN KFW 0.010 03/31/25 MTN KFW 0.820 04/15/50 '30 MTN KFW 06/30/23 MTN KFW 0.090 04/20/28 '22 MTN KFW 0.245 04/17/30 '22 MTN KFW 1.000 02/08/50 MTN KFW 0.125 05/14/24 KFW 0.613 06/10/40 '23 KFW 0.689 06/18/40 '23 KFW 0.730 01/21/50 '30 MTN KFW 0.270 06/17/24 MTN KFW 0.375 07/18/25 KFW 2.055 07/17/23 MTN KFW 09/15/28 MTN KFW 0.400 08/12/40 '21 MTN KFW 0.100 08/27/25 MTN KFW 0.620 01/14/50 MTN KFW 0.750 09/30/30 MTN KFW 09/17/30 MTN KFW 0.145 09/16/24 MTN KFW 0.250 10/19/23 KFW 4.500 09/09/25 MTN KFW 1.000 10/19/50 '21 MTN KFW 1.027 10/26/50 '21 KFW 1.000 10/20/50 '21 MTN KFW 12/15/27 MTN KFW 0.050 10/25/23 MTN KFW 0.902 11/16/50 '21 MTN KFW 0.210 11/18/37 '23 MTN KfW 0.48 11/19/2040 KfW 0.22 11/19/2035 KFW 0.830 12/09/50 MTN KFW 0.018 06/23/23 MTN KFW 0.880 12/07/50 '21 MTN KFW 0.943 06/09/50 MTN KFW 0.951 09/09/50 MTN KFW 0.918 10/11/50 '21 MTN KFW 0.816 12/19/50 MTN KFW 01/10/31 MTN KFW 0.125 12/30/26 MTN KFW 7.100 01/21/31 MTN KFW 0.625 01/22/26 KFW 5.800 01/19/28 MTN KFW 7.100 01/28/31 KFW 7.100 01/28/31 MTN KFW 2.140 01/26/24 MTN KFW 4.400 07/25/25 MTN KFW 02/02/26 MTN KFW 0.600 02/16/51 KFW 0.160 02/16/36 MTN KFW 7.200 02/23/31 MTN KFW 02/12/24 FRN MTN KFW 0.990 02/12/51 MTN KFW 0.683 02/22/51 MTN KFW 0.750 02/19/26 KFW 0.080 02/15/34 MTN KFW 0.680 02/23/51 MTN KFW 1.000 02/10/26 MTN KFW 0.650 02/24/41 '24 MTN KFW 6.440 03/03/28 MTN KFW 7.600 03/04/31 MTN KFW 3.100 03/04/24 MTN KFW 0.250 03/08/24 KFW 0.965 03/02/46 '23 MTN KFW 0.107 03/10/31 MTN KFW 0.175 03/08/32 MTN KFW 06/15/26 MTN KFW 0.890 03/10/41 MTN KFW 1.208 03/10/51 MTN KFW 1.125 08/08/25 MTN KFW 0.200 03/11/24 MTN KFW 1.267 03/22/51 MTN KFW 7.805 03/23/28 MTN KFW 2.520 03/23/26 MTN KFW 0.250 09/09/26 MTN KFW 2.700 03/25/24 MTN KFW 0.625 07/25/25 MTN KFW 1.175 04/14/51 MTN KFW 06/15/29 MTN KFW 1.143 04/15/50 MTN KFW 1.000 04/27/41 KFW 8.200 05/13/31 MTN KFW 8.200 05/13/31 MTN KFW 1.750 05/19/28 MTN KFW 1.115 05/17/41 MTN KFW 0.375 05/20/36 MTN KFW 1.271 05/20/51 KFW 8.300 05/26/31 MTN KFW 8.300 05/26/31 MTN KFW 7.650 05/28/28 MTN KFW 0.750 12/07/27 MTN KFW 0.260 06/09/31 '23 MTN KFW 0.240 06/09/31 MTN KFW 06/14/24 MTN KFW 0.218 06/16/31 MTN KFW 0.440 06/16/25 MTN KFW 1.208 06/17/51 '23 MTN KFW 2.520 03/23/26 MTN KFW 1.270 06/29/51 MTN KFW 0.980 06/28/51 MTN KFW 2.700 03/25/24 MTN KFW 0.380 07/02/24 MTN KFW 0.100 08/01/24 MTN KFW 8.430 07/09/31 MTN KFW 0.500 09/20/24 MTN KFW 0.198 07/12/23 MTN KFW 1.171 07/19/51 MTN KFW 0.125 08/04/23 MTN KFW 11/09/28 MTN KfW Note Programme KfW Australian and New Zealand Medium Term Note Programme KFW 2.700 07/12/24 MTN KFW 0.100 08/10/26 MTN KFW 1.625 09/14/23 MTN KFW 1.201 09/13/51 KFW 1.100 09/16/51 '22 MTN KFW 09/15/31 MTN KFW 0.220 09/27/33 MTN KFW 10/01/33 '22 MTN KFW 10/08/33 '22 MTN KfW Index Linked 09/14/2026 KFW 10/15/33 '22 MTN KFW 0.220 10/11/23 MTN KFW 0.300 02/05/30 '23 KFW 0.826 10/22/41 '26 MTN KFW 6.150 10/14/23 MTN KFW 0.470 10/14/33 '22 MTN KFW 0.195 10/12/23 MTN KFW 0.699 10/20/36 '22 MTN KFW 2.000 11/03/23 MTN KFW 11/15/24 MTN KFW 2.950 10/29/23 MTN KFW Step-up Notes 5/10/2030 KFW 1.290 01/12/25 MTN KFW 1.390 01/13/25 MTN KFW 0.125 01/09/32 MTN KFW 1.125 07/04/25 MTN KFW 2.350 02/18/32 MTN KFW 0.135 01/17/29 '24 KFW 0.135 01/17/29 '24 KFW 3.900 01/18/24 MTN KFW 1.250 01/31/25 KFW 0.953 01/24/42 '27 KFW 0.320 01/24/30 '23 MTN KFW 0.680 01/24/33 '23 KFW 1.000 10/01/26 KFW 1.260 01/24/26 MTN KFW 0.410 01/31/30 '23 MTN KFW 2.000 02/15/27 MTN KFW 04/30/27 MTN KFW 0.736 01/28/34 MTN KFW 11/15/24 MTN KFW 1.250 07/31/26 MTN KFW 0.980 02/09/42 KFW 0.864 02/11/34 '23 MTN KFW 0.890 02/09/34 '23 MTN KFW 0.695 02/10/32 MTN KFW 1.142 02/15/42 MTN KFW 1.750 03/17/25 KFW 1.350 02/17/24 MTN KFW 7.750 02/21/29 '23 MTN KFW 1.400 02/15/24 MTN KFW 1.150 02/15/34 '23 MTN KFW 1.625 05/10/24 MTN KFW 2.150 08/25/25 MTN KFW 0.860 02/23/29 MTN KFW 2.670 02/22/24 MTN KFW 0.125 06/30/25 MTN KFW 2.750 03/03/25 MTN KFW 1.366 03/17/42 MTN KFW 3.103 03/18/24 MTN KFW 1.260 03/22/32 '23 MTN KFW 3.098 03/25/24 MTN KFW 1.413 03/31/34 MTN KFW 1.125 03/31/37 MTN KFW 1.500 04/07/25 MTN KFW 2.875 02/17/27 MTN KFW 1.500 04/07/25 MTN KFW 1.145 04/12/29 MTN KFW 1.884 04/20/46 MTN KFW 0.180 04/19/24 MTN KFW 1.000 04/14/27 MTN KFW 0.325 06/24/24 MTN KFW 1.070 04/19/28 '24 MTN KFW 1.300 04/25/28 '24 MTN KFW 2.110 04/22/42 MTN KFW 2.001 04/27/34 MTN KFW 3.395 04/22/24 MTN KFW 3.000 05/20/27 MTN KFW 3.332 04/29/24 MTN KFW 1.375 06/07/32 MTN KFW 12/15/23 MTN KFW 0.500 01/15/25 MTN KFW 0.322 06/14/24 MTN KFW 2.090 05/09/37 MTN KFW 1.996 05/12/37 MTN KFW 3.545 05/13/24 MTN KFW 2.000 05/11/32 '23 MTN KFW 1.490 05/12/28 MTN KFW 1.676 05/24/30 '24 MTN KFW 1.175 06/03/27 '24 MTN KFW 2.360 06/09/42 '24 MTN KFW 1.717 06/08/30 '25 MTN KFW 0.543 06/10/24 MTN KFW 1.240 06/15/26 '23 MTN KFW 2.470 06/17/37 MTN KFW 2.730 07/05/23 MTN KFW 3.125 06/10/25 KFW 2.000 11/15/29 MTN KFW 9.000 07/08/24 MTN KFW 0.305 07/19/23 MTN KFW 0.575 07/27/23 MTN KFW 2.265 08/04/43 MTN KFW 2.865 08/03/24 MTN KFW 1.250 08/15/28 '25 MTN KFW 1.250 08/24/26 '23 MTN KFW 1.250 08/24/26 '23 MTN KFW 2.220 08/17/32 MTN KFW 0.805 08/19/24 MTN KFW 2.270 08/17/32 '23 MTN KFW 1.170 08/24/26 MTN KFW 3.375 08/23/24 KFW 1.250 06/30/27 MTN KFW 11.500 08/23/24 MTN KFW 8.800 08/25/23 MTN KFW 2.975 09/01/23 MTN KFW 0.100 08/29/24 MTN KFW 1.413 09/02/24 '23 KFW 3.066 09/05/23 MTN KFW 2.200 09/09/27 '24 KFW 3.500 09/09/24 MTN KFW 1.340 12/07/23 MTN KFW 1.810 09/08/26 MTN KFW 1.557 01/07/25 MTN KFW 3.175 09/14/23 MTN KFW 2.600 09/21/27 '23 MTN KFW 0.100 09/15/32 MTN KFW 2.410 09/23/27 '24 MTN KFW 1.613 09/19/24 MTN KFW 2.000 09/19/27 '23 MTN KFW 3.504 09/27/41 '26 MTN KFW 2.955 10/06/26 '23 MTN KFW 2.875 12/28/29 MTN KFW 4.120 10/10/42 '26 MTN KFW 2.167 04/05/24 MTN KFW 3.440 10/18/28 '23 MTN KFW 1.890 10/17/23 MTN KFW 2.650 10/18/23 MTN KFW 3.350 10/18/24 MTN KFW 1.915 10/19/23 MTN KFW 3.060 10/26/26 '23 MTN KFW 4.830 10/20/25 '23 MTN KFW 2.870 10/27/25 MTN KFW 4.500 04/25/24 MTN KFW 2.500 11/19/25 MTN KFW 2.644 10/28/24 '23 MTN KFW 4.560 11/01/24 MTN KFW 3.875 09/02/25 MTN KFW 4.100 02/20/26 MTN KFW 1.000 12/02/27 MTN KFW 4.570 12/12/23 MTN KFW 2.381 12/12/24 MTN KFW 3.180 03/15/28 MTN KFW 4.125 02/18/26 MTN KFW 2.750 03/15/28 MTN KFW 2.600 01/17/26 MTN KFW 4.300 07/13/27 KFW 3.750 02/15/28 KFW 3.700 01/26/33 MTN KFW 3.074 01/23/26 MTN KFW 2.925 01/30/26 '24 MTN KFW 3.700 01/27/33 '24 MTN KFW 3.260 02/07/28 '24 MTN KFW 3.380 02/13/28 '24 MTN KFW 3.550 02/14/33 '24 MTN KFW 3.750 07/30/27 MTN KFW 4.200 02/08/29 MTN KFW 2.920 02/09/27 MTN KFW 0.100 02/14/33 MTN KFW 4.260 02/14/24 MTN KFW 4.280 02/23/24 MTN KFW 4.280 02/15/24 MTN KFW 4.615 02/17/43 MTN KFW 3.350 02/16/28 '24 KFW 4.260 02/16/24 MTN KFW 3.656 02/21/33 MTN KFW 4.310 02/20/24 MTN KFW 4.274 02/21/24 MTN KFW 3.791 02/24/33 MTN KFW 4.000 02/23/33 '24 MTN KFW 3.885 02/24/33 '24 MTN KFW 4.060 02/27/26 MTN KFW 4.000 03/03/33 '24 MTN KfW 2.90 02/24/26 KFW 4.070 03/15/31 MTN KFW 4.000 03/16/31 '25 MTN KFW 4.240 03/16/33 '24 MTN KFW 4.300 03/13/24 MTN KFW 3.125 06/07/30 MTN KFW 4.140 03/14/33 '24 MTN KFW 4.320 03/23/27 MTN KFW 3.140 06/25/27 MTN KFW 3.170 05/27/27 MTN KFW 3.625 04/01/26 KFW 2.875 06/07/33 MTN KFW 3.600 04/26/24 MTN KFW 4.110 05/08/33 '24 MTN KFW 4.000 05/03/32 '24 MTN KFW 1.000 03/27/25 MTN KFW 3.698 05/10/24 MTN KFW 3.270 05/12/28 '25 MTN KFW 3.710 05/13/24 MTN KFW 1.000 05/18/26 MTN KFW 2.200 05/24/24 MTN KFW 0.100 05/15/30 MTN KFW 3.900 05/23/33 MTN KFW 3.800 05/24/28 MTN KFW 4.612 05/26/43 MTN KFW 4.060 05/26/33 MTN KFW 3.875 06/15/28 KFW 3.900 06/09/35 '26 MTN KFW 2.875 05/29/26 MTN KFW 4.000 06/16/33 MTN KFW 4.000 07/07/38 MTN KFW 2.450 07/06/27 MTN KFW 4.050 07/18/33 MTN KFW 4.395 07/10/24 KFW 4.495 07/17/24 KFW 4.875 02/03/31 MTN KFW 3.594 07/14/48 '33 KFW 4.110 07/20/38 MTN KFW 4.124 07/24/35 '26 KFW 4.125 07/15/33 KFW 3.750 07/31/28 '24 KFW 07/27/26 FRN KFW 4.650 08/15/24 KFW 4.070 08/14/33 '24 KFW 4.910 08/25/43 MTN KFW 1.000 01/30/29 MTN KFW 4.552 08/28/24 KFW 2.450 08/29/24 KFW 4.235 08/29/38 '25 KFW 3.125 10/10/28 KFW 2.430 09/11/26 MTN KFW 4.060 08/28/33 '25 KFW 4.100 08/30/33 '24 KFW 2.630 09/05/24 KFW 2.675 09/02/24 KFW 4.625 08/07/26 KFW 3.500 09/24/30 MTN KFW 2.510 09/09/24 KFW 4.875 10/10/28 MTN KFW 3.248 08/26/26 KFW 2.690 09/18/24 KFW 1.000 09/19/28 MTN KFW 4.250 09/29/28 KFW 2.965 09/20/24 KFW 2.830 09/30/24 KFW 4.010 09/29/30 '24 KFW 4.160 10/05/33 MTN KFW 2.900 09/30/24 KFW 2.900 09/30/24 KFW 3.250 03/24/31 MTN KFW 4.200 10/05/33 '24 KFW 4.400 10/11/33 '24 KFW 4.300 10/10/33 MTN KFW 4.400 10/18/33 MTN KFW 4.080 10/17/31 '25 KFW 3.625 10/31/28 MTN KFW 4.400 10/17/33 '24 KFW 4.750 10/29/30 KFW 5.125 09/29/25 KFW 5.695 10/24/25 MTN KFW 5.710 10/25/25 MTN KFW 4.465 10/31/33 '24 KFW 2.975 10/27/24 KFW 1.000 10/31/33 KFW 1.000 10/27/25 KFW 1.000 10/30/26 MTN KFW 4.130 11/23/33 MTN KFW 4.805 11/17/26 MTN KFW 4.000 11/17/33 '25 KFW 5.710 11/22/27 MTN KFW 6.100 12/04/24 KFW 3.700 12/01/33 MTN KFW 2.595 03/20/26 KFW 3.750 01/09/29 MTN KFW 2.625 01/10/34 MTN KFW 2.375 08/05/27 MTN KFW 3.460 04/11/34 '25 KFW 4.400 07/12/29 MTN KFW 4.000 03/15/29 KFW 3.550 01/18/27 MTN KFW 3.615 04/26/34 KFW 4.035 01/27/25 KFW 3.63 04/30/34 KFW 4.125 01/31/28 KFW 3.275 01/31/31 KFW 3.875 02/15/29 KFW 3.52 02/05/36 KFW 2.975 02/06/26 KFW 3.6025 02/07/27 KFW 4.05 02/13/2034 KFW 3.7575 02/14/2026 KFW 3.593 08/16/36 KFW 2.75 02/20/31 KFW 4.375 02/28/34 KFW 3.670 02/21/34 KFW 3.23 02/23/34 KFW 4.65 02/28/31 KFW 4 06/01/34 KFW 4.73 03/04/25 KFW 3.537 03/06/34 KFW 4.375 03/01/27 KFW 3.23 04/07/31 KFW 4.00 03/11/34 KFW 3.505 03/14/44 KFW 2.625 04/26/29 KFW 4.00 04/11/34 KFW 4.00 04/17/34
      WEDNESDAY, 24/05/2023 - Scope Ratings GmbH
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      Scope affirms AAA/Stable issuer rating on KfW

      KfW's issuer rating is fully aligned with the Federal Republic of Germany's AAA sovereign credit rating.

      Rating action

      Scope Ratings GmbH (Scope) has today affirmed its AAA issuer rating on KfW. The AAA senior unsecured debt and the S-1+ short-term debt ratings have also been affirmed. The Outlook for all ratings remains Stable. Scope has also affirmed the following programme ratings:

      • KfW EUR 90bn Multi-Currency Commercial Paper Programme rated S-1+/Stable
         
      • KfW USD 30bn US Commercial Paper Programme rated S-1+/Stable
         
      • KfW Australian and New Zealand Medium-term Note Programme rated AAA/Stable
         
      • KfW Note Programme rated AAA/Stable

      Rating rationale

      KfW’s issuer rating is fully aligned with the sovereign credit rating of the Federal Republic of Germany (AAA/Stable). The Federal Republic of Germany explicitly and unconditionally guarantees KfW’s current and future obligations on an explicit, unconditional, unlimited, statutory, direct and irrevocable basis, thus providing creditors with direct recourse if the bank cannot meet its obligations in a timely manner. In addition, KfW benefits from a maintenance obligation by the Federal Republic under the principle of Anstaltslast. Chartered under public law, the bank cannot be subject to insolvency proceedings.

      KfW is the largest German government development agency and one of the largest sub-sovereign issuers in Europe. Under the direction of the Federal Finance Ministry and within a mandate set by law, KfW plays a critical role in implementing Germany’s economic policy. It has recently taken significant measures in response to the Covid-19 pandemic and the Russia-Ukraine war. The bank is also playing an increasingly important role in shaping German energy policy and securing energy supplies. KfW and its subsidiaries significantly contribute to efforts to tackle the climate crisis at the domestic and international levels.

      In 2022, KfW has made a significant contribution to the transformation of the economy towards renewable energies and energy independence as well as to the economic stabilisation in Germany. The promotional business volume and new business increased by 56% to EUR 167bn, which included a significant amount of mandated transactions on behalf of the Federal Government of Germany to secure energy supplies for the country, amounting to EUR 58bn in 2022. The extraordinary promotional volume continued in Q1 2023, when KfW recorded a volume of EUR 40bn, slightly below the already significant EUR 41bn in Q1 2022.

      As a promotional bank, KfW does not seek to maximise profit. Nevertheless, KfW achieved a satisfactory consolidated profit of EUR 394m in Q1 2023, including, inter alia, a net recovery from loan losses of EUR 5m and positive fair value adjustments of EUR 20m. For 2023, KfW is targeting a decline in net income to around EUR 950m (2022: EUR 1.4bn). Scope considers this target to be realistic, as it assumes that the indirect negative effects of the Russia-Ukraine war may weigh on performance in the coming years. Cost efficiency is also likely to remain pressured by investments in modernisation and digitalisation as well as higher inflation, though management is keeping a close eye on efficiency.

      KfW maintains an excellent capital market access. KfW aims to raise EUR 80bn-85bn on capital markets In 2023, at least EUR 10bn of which is to be issued as green bonds. In general, KfW actively supports the qualitative development of the green bond market, mainly through market initiatives and in direct dialogue with market participants. As part of its sustainability strategy, KfW has launched several projects to implement the Paris Agreement in its financing activities, strengthen its ESG risk management and apply the EU taxonomy and the new EU directive on sustainability reporting from 2021.

      Scope also highlights KfW’s strong capital metrics and its solid asset quality. In Scope’s view, counterparty, market, liquidity and operational risks are managed in a prudent manner, reflecting KfW’s extensive investment into risk management and compliance processes in recent years. Scope expects downside risks in 2023 to remain manageable.

      Rating-change drivers

      There are no positive rating-change drivers as KfW is rated AAA, the highest rating on Scope’s rating scale.

      Factors that could negatively impact the ratings are:

      • A downgrade of Scope’s sovereign rating assessment (currently AAA/Stable).
         
      • Any material change to the credit support by the Federal Republic of Germany, notably the explicit guarantee, public law status, Anstaltslast and exemptions from insolvency law and taxation.

      Stress testing & cash flow analysis
      No stress testing was performed. No cash flow analysis was performed.

      Methodology
      The methodology used for these Credit Ratings and Outlook, (Government Related Entities Rating Methodology, 6 May 2022), is available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
      Information on the meaning of each Credit Rating category, including definitions of default, recoveries, Outlooks and Under Review, can be viewed in ‘Rating Definitions – Credit Ratings, Ancillary and Other Services’, published on https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Historical default rates of the entities rated by Scope Ratings can be viewed in the Credit Rating performance report at https://scoperatings.com/governance-and-policies/regulatory/eu-regulation. Also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope Ratings’ definitions of default and Credit Rating notations can be found at https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Guidance and information on how environmental, social or governance factors (ESG factors) are incorporated into the Credit Rating can be found in the respective sections of the methodologies or guidance documents provided on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
      The Outlook indicates the most likely direction of the Credit Ratings if the Credit Ratings were to change within the next 12 to 18 months.

      Solicitation, key sources and quality of information
      The Rated Entity and/or its Related Third Parties participated in the Credit Rating process.
      The following substantially material sources of information were used to prepare the Credit Ratings: public domain, the Rated Entity and Scope Ratings’ internal sources.
      Scope Ratings considers the quality of information available to Scope Ratings on the Rated Entity or instrument to be satisfactory. The information and data supporting these Credit Ratings originate from sources Scope Ratings considers to be reliable and accurate. Scope Ratings does not, however, independently verify the reliability and accuracy of the information and data.
      Prior to the issuance of the Credit Rating action, the Rated Entity was given the opportunity to review the Credit Ratings and Outlooks and the principal grounds on which the Credit Ratings and Outlooks are based. Following that review, the Credit Ratings were not amended before being issued.

      Regulatory disclosures
      These Credit Ratings and Outlooks are issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0. The Credit Ratings and Outlooks are UK-endorsed.
      Lead analyst: Christian van Beek, Director
      Person responsible for approval of the Credit Ratings: Marco Troiano, Managing Director
      The Credit Ratings/Outlooks were first released by Scope Ratings on 4 December 2015. The Credit Ratings/Outlooks were last updated on 23 June 2022.

      Potential conflicts
      See www.scoperatings.com under Governance & Policies/Regulatory for a list of potential conflicts of interest related to the issuance of Credit Ratings.

      Conditions of use / exclusion of liability
      © 2023 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, Scope Investor Services GmbH, and Scope ESG Analysis GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin.

      KFW 4.000 02/27/25 MTN KFW 5.000 03/19/24 MTN KFW 3.000 07/13/45 '18 FRN KFW 3.000 03/27/45 FRN MTN KFW 03/30/37 MTN KFW 01/02/43 '19 MTN KFW 5.050 02/04/25 KFW 4.700 06/02/37 KFW 5.500 06/18/25 MTN KFW 4.300 12/15/36 MTN KFW 07/17/37 FRN MTN KFW 2.003 06/10/25 FRN MTN KFW 4.500 01/04/30 '20 MTN KFW 07/17/37 FRN MTN KFW 2.610 07/10/37 FRN MTN KFW 06/01/27 MTN KFW 2.746 05/24/33 '17 MTN KFW 5.750 06/07/32 MTN KFW 4.730 07/12/23 MTN KFW 2.593 02/14/44 FRN MTN KFW 3.000 02/14/33 '23 FRN KFW 6.000 12/07/28 MTN KFW 1.850 10/07/44 '24 MTN KFW 3.590 11/07/44 '19 MTN KFW 1.456 09/12/44 '24 MTN KFW 0.927 05/08/37 FRN MTN KFW 2.431 11/28/36 FRN MTN KFW 0.302 10/17/25 FRN MTN KFW 2.250 08/12/26 '24 MTN KFW 2.194 03/28/44 '19 FRN KFW 4.660 12/22/29 '19 MTN KFW 0.988 03/23/45 '25 FRN KFW 0.475 08/19/30 FRN MTN KFW 07/30/37 FRN MTN KFW 08/07/37 FRN MTN KFW 7.780 03/09/37 FRN MTN KFW 10/30/34 FRN MTN KFW 4.200 06/07/34 '24 MTN KFW 10/30/34 FRN MTN KFW 1.899 02/06/45 FRN MTN KFW 07/09/37 FRN MTN KFW 08/07/37 FRN MTN KFW 2.400 06/06/44 FRN MTN KFW 2.065 01/31/37 MTN NACT KFW 2.674 04/29/26 FRN MTN KFW 2.380 09/24/30 MTN KFW 2.052 12/10/30 FRN MTN KFW 1.116 11/14/44 '24 MTN KFW 0.956 05/18/35 '20 FRN KFW 4.000 03/27/35 FRN MTN KFW 08/07/37 FRN MTN KFW 07/09/37 FRN MTN KFW 3.522 11/18/33 '17 MTN KFW 4.500 05/26/26 MTN KFW 06/06/42 '18 MTN KFW 0.534 02/14/26 FRN MTN KFW 4.000 10/23/34 '17 MTN KFW 2.700 10/02/34 '24 KFW 09/26/44 '17 MTN KFW 6.582 12/19/36 FRN MTN KFW 07/28/31 MTN KFW 3.960 10/13/34 FRN MTN KFW 6.375 12/20/36 FRN MTN KFW 0.916 03/14/44 '25 MTN KFW 2.410 07/01/43 '23 MTN KFW 01/02/43 '19 MTN KFW 6.000 12/07/28 MTN KFW 3.100 06/22/41 '21 MTN KFW 2.650 07/24/37 FRN MTN KFW 03/28/36 FRN MTN KFW 4.000 03/24/34 '24 MTN KFW 0.550 01/20/45 FRN MTN KFW 2.080 06/26/45 FRN MTN KFW 2.500 08/08/34 '24 MTN KFW 07/23/37 FRN MTN KFW 4.050 03/24/34 '24 MTN KFW 2.166 10/28/44 FRN MTN KFW 08/13/37 FRN MTN KFW 08/07/37 FRN MTN KFW 08/13/37 FRN MTN KFW 08/13/37 FRN MTN KFW 0.518 06/05/37 FRN MTN KFW 08/13/37 FRN MTN KFW 08/13/37 FRN MTN KFW 3.200 02/13/45 '17 MTN KFW 3.000 01/13/45 FRN MTN KFW 2.600 07/24/37 FRN MTN KFW 07/23/37 FRN MTN KFW 08/13/37 FRN MTN KFW 2.414 09/29/34 '17 MTN KFW 1.378 02/25/28 '17 MTN KFW 3.510 03/28/36 FRN MTN KFW 0.528 03/12/38 FRN MTN KFW 3.000 07/08/41 '21 MTN KFW 07/24/38 FRN MTN KFW 3.100 04/24/43 '17 FRN KFW 4.000 12/12/34 '19 MTN KFW 2.130 10/07/23 MTN KFW 1.333 11/28/44 FRN MTN KFW 2.548 02/05/44 FRN MTN KFW 2.000 07/27/45 FRN KFW 2.658 04/30/24 MTN KFW 8.155 03/02/37 FRN MTN KFW 02/07/25 MTN KFW 4.150 06/05/43 '18 MTN KFW 3.600 11/04/44 '24 FRN KFW 3.000 07/06/43 '23 MTN KFW 0.558 04/08/43 '17 FRN KFW 2.550 07/24/37 FRN MTN KFW 11/25/44 '19 MTN KFW 7.440 11/21/36 FRN MTN KFW 8.500 02/20/37 FRN MTN KFW 2.125 08/07/23 MTN KFW 0.050 11/06/37 FRN MTN KFW 08/20/37 FRN MTN KFW 3.200 09/01/31 MTN KFW 5.255 05/21/25 MTN KFW 3.500 03/05/29 FRN MTN KFW 4.160 06/16/37 MTN KFW 04/24/37 FRN MTN KFW 12/30/26 FRN MTN KFW 0.341 04/13/37 FRN MTN KFW 1.894 03/23/43 '23 KFW 0.811 11/25/44 FRN MTN KFW 1.558 06/23/45 FRN MTN KFW 4.997 03/04/32 '23 MTN KFW 01/18/43 '19 MTN KFW 3.950 02/24/28 '23 MTN KFW 1.527 11/07/30 FRN MTN KFW 08/21/37 FRN MTN KFW 2.400 09/21/44 '26 MTN KFW 4.500 09/29/33 FRN MTN KFW 0.210 05/08/37 FRN MTN KFW 07/09/37 FRN MTN KFW 1.931 02/05/35 '17 MTN KFW 09/26/35 FRN MTN KFW 02/22/43 '19 MTN KFW 2.650 07/24/37 FRN MTN KFW 2.160 07/10/37 FRN MTN KFW 10.000 03/28/36 FRN MTN KFW 3.750 09/25/28 '23 MTN KFW 6.389 03/09/37 FRN MTN KFW 0.980 07/30/37 FRN MTN KFW 3.000 04/14/44 '24 FRN KFW 02/09/45 FRN MTN KFW 01/18/43 '19 MTN KFW 2.965 02/08/33 '18 FRN KFW 2.033 11/25/44 FRN MTN KFW 0.427 08/22/25 FRN MTN KFW 2.510 07/10/37 FRN MTN KFW 2.148 01/07/44 '24 MTN KFW 4.259 03/01/27 '17 MTN KFW 2.500 07/10/45 '17 MTN KFW 10/16/42 '18 MTN KFW 0.898 10/28/44 FRN MTN KFW 1.519 02/24/26 FRN MTN KFW 4.300 11/27/28 '23 MTN KFW 1.986 10/26/36 FRN MTN KFW 4.650 07/09/32 MTN KFW 07/24/42 '18 MTN KFW 4.650 07/10/24 MTN KFW 3.000 01/13/34 '24 MTN KFW 1.872 02/05/44 FRN MTN KFW 1.436 11/14/34 '24 MTN KFW 06/20/42 '18 MTN KFW 6.300 05/28/32 FRN MTN KFW 3.200 02/25/44 FRN MTN KFW 11/16/37 FRN MTN KFW 10.000 11/28/36 FRN MTN KFW 3.000 01/29/44 '24 MTN KFW 3.550 07/18/34 '21 FRN KFW 2.000 01/13/45 FRN MTN KFW 1.933 12/15/34 FRN MTN KFW 2.210 07/10/37 FRN MTN KFW 1.971 09/07/34 '17 MTN KFW 3.890 07/10/37 FRN MTN KFW 0.050 06/05/37 FRN MTN KFW 3.000 09/26/29 '24 MTN KFW 0.539 02/13/26 FRN MTN KFW 07/09/37 FRN MTN KFW 3.293 11/13/37 FRN MTN KFW 07/09/37 FRN MTN KFW 07/03/42 '18 MTN KFW 2.800 03/25/34 FRN MTN KFW 3.500 06/07/33 '17 FRN KFW 4.000 06/07/33 '17 FRN KFW 3.000 02/12/44 FRN MTN KFW 07/17/37 FRN MTN KFW 2.590 06/16/24 MTN KFW 3.500 02/07/34 '19 MTN KFW 0.902 02/22/36 FRN MTN KFW 10.000 03/27/37 FRN MTN KFW 0.625 11/28/44 '19 MTN KFW 10/11/42 '18 MTN KFW 2.250 08/21/45 FRN MTN KFW 3.108 01/30/29 '24 FRN KFW 3.300 09/26/34 FRN MTN KFW 2.450 09/29/44 '24 FRN KFW 06/21/37 MTN CALd KFW 10/22/45 '21 MTN KFW 11/08/42 '18 MTN KFW 0.210 07/10/37 FRN MTN KFW 3.486 12/27/33 '23 FRN KFW 4.000 03/18/41 '21 MTN KFW 4.380 07/30/40 FRN MTN KFW 04/24/37 FRN MTN KFW 0.492 09/03/24 '17 MTN KFW 3.500 01/10/34 FRN MTN KFW 1.069 03/25/44 '24 MTN KFW 1.398 05/14/43 FRN MTN KFW 10.000 07/17/37 FRN MTN KFW 05/23/41 '18 MTN KFW 07/17/37 FRN MTN KFW 07/23/37 FRN MTN KFW 0.619 07/05/25 FRN MTN KFW 3.500 06/19/43 FRN MTN KFW 5.422 06/20/33 '23 MTN KFW 2.201 06/16/34 '24 MTN KFW 4.860 01/22/30 '20 MTN KFW 4.370 11/28/30 MTN KFW 0.134 09/29/34 '17 MTN KFW 3.600 12/02/44 '17 MTN KFW 07/09/37 FRN MTN KFW 3.000 07/07/34 '18 FRN KFW 4.454 06/16/26 MTN KFW 4.800 03/25/33 FRN MTN KFW 1.059 06/22/26 FRN MTN KFW 11/29/42 '18 MTN KFW 10/23/45 '25 MTN KFW 5.220 07/17/37 FRN MTN KFW 2.700 11/06/34 '17 MTN KFW 3.000 01/07/45 FRN MTN KFW 1.705 03/27/45 FRN MTN KFW 2.867 03/28/33 '17 FRN KFW 2.970 09/26/44 '17 MTN KFW 2.606 07/22/43 '23 FRN KFW 2.050 03/03/25 MTN CALd KFW 4.200 03/24/34 '24 MTN KFW 3.500 04/03/34 '24 MTN KFW 0.330 03/25/44 '24 MTN KFW 3.000 09/26/44 FRN MTN KFW 08/20/37 FRN MTN KFW 2.700 03/24/44 '24 MTN KFW 3.000 03/13/45 MTN KFW 3.000 09/18/35 FRN MTN KFW 08/13/42 '18 MTN KFW 01/30/28 MTN KFW 08/07/37 FRN MTN KFW 0.916 03/28/26 FRN MTN KFW 2.516 06/06/44 FRN MTN KFW 6.136 12/04/36 FRN MTN KFW 3.550 11/20/34 '17 FRN KFW 0.389 07/28/25 FRN MTN KFW 1.850 09/16/44 FRN MTN KFW 2.291 06/24/32 FRN MTN KFW 0.695 03/13/26 FRN MTN KFW 0.515 01/24/26 FRN MTN KFW 3.289 07/31/37 FRN MTN KFW 07/17/37 FRN MTN KFW 3.150 03/26/38 MTN KFW 3.200 03/19/35 '18 KFW 1.626 01/13/45 '25 MTN KFW 0.500 08/07/37 FRN MTN KFW 09/24/42 '18 MTN KFW 2.047 09/19/34 '17 MTN KFW 3.500 03/07/33 '17 MTN KFW 08/07/37 FRN MTN KFW 4.316 08/14/45 FRN MTN KFW 1.614 04/24/43 '23 MTN KFW 3.767 11/07/33 FRN MTN KFW 1.973 01/13/45 '25 MTN KFW 08/07/37 FRN MTN KFW 1.485 03/23/26 FRN MTN KFW 2.800 04/06/45 '17 FRN KFW 0.452 11/17/25 FRN MTN KFW 08/20/37 FRN MTN KFW 10/30/34 FRN MTN KFW 1.400 02/24/45 '25 MTN KFW 1.818 03/10/38 FRN MTN KFW 2.897 03/22/33 '17 MTN KFW 4.696 06/28/32 FRN MTN KFW 1.700 08/29/34 '24 MTN KFW 3.161 04/07/36 FRN MTN KFW 2.066 03/01/32 FRN MTN KFW 1.800 07/24/37 FRN MTN KFW 10/26/27 FRN MTN KFW 3.030 06/05/34 FRN MTN KFW 01/02/43 '19 MTN KFW 2.050 07/24/37 FRN MTN KFW 3.000 08/25/45 '17 FRN KFW 1.550 07/24/37 FRN MTN KFW 4.300 03/24/34 FRN MTN KFW 10/30/42 '18 MTN KFW 2.861 03/15/33 '17 MTN KFW 0.546 09/20/25 FRN MTN KFW 0.548 09/21/25 FRN MTN KFW 4.000 04/11/41 '21 FRN KFW 3.100 12/30/44 '17 MTN KFW 1.550 07/24/37 FRN MTN KFW 3.900 10/16/34 FRN MTN KFW 01/17/43 '19 MTN KFW 2.280 09/25/37 FRN MTN KFW 7.546 12/19/36 FRN MTN KFW 2.426 03/25/27 FRN MTN KFW 1.055 12/21/25 FRN MTN KFW 3.150 10/29/29 FRN MTN KFW 5.000 06/09/36 MTN KFW 3.800 01/10/29 '24 FRN KFW 0.546 12/19/25 FRN MTN KFW 3.100 03/25/33 FRN MTN KFW 07/05/42 '18 MTN KFW 5.099 05/15/37 FRN MTN KFW 0.836 12/16/44 '24 MTN KFW 07/09/37 FRN MTN KFW 1.031 03/25/44 '24 MTN KFW 2.543 04/11/44 '17 MTN KFW 05/08/43 '19 MTN KFW 03/10/37 FRN MTN KFW 4.760 09/24/24 MTN KFW 4.875 03/15/37 MTN KFW 02/27/43 '19 MTN KFW 03/16/45 '25 FRN KFW 2.050 06/29/45 FRN KFW 0.635 12/04/27 FRN MTN KFW 2.061 03/25/42 FRN MTN KFW 09/17/29 KFW 0.122 10/30/34 FRN MTN KFW 2.548 03/24/44 '24 MTN KFW 4.400 08/08/41 FRN MTN KFW 0.375 04/23/30 MTN KFW 1.970 10/08/38 MTN KFW 1.400 08/06/35 '25 MTN KFW 3.340 09/01/25 FRN KFW 7.074 11/30/26 FRN KFW 1.375 07/31/35 MTN KFW 08/19/41 '26 MTN KFW 5.000 09/10/24 MTN KFW 02/16/25 FRN KFW 1.987 07/22/33 KFW 2.000 10/30/27 MTN KFW 08/12/26 FRN KFW 2.700 08/08/34 '24 KFW 4.203 10/27/33 FRN MTN KFW 2.695 07/10/23 FRN MTN KFW 10/30/29 KFW 0.750 12/09/25 FRN KFW 07/09/37 FRN MTN KFW 12/15/32 MTN KFW 07/09/37 FRN MTN KFW 2.050 02/16/26 KFW 2.909 02/24/28 '23 MTN KFW 1.450 02/17/45 FRN KFW 2.600 06/20/37 KFW 2.125 08/15/23 KFW 0.625 01/15/25 KFW 08/22/42 '18 MTN KFW 1.500 06/11/24 KFW 4.600 08/13/29 FRN MTN KFW 1.449 06/18/43 '23 MTN KFW 2.500 08/25/25 KFW 2.000 05/02/25 KFW 06/29/37 KFW 2.500 11/20/24 KFW 2.750 02/16/37 KFW 04/18/36 KfW EUR 90bn Multi-Currency CP KfW US 30bn CP KFW 12/15/31 MTN KFW 01/15/46 '19 MTN KFW 3.293 01/12/46 FRN MTN KFW 01/29/46 '31 KFW 1.250 07/04/36 MTN KFW 3.200 09/11/26 MTN KFW 03/18/46 MTN KFW 0.375 03/09/26 KFW 03/14/36 '18 MTN KFW 0.500 03/28/31 KFW 1.240 04/18/36 '26 KFW 2.600 05/23/41 '26 MTN KFW 05/27/46 '19 MTN KFW 0.050 05/30/24 MTN KFW 05/27/46 '23 MTN KFW 06/28/46 '23 MTN KFW 1.110 07/13/46 '26 KFW 0.860 08/08/31 '18 MTN KFW 2.760 08/08/46 '17 MTN KFW 0.170 08/18/26 '17 MTN KFW 1.027 08/31/46 '26 MTN KFW 0.570 09/04/28 KFW 0.755 09/05/30 KFW 0.545 09/13/28 KFW 0.700 09/22/31 KFW 0.250 09/20/30 KFW 0.250 10/05/28 '18 KFW 0.250 10/05/28 KFW 0.017 09/18/23 KFW 0.800 09/27/30 KFW 09/15/23 KFW 0.250 10/17/28 KFW 0.500 10/20/31 KFW 10/31/46 '21 MTN KFW 2.820 11/08/46 '17 MTN KFW 0.250 10/27/31 MTN KFW 0.250 10/31/28 KFW 0.500 11/03/31 '17 KFW 0.600 11/24/31 '18 KFW 0.860 11/28/28 KFW 0.500 11/24/31 '17 KFW 0.600 12/01/31 KFW 12/23/46 '19 MTN KFW 0.125 01/15/24 KFW 0.132 01/15/24 KFW 1.125 06/15/37 MTN KFW 7.500 12/07/23 MTN KFW 01/26/47 '22 MTN KFW 02/15/47 '27 KFW 0.320 02/27/25 MTN KFW 0.625 02/22/27 KFW 0.150 02/27/24 MTN KFW 0.159 04/18/24 '18 MTN KFW 0.150 04/18/24 '18 MTN KFW 0.300 05/04/27 '18 KFW 0.250 06/30/25 MTN KFW 1.635 06/26/42 '19 KFW 0.335 06/16/32 FRN KFW 0.125 10/04/24 KFW 1.240 07/12/32 '18 MTN KFW 1.125 09/15/32 MTN KFW 0.100 01/18/28 '18 KFW 1.780 07/17/47 '32 MTN KFW 1.000 07/21/32 '20 MTN KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 0.750 07/31/29 '19 KFW 3.200 03/15/28 MTN KFW 0.500 09/15/27 KFW 10/10/47 '28 KFW 09/25/47 '34 KFW 0.400 10/18/27 KFW 0.400 10/18/27 '19 KFW 0.400 10/18/27 '19 KFW 0.220 10/13/24 MTN KFW 0.400 10/30/27 '19 KFW 0.300 11/08/27 '19 KFW 0.400 11/03/27 '19 MTN KFW 1.600 11/10/37 '18 KFW 0.400 11/15/27 '19 KFW 1.200 11/22/27 MTN KFW 0.625 01/07/28 MTN KFW 0.221 01/15/25 KFW 01/16/48 '28 FRN KFW 0.250 01/19/28 '20 KFW 2.875 04/03/28 KFW 3.570 02/09/38 '19 MTN KFW 1.375 02/02/28 MTN KFW 0.974 02/14/28 '20 KFW 02/22/38 '21 MTN KFW 1.330 03/29/28 MTN KFW 1.215 04/24/28 KFW 0.375 04/23/25 KFW 0.500 05/08/28 '20 KFW 1.125 05/09/33 MTN KFW 7.750 06/06/23 MTN KFW 0.125 06/07/23 KFW 1.800 10/25/48 '28 MTN KFW 1.250 12/29/23 MTN KFW 0.625 07/18/33 '19 KFW 3.532 06/25/28 KFW 0.325 01/15/26 '20 MTN KFW 1.845 10/19/48 '28 MTN KFW 10/04/38 '20 MTN KFW 0.750 06/28/28 KFW 0.500 09/28/26 MTN KFW 3.370 07/12/38 '28 MTN KFW 0.500 08/14/28 '20 KFW 0.300 11/27/28 '19 MTN KFW 0.500 08/14/28 '20 KFW 0.500 08/14/28 '20 MTN KFW 0.125 11/07/23 KFW 0.300 11/27/28 '19 MTN KFW 0.250 09/15/25 KFW 11/13/23 FRN MTN KFW 0.400 06/29/28 '20 MTN KFW 01/10/24 FRN MTN KFW 01/23/24 MTN KFW 0.750 01/15/29 MTN KFW 2.625 02/28/24 KFW 1.375 12/09/24 MTN KFW 04/02/24 MTN KFW 1.375 12/15/25 MTN KFW 0.450 02/20/29 '21 MTN KFW 06/29/23 FRN MTN KFW 2.700 03/15/24 MTN KFW 2.140 03/15/24 MTN KFW 1.625 04/03/24 MTN KFW 0.875 07/04/39 MTN KFW 0.010 05/05/27 MTN KFW 07/04/24 MTN KFW 06/18/24 MTN KFW 2.800 07/29/24 MTN KFW 1.500 07/24/24 MTN KFW 0.875 09/15/26 MTN KFW 1.250 08/28/23 MTN KFW 1.375 08/05/24 MTN KFW 1.750 09/14/29 KFW 2.490 09/10/23 MTN KFW 0.110 10/24/29 MTN KFW 09/30/26 MTN KFW 0.050 09/29/34 MTN KFW 0.301 10/15/34 '20 MTN KFW 0.680 11/12/39 '23 MTN KFW 0.788 11/04/39 '21 MTN KFW 0.660 11/12/39 '22 MTN KFW 0.885 11/14/39 MTN KFW 0.935 12/16/39 MTN KFW 1.030 12/06/49 MTN KFW 0.945 12/17/40 MTN KFW 1.075 12/20/49 '24 MTN KFW 0.875 07/18/24 MTN KFW 02/18/25 MTN KFW 12/19/2024 KFW 1.087 01/21/50 '27 MTN KFW 7.885 01/28/30 MTN KFW 7.655 02/11/30 MTN KFW 03/31/27 MTN KFW 02/12/25 FRN MTN KFW 1.000 02/21/25 MTN KFW 8.000 03/18/30 '21 KFW 1.500 03/30/30 MTN KFW 0.205 04/06/29 '21 KFW 0.955 04/06/40 '23 MTN KFW 1.768 04/06/50 '21 MTN KFW 0.010 03/31/25 MTN KFW 0.820 04/15/50 '30 MTN KFW 06/30/23 MTN KFW 0.090 04/20/28 '22 MTN KFW 0.245 04/17/30 '22 MTN KFW 1.000 02/08/50 MTN KFW 0.125 05/14/24 KFW 0.613 06/10/40 '23 KFW 0.689 06/18/40 '23 KFW 0.730 01/21/50 '30 MTN KFW 0.270 06/17/24 MTN KFW 0.375 07/18/25 KFW 2.055 07/17/23 MTN KFW 09/15/28 MTN KFW 0.400 08/12/40 '21 MTN KFW 0.100 08/27/25 MTN KFW 0.620 01/14/50 MTN KFW 0.750 09/30/30 MTN KFW 09/17/30 MTN KFW 0.145 09/16/24 MTN KFW 0.250 10/19/23 KFW 4.500 09/09/25 MTN KFW 1.000 10/19/50 '21 MTN KFW 1.027 10/26/50 '21 KFW 1.000 10/20/50 '21 MTN KFW 12/15/27 MTN KFW 0.050 10/25/23 MTN KFW 0.902 11/16/50 '21 MTN KFW 0.210 11/18/37 '23 MTN KfW 0.48 11/19/2040 KfW 0.22 11/19/2035 KFW 0.830 12/09/50 MTN KFW 0.018 06/23/23 MTN KFW 0.880 12/07/50 '21 MTN KFW 0.943 06/09/50 MTN KFW 0.951 09/09/50 MTN KFW 0.918 10/11/50 '21 MTN KFW 0.816 12/19/50 MTN KFW 01/10/31 MTN KFW 0.125 12/30/26 MTN KFW 7.100 01/21/31 MTN KFW 0.625 01/22/26 KFW 5.800 01/19/28 MTN KFW 7.100 01/28/31 KFW 7.100 01/28/31 MTN KFW 2.140 01/26/24 MTN KFW 4.400 07/25/25 MTN KFW 02/02/26 MTN KFW 0.600 02/16/51 KFW 0.160 02/16/36 MTN KFW 7.200 02/23/31 MTN KFW 02/12/24 FRN MTN KFW 0.990 02/12/51 MTN KFW 0.683 02/22/51 MTN KFW 0.750 02/19/26 KFW 0.080 02/15/34 MTN KFW 0.680 02/23/51 MTN KFW 1.000 02/10/26 MTN KFW 0.650 02/24/41 '24 MTN KFW 6.440 03/03/28 MTN KFW 7.600 03/04/31 MTN KFW 3.100 03/04/24 MTN KFW 0.250 03/08/24 KFW 0.965 03/02/46 '23 MTN KFW 0.107 03/10/31 MTN KFW 0.175 03/08/32 MTN KFW 06/15/26 MTN KFW 0.890 03/10/41 MTN KFW 1.208 03/10/51 MTN KFW 1.125 08/08/25 MTN KFW 0.200 03/11/24 MTN KFW 1.267 03/22/51 MTN KFW 7.805 03/23/28 MTN KFW 2.520 03/23/26 MTN KFW 0.250 09/09/26 MTN KFW 2.700 03/25/24 MTN KFW 0.625 07/25/25 MTN KFW 1.175 04/14/51 MTN KFW 06/15/29 MTN KFW 1.143 04/15/50 MTN KFW 1.000 04/27/41 KFW 8.200 05/13/31 MTN KFW 8.200 05/13/31 MTN KFW 1.750 05/19/28 MTN KFW 1.115 05/17/41 MTN KFW 0.375 05/20/36 MTN KFW 1.271 05/20/51 KFW 8.300 05/26/31 MTN KFW 8.300 05/26/31 MTN KFW 7.650 05/28/28 MTN KFW 0.750 12/07/27 MTN KFW 0.260 06/09/31 '23 MTN KFW 0.240 06/09/31 MTN KFW 06/14/24 MTN KFW 0.218 06/16/31 MTN KFW 0.440 06/16/25 MTN KFW 1.208 06/17/51 '23 MTN KFW 2.520 03/23/26 MTN KFW 1.270 06/29/51 MTN KFW 0.980 06/28/51 MTN KFW 2.700 03/25/24 MTN KFW 0.380 07/02/24 MTN KFW 0.100 08/01/24 MTN KFW 8.430 07/09/31 MTN KFW 0.500 09/20/24 MTN KFW 0.198 07/12/23 MTN KFW 1.171 07/19/51 MTN KFW 0.125 08/04/23 MTN KFW 11/09/28 MTN KfW Note Programme KfW Australian and New Zealand Medium Term Note Programme KFW 2.700 07/12/24 MTN KFW 0.100 08/10/26 MTN KFW 1.625 09/14/23 MTN KFW 1.201 09/13/51 KFW 1.100 09/16/51 '22 MTN KFW 09/15/31 MTN KFW 0.220 09/27/33 MTN KFW 10/01/33 '22 MTN KFW 10/08/33 '22 MTN KfW Index Linked 09/14/2026 KFW 10/15/33 '22 MTN KFW 0.220 10/11/23 MTN KFW 0.300 02/05/30 '23 KFW 0.826 10/22/41 '26 MTN KFW 6.150 10/14/23 MTN KFW 0.470 10/14/33 '22 MTN KFW 0.195 10/12/23 MTN KFW 0.699 10/20/36 '22 MTN KFW 2.000 11/03/23 MTN KFW 11/15/24 MTN KFW 2.950 10/29/23 MTN KFW Step-up Notes 5/10/2030 KFW 1.290 01/12/25 MTN KFW 1.390 01/13/25 MTN KFW 0.125 01/09/32 MTN KFW 1.125 07/04/25 MTN KFW 2.350 02/18/32 MTN KFW 0.135 01/17/29 '24 KFW 0.135 01/17/29 '24 KFW 3.900 01/18/24 MTN KFW 1.250 01/31/25 KFW 0.953 01/24/42 '27 KFW 0.320 01/24/30 '23 MTN KFW 0.680 01/24/33 '23 KFW 1.000 10/01/26 KFW 1.260 01/24/26 MTN KFW 0.410 01/31/30 '23 MTN KFW 2.000 02/15/27 MTN KFW 04/30/27 MTN KFW 0.736 01/28/34 MTN KFW 11/15/24 MTN KFW 1.250 07/31/26 MTN KFW 0.980 02/09/42 KFW 0.864 02/11/34 '23 MTN KFW 0.890 02/09/34 '23 MTN KFW 0.695 02/10/32 MTN KFW 1.142 02/15/42 MTN KFW 1.750 03/17/25 KFW 1.350 02/17/24 MTN KFW 7.750 02/21/29 '23 MTN KFW 1.400 02/15/24 MTN KFW 1.150 02/15/34 '23 MTN KFW 1.625 05/10/24 MTN KFW 2.150 08/25/25 MTN KFW 0.860 02/23/29 MTN KFW 2.670 02/22/24 MTN KFW 0.125 06/30/25 MTN KFW 2.750 03/03/25 MTN KFW 1.366 03/17/42 MTN KFW 3.103 03/18/24 MTN KFW 1.260 03/22/32 '23 MTN KFW 3.098 03/25/24 MTN KFW 1.413 03/31/34 MTN KFW 1.125 03/31/37 MTN KFW 1.500 04/07/25 MTN KFW 2.875 02/17/27 MTN KFW 1.500 04/07/25 MTN KFW 1.145 04/12/29 MTN KFW 1.884 04/20/46 MTN KFW 0.180 04/19/24 MTN KFW 1.000 04/14/27 MTN KFW 0.325 06/24/24 MTN KFW 1.070 04/19/28 '24 MTN KFW 1.300 04/25/28 '24 MTN KFW 2.110 04/22/42 MTN KFW 2.001 04/27/34 MTN KFW 3.395 04/22/24 MTN KFW 3.000 05/20/27 MTN KFW 3.332 04/29/24 MTN KFW 1.375 06/07/32 MTN KFW 12/15/23 MTN KFW 0.500 01/15/25 MTN KFW 0.322 06/14/24 MTN KFW 2.090 05/09/37 MTN KFW 1.996 05/12/37 MTN KFW 3.545 05/13/24 MTN KFW 2.000 05/11/32 '23 MTN KFW 1.490 05/12/28 MTN KFW 1.676 05/24/30 '24 MTN KFW 1.175 06/03/27 '24 MTN KFW 2.360 06/09/42 '24 MTN KFW 1.717 06/08/30 '25 MTN KFW 0.543 06/10/24 MTN KFW 1.240 06/15/26 '23 MTN KFW 2.470 06/17/37 MTN KFW 2.730 07/05/23 MTN KFW 3.125 06/10/25 KFW 2.000 11/15/29 MTN KFW 9.000 07/08/24 MTN KFW 0.305 07/19/23 MTN KFW 0.575 07/27/23 MTN KFW 2.265 08/04/43 MTN KFW 2.865 08/03/24 MTN KFW 1.250 08/15/28 '25 MTN KFW 1.250 08/24/26 '23 MTN KFW 1.250 08/24/26 '23 MTN KFW 2.220 08/17/32 MTN KFW 0.805 08/19/24 MTN KFW 2.270 08/17/32 '23 MTN KFW 1.170 08/24/26 MTN KFW 3.375 08/23/24 KFW 1.250 06/30/27 MTN KFW 11.500 08/23/24 MTN KFW 8.800 08/25/23 MTN KFW 2.975 09/01/23 MTN KFW 0.100 08/29/24 MTN KFW 1.413 09/02/24 '23 KFW 3.066 09/05/23 MTN KFW 2.200 09/09/27 '24 KFW 3.500 09/09/24 MTN KFW 1.340 12/07/23 MTN KFW 1.810 09/08/26 MTN KFW 1.557 01/07/25 MTN KFW 3.175 09/14/23 MTN KFW 2.600 09/21/27 '23 MTN KFW 0.100 09/15/32 MTN KFW 2.410 09/23/27 '24 MTN KFW 1.613 09/19/24 MTN KFW 2.000 09/19/27 '23 MTN KFW 3.504 09/27/41 '26 MTN KFW 2.955 10/06/26 '23 MTN KFW 2.875 12/28/29 MTN KFW 4.120 10/10/42 '26 MTN KFW 2.167 04/05/24 MTN KFW 3.440 10/18/28 '23 MTN KFW 1.890 10/17/23 MTN KFW 2.650 10/18/23 MTN KFW 3.350 10/18/24 MTN KFW 1.915 10/19/23 MTN KFW 3.060 10/26/26 '23 MTN KFW 4.830 10/20/25 '23 MTN KFW 2.870 10/27/25 MTN KFW 4.500 04/25/24 MTN KFW 2.500 11/19/25 MTN KFW 2.644 10/28/24 '23 MTN KFW 4.560 11/01/24 MTN KFW 3.875 09/02/25 MTN KFW 4.100 02/20/26 MTN KFW 1.000 12/02/27 MTN KFW 4.570 12/12/23 MTN KFW 2.381 12/12/24 MTN KFW 3.180 03/15/28 MTN KFW 4.125 02/18/26 MTN KFW 2.750 03/15/28 MTN KFW 2.600 01/17/26 MTN KFW 4.300 07/13/27 KFW 3.750 02/15/28 KFW 3.700 01/26/33 MTN KFW 3.074 01/23/26 MTN KFW 2.925 01/30/26 '24 MTN KFW 3.700 01/27/33 '24 MTN KFW 3.260 02/07/28 '24 MTN KFW 3.380 02/13/28 '24 MTN KFW 3.550 02/14/33 '24 MTN KFW 3.750 07/30/27 MTN KFW 4.200 02/08/29 MTN KFW 2.920 02/09/27 MTN KFW 0.100 02/14/33 MTN KFW 4.260 02/14/24 MTN KFW 4.280 02/23/24 MTN KFW 4.280 02/15/24 MTN KFW 4.615 02/17/43 MTN KFW 3.350 02/16/28 '24 KFW 4.260 02/16/24 MTN KFW 3.656 02/21/33 MTN KFW 4.310 02/20/24 MTN KFW 4.274 02/21/24 MTN KFW 3.791 02/24/33 MTN KFW 4.000 02/23/33 '24 MTN KFW 3.885 02/24/33 '24 MTN KFW 4.060 02/27/26 MTN KFW 4.000 03/03/33 '24 MTN KfW 2.90 02/24/26 KFW 4.070 03/15/31 MTN KFW 4.000 03/16/31 '25 MTN KFW 4.240 03/16/33 '24 MTN KFW 4.300 03/13/24 MTN KFW 3.125 06/07/30 MTN KFW 4.140 03/14/33 '24 MTN KFW 4.320 03/23/27 MTN KFW 3.140 06/25/27 MTN KFW 3.170 05/27/27 MTN KFW 3.625 04/01/26 KFW 2.875 06/07/33 MTN KFW 3.600 04/26/24 MTN KFW 4.110 05/08/33 '24 MTN KFW 4.000 05/03/32 '24 MTN KFW 1.000 03/27/25 MTN KFW 3.698 05/10/24 MTN KFW 3.270 05/12/28 '25 MTN KFW 3.710 05/13/24 MTN KFW 1.000 05/18/26 MTN KFW 2.200 05/24/24 MTN KFW 0.100 05/15/30 MTN KFW 3.900 05/23/33 MTN KFW 3.800 05/24/28 MTN KFW 4.612 05/26/43 MTN KFW 4.060 05/26/33 MTN KFW 3.875 06/15/28 KFW 3.900 06/09/35 '26 MTN KFW 2.875 05/29/26 MTN KFW 4.000 06/16/33 MTN KFW 4.000 07/07/38 MTN KFW 2.450 07/06/27 MTN KFW 4.050 07/18/33 MTN KFW 4.395 07/10/24 KFW 4.495 07/17/24 KFW 4.875 02/03/31 MTN KFW 3.594 07/14/48 '33 KFW 4.110 07/20/38 MTN KFW 4.124 07/24/35 '26 KFW 4.125 07/15/33 KFW 3.750 07/31/28 '24 KFW 07/27/26 FRN KFW 4.650 08/15/24 KFW 4.070 08/14/33 '24 KFW 4.910 08/25/43 MTN KFW 1.000 01/30/29 MTN KFW 4.552 08/28/24 KFW 2.450 08/29/24 KFW 4.235 08/29/38 '25 KFW 3.125 10/10/28 KFW 2.430 09/11/26 MTN KFW 4.060 08/28/33 '25 KFW 4.100 08/30/33 '24 KFW 2.630 09/05/24 KFW 2.675 09/02/24 KFW 4.625 08/07/26 KFW 3.500 09/24/30 MTN KFW 2.510 09/09/24 KFW 4.875 10/10/28 MTN KFW 3.248 08/26/26 KFW 2.690 09/18/24 KFW 1.000 09/19/28 MTN KFW 4.250 09/29/28 KFW 2.965 09/20/24 KFW 2.830 09/30/24 KFW 4.010 09/29/30 '24 KFW 4.160 10/05/33 MTN KFW 2.900 09/30/24 KFW 2.900 09/30/24 KFW 3.250 03/24/31 MTN KFW 4.200 10/05/33 '24 KFW 4.400 10/11/33 '24 KFW 4.300 10/10/33 MTN KFW 4.400 10/18/33 MTN KFW 4.080 10/17/31 '25 KFW 3.625 10/31/28 MTN KFW 4.400 10/17/33 '24 KFW 4.750 10/29/30 KFW 5.125 09/29/25 KFW 5.695 10/24/25 MTN KFW 5.710 10/25/25 MTN KFW 4.465 10/31/33 '24 KFW 2.975 10/27/24 KFW 1.000 10/31/33 KFW 1.000 10/27/25 KFW 1.000 10/30/26 MTN KFW 4.130 11/23/33 MTN KFW 4.805 11/17/26 MTN KFW 4.000 11/17/33 '25 KFW 5.710 11/22/27 MTN KFW 6.100 12/04/24 KFW 3.700 12/01/33 MTN KFW 2.595 03/20/26 KFW 3.750 01/09/29 MTN KFW 2.625 01/10/34 MTN KFW 2.375 08/05/27 MTN KFW 3.460 04/11/34 '25 KFW 4.400 07/12/29 MTN KFW 4.000 03/15/29 KFW 3.550 01/18/27 MTN KFW 3.615 04/26/34 KFW 4.035 01/27/25 KFW 3.63 04/30/34 KFW 4.125 01/31/28 KFW 3.275 01/31/31 KFW 3.875 02/15/29 KFW 3.52 02/05/36 KFW 2.975 02/06/26 KFW 3.6025 02/07/27 KFW 4.05 02/13/2034 KFW 3.7575 02/14/2026 KFW 3.593 08/16/36 KFW 2.75 02/20/31 KFW 4.375 02/28/34 KFW 3.670 02/21/34 KFW 3.23 02/23/34 KFW 4.65 02/28/31 KFW 4 06/01/34 KFW 4.73 03/04/25 KFW 3.537 03/06/34 KFW 4.375 03/01/27 KFW 3.23 04/07/31 KFW 4.00 03/11/34 KFW 3.505 03/14/44 KFW 2.625 04/26/29 KFW 4.00 04/11/34 KFW 4.00 04/17/34

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