KfW prepares for USD bond due 2028 with market stabilization

LONDON - The Toronto-Dominion Bank (TSX:TD), acting as the Stabilisation Coordinator, has announced the potential stabilisation of KfW’s upcoming USD benchmark securities, which are due in May 2028 and guaranteed by The Federal Republic of Germany. The stabilisation period, which started on the date of the announcement, is expected to continue until no later than April 10, 2025.

The Stabilisation Manager(s), including The Toronto-Dominion Bank, Bank of Montreal Europe plc, Citigroup (NYSE:C) Global Markets Europe AG, and RBC Capital Markets LLC, may undertake transactions to support the market price of the securities over the course of the stabilisation period. These efforts aim to maintain the securities’ market price at a level higher than what might otherwise prevail in the market. However, there is no guarantee that stabilisation will occur, and if initiated, it can be halted at any time.

The securities in question will be offered over the counter (OTC) and may involve over-allotment, or the issuance of more securities than initially planned, within the limits of applicable law. This strategy is commonly used to manage the price and demand for new securities.

This announcement is intended for informational purposes only and does not serve as an invitation or offer to underwrite, subscribe for, or acquire securities in any jurisdiction. The offer and the securities are directed at individuals outside the United Kingdom (TADAWUL:4280), or those within the UK who have professional investment experience or are high net worth individuals, as defined by the Financial Services and Markets Act 2000.

Furthermore, in EEA Member States and the UK, the announcement and offer are addressed to qualified investors and other persons to whom the offer can lawfully be made, in accordance with the Prospectus Regulation of the EU and its adoption into UK law.

The securities discussed have not been, and will not be, registered under the United States Securities Act of 1933, and as such, they may not be offered or sold in the United States without registration or an exemption from registration. There will be no public offering of the securities in the United States.

This notice is based on a press release statement and is intended to provide factual information regarding the stabilisation process for KfW’s securities offering.

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