# EDGAR Filing Document

**Accession Number:** 0000821533
**File Stem:** 0001104659-26-003673
**Filing Date:** 2026-1
**Character Count:** 6674
**Document Hash:** 9a2e28411726dd5a5014ac02894f6b28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-003673.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0001104659-26-003673

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260114

**DATE AS OF CHANGE**: 20260114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KfW
- **CENTRAL INDEX KEY:** 0000821533
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-279392
- **FILM NUMBER:** 26532517

**BUSINESS ADDRESS:**
- **STREET 1:** PALMENGARTENSTRASSE
- **STREET 2:** 5 - 9
- **CITY:** FRANKFURT AM MAIN
- **STATE:** 2M
- **ZIP:** 60325
- **BUSINESS PHONE:** 496974310

**MAIL ADDRESS:**
- **STREET 1:** PALMENGARTENSTRASSE
- **STREET 2:** 5-9
- **CITY:** FRANKFURT AM MAIN
- **STATE:** 2M
- **ZIP:** 60325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KREDITANSTALT FUER WIEDERAUFBAU
- **DATE OF NAME CHANGE:** 19940826
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KfW
- **CENTRAL INDEX KEY:** 0000821533
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** PALMENGARTENSTRASSE
- **STREET 2:** 5 - 9
- **CITY:** FRANKFURT AM MAIN
- **STATE:** 2M
- **ZIP:** 60325
- **BUSINESS PHONE:** 496974310

**MAIL ADDRESS:**
- **STREET 1:** PALMENGARTENSTRASSE
- **STREET 2:** 5-9
- **CITY:** FRANKFURT AM MAIN
- **STATE:** 2M
- **ZIP:** 60325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KREDITANSTALT FUER WIEDERAUFBAU
- **DATE OF NAME CHANGE:** 19940826

**Filed pursuant to Rule 433**

**Registration No. 333-279392**

**January 14, 2026**

![](tm263055d2_fwpimg001.jpg)

**Final Term Sheet** **<br> USD 5,000,000,000 3.750% Global Notes due 2031**

**Terms:**

---

| | |
|:---|:---|
| Issuer: | KfW |
| Guarantor: | Federal Republic of Germany |
| Aggregate Principal Amount: | USD 5,000,000,000 |
| Denomination: | USD 1,000 |
| Maturity: | March 14, 2031 |
| Redemption Amount: | 100.0% |
| Interest Rate: | 3.750% per annum, payable semi-annually in arrear |
| Date of Pricing: | January 14, 2026 |
| Closing Date: | January 22, 2026 |
| Interest Payment Dates: | March 14 and September 14 in each year |
| First Interest Payment Date: | March 14, 2026 (for interest accrued from, and including, January 22, 2026 to, but excluding, March 14, 2026) |
| Interest Payable on First Interest Payment Date: | USD 27,083,333.33 (for aggregate principal amount of USD 5,000,000,000) |
| Currency of Payments: | USD |
| Price to Public/Issue Price: | 99.888% |
| Underwriting Commissions: | 0.125% |
| Proceeds to Issuer: | 99.763% |
| Format: | SEC-registered global notes |
| Listing: | Luxembourg Stock Exchange (regulated market) |
| Business Day: | New York |
| Business Day Convention: | Following, unadjusted |
| Day Count Fraction: | 30/360 |
| Governing Law/Jurisdiction: | German law; District Court Frankfurt am Main |
| Gross-Up: | No gross-up if tax deduction or withholding is imposed |
| Cross-Default: |  |
| Clearing System: | DTC (deliverable through CBL and Euroclear) |
| ISIN: | US500769KN35 |
| CUSIP: | 500769 KN3 |
| Selling Restrictions: | European Economic Area, UK, Japan, Canada, Hong Kong |

---

---

| | |
|:---|:---|
| Ratings of Issuer:<sup>1</sup> | Aaa by Moody's Investors Service, AAA by Scope Ratings and AAA by S&P Global Ratings |
| Managers: | BMO Capital Markets<br> Citigroup<br> J.P. Morgan<br> RBC Capital Markets, LLC |
| Stabilization Manager: | Bank of Montreal Europe plc |
| Registrar: | Citibank, N.A., London Branch |
| Paying Agent: | Citibank, N.A., London Branch |
| Additional Paying Agent: | Citibank Europe Plc, Germany Branch |

---

**The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov.**

**The prospectus supplement relating to the notes is available under the following link:**

[**<u>https://www.sec.gov/Archives/edgar/data/821533/000110465924072159/tm2414155-6_424b3.htm</u>** **.**](https://www.sec.gov/Archives/edgar/data/821533/000110465924072159/tm2414155-6_424b3.htm)

**KfW's base prospectus relating to the notes is available through the following link:**

[**<u>https://www.sec.gov/Archives/edgar/data/821533/000110465924072153/tm2414155-4_424b3.htm</u>** **.**](https://www.sec.gov/Archives/edgar/data/821533/000110465924072153/tm2414155-4_424b3.htm)

**Alternatively, Bank of Montreal Europe plc will arrange to send you the prospectus, which you may request by calling toll-free +1-866-864-7760.** 

**Notice by Bank of Montreal Europe plc, Citigroup Global Markets Europe AG and J.P. Morgan SE (the "EU Manufacturers") to Distributors regarding MiFID II Product Governance** 

The EU Manufacturers, acting in their capacity as manufacturers of the notes in the meaning of Directive 2014/65/EU and implementing legislation (as amended, "MiFID II"), hereby inform prospective distributors for the purpose of the product governance rules under MiFID II that the target market assessment made by the EU Manufacturers in respect of the notes in accordance with the product governance rules under MiFID II has led the EU Manufacturers to the conclusion that: (i) the target market for the notes is eligible counterparties, professional clients and retail clients each as defined in MiFID II; and (ii) all channels for distribution of the notes are appropriate. Any distributor should take into consideration the EU Manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the notes (by either adopting or refining the EU Manufacturers' target market assessment), determining appropriate distribution channels and performing the suitability and appropriateness assessment with respect to each client.

<sup>1</sup> A security 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.