Filed Pursuant to Rule 424(b)(5)
Registration No. 333-260756
PRICING SUPPLEMENT
(To prospectus supplement dated November 19, 2021
and prospectus dated November 19, 2021)
KfW, Frankfurt/Main, Federal Republic of Germany
C$500,000,000
1.750% Global Notes due 2025
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes semi-annually in arrears on March 17 and September 17, commencing on March 17, 2022. The first interest payment will be for interest accrued from, and including, February 15, 2022 to, but excluding, March 17, 2022. The notes will mature on March 17, 2025. The notes will not be redeemable at any time prior to maturity.
KfW will make payments with respect to the notes without deduction or withholding of taxes, unless otherwise required by law. There will be no “gross-up” provision requiring additional payments to be made in respect of the notes in the event of the imposition of a tax deduction or withholding.
Pursuant to the Law Concerning KfW, the notes will benefit from a statutory guarantee of the Federal Republic of Germany.
Purchasers of the notes must make payment in Canadian dollars. The managers named in this pricing supplement may arrange for U.S. purchasers to pay for the notes in U.S. dollars. KfW will pay the principal of and interest on the notes in Canadian dollars. However, you will receive the principal of and interest on the notes in U.S. dollars unless you elect to receive such payments in Canadian dollars.
For information on exchange risks, see “Information on Currency Conversion and Foreign Exchange Exposure” in the accompanying prospectus supplement and “Foreign Exchange Exposure” in this pricing supplement.
The notes are governed by the laws of the Federal Republic of Germany and provide that the District Court (Landgericht) in Frankfurt am Main is the exclusive jurisdiction in which an action or other legal proceedings arising out of or in connection with the notes may be brought.
Application has been made to list the notes on the regulated market of the Luxembourg Stock Exchange pursuant to Chapter 2 of Part III of the Loi du 16 juillet 2019 relative aux prospectus pour valeurs mobilières et portant mise en æuvre du règlement (UE) 2017/1129 (the “Luxembourg Prospectus Act”).
| | | Per Note | | | Total | |
Price to public(1) | | | | | 99.634% | | | | | C$ | 498,170,000 | | |
Underwriting commissions | | | | | —% | | | | | | — | | |
Proceeds to KfW(1)(2) | | | | | 99.634% | | | | | C$ | 498,170,000 | | |
(1)
Plus accrued interest, if any, from, and including, February 15, 2022, if settlement occurs after that date.
(2)
Before deduction of expenses payable by KfW.
The managers named in this pricing supplement are offering the notes subject to various conditions. The managers will have the right to reject any order in whole or in part and to withdraw, cancel or modify the offer without notice. It is expected that delivery of the notes will be made upon the instructions of the managers through the facilities of The Depository Trust Company, New York, also known as DTC, as well as through the facilities of other clearing systems that participate in DTC, including The Canadian Depository for Securities Limited also known as CDS, Clearstream Banking S.A., also known as CBL, and Euroclear Bank SA/NV, also known as Euroclear, on or about February 15, 2022. The notes will be represented by one or more permanent global certificates and will not be exchangeable for definitive certificates except in the limited circumstances described in the accompanying prospectus supplement. The notes have been assigned a CUSIP number of 500769JS4, an ISIN number of US500769JS41 and a common code of 244470408.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this pricing supplement, the accompanying prospectus supplement or prospectus to which it relates is truthful or complete. Any representation to the contrary is a criminal offense.
BMO Capital Markets RBC Capital Markets TD Securities
Pricing Supplement dated February 10, 2022