REG-Commerzbank AG: Pre Stabilisation - KfW increase of 2026 and 2031 Notes

COMMERZBANK AGAnnouncement

08/03/2022 09:15

Pre-Stabilisation notice

March 8, 2022

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

Kreditanstalt fuer Wiederaufbau (KfW)

EUR 1bn increase of 0.00% Notes due 15 June 2026

EUR 1bn increase of 0.00% Notes due 10 January 2031

Commerzbank AG (contact: Daniela Olt-Farrelly; telephone: +49 69 136-20)
hereby announces, as Stabilisation Coordinator, that the Stabilising Managers
named below may stabilise the offer of the following securities in accordance
with Commission Delegated Regulation (EU) 2016/1052 under the Market Abuse
Regulation (EU Regulation 596/2014).

 The security to be stabilised:                                                                                                                                                                
 Issuer:                                                                    KfW                                                                                                                
 Guarantor (if any):                                                        Federal Republic of Germany                                                                                        
 Aggregate nominal amount:                                                  EUR 1bn increase of 2026 Notes EUR 1bn increase of 2031 Notes                                                      
 Description:                                                               0.00% Notes due 15 June 2026 0.00% Notes due 10 January 2031 Both fully fungible on payment date                   
 Offer price:                                                               tbc tbc                                                                                                            
 Other offer terms:                                                         Rating Aaa/AAA/AAA, off the issuer’s EMTN programme, payment date 15 March 2022, denoms 1k/1k                      
 Stabilisation:                                                                                                                                                                                
 Stabilising coordinator: Stabilising Managers:                             Commerzbank AG Citigroup Global Markets UniCredit Bank AG                                                          
 Stabilisation period expected to start on:                                 08 March 2022                                                                                                      
 Stabilisation period expected to end on:                                   no later than 30 days after the proposed issue date of the securities                                              
 Existence, maximum size and conditions of use of over-allotment facility.  The Stabilising Managers may over-allot the securities to the extent permitted in accordance with applicable law.  
 Stabilisation trading venue:                                               Frankfurt, regulated market                                                                                        

In connection with the offer of the above securities, the Stabilising
Manager(s) may over-allot the securities or effect transactions with a view to
supporting the market price of the securities during the stabilisation period
at a level higher than that which might otherwise prevail. However,
stabilisation may not necessarily occur and any stabilisation action, if
begun, may cease at any time Any stabilisation action or over-allotment shall
be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into
the United States or any other jurisdiction in which such distribution would
be unlawful.

END



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