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Investor Relations

Information on KfW's refinancing activities for U.S. Investors

KfW is one of the most active, high-volume issuers of bonds and notes worldwide on the international capital markets with an annual issuance volume equivalent to an average of EUR 60-80 billion. Since 1987, KfW has been active in the U.S. capital market and has debt securities registered with the United States Securities and Exchange Commission (the "SEC") under Schedule B of the U.S. Securities Act of 1933 applicable to foreign governments and political subdivisions thereof.

SEC registration

In connection with the registration of its debt securities in the United States, KfW files various documents with the SEC, including voluntary filings on Form 18-K, prospectuses relating to its debt securities and free writing prospectuses.

Click here to access the documents KfW files with the SEC

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Mode of Operation

The issuance of "Green Bonds - Made by KfW" comply with the Green Bond Principles.
KfW's Green Bonds are used to finance projects that contribute to climate change mitigation.

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Find out more about the allocation of net proceeds and the impact of "Green Bonds - Made by KfW" at the bottom of this page.

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KfW's Green Bond issuances

Regular issuances of “Green Bonds – Made by KfW” since 2014 make KfW one of the pioneers in the Green Bond market.

Overarching Objective and Strategy

KfW is the flagship promotional bank of the Federal Republic of Germany. According to the Law Concerning KfW (Gesetz über die Kreditanstalt für Wiederaufbau, or the “KfW Law”), performing promotional tasks, in particular financings in the area of environmental protection is one of KfW’s business purposes. Therefore, KfW finances measures to support renewable energies, improve energy efficiency, safeguard biodiversity and prevent and/or reduce environmental pollution. To address the particular importance of such measures, KfW has set a strategic objective of an environmental commitment ratio of more than 35% of its total annual promotional business volume.

It is KfW’s ambition to boost responsible investments and to promote environmental investments via capital markets, as well as to support the transition to a low carbon economy. KfW believes that Green Bonds are an appropriate instrument to do so and that issuing “Green Bonds – Made by KfW” enhances KfW’s sustainability profile amongst stakeholders. Therefore, since 2014 KfW actively supports the Green Bond market as an issuer of Green Bonds, as a vocal advocate of the Green Bond market, and, since 2015, as an investor in Green Bonds.

Find out more about KfW's commitment tosustainability and KfW'ssustainable investment approach.

"Green Bonds - Made by KfW"

KfW has been issuing green bonds since mid-2014, including USD-denominated issuances registered with the SEC under its global debt programme. This gives investors the option to specifically combine the security and liquidity typical for KfW bonds with the promotion of environmental and climate protection.

KfW Green Bond Presentation - SEC filed

"Green Bonds - Made by KfW": Mode of operation

Green Bond Framework V2019

KfW Green Bonds - Impact & Allocation 2014-2020

Next publications

Reporting:Expected in
Allocation ReportQ1 2022
Impact Report H1 2022

Previous Publications

Allocation Report 2020
2018: Not applicable, as no SEC registered green bonds were issued in 2018.
Impact Report2017 & 2018
2015 & 2016

List of "Green Bonds - Made by KfW" registered with the SEC