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Long-term funding

The path of money – from money and capital markets to the ultimate borrower

Top credit quality and product diversity

KfW regularly issues bonds to fund its promotional business in Germany and abroad. Few other promotional banks in the world use the global capital markets as intensively as KfW. KfW's flexible and sustainable funding approach enables it to secure funding at any time and to achieve the most favourable possible funding conditions to meet its promotional mandate. KfW has access to various instruments and currencies for this objective, which are used flexibly in line with market conditions and investor demand.

Major significance of the variety of currencies in KfW's funding strategy

KfW issues bonds in various currencies and thus provides a well-diversified offering for different investor requirements.

KfW enjoys excellent access to the US dollar market

KfW pursues a long-term, investor-oriented strategy worldwide. The US dollar is KfW's second most important funding currency behind the euro, with around 34% in 2017. The US dollar market with bond terms of up to five years again proved very beneficial to KfW. A funding volume in the equivalent of EUR 26.9 billion underpinned KfW's favourable access to the US dollar market in financial year 2017.

Benchmark bonds

Public bonds

Private placements

“Green Bonds – made by KfW”

Sustainability is a key component of KfW's self-image. With its commitment to responsible banking, KfW is already one of the world's largest financiers of climate protection. KfW's green bonds directly link its promotional business to capital market funding. “Green Bonds – Made by KfW” enable bond buyers to endow their investments with a measurable climate protection effect thanks to the direct link of funds raised with KfW's “Renewable Energy – Standard” programme.

In financial year 2017, KfW raised a record volume of EUR 3.7 billion (total net issue proceeds) via its issue of green bonds in seven transactions, in four currencies (EUR, USD, GBP, AUD), including issue of KfW's to-date largest-volume green bond of EUR 2 billion. Funds totalling EUR 4.1 billion were drawn under KfW's “Renewable Energy – Standard” programme in 2017. Around 90% of the funds drawn were funded using the proceeds from green bond issues.

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Legal notice:
The information contained in this online Annual Report 2017 is based on KfW’s Financial Report 2017, which you can download here. Should this online Annual Report 2017, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Financial Report, the KfW Financial Report 2017 takes priority.

Dachterrasse der KfW Frankfurt. Blick auf das KfW-Logo des angrenzenden Gebäudeteils.
KfW at a Glance

KfW is one of the world’s leading promotional banks. With its decades of experience, KfW is committed to improving economic, social and ecological living conditions across the globe on behalf of the Federal Republic of Germany and the federal states.