Yesterday evening KfW released....>

EUROZONE ISSUANCE: Yesterday evening KfW released its 2018 funding plan and it

plans to raise E70-75bln next year and this compares to E77.3bln issued in 2017.

- Regarding 2017 KfW notes that "the trend reveals that investors have a clear

preference for large-volume, liquid bonds in the core currencies of EUR and USD.

This explains why 72% (equivalent to E55.2bln) of KfW funding this year is

comprised of twelve KfW benchmark bonds in EUR and USD as well as four taps of

EUR benchmarks - the highest share since introducing the KfW benchmark

programmes 16 years ago."

- Thus, for 2018, one change is that "KfW will respond to investors' need for

highly liquid bonds by considering increasing its outstanding euro benchmark

bonds up to a volume of EUR 6 billion in accordance with demand"

- KfW also announced plans for a Green bond, adding to the E12.9bln that already

exist.