KfW has issued its first blockchain-based digital bond in the form of a crypto security in accordance with the German Electronic Securities Act (eWpG). The bond has a principal amount of EUR 100 million, a maturity until 10 December 2025 and a coupon of 3.125%.


The transaction has been carried out by a bookrunner consortium consisting of DZ Bank, Deutsche Bank, LBBW and Bankhaus Metzler. DZ Bank also acts as collective registered holder of the bond. Frankfurt-based fintech Cashlink Technologies GmbH acts as the crypto securities registrar.


Hengeler Mueller acts as legal advisor to the bookrunner consortium led by Deutsche Bank AG. The team is led by partner Dirk Bliesener and also includes senior associate Pascal Brandt (all Capital Markets, Frankfurt).


In 2022, KfW had already issued its first digital bond in the form of a central register security under eWpG, and on 2 July 2024 KfW issued its first benchmark digital bond in the form of a central register security under eWpG with a volume of EUR 4 billion. Hengeler Mueller acted as legal advisor to the lead managers on both transactions.