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Securitisation Guarantee for the KfW Refinancing Programme 

Refinancing programme of the state KFW group of banks

Kreditanstalt für Wiederaufbau (KfW) offers a programme for long-term refinancing to the German export industry on behalf of the Federal Ministry of Economic Affairs and Climate Action provided that the transactions in question are covered under a Buyer Credit Guarantee or Airbus Guarantee and, in addition, a Securitisation Guarantee from the Federal Government.

The programme, which was originally limited in time, has been be offered permanently since 01.01.2021. At the same time, the conditions, which have to be met by of the commercial banks, were improved (i.a. elimination of specific minimum interest requirements).

Securitisation Guarantee under the KfW Refinancing Programme

The Securitisation Guarantees of the Federal Government enable banks to take part in the refinancing programme of the state KfW group of banks and obtain long-term refinancing with congruent maturity for transactions covered under a Buyer Credit Guarantee from the Federal Government or an Airbus Guarantee.


Thus, a state refinancing instrument continues to be available to German exporters. It contributes to creating a level playing field on international level.

Securitisation Guarantee for the 
KfW Refinancing Programme at a glance

Target group

  • as policyholder
    • German banks
    • German branch offices of foreign banks
    • Foreign banks (under certain conditions)
  • as beneficiary (refinancing institution)
    • Kreditanstalt für Wiederaufbau (KfW), which at the same time refinances the loans

Credit periods of loans to be refinanced

Depending on the Buyer Credit Guarantee or Airbus Guarantee on which it is based (medium/long-term), however, the time remaining until the loan matures must be at least two years.


Special features

  • A Securitisation Guarantee is applied for in addition to buyer credit cover or an Airbus Guarantee. Besides, the policyholder, KfW and the Federal Republic of Germany enter into a separate contract for the granting of a guarantee for each refinanced loan.
  • The loan contract must not date back more than six months.
  • From the point of view of the refinancing institution the Securitisation Guarantee is a separate, abstract, unrestricted and irrevocable 100% guarantee on first demand; for the relationship between the Federal Government and the lending bank the terms and conditions of buyer credit cover or the Airbus Guarantee remain unchanged.
  • The programme is designed in such a way that it is aid neutral. With effect from 1 January 2021, the requirement for commercial banks to agree a minimum interest is eliminated since the programme’s structure guarantees that the conditions are in line with European law.
  • Total volume: EUR 1.5 billion annually; a higher volume may be possible on a case-by-case basis.
  • Eligible contract currencies: Euro (EUR), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Danish Krone (DKK), Pound Sterling (GBP), Icelandic Krona (ISK), Japanese Yen (JPY), New Zealand Dollar (NZD), Swedish Krona (SEK), US Dollar (USD)
  • A precondition is that loans which are to be refinanced are completely disbursed. A disbursement in several tranches is also possible.
  • The transactions concerned are export credits granted for exports to countries outside the EU.
  • The Federal Government normally checks and confirms whether a transaction qualifies for support under the refinancing programme after an offer of cover has been issued and KfW has subsequently indicated its terms.



  • For buyer credit cover/an Airbus Guarantee and a Securitisation Guarantee the usual premium has to be paid.
  • In the case of a combination of an Airbus Guarantee and a Securitisation Guarantee (case-by-case decision) only half the normal premium will be charged for the Securitisation Guarantee.
  • KfW will charge a spread and fees for making refinancing funds available.


Uninsured percentage

No uninsured portion for the beneficiary (refinancing institution)

How does a Securitisation Guarantee for the KfW Refinancing Programme work? 

Under a Securitisation Guarantee for the KfW Refinancing Programme, the KFW funds 100% of the loan amount actually disbursed. The terms regarding interest and repayment as well as the disbursement period for the funds are settled directly between the KFW and the bank. The bank may draw down the funds in several tranches according to the progress of the disbursement with a maximum number of draw-downs or a minimum draw-down volume being contractually agreed. However, the export credit will remain on the balance sheet of the bank which remains responsible for the settlement of the export credit. Only the claim to repayment of the credit is ceded to the KFW by way of an undisclosed assignment.

Further information

More details regarding the terms and conditions of the KfW Programme can be found in the relevant KfW fact sheet (in German). 

Do you have any additional questions regarding the Securitisation Guarantee for the KfW Refinancing Programme? 

Our experts will be pleased to answer any questions regarding the Securitisation Guarantee for the KfW Refinancing Programme and will guide you step by step through the application process if desired.

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Andreas Gehring
Manufacturing Risk and Credit Confirmation Risk Cover; Counter; Securitisation Guarantee for the KfW Refinancing and Shopping Line Cover