PRICING SUPPLEMENT
(To Prospectus Supplement dated April 9, 2007
and Prospectus dated April 9, 2007) Filed pursuant to Rule 424(b)(3)
Registration No. 333-141868

KfW, Frankfurt/Main, Federal Republic of Germany

U.S. $300,000,000.00 Zero Coupon Callable Notes due June 22, 2037

CUSIP: 48245ABB6
ISIN: US48245ABB61

     Investing in the Notes involves certain risks that are described in the “Risk Factors” section in the Prospectus Supplement.

				Discounts and	Proceeds,
	Price to Public(1)			Commissions	before expenses to KfW
Per Note		12.693430586	%	-		12.693430586	%
Total		U.S.$38,080,291.76		-		U.S.$38,080,291.76

(1)	Plus accretion, if any, from the Original Issue Date specified below, if the notes are delivered after that date.
	The Dealer named below expects to deliver the notes to investors on or about June 22, 2007.

     Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined whether this pricing supplement or the related prospectus supplement or prospectus is truthful or complete. Any representation to the contrary is a criminal offence.

DEUTSCHE BANK SECURITIES

JUNE 19, 2007

ABOUT THIS PRICING SUPPLEMENT

     This pricing supplement supplements the accompanying prospectus supplement dated April 9, 2007 relating to KfW’s Medium-Term Note Program and the accompanying prospectus dated April 9, 2007 relating to KfW’s debt securities. If the information in this pricing supplement differs from the information contained in the prospectus supplement or the prospectus, you should rely on the information in this pricing supplement.

     You should read this pricing supplement along with the accompanying prospectus supplement and prospectus. All three documents contain information you should consider when making your investment decision. You should rely only on the information provided or incorporated by reference in this pricing supplement, the prospectus and the prospectus supplement. We have not authorized anyone else to provide you with different information. KfW and the dealer are offering to sell the notes and seeking offers to buy the notes only in jurisdictions where it is lawful to do so. The information contained in this pricing supplement, the accompanying prospectus supplement and prospectus is current only as of this date, and information incorporated by reference is current only as of the date of such information.

SPECIFIC TERMS

Issuer: KfW	Title of Securities: USD 300,000,000 Zero Coupon Callable Notes Due June 22, 2037
Aggregate Principal Amount: USD 300,000,000	Interest Rate: N/A
Original Issue Date: June 22, 2007	Maturity Date: June 22, 2037
Interest Commencement Date: June 22, 2007	Final Redemption Price: 100.00%

Payments:

First Interest Payment Date: N/A
Interest Payment Date(s): N/A

Redemption: x Yes o No

Redemption Commencement Date (as provided in para. 3 of §7 of the Conditions):
Redemption Date(s) (as provided in para. 2 of §7 of the Conditions): June 22, 2012 and semi-annually thereafter (each December 22 and June 22)
Minimum Redemption Notice Period: 10 Business Days
Redemption Price (expressed as a percentage of the Aggregate Principal Amount to be redeemed): According to attached Accretion Schedule

Repayment: o Yes x No

Repayment Date(s):
Minimum Repayment Notice Period:
Repayment Price (expressed as a percentage of the Aggregate Principal Amount to be repaid):           

Specified Currency: U.S. dollars for all payments unless otherwise specified below:

Payments of principal and any premium:           
Payments of interest:           
Authorized Denomination: USD 1,000
Exchange Rate Agent:           

Original Issue Discount Note (“OID”): x Yes o No

Total Amount of OID:           
Yield to Maturity: 7.0% per annum, accreting semi-annually
Initial Accrual Period OID:           

Day Count Fraction: 30/360 (as provided in para. 2 of §3 of the Conditions)

Business Day Convention: Following Business Day Convention; no adjustment of interest (as provided in para. “Payments due on a Business Day” of §5 of the Conditions);

Other Terms of Notes: Accretion Schedule:

			Redemption Price
			(percentage of Aggregate
Redemption Date	Amount (USD)		Principle Amount)
June 22, 2012		53,716,012.36		17.905337453	%
Dec 22, 2012		55,596,072.79		18.532024264	%
June 22, 2013		57,541,935.34		19.180645113	%
Dec 22, 2013		59,555,903.08		19.851967692	%
June 22, 2014		61,640,359.68		20.546786561	%
Dec 22, 2014		63,797,772.27		21.265924091	%
June 22, 2015		66,030,694.30		22.010231434	%
Dec 22, 2015		68,341,768.60		22.780589534	%
June 22, 2016		70,733,730.50		23.577910168	%
Dec 22, 2016		73,209,411.07		24.403137024	%
June 22, 2017		75,771,740.46		25.257246819	%
Dec 22, 2017		78,423,751.37		26.141250458	%
June 22, 2018		81,168,582.67		27.056194224	%
Dec 22, 2018		84,009,483.07		28.003161022	%
June 22, 2019		86,949,814.97		28.983271658	%
Dec 22, 2019		89,993,058.50		29.997686166	%
June 22, 2020		93,142,815.54		31.047605182	%
Dec 22, 2020		96,402,814.09		32.134271363	%
June 22, 2021		99,776,912.58		33.258970861	%
Dec 22, 2021		103,269,104.52		34.423034841	%
June 22, 2022		106,883,523.18		35.627841060	%
Dec 22, 2022		110,624,446.49		36.874815497	%
June 22, 2023		114,496,302.12		38.165434040	%
Dec 22, 2023		118,503,672.69		39.501224231	%
June 22, 2024		122,651,301.24		40.883767079	%
Dec 22, 2024		126,944,096.78		42.314698927	%
June 22, 2025		131,387,140.17		43.795713389	%
Dec 22, 2025		135,985,690.07		45.328563358	%
June 22, 2026		140,745,189.23		46.915063076	%
Dec 22, 2026		145,671,270.85		48.557090283	%
June 22, 2027		150,769,765.33		50.256588443	%
Dec 22, 2027		156,046,707.12		52.015569039	%
June 22, 2028		161,508,341.87		53.836113955	%
Dec 22, 2028		167,161,133.83		55.720377943	%
June 22, 2029		173,011,773.51		57.670591171	%
Dec 22, 2029		179,067,185.59		59.689061862	%
June 22, 2030		185,334,537.08		61.778179028	%
Dec 22, 2030		191,821,245.88		63.940415294	%
June 22, 2031		198,534,989.49		66.178329829	%
Dec 22, 2031		205,483,714.12		68.494571373	%
June 22, 2032		212,675,644.11		70.891881371	%
Dec 22, 2032		220,119,291.66		73.373097219	%
June 22, 2033		227,823,466.86		75.941155622	%
Dec 22, 2033		235,797,288.21		78.599096068	%
June 22, 2034		244,050,193.29		81.350064431	%
Dec 22, 2034		252,591,950.06		84.197316686	%
June 22, 2035		261,432,668.31		87.144222770	%
Dec 22, 2035		270,582,811.70		90.194270567	%
June 22, 2036		280,053,210.11		93.351070037	%
Dec 22, 2036		289,855,072.46		96.618357488	%
Maturity Date		300,000,000.00		100.000000000	%

Additional Information on United States Taxation

     The following is a supplemental discussion of certain United States federal income tax consequences for United States holders of the Notes, and should be read in conjunction with the discussion under the heading “United States Taxation” in the prospectus.

     As a consequence of the Redemption at the Issuer’s Option, it is not certain what the exact Redemption Date or Redemption Price of the Notes will be. However, because of the other terms of the Notes, the Redemption option will not affect the amount of accrued interest that you must include in income for United States federal income tax purposes with respect to each interest period prior to the exercise of the Redemption option, or the amount of gain or loss you must recognize for United States federal income tax purposes if the Notes are so redeemed.

     Terms left blank or marked “N/A,” “No,” “None” or in a similar manner shall not apply to the issue of Notes except as may otherwise be specified.