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by Jp Albin

Apr 15, 2026 5:53 AM ET

NEW ISSUE: Landwirtschaftliche Rentenbank £250m Jul-2031 Sr Unsec Tap; SONIA MS+33bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance
Landwirtschaftliche Rentenbank	5yr	21-Jul-31	£250m	Sr Unsec	Fixed	SONIA MS+33

Guidance: Jul-2031: SONIA MS+33bp

Issuer: Landwirtschaftliche Rentenbank
Guarantor: Federal Republic of Germany
BBG Ticker: RENTEN
Ratings: AAA/AAA/AAA (S&P/Fitch/Scope) (all stable)
Format: Senior, Unsecured, Reg S Bearer
Coupon: 4%, annual, ACT/ACT ICMA, (91 days accrued)
Tap Size: £250m (new outstanding is £1.5bn)
Settlement: 22-Apr-26 (T+5)
Maturity: 21-Jul-31
Guidance: SONIA MS (A, A/365) +33bps (indicatively ~UKT 0 ¼ 07/31/31 +15bps)
Denominations: £1k + £1k
Documentation: Issuer’s EMTN Programme
Listing: Luxembourg Stock Exchange
Settlement: Euroclear/Clearstream
Governing Law: German
Lead Managers: Natwest, TD
ISIN: XS3277636877 (tap funges on settle)
Target Market: (MiFID II/UK MiFIR Product Governance) Retail, Professional and Eligible Counterparties (all distribution channels)
Timing: Books open, today’s business
Notes: Please note that reference Gilt spread will be vs mid Gilts mark but hedges are executed vs the DM traders bid side