No results found for "".

Commentary & Deal Flow

Related Parents

Related Issuers

by Jp Albin

Apr 15, 2026 9:31 AM ET

PRICED: Landwirtschaftliche Rentenbank £250m 5yr Sr Unsec Tap; SONIA+33bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Guidance	Spread	GDNC-PXD
Landwirtschaftliche Rentenbank	5yr	4%	21-Jul-31	£250m	Sr Unsec	Fixed	98.04	SONIA MS+33	SONIA+33	0

Reoffer: Jul-2031: SONIA+33bp / 98.04
Benchmark: UKT 0.25% 31-Jul-31 @ 81.242% / +13.6bp / HR 111%

Books were last seen in excess of £300m (ex JLM) at the launch stage.

Launched: Jul-2031: £250m @ SONIA+33bp - Books currently in excess of £300m (ex JLM)
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
Spread: SONIA MS (A, A/365) +33bp
Reoffer: 98.040%
Denominations: £1k + £1k
Documentation: Issuer’s EMTN Programme
Listing: Luxembourg Stock Exchange
Settlement: Euroclear/Clearstream
Governing Law: German
Lead Managers: NatWest (B&D/DM), TD
ISIN: XS3277636877 (tap funges on settle)
Target Market: (MiFID II/UK MiFIR Product Governance) Retail, Professional and Eligible Counterparties (all distribution channels)
Timing: Priced, TOE 13.05