Commentary & Deal Flow

Final Books: Books closed in excess of US$4.5bn (incl. US$100m JLM)

Launched: 5yr: US$1.5bn @ MS+28bp - Books in excess of US$4.6bn (incl. US$100m JLM interest)
Spread set at: 5yr: MS+28bp - IOIs in excess of US$5.9bn (incl. US$100m JLM)
Guidance: 5yr: MS+30a

• Issuer: Rentenbank
• Guarantor: Federal Republic of Germany
• Issue Ratings: AAA/AAA/AAA (S&P/Fitch/Scope - all Stable)
• Format: SEC Registered Global
• Status: Senior, Unsecured
• Size: US$1.5bn
• Settlement: 03-Jun-26 (T+5)
• Maturity: 03-Jun-31
• Coupon: Fixed, SA 30/360
• Spread: SOFR MS S/A 30/360 +28bp
• Benchmark: HR 102% vs CT5
• Governing Law: New York
• Listing: Luxembourg Stock Exchange's Regulated Market
• Denominations: US$1k + US$1k
• ISIN: US515110CK81
• Docs: Issuer's SEC Registered Shelf Programme
• JLMs: BofA (B&D)/CACIB/HSBC/TD
• Hedge Deadline: 16:00 UKT / 17:00 CET
• Timing: Allocations available in system