Commentary & Deal Flow

Reoffer: 5yr: SOFR MS+28bp / 99.741 / 4.183% S/A
Benchmark: 5yr: T 3⅞ 30-Apr-31 @ 98-23¼ / B+2bp / HR 102%

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 (RENTEN), Germany's development agency for agribusiness and rural areas
• 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: 4.125%, Fixed, SA 30/360
• Spread: SOFR MS 30/360 SA +28bp
• Reoffer: 99.741% / 4.183% S/A
• Benchmark: +2bp vs T 3⅞ 30-Apr-31 @ 98-23¼, HR 102%
• 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
• Timing: Priced. ToE 16.27 UKT. FTT subject to TS