Commentary & Deal Flow

Rentenbank, Germany's development agency for agribusiness, (country: Germany) rated AAA/AAA/AAA (S&P/Fitch/Scope), has mandated Commerzbank, DekaBank, DZ BANK and LBBW to lead manage a new transaction. The issuer is guaranteed by the Federal Republic of Germany.

An expected € Benchmark, Reg S Category 1 Bearer, 7-year EUR offering will follow in the near future, subject to market conditions. The issue is expected to be launched off the issuer's EMTN Programme.

• Target Market (MIFID II): Eligible counterparties, retail and professional (all distribution channels).