Commentary & Deal Flow

Launched: 7yr: €1.25bn @ MS+12bp - Books in excess of €3bn (incl. €450mn JLM)
Spread set at: 7yr: MS+12bp - Books in excess of €3bn (incl. €450m JLM)
Guidance: 7yr: MS+14a

• Issuer: Landwirtschaftliche Rentenbank
• Guarantor: Federal Republic of Germany
• BBG Ticker: RENTEN Govt <GO>
• Ratings: AAA/AAA/AAA (S&P/Fitch/Scope) (all stable)
• ISIN: XS3481545088
• Format: Senior, Unsecured, Reg S Cat 1, Bearer
• Coupon: Fixed, annual, Act/Act ICMA
• Size: €1.25bn
• Ranking: Senior Unsecured
• Maturity: 25-Aug-33 (7yr)
• Denominations: €1,000 + €1,000
• Documentation: Issuer's EMTN Programme
• Listing: Luxembourg Stock Exchange
• Settlement: Euroclear/Clearstream
• Governing Law: German
• Lead Managers: Commerzbank(B&D), DekaBank, DZ Bank and LBBW
• Target Market: Professionals, Retail and Eligible Counterparties (all channels for distribution), each as defined in MiFID II / UK MiFIR (all channels for distribution of the bonds are appropriate)
• Schedule: Books to close at 11:45 CET
• Timing: 25-Aug-26 (T+5)