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Commentary & Deal Flow

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Landwirtschaftliche Rentenbank

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Landwirtschaftliche Rentenbank

by Oleksandr Vynychuk

Aug 18, 2026 8:27 AM ET

ALLOCATIONS OUT: Rentenbank €1.25bn 7yr Sr Unsec; MS+12bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
Rentenbank	7yr	25-Aug-33	€1.25bn	Sr Unsec	Fixed	MS+14a	MS+12

Final books in excess of €3bn (incl. €450mn JLM)

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)
Reference Gilt: DBR 2.6 15-Aug-33 (DE000BU2Z015) / HR 101%
Hedge Deadline: 13:45 UK / 14:45 CET
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)