Commentary & Deal Flow

Reoffer: 7yr: MS+12bp / 99.76 / 3.289%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.97 / B+20 / HR 101%

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)
• Format: Senior, Unsecured, Reg S Cat 1, Bearer
• Coupon: 3.25%, Fixed, Annual, ACT/ACT ICMA
• Size: €1.25bn
• Settlement: 25-Aug-26 (T+5)
• Maturity: 25-Aug-33 (7yr)
• Reoffer: MS+12bps
• Price/yield: 99.76 price / 3.289% yield
• Benchmark Reference: DBR 2.6 15-Aug-33 (DE000BU2Z015) +20bps (96.97% / 3.089% / HR 101%)
• 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
• ISIN: XS3481545088
• 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)
• Timing: PRICED. TOE: 14:55 CET. FTT: 15:05 CET.