Commentary & Deal Flow

Reoffer: SARON MS+20bp / 98.111 / 0.8153%

• Issuer: Landwirtschaftliche Rentenbank
• Ticker: RENTEN
• Guarantor: Federal Republic of Germany
• Guarantor Domicile: Germany
• Guarantor Rating: AAA (st.) / AAA (st.) / AAA (st.) (S&P/Fitch/Scope)
• Instrument Rating (exp): AAA/AAA (S&P/Fitch)
• Format: Public Fixed Rate Bonds
• Status: Senior Unsecured
• Size: CHF 65m (new total size of CHF 165m)
• Coupon: 0.6075% p.a.
• Maturity: 18-Mar-36 (9 years 173 days from 25-Sep-26)
• Issue Price: 98.111%
• Reoffer: SARON MS+20bp / 98.111 / 0.8153% (Govt.+45)
• ISIN / Security Number: CH1593191153 / 159319115
• Original ISIN: CH1536312163
• Accrued Interest: 187 days
• Lead Manager: UBS
• SNB Repo-Eligibility: At the discretion of the SNB, expected yes (HQLA: Level 1)
• Documentation: Off the Issuer's Debt Issuance Programme
• FinSA Prospectus: Alleviated Base Prospectus registered and filed with Swiss Review Body pursuant to Art. 54 Abs. 2 FinSA
• Governing Law: German
• Covenants: PP
• SIX Listing: 23-Sep-26
• Denomination: CHF 5,000
• Settle: 25-Sep-26
• Sales Restrictions: USA, US Persons, EEA, UK, Japan, Brazil, Turkey, Mexico, South Africa, Hong Kong, Singapore, Australia, New Zealand and such other restrictions as may be required in connection with the offering and sale of the Notes