By Cristal Cody
Chicago, Sept. 21 – Landwirtschaftliche Rentenbank priced a $1.25 billion offer of 3.875% five-year notes on Wednesday, according to a market source.
The notes are guaranteed by Germany.
Pricing came at 37 basis points to SOFR mid-swaps, or 20.1 bps to Treasuries.
Talk started in the 39 bps area to SOFR mid-swaps and was tightened on Wednesday to the 38 bps area.
Bank of Montreal Europe plc, Commerzbank AG, J.P. Morgan SE and Toronto-Dominion Bank are bookrunners.
Proceeds will be used to finance lending activities, including to refinance existing liabilities.
The notes will be listed on the Luxembourg Stock Exchange.
The German development agency for agribusiness is based in Frankfurt.
| Issuer: | Landwirtschaftliche Rentenbank
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| Guarantor: | Germany
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| Amount: | $1.25 billion
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| Issue: | Notes
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| Maturity: | Sept. 28, 2027
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| Bookrunners: | Bank of Montreal Europe plc, Commerzbank AG, J.P. Morgan SE and Toronto-Dominion Bank
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| Trustee: | Deutsche Bank Trust Co., Americas as fiscal agent
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| Counsel to issuer: | Sullivan & Cromwell LLP
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| Counsel to underwriters: | Hogan Lovells
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| Coupon: | 3.875%
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| Spread: | SOFR mid-swaps plus 37 bps
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| Trade date: | Sept. 21
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| Price talk: | Sept. mid-swaps plus 39 bps area, guided to 38 bps area
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