By William Gullotti and Cristal Cody
Buffalo, N.Y., Oct. 17 – Landwirtschaftliche Rentenbank priced $1 billion of 5% 10-year notes at 99.534 on Tuesday, according to an FWP filing with the Securities and Exchange Commission and information provided by a market source.
The notes priced at SOFR mid-swaps plus 53 basis points, or at Treasuries plus 22.15 bps. They were talked in the SOFR mid-swaps plus 53 bps area.
Barclays Bank Ireland plc, Commerzbank AG, Deutsche Bank AG and J.P. Morgan SE are the bookrunners.
Proceeds will be used to finance lending activities, including to refinance existing liabilities.
The SEC-registered 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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| Amount: | $1 billion
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| Issue: | Notes
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| Maturity: | Oct. 24, 2033
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| Bookrunners: | Barclays Bank Ireland plc, Commerzbank AG, Deutsche Bank AG and J.P. Morgan SE
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| Trustee: | Deutsche Bank Trust Co., Americas as fiscal agent
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| Counsel to issuer: | Sullivan & Cromwell LLP, in-house counsel
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| Counsel to underwriters: | Hogan Lovells US LLP and Hogan Lovells International LLP
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| Coupon: | 5%
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| Price: | 99.534
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| Spread: | SOFR mid-swaps plus 53 bps, or Treasuries plus 22.15 bps
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| Call: | Non-callable except in the event of certain changes in tax laws
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| Trade date: | Oct. 17
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| Settlement date: | Oct. 24
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| Issuer ratings: | Moody’s: Aaa
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| S&P: AAA
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| Fitch: AAA
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| Price talk: | SOFR mid-swaps plus 53 bps area
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| Cusip: | 515110CE2
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