By William Gullotti and Cristal Cody
Buffalo, N.Y., April 10 – Landwirtschaftliche Rentenbank (Aaa/AAA/AAA) priced $1.5 billion of 4.625% five-year notes at 99.735 on Wednesday, according to an FWP filing and a 424B5 filing with the Securities and Exchange Commission.
The notes priced at SOFR mid-swaps plus 35 basis points, or Treasuries plus 11.7 bps. Price guidance was in the SOFR mid-swaps plus 37 bps area, tightened from initial talk in the mid-swaps plus 38 bps area, according to a market source.
The notes are non-callable except in the event of certain changes in tax laws.
BofA Securities Europe SA, CIBC Capital Markets (Europe) SA, Nomura Financial Products Europe GmbH and Scotiabank (Ireland) DAC 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: | $1.5 billion
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| Issue: | Notes
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| Maturity: | April 17, 2029
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| Bookrunners: | BofA Securities Europe SA, CIBC Capital Markets (Europe) SA, Nomura Financial Products Europe GmbH and Scotiabank (Ireland) DAC
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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: | 4.625%
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| Price: | 99.735
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| Spread: | SOFR mid-swaps plus 35 bps, or Treasuries plus 11.7 bps
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| Call: | Non-callable except in the event of certain changes in tax laws
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| Trade date: | April 10
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| Settlement date: | April 17
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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 guidance: | SOFR mid-swaps plus 37 bps area, revised from talk in the mid-swaps plus 38 bps area
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| Cusip: | 515110CF9
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