By Andrea Heisinger
New York, Sept. 2 - Landwirtschaftliche Rentenbank sold a benchmark $1.25 billion of 2.375% seven-year senior unsecured notes on Thursday to yield Treasuries plus 41 basis points, a source close to the sale said.
The notes had been talked on Tuesday at mid-swaps plus the 30 bps area.
The notes (Aaa/AAA/AAA) priced at 99.437. They are non-callable and backed by the Republic of Germany.
Bookrunners were HSBC Securities, Morgan Stanley & Co. and RBC Capital Markets.
Bank of Montreal, London branch, Daiwa Capital Markets Europe Ltd., Merrill Lynch International, TD Securities (USA) LLC and UBS Ltd. were the co-managers.
Proceeds are going to finance lending activities.
The German financial institution for the agriculture and food industry is based in Frankfurt.
| Issuer: | Landwirtschaftliche Rentenbank
|
| Guarantor: | Republic of Germany
|
| Issue: | Senior unsecured notes
|
| Amount: | $1.25 billion
|
| Maturity: | Sept. 13, 2017
|
| Bookrunners: | HSBC Securities, Morgan Stanley & Co., RBC Capital Markets
|
| Co-managers: | Bank of Montreal, London branch, Daiwa Capital Markets Europe Ltd., Merrill Lynch International, TD Securities (USA) LLC, UBS Ltd.
|
| Coupon: | 2.375%
|
| Price: | 99.437
|
| Spread: | Treasuries plus 41 bps
|
| Call: | Non-callable
|
| Trade date: | Sept. 2
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Price talk: | Mid-swaps plus 30 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
