Germany's Rentenbank launches $1.25 billion seven-year notes at mid-swaps plus 22 bps

By Andrea Heisinger

New York, Oct. 16 - Landwirtschaftliche Rentenbank launched its $1.25 billion offering of seven-year notes on Tuesday at a spread of mid-swaps plus 22 basis points, an informed source said.

The notes (Aaa/AAA/AAA) are being priced tighter than guidance given Monday in the mid-swaps plus 25 bps area. There is no call option.

Bookrunners are Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBC Capital Markets LLC.

Proceeds will be used to finance lending activities.

The German development agency for agribusiness is based in Frankfurt.

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