By Aleesia Forni
Virginia Beach, Sept. 24 – Germany’s Landwirtschaftliche Rentenbank priced a $1.25 billion offering of 2.25% seven-year notes at mid-swaps plus 4 basis points, or Treasuries plus 13.7 bps, on Wednesday, according to an informed source and an FWP filed with the Securities and Exchange Commission.
Pricing was at the tight end of talk, which was set in the area of mid-swaps plus 6 bps.
The notes (Aaa/AAA/AAA) sold at 99.339.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Nomura and RBC Capital Markets LLC managed the sale.
Proceeds will be used to finance lending activities.
The German development agency for agribusiness is based in Frankfurt.
| Issuer: | Landwirtschaftliche Rentenbank
|
| Guarantor: | Federal Republic of Germany
|
| Amount: | $1.25 billion
|
| Description: | Notes
|
| Maturity: | Oct. 1, 2021
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Nomura, RBC Capital Markets LLC
|
| Coupon: | 2.25%
|
| Price: | 99.339
|
| Spread: | Mid-swaps plus 4 bps, Treasuries plus 13.7 bps
|
| Trade date: | Sept. 24
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Price talk: | Mid-swaps plus 6 bps area
|
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