Rentenbank to sell $1 billion fixed-rate notes due 2020; price talk mid-swaps plus 3 bps area

By Devika Patel

Knoxville, Tenn., Feb. 13 – Landwirtschaftliche Rentenbank (Aaa/AAA/AAA) plans to price a $1 billion offering of guaranteed fixed-rate notes due Feb. 21, 2020, which will be guaranteed by Germany, according to a market source.

Initial price talk is in the mid-swaps plus 3 basis points area.

Pricing of the Rule 144A and Regulation S offering is expected on Wednesday.

BNP Paribas Securities Corp., BofA Merrill Lynch, Goldman Sachs & Co. and RBC Capital Markets Corp. are the bookrunners.

The German development agency for agribusiness is based in Frankfurt.

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