By Cristal Cody
Tupelo, Miss., Feb. 14 – Landwirtschaftliche Rentenbank (Aaa/AAA/AAA) priced $2 billion of 2.375% two-year notes on Wednesday at a spread of mid-swaps minus 4 basis points, or Treasuries plus 23.4 bps, according to a market source.
The notes were initially talked to price in the mid-swaps minus 3 bps area with guidance early Wednesday set at mid-swaps minus 4 bps.
The deal was upsized from $1 billion.
BNP Paribas Securities Corp., BofA Merrill Lynch, Goldman Sachs & Co. and RBC Capital Markets, LLC were the bookrunners.
The notes are guaranteed by Germany.
The German development agency for agribusiness is based in Frankfurt.
| Issuer: | Landwirtschaftliche Rentenbank
|
| Amount: | $2 billion
|
| Description: | Notes
|
| Maturity: | Feb. 21, 2020
|
| Bookrunners: | BNP Paribas Securities Corp., BofA Merrill Lynch, Goldman Sachs & Co. and RBC Capital Markets, LLC
|
| Yield: | 2.375%
|
| Spread: | Mid-swaps minus 4 bps, or Treasuries plus 23.4 bps
|
| Trade date: | Feb. 14
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Mid-swaps minus 3 bps area
|
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