By Devika Patel
Knoxville, Tenn., Feb. 15 – Landwirtschaftliche Rentenbank (Aaa/AAA/AAA) offered further details about a $2 billion sale of 2.375% two-year notes that priced 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 priced at 99.981 to yield 2.385%.
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
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| Guarantor: | Germany
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| Amount: | $2 billion
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| Description: | Notes
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| Maturity: | Feb. 21, 2020
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| Bookrunners: | BNP Paribas Securities Corp., BofA Merrill Lynch, Goldman Sachs & Co. and RBC Capital Markets, LLC
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| Coupon: | 2.375%
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| Price: | 99.981
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| Yield: | 2.385%
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| Spread: | Mid-swaps minus 4 bps, or Treasuries plus 23.4 bps
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| Trade date: | Feb. 14
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| Settlement date: | Feb. 22
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| Ratings: | Moody’s: Aaa
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| S&P: AAA
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| Fitch: AAA
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| Distribution: | Rule 144A, Regulation S
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| Price talk: | Mid-swaps minus 3 bps area
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