Rentenbank offers dollar 10-year senior notes; price talk emerges

By William Gullotti and Cristal Cody

Buffalo, N.Y., Oct. 17 – Landwirtschaftliche Rentenbank’s planned fixed-rate senior notes offering in the U.S. dollar market will be 10-year notes, according to a market source on Tuesday.

Price talk is in the SOFR mid-swaps plus 53 basis point area. The notes are expected to have an Oct. 24, 2033 maturity date.

As reported Monday, the notes will be non-callable except in the event of certain changes in tax laws.

Barclays Bank Ireland plc, Commerzbank AG, Deutsche Bank AG and J.P. Morgan SE are underwriting the offering.

Deutsche Bank Trust Co., Americas will be working as the fiscal agent.

Sullivan & Cromwell LLP is working as a legal adviser for the issuer along with in-house counsel. Hogan Lovells US LLP and Hogan Lovells International LLP are advising the underwriters.

Proceeds will be used to finance lending activities, including to refinance existing liabilities.

The notes will be listed on the Luxembourg Stock Exchange.

The German development agency for agribusiness is based in Frankfurt.

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