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Rentenbank plans to maintain the Kangaroo Market as a strategic source of funding in 2009

18 December 2008

Landwirtschaftliche Rentenbank, Germany's agency for agribusiness and rural development, today announced its issuing plans in the Australian Dollar domestic market for 2009. Rentenbank remains committed to issuing in the Kangaroo market subject to investor demand and market conditions. Unlike previous years, a volume target for 2009 is not given due to the current market volatility.

Issuance is likely to include new issues and well supported increases of outstanding transactions to further complete and extend Rentenbank's yield curve, underpinning the strategic approach to this market. The agency will focus on maturities between 3 and 10 years, subject to investor demand.

Rentenbank's outstanding A$ MTN issues have an aggregate volume of A$ 6.4bn. The borrower has A$ 1.7bn issue maturing in September 2009.

The German agency is rated Aaa/AAA/AAA by Moody's Investors Service, Standard & Poor's and Fitch Ratings, respectively. The outlook on all ratings is stable.

The A$ 10bn MTN Programme was set up in 2000 (initial volume A$ 5bn). In 2002, Rentenbank issued A$ 300m off the programme, followed by A$ 1.75bn in 2004, A$ 2bn in 2005, A$ 1.3bn in 2006, A$ 1bn in 2007 and A$ 550m in 2008.

Rentenbank's A$ MTN issues are eligible for repurchase agreements with the RBA (Reserve Bank of Australia).


Details of Rentenbank's outstanding A$ issues:

 AUD   1,700m   6.00% notes due September 15, 2009* 
 AUD   500m   6.25% notes due July 19, 2010
 AUD   1,700m   5.75% notes due June 15, 2011*
 AUD   1,300m   6.00 % notes due May 30, 2013
 AUD   1,200m   5.75% notes due January 21, 2015


* Issues will not be increased

 

Forward-Looking Statements:

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of Rentenbank's management and currently available information. Such statements include, in particular, statements about our plans, strategies and prospects. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", variations of such words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. Except as required by law, Rentenbank does not have any intention or obligation to update publicly any forward-looking statements after they are made, whether as a result of new information, future events or otherwise.

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