Landwirtschaftliche Rentenbank, Germany's agency for agriculture and rural areas, today announced its issuing plans in the Australian Dollar domestic market for 2007. Rentenbank aims to raise up to A$ 2bn for its medium and long-term funding via its A$ MTN Programme, unchanged from the ceiling planned for 2006.
Issuance is likely to include increases of outstanding transactions as well as new issues to further complete and extend Rentenbank's yield curve. Net issuance in 2007 will not exceed A$ 1.5bn as A$ 500m of 5.50% Notes will be due on April 16, 2007.
The 6% Notes due Sept. 15, 2009 will not be increased any further from the current volume of A$ 1.7bn. Rentenbank's outstanding A$ MTN issues have an aggregate volume of A$ 5.35bn.
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 and A$ 1.3bn in 2006. In March 2004, the Reserve Bank of Australia has declared Rentenbank's A$ MTN issues eligible for repurchase agreements with the RBA.
Details of Rentenbank's outstanding A$ issues:
||5.50% Notes due April 16, 2007
||6.00% Notes due September 15, 2009
||5.75% Notes due June 15, 2011
||6.00% Notes due May 30, 2013
||5.75% Notes due January 21, 2015
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