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Rentenbank plans to raise approximately EUR 11 bn in 2007

6 December 2006

Landwirtschaftliche Rentenbank, Germany's agency for agriculture and rural areas, plans to raise the equivalent of approximately EUR 11bn in medium and long-term funding in 2007. The figure includes all transactions in the capital markets with maturities and non-call periods of more than two years. Funding will most likely include EUR benchmarks and USD global bonds again, in total four transactions. They will be issued in intermediate maturities with a minimum size of EUR / USD 1bn. Furthermore, it is planned to issue liquid transactions in AUD and other currencies. Benchmark funding will be complemented by private placements and public transactions in various currencies using different structures. As in 2006, short-term funding is likely to include liquid USD and EUR notes.

Year to date Rentenbank has raised roughly EUR 10bn with maturities of more than two years. The cost of funding improved slightly in most foreign currencies and maturities. EUR denominated transactions experienced an above-average improvement. Cost remained stable for USD denominated short-term funding but decreased for longer maturities. USD issuance decreased slightly to 48 % (50) of the medium and long-term volume while the share of the EUR increased to 23 % (20). The share of the AUD declined to approx. 8 % (14), as Japanese retail investors' demand shifted to other currencies and structured issues. The remaining 21 % were raised in eight different currencies, mainly GBP, JPY and CAD.

In addition to its medium und long-term funding Rentenbank issued MTNs maturing or callable within two years and commercial papers for an aggregate volume of approx. EUR 28bn.

 

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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