Obligation Agrarrentenbank 0.875% ( US515110CA00 ) en USD

Agrarrentenbank

96.47 % ▲

Allemagne

US515110CA00 ( en USD )

0.875% par an ( paiement semestriel )

29/03/2026

Prospectus brochure de l'obligation Landwirtschaftliche Rentenbank US515110CA00 en USD 0.875%, échéance 29/03/2026

515110CA0

30/09/2025 ( Dans 73 jours )

La Landwirtschaftliche Rentenbank (LRB) est une banque publique allemande spécialisée dans le financement de l'agriculture et des zones rurales.

L'Obligation émise par Agrarrentenbank ( Allemagne ) , en USD, avec le code ISIN US515110CA00, paye un coupon de 0.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/03/2026

PROSPECTUS SUPPLEMENT
(To prospectus dated November 7, 2019)
$1,750,000,000
Landwirtschaftliche Rentenbank
0.875% NOTES DUE 2026
Interest payable on March 30 and September 30
This prospectus supplement relates to the offering by us of $1,750,000,000 of notes. This prospectus
supplement does not contain complete information about the offering of the notes. Additional information is
contained in the accompanying prospectus.
The notes are not redeemable at any time prior to maturity, except at our option in the case of certain
changes in the tax laws of the Federal Republic of Germany (the "Federal Republic"). See the section
entitled "-- Redemption for Tax Reasons" under "Description of the Notes".
Under our governing law (Law Governing Landwirtschaftliche Rentenbank or Gesetz über die
Landwirtschaftliche Rentenbank), the notes will benefit from a statutory guarantee of the Federal Republic of
Germany. See "Responsibility of the Federal Republic for Rentenbank" in the accompanying prospectus.
Application has been made to list the notes on the regulated market of the Luxembourg Stock
Exchange pursuant to Chapter 2 of Part III of the Loi relative aux prospectus pour valeurs mobilières dated
July 16, 2019 (the "Luxembourg Prospectus Act").
PRICE 99.591% AND ACCRUED INTEREST, IF ANY
Underwriting Discount and
Price to Public
Commissions
Proceeds to Rentenbank
Per Note
99.591%
0.125%
99.466%
Total
$1,742,842,500
$2,187,500
$1,740,655,000
None of the U.S. Securities and Exchange Commission (the "SEC"), any state securities regulators,
the Luxembourg Stock Exchange or any foreign governmental agency has approved or disapproved these
securities, or determined if this prospectus supplement and prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
The underwriters expect to deliver the notes to purchasers in book-entry form through The Depository
Trust Company ("DTC") and its participants, including Euroclear Bank SA/NV and Clearstream Banking,
SA, Luxembourg on March 30, 2021.
Underwriters
BofA Securities
Citigroup
J.P. Morgan
NatWest Markets
The date of this prospectus supplement is March 23, 2021.

TABLE OF CONTENTS
Page
Incorporation by Reference...........................................................................................................................
S-4
Recent Developments....................................................................................................................................
S-4
Use of Proceeds ............................................................................................................................................
S-10
Description of the Notes ...............................................................................................................................
S-10
Underwriting..................................................................................................................................................
S-12
Validity of the Notes .....................................................................................................................................
S-15
General Information ......................................................................................................................................
S-16
This prospectus supplement should be read together with the accompanying prospectus dated
November 7, 2019, and the documents incorporated herein by reference, which contain information
regarding Landwirtschaftliche Rentenbank and other matters, including a description of certain terms of the
notes being offered hereby. Further information concerning Rentenbank, the Federal Republic and the
notes offered hereby may be found in the registration statement (Registration No. 333-234161), as amended,
and its exhibits filed with the SEC under the U.S. Securities Act of 1933, as amended, and relating to the
debt securities of Rentenbank described in the accompanying prospectus.
If the information in this prospectus supplement differs from the information contained in the
accompanying prospectus, you should rely on the information in this prospectus supplement.
The disclosure document fulfills the requirements for an alleviated prospectus (prospectus allégé)
pursuant to Chapter 2 of Part III of the Luxembourg Prospectus Act. It does not constitute a prospectus
pursuant to Part II of the Luxembourg Prospectus Act, which implements Regulation (EU) 2017/1129 (the
"Prospectus Regulation") into law in Luxembourg. Accordingly, the disclosure document does not purport to
meet the format and the disclosure requirements of the Prospectus Regulation, and it has not been, and will
not be, submitted for approval to any competent authority within the meaning of the Prospectus Regulation.
The notes issued pursuant to the disclosure document will therefore not qualify for the benefit of the single
European passport pursuant to the Prospectus Regulation.
The Luxembourg Stock Exchange takes no responsibility for the content of the disclosure document,
makes no representations as to its accuracy or completeness and expressly disclaims any liability for any
loss arising from or in reliance upon the whole or any part of the contents of the disclosure document.
Rentenbank accepts full responsibility for the accuracy of the information contained in the disclosure
document, and confirms, having made all reasonable inquiries, that to the best of its knowledge and belief
there are no other facts the omission of which would make any statement herein misleading in any material
respect.
You should rely only on the information incorporated by reference or provided in this prospectus
supplement and accompanying prospectus. We have not, and the underwriters have not, authorized anyone
else to provide you with different information. We are not, and the underwriters are not, making an offer of
these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the
information in this prospectus supplement or the accompanying prospectus is accurate as of any date other
than the date on the front of such documents or, with respect to information incorporated by reference, as of
the date of such information.
The distribution of the accompanying prospectus and this prospectus supplement and the offering of
the notes in some jurisdictions may be restricted by law. Persons into whose possession the prospectus and
this prospectus supplement come should inform themselves about and observe any such restrictions. The
accompanying prospectus and this prospectus supplement do not constitute, and may not be used in
connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is
S-2

not authorized or in which the person making such offer or solicitation is not qualified to do so or to any
person to whom it is unlawful to make such offer or solicitation. See "Underwriting".
In this prospectus supplement, references to "euro", "EUR" or "" are to the single European currency
adopted by certain participating member countries of the European Union, including the Federal Republic, as
of January 1, 1999. References to "U.S. dollars", "U.S.$" or "$" are to United States dollars.
On March 23, 2021, the euro foreign exchange reference rate as published by the European Central
Bank was EUR 1.00 = 1.1883 U.S. dollar (EUR 0.8415 per U.S. dollar).
This prospectus supplement contains forward-looking statements that are based on current expectations,
estimates, forecasts and projections about the industry in which we operate, management's beliefs and
assumptions made by management. 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 under the Federal
securities laws and the rules and regulations of the SEC, we do 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.
In this prospectus supplement, references to "Rentenbank", "we" or "us" are to Landwirtschaftliche
Rentenbank.
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INCORPORATION BY REFERENCE
The SEC and the Luxembourg Stock Exchange allow us to "incorporate by reference" into this
prospectus supplement and the accompanying prospectus the information in documents that we file with
them, which means that we can disclose important information to you by referring to those documents. The
information incorporated by reference is an important part of the information provided to you, and
information that we file later with the SEC and the Luxembourg Stock Exchange, in each case to the extent
it stipulates that it is to be incorporated by reference, will automatically update and supersede this
information. We incorporate by reference our annual report on Form 18-K for the year ended December 31,
2019, as filed with the SEC on May 15, 2020 (File No. 333-13710), as subsequently amended by
amendment number one thereto filed with the SEC on August 13, 2020, amendment number two thereto
filed with the SEC on August 21, 2020, amendment number three thereto filed with the SEC on
October 21, 2020, amendment number four thereto filed with the SEC on February 4, 2021, and any future
filings made with the SEC and the Luxembourg Stock Exchange, to the extent such filings indicate that they
are intended to be incorporated by reference, until completion of this offering. For more information, see
"Where You Can Find More Information" in the accompanying prospectus.
We will provide, without charge, to each person to whom a copy of this prospectus supplement has
been delivered, upon the request of such person, a copy of any or all of the documents deemed to be
incorporated herein by reference unless such documents have been modified or superseded as specified
above. Requests for such documents should be directed to Rentenbank at its office at Theodor-Heuss-Allee
80, 60486 Frankfurt am Main. In addition, such documents will be available free of charge from the
principal office in Luxembourg of Deutsche Bank Luxembourg S.A. See "General Information -- Further
Information" in this prospectus supplement. You may also request a copy of these filings at no cost by
writing to Deutsche Bank Trust Company Americas, Trust and Agency Services Division Corporates Team,
60 Wall Street, 24th Floor, New York, New York 10005, U.S.A.
RECENT DEVELOPMENTS
THE FEDERAL REPUBLIC OF GERMANY
Overview of Key Economic Figures
The following economic information regarding the Federal Republic is derived from the public official
documents cited below. Certain of the information is preliminary.
Gross Domestic Product (GDP)
GROSS DOMESTIC PRODUCT
(adjusted for price, seasonal and calendar effects)(1)
Percentage change on the
Percentage change on the same
Reference period
previous quarter
quarter in previous year
4th quarter 2019 ...................................
0.0
0.4
1st quarter 2020....................................
-2.0
-2.2
2nd quarter 2020...................................
-9.7
-11.3
3rd quarter 2020 ...................................
8.5
-4.0
4th quarter 2020 ...................................
0.3
-3.7
----------
(1) Adjustment for seasonal and calendar effects according to the Census X13 method.
In price, seasonal and calendar-adjusted terms, the GDP rose by 0.3% in the fourth quarter of 2020
compared with the third quarter of 2020. After the historic 9.7% slump of the GDP in the second quarter of
2020, the German economy had recovered in the third quarter of 2020 (+8.5%). In the fourth quarter of
2020, however, the recovery process slowed due to the second COVID-19 wave and another lockdown
imposed at the end of 2020.
Due to the restrictions of the second lockdown as of November 2020, household final consumption
expenditure in the fourth quarter of 2020 was down 3.3% on the third quarter of 2020 after price, seasonal
and calendar adjustment. This means that the decrease of household final consumption expenditure was
S-4

smaller than in the second quarter of 2020 (-11.0%). Government final consumption expenditure, too,
recorded a 0.5% quarter-on-quarter decrease in the fourth quarter of 2020, following increases in the first
three quarters of the year. Gross fixed capital formation in construction contributed to growth in the fourth
quarter of 2020 as it rose 1.8% compared to the third quarter of 2020 after price, seasonal and calendar
adjustment. Seasonally adjusted gross fixed capital formation in machinery and equipment in the fourth
quarter of 2020 was roughly the same as in the third quarter of 2020 (-0.1%).
Foreign trade increased at the end of the year and had an upward effect on the GDP. In the fourth
quarter of 2020, exports of goods and services increased by 4.5% compared with the third quarter of 2020,
after price, seasonal and calendar adjustment. The total increase of imports (3.7%) in the fourth quarter of
2020 compared to the third quarter of 2020 was slightly lower as the imports of services were down
compared to the third quarter of 2020.
According to figures from the Federal Statistical Office, the GDP development was slightly more
positive than reported in the first release of January 29, 2021, both regarding the fourth quarter (+0.3%) and
the entire year of 2020 (-4.9%; calendar-adjusted: -5.3%). However, GDP in the fourth quarter of 2020 was
down a price-adjusted and calendar-adjusted 3.7% compared with the fourth quarter of 2019, the quarter
before the COVID-19 pandemic began.
Source: Federal Statistical Office, CORRECTION: Gross domestic product: detailed results of the
economic performance in the 4th quarter of 2020, press release of February 24, 2021 (https://
www.destatis.de/EN/Press/2021/02/PE21_081_81.html).
Inflation Rate
INFLATION RATE
(based on overall consumer price index)
Percentage change on the
Percentage change on the
same month in previous
Reference period
previous month
year
February 2020 ....................................................
0.4
1.7
March 2020 ........................................................
0.1
1.4
April 2020 ..........................................................
0.4
0.9
May 2020 ...........................................................
-0.1
0.6
June 2020 ...........................................................
0.6
0.9
July 2020 ............................................................
-0.5
-0.1
August 2020 .......................................................
-0.1
0.0
September 2020..................................................
-0.2
-0.2
October 2020......................................................
0.1
-0.2
November 2020..................................................
-0.8
-0.3
December 2020 ..................................................
0.5
-0.3
January 2021 ......................................................
0.8
1.0
February 2021 ....................................................
0.7
1.3
The inflation rate in Germany, measured as the year-on-year change in the consumer price index, stood
at +1.3% in February 2021. After the temporary value added tax cut had ended on December 31, 2020, the
inflation rate almost reached its pre-crisis level for the second month in a row in February 2021.
The prices of goods (total) were up 1.0% in February 2021 compared to February 2020. Energy
products prices (+0.3%) were slightly higher than in the same month a year earlier, after declining by 2.3%
in January 2021 compared to January 2020. In February 2021, year-on-year price increases were recorded
especially for motor fuels (+2.4%), natural gas (+2.1%) and heating oil (+1.1%). This was due not only to
the CO2 charge introduced at the beginning of 2021 but also the price increase recorded on the crude oil
market. Food prices rose by 1.4% in February 2021 compared to February 2020, which means that the
increase in food prices slowed down compared to January 2021, when prices had risen by 2.2% compared
to January 2020. In February 2021, significant year-on-year price rises were also observed for tobacco
products (+3.9%), while notable year-on-year decreases were recorded, for instance, for mobile phones
(-9.2%). Excluding energy prices, the inflation rate would have been +1.4% in February 2021.
S-5

The prices of services (total) were up 1.4% in February 2021 compared with February 2020, with net
rents exclusive of heating expenses, which are important as they account for a large part of household final
consumption expenditure, rising by 1.3%. Higher price increases were recorded, for example, for services of
social facilities (+6.5%) and financial services (+6.2%), while the prices of telecommunication services,
among others, were down (-1.0%).
Compared with January 2021, the consumer price index rose by 0.7% in February 2021. Energy
product prices increased by 1.5% in February 2021 compared with January 2021, with consumers paying
more especially for heating oil (+6.5%) and motor fuels (+3.0%). Food prices in February 2021 were up by
0.7% compared to January 2021, with higher increases especially for vegetables (+2.0%).
Sources: Federal Statistical Office, Short-term indicators: Price indices at a glance (consumer prices, retail prices, producer prices, selling
prices in wholesale trade, import prices, export prices). Tables with values and rates of change (https://www.destatis.de/EN/Themes/Economy/
Short-Term-Indicators/Prices/pre110.html) Federal Statistical Office, Inflation rate at +1.3% in February 2021, press release of March 12,
2021 (https://www.destatis.de/EN/Press/2021/03/PE21_117_611.html).
Unemployment Rate
UNEMPLOYMENT RATE
(percent of unemployed persons in the total labor force according to the
International Labour Organization (ILO) definition)(1)
Original
Adjusted
Reference period
percentages
percentages(2)
February 2020 ....................................................................................................
3.4
3.6
March 2020 ........................................................................................................
3.8
3.8
April 2020 ..........................................................................................................
4.3
4.0
May 2020 ...........................................................................................................
4.4
4.2
June 2020 ...........................................................................................................
4.5
4.3
July 2020............................................................................................................
4.4
4.4
August 2020 .......................................................................................................
4.5
4.5
September 2020..................................................................................................
4.4
4.5
October 2020......................................................................................................
4.4
4.5
November 2020..................................................................................................
4.4
4.6
December 2020 ..................................................................................................
4.4
4.6
January 2021 ......................................................................................................
4.6
4.6
----------
(1) The time series on unemployment are based on the German Labour Force Survey.
(2) Trend cycle component (X-13-ARIMA method using JDemetra+; calculation by Eurostat).
Compared to January 2020, the number of employed persons in January 2021 declined by
approximately 716,000 or 1.6%. Compared to December 2020, the number of employed persons increased
slightly in January 2021 by approximately 14,000 after adjustment for seasonal fluctuations.
In January 2021, the number of unemployed persons increased by approximately 564,000 or 38.2%
compared to January 2020. Adjusted for seasonal and irregular effects (trend cycle component), the number
of unemployed persons in January 2021 stood at 2.02 million, reflecting a slight increase of 0.1% compared
to December 2020.
It should be noted that according to the employment account and labour force survey concepts,
workers in short-time work schemes (Kurzarbeit) are not counted as unemployed persons but as persons in
employment.
Sources: Federal Statistical Office, January 2021: employment slightly up on the previous month on a seasonally adjusted basis, press release
of March 2, 2021 (https://www.destatis.de/EN/Press/2021/03/PE21_094_132.html); Federal Statistical Office, Genesis-Online Datenbank,
Result 13231-0001, Unemployed persons, persons in employment, economically active population, unemployment rate: Germany, months,
original
and
adjusted
data
(https://www-genesis.destatis.de/genesis/online?sequenz=tabelleErgebnis&selectionname=13231-
0001&zeitscheiben=2&leerzeilen=false&language=enaabreadcrumb).
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Current Account and Foreign Trade
CURRENT ACCOUNT AND FOREIGN TRADE
(balance in EUR billion) (1)
Item
January 2021
January 2020
Trade in goods, including supplementary trade items.............................
13.5
14.1
Services.....................................................................................................
1.0
-1.1
Primary income ........................................................................................
9.7
10.2
Secondary income ....................................................................................
-7.3
-7.3
Current account ......................................................................................
16.9
15.9
----------
(1) Figures may not add up due to rounding.
Source: Federal Statistical Office, CORRECTION: Exports in January 2021: +1.4% on December 2020, press release of March 9, 2021
(https://www.destatis.de/EN/Press/2021/03/PE21_107_51.html).
Germany's General Government Deficit/Surplus and General Government Gross Debt
According to provisional calculations of the Federal Statistical Office, the German general government
budgets recorded a financial deficit (net borrowing) of EUR 139.6 billion in 2020. This was the first deficit
since 2011 and the second highest deficit in nominal terms since German reunification. Measured as a
percentage of nominal GDP, this corresponds to a 4.2% deficit ratio of general government for 2020,
exceeding the 3% reference value of the EU's Stability and Growth Pact. However, due to the COVID-19
pandemic the application of the Stability and Growth Pact's targets has been suspended for 2020 and 2021.
Source: Federal Statistical Office, Negative government finance in 2020: deficit of 139.6 billion euros, press release of February 24, 2021
(https://www.destatis.de/EN/Press/2021/02/PE21_082_81.html).
Public Finance
Revenues and Expenditures
The following table presents revenues and expenditures in the public sector for 2016 to 2020:
GENERAL GOVERNMENT ACCOUNTS(1)
2020
2019
2018
2017
2016
(EUR in billions)
Federal Government, Länder governments and
municipalities..................................................................
Revenue ..........................................................................
998.0
1,044.5
1,011.4
964.6
930.6
of which: Taxes (2) .........................................................
773.4
827.1
801.2
767.0
732.2
Expenditure .....................................................................
1,103.8
1,000.7
965.8
931.4
903.0
Balance ...........................................................................
-105.9
43.8
45.6
33.2
27.6
Social security funds...........................................................
Revenue ..........................................................................
717.6
690.0
661.9
637.0
607.5
Expenditure .....................................................................
751.3
681.3
645.9
625.8
598.8
Balance ...........................................................................
-33.7
8.7
16.0
11.2
8.7
General government............................................................
Revenue ..........................................................................
1,563.0
1,610.6
1,553.8
1,485.2
1,426.7
Expenditure .....................................................................
1,702.6
1,558.1
1,492.2
1,440.8
1,390.4
Balance ...........................................................................
-139.6
52.5
61.6
44.4
36.4
----------
(1) Definition according to the national accounts.
(2) Excluding capital taxes and taxes of domestic sectors paid to EU.
Source: Statistisches Bundesamt, Fachserie 18, Reihe 1.4 2020 (March 2021), Tables 3.4.3.2, 3.4.3.3 and 3.4.3.7.
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Debt of the Federal Government
The following table summarizes the direct debt of the Federal Government as of December 31, 2020:
SUMMARY OF THE PRINCIPAL AMOUNT OF THE OUTSTANDING
DIRECT DEBT OF THE FEDERAL GOVERNMENT
Principal amount
outstanding as of
December 31, 2020
(EUR in millions)
Federal Bonds (Bundesanleihen)
938,500
Federal Notes (Bundesobligationen)
210,500
Federal Treasury Notes (Bundesschatzanweisungen)
107,500
Treasury Discount Paper (Unverzinsliche Schatzanweisungen)
113,500
Inflation-linked Securities (inflationsindexierte Bundeswertpapiere)
62,200
Green Federal Bonds (Grüne Bundesanleihen)
6,500
Green Five-year Federal Notes (Grüne Bundesobligationen)
5,000
Borrowers' note loans (Schuldscheindarlehen)
6,202
Old debt (1)
4,474
Repurchased debt
182,982
Total (2)
1,271,394
----------
(1) Mainly equalization and covering claims of the Deutsche Bundesbank, other banks and insurance companies in connection with the
currency reform of 1948.
(2) Compared to the published Monthly Report of the Federal Ministry of Finance, January 2021, from which the information above is
derived, Treasury Discount Papers are presented with their outstanding volume (as opposed in the amount owed).
Source: Monthly Report of the Federal Ministry of Finance, January 2021,Table "Entwicklung der Kreditaufnahme des Bundes im Dezember
2020", page 99, and table "Entwicklung von Umlaufvolumen und Eigenbestände an Bundeswertpapieren im Dezember 2020" , page 102
(https://www.bundesfinanzministerium.de/Monatsberichte/2021/01/Inhalte/Kapitel-4-Wirtschafts-und-Finanzlage/4-4-kreditaufnahme-des-
bundes-und-seiner-sondervermoegen.html).
Other Recent Developments
General Considerations Relating to the COVID-19 Pandemic
According to the European Centre for Disease Prevention and Control ("ECDC"), as of mid-
March 2021, a large number of countries in Europe, including Germany, had reported increasing case
notification rates and/or test positivity and absolute values of the indicators remain high, suggesting that
transmission is still widespread. The ECDC believes it is possible that further increases in admissions to
hospital, ICU and mortality will follow in the coming weeks in those countries that are currently observing
increasing case notification rates. Furthermore, in its most recent risk assessment of February 15, 2021, the
ECDC had noted that the introduction and increased spread of new COVID-19 variants first identified in the
United Kingdom, South Africa and Brazil raise concerns. According to the ECDC, European countries have
in particular observed a substantial increase in the number and proportion of the COVID-19 variant first
identified in the United Kingdom, which appears to be more transmissible and may cause more severe
infections. The ECDC also stated that several countries where the variant has become dominant have seen
rapid increases in incidence, which have resulted in increased hospitalizations, overstretched health systems
and excess mortality. The ECDC also pointed out that recent anti-lockdown protests and civil disturbances
in some European cities suggest that pandemic fatigue could adversely affect the continued acceptance of
and compliance with non-pharmaceutical interventions by the population.
In Germany, protective measures to contain the COVID-19 pandemic, which in particular aim at
reducing contacts, continue to be in place. At a meeting in early March 2021, the Federal Chancellor and
the Heads of Government of the 16 German federal states (Länder) decided on certain stages of easing,
which largely depend on the COVID-19 infection patterns in individual federal states or regions, but may be
repealed if infections rise above certain thresholds. Currently, the number of new infections in Germany is
rising again and the percentage of total infections accounted for by COVID-19 virus variants is also
increasing.
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On March 11, 2021, the European Commission granted a conditional marketing authorization for a
further COVID-19 vaccine, following positive assessments by the European Medicines Agency, bringing the
total number of vaccines that have been authorized for use in the EU to four. According to the ECDC, as
of March 14, 2021, the full vaccination uptake among adults aged 18 years and above in countries of the
EU and the European Economic Area (with 30 countries reporting) was at a median of 4.3%. As of
March 18, 2021, 3.8% of the German population had been fully vaccinated.
On March 17, 2021, the European Commission adopted a legislative proposal establishing a common
framework for a "Digital Green Certificate", i.e., proof that a person has been vaccinated against COVID-19,
received a negative test result or recovered from COVID-19. This proposed EU level approach aims to
facilitate free movement within the EU, based on strict respect for non-discrimination and the fundamental
rights of EU citizens. A technical framework will be defined at EU level, to be put in place by mid-
June 2021, to ensure security, interoperability, as well as full compliance with personal data protection. It
will also allow the possibility to extend to compatible certificates issued in third countries.
Sources: European Centre for Disease Prevention and Control, COVID-19 surveillance report, Week 10, 2021, produced on March 18, 2021
(https://covid19-surveillance-report.ecdc.europa.eu/); European Centre for Disease Prevention and Control, Risk Assessment on COVID-19,
February 15, 2021 (https://www.ecdc.europa.eu/en/current-risk-assessment-novel-coronavirus-situation); The Federal Chancellor, "Take the
next steps wisely", March 4, 2021 (https://www.bundeskanzlerin.de/bkin-de/aktuelles/decision-1872324a); European Centre for Disease
Prevention and Control, COVID-19 Vaccine rollout overview, Week 10, 2021, produced on March 18, 2021 (https://covid19-vaccine-
report.ecdc.europa.eu/); European Commission, Coronavirus vaccines strategy, accessed on March 18, 2021 (https://ec.europa.eu/info/live-
work-travel-eu/coronavirus-response/public-health/coronavirus-vaccines-strategy_enaeu-vaccines-strategy);
The
European
Commission,
COVID-19: Digital green certificates, accessed on March 18, 2021 (https://ec.europa.eu/info/live-work-travel-eu/coronavirus-response/safe-
covid-19-vaccines-europeans/covid-19-digital-green-certificates_en); Bundesministerium der Gesundheit, Impf-Dashboard, Stand 19. März
2021 (https://impfdashboard.de/).
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USE OF PROCEEDS
The net proceeds from the sale of the notes will be $1,740,655,000 (after deduction of underwriting
discounts and commissions but before expenses of the offering). The net proceeds from the sale of the
notes will be used to finance our lending activities as described in the accompanying prospectus, including
the refinancing of existing liabilities.
DESCRIPTION OF THE NOTES
The following is a description of certain terms of the notes and supplements the description of the
general terms and conditions of the securities in the accompanying prospectus under the heading
"Description of the Securities". If the terms described in the following summary differ from the terms
described in the accompanying prospectus, you should rely on the terms described in the following
description. This description is qualified in its entirety by reference to the terms and conditions of the notes,
which are discussed below. Copies of the form of the notes and of the fiscal agency agreement dated
October 16, 2001 and amended on December 12, 2013 and December 12, 2016 (as amended, the "Fiscal
Agency Agreement") pursuant to which the notes will be issued have been filed with the SEC as an exhibit
to the registration statement of which this prospectus supplement and the accompanying prospectus are a
part.
General
We will initially offer the notes in an aggregate principal amount of $1,750,000,000. The notes will
mature at par on March 30, 2026. The notes will be issued in minimum denominations of $1,000 and
multiples thereof.
The notes will constitute unsecured and unsubordinated obligations of Rentenbank and will rank pari
passu without any preference among themselves (whether by reason of priority of date of issue or
otherwise) and at least equally with all other unsecured and unsubordinated obligations of Rentenbank,
present and future, subject to statutory exceptions relating to the payment of certain liabilities ahead of
unsecured debts. These exceptions arise under our governing law and the insolvency laws of the Federal
Republic and would apply if we were the subject of an insolvency proceeding. These laws dictate that the
fees and costs of the insolvency proceedings and either liabilities relating to the administration of the estate
or the fulfillment of liabilities the administrator deems necessary for the benefit of the insolvent estate would
be paid before unsecured obligations.
At December 31, 2019, the outstanding total of our secured bond obligations was 19 million. This
includes our registered bonds and secured bearer bonds. There are no material secured obligations other than
our registered bonds and secured bearer bonds.
The notes will bear interest at the rate per annum shown on the front cover of this prospectus
supplement, beginning March 30, 2021, payable semi-annually in arrears on March 30 and September 30 of
each year, commencing September 30, 2021. Payments will be made to the person who is the registered
holder at the close of business on the day immediately preceding such interest payment date. If any interest,
principal or redemption payment date falls on a day that is not a business day, we will make the required
payment on the next succeeding business day, and no additional interest will accrue in respect of the
payment made on that next succeeding business day.
As used in this section "Description of the Notes" and in the notes, "business day" means any day,
other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close in The City of New York; provided,
however, that the day must also be a day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer (known as TARGET2) System is open. Interest on the notes will be calculated
on the basis of a 360-day year of twelve 30-day months. The notes do not provide for any sinking fund.
We may redeem the notes prior to maturity in the circumstances described in "-- Redemption for Tax
Reasons" below.
Redemption for Tax Reasons
For a discussion of our option to redeem the notes for tax reasons, please see "Description of the
Securities -- Redemption for Tax Reasons" in the accompanying prospectus.
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