Bond Agrarrentenbank 0.5% ( US515110BX12 ) in USD

Issuer Agrarrentenbank
Market price 100 %  ▲ 
Country  Germany
ISIN code  US515110BX12 ( in USD )
Interest rate 0.5% per year ( payment 2 times a year)
Maturity 27/05/2025 - Bond has expired



Prospectus brochure of the bond Landwirtschaftliche Rentenbank US515110BX12 in USD 0.5%, expired


Minimal amount 1 000 USD
Total amount 2 000 000 000 USD
Cusip 515110BX1
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description The Landwirtschaftliche Rentenbank (Rentenbank) is a German public-law institution providing financing and risk management services to the agricultural sector and related industries.

The Bond issued by Agrarrentenbank ( Germany ) , in USD, with the ISIN code US515110BX12, pays a coupon of 0.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 27/05/2025







PROSPECTUS SUPPLEMENT
(To prospectus dated November 7, 2019)
$2,000,000,000
Landwirtschaftliche Rentenbank
0.500% NOTES DUE 2025
Interest payable on May 27 and November 27
This prospectus supplement relates to the offering by us of $2,000,000,000 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 99.542% AND ACCRUED INTEREST, IF ANY
Underwriting Discount and
Price to Public
Commissions
Proceeds to Rentenbank
Per Note
99.542%
0.125%
99.417%
Total
$1,990,840,000
$2,500,000
$1,988,340,000
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 May 27, 2020.
Underwriters
BARCLAYS
BNP PARIBAS
HSBC
MORGAN STANLEY
The date of this prospectus supplement is May 19, 2020.


TABLE OF CONTENTS
Page
Incorporation by Reference...........................................................................................................................
S-4
Recent Developments....................................................................................................................................
S-4
Use of Proceeds ............................................................................................................................................
S-4
Description of the Notes ...............................................................................................................................
S-5
Underwriting..................................................................................................................................................
S-7
Validity of the Notes .....................................................................................................................................
S-10
General Information ......................................................................................................................................
S-11
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 May 19, 2020, the euro foreign exchange reference rate as published by the European Central
Bank was EUR 1.00 = 1.0950 U.S. dollar (EUR 0.9132 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.
S-3


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) 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 Hochstrasse 2, 60313
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.
USE OF PROCEEDS
The net proceeds from the sale of the notes will be $1,988,340,000 (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.
S-4


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 $2,000,000,000. The notes will
mature at par on May 27, 2025. 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 May 27, 2020, payable semi-annually in arrears on May 27 and November 27 of
each year, commencing November 27, 2020. 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.
Further Issues
For a discussion of our ability to issue notes of the same series, please see "Description of the
Securities -- Further Issues of Securities of Same Series" in the accompanying prospectus.
Fiscal Agent
There will be a registrar, Fiscal Agent and principal paying agent (the "Fiscal Agent") for Rentenbank,
whose duties will be governed by the Fiscal Agency Agreement. Deutsche Bank Trust Company Americas,
S-5


which will act as Fiscal Agent for the notes, has its principal corporate agency and trust office at 60 Wall
Street, 24th Floor, New York, New York 10005. We may replace the Fiscal Agent. We may maintain
deposit accounts and conduct other banking and financial transactions with the Fiscal Agent. The Fiscal
Agent is the agent of Rentenbank, is not a trustee for the holders of notes and does not have the same
responsibilities or duties to act for such holders as would a trustee.
Notices
All notices will be published in a daily English language newspaper of general circulation in London
(expected to be the Financial Times) and in New York (expected to be The Wall Street Journal), provided
that for so long as any notes are represented by global notes, notices may be given by delivery of the
relevant notice to DTC by Rentenbank or the Fiscal Agent for communication by DTC to its participants in
substitution for publication in any such newspaper. If at any time publication in any such newspaper is not
practicable, notices will be valid if published in an English language newspaper selected by Rentenbank
with general circulation in the relevant market regions. In addition, so long as any of the notes are listed on
the Luxembourg Stock Exchange and the rules of that exchange so require, such notices will be published
on the website of the Luxembourg Stock Exchange at http://www.bourse.lu. Any such notice shall be
deemed to have been given on the date of such publication or, if published more than once on different
dates, on the first date on which publication is made.
Replacement Notes
In case of mutilation, destruction, loss or theft of any definitive note, application for replacement is to
be made with the Fiscal Agent. Any such definitive note will be replaced by the Fiscal Agent in compliance
with such procedures as Rentenbank and the Fiscal Agent may require and subject to applicable laws and
regulations of the State of New York and the Luxembourg Stock Exchange.
S-6


UNDERWRITING
Under the terms and subject to the conditions contained in an underwriting agreement, dated May 19,
2020 between the underwriters named below (the "Underwriters") and Rentenbank in relation to the
notes (the "Underwriting Agreement"), the Underwriters have severally agreed to purchase, and Rentenbank
has agreed to sell to them, severally, the respective principal amount of the notes set forth opposite their
respective names below:
Principal
Amount of
Names of the Underwriters
Notes
Barclays Bank Ireland PLC .......................................................................................................
$
500,000,000
BNP Paribas ...............................................................................................................................
500,000,000
HSBC Bank plc .........................................................................................................................
500,000,000
Morgan Stanley & Co. International plc ...................................................................................
500,000,000
Total............................................................................................................................................
$
2,000,000,000
The Underwriting Agreement provides that the obligations of the several Underwriters to pay for and
accept delivery of the notes is subject to, among other things, the approval of certain legal matters by their
counsel and certain other conditions. The Underwriters are obligated to take and pay for all of the notes, if
any are taken.
The notes are offered for sale in those jurisdictions in the United States, Europe and Asia where it is
legal to make such offers.
In order to facilitate the offering of the notes, the Underwriters may engage in transactions that
stabilize, maintain or otherwise affect the prices of the notes. Specifically, the Underwriters may overallot in
connection with the offering, creating a short position in the notes for their own account. In addition, to
cover overallotments or to stabilize the price of the notes, the Underwriters may bid for, and purchase, the
notes in the open market. Finally, the Underwriters may reclaim selling concessions allowed to an
Underwriter or a dealer for distributing the notes in the offering, if they repurchase previously distributed
notes in transactions to cover syndicate short positions, in stabilization transactions or otherwise. Any of
these activities may stabilize or maintain the market price for the notes above independent market levels.
The Underwriters are not required to engage in these activities and may end any of these activities at any
time.
Each of the Underwriters has agreed that it will not offer, sell or deliver any of the notes, directly or
indirectly, or distribute this prospectus supplement or the accompanying prospectus or any other offering
material relating to the notes, in or from any jurisdiction except under circumstances that will result in
compliance with the applicable laws and regulations thereof.
Each Underwriter has represented and agreed that in relation to each Member State of the European
Economic Area (a "Member State") it has not made and will not make an offer of the notes to the public in
that Member State, except that it may make an offer of the notes to the public in that Member State at any
time in any circumstances which do not require the publication by us of a prospectus pursuant to
(i) Article 1(4) of the Prospectus Regulation or (ii) any applicable national law of that Member State. For
the purposes of this representation, "offer of the notes to the public" in relation to the notes in any Member
State means the communication in any form and by any means of sufficient information on the terms of the
offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the
notes; "Prospectus Regulation" means Regulation (EU) 2017/1129; and "Member State" includes the United
Kingdom.
Each Underwriter has represented and agreed that: (a) it has only communicated or caused to be
communicated and will only communicate or cause to be communicated any invitation or inducement to
engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets
Act 2000, as amended (the "FSMA")) received by it in connection with the issue or sale of such notes in
circumstances in which Section 21(1) of the FSMA does not apply to Rentenbank; and (b) it has complied
and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation
to the notes in, from or otherwise involving the United Kingdom.
S-7


Each Underwriter has acknowledged and agreed that the notes have not been and will not be
registered under the Financial Instruments and Exchange Law (Law No. 25 of 1948, as amended, the
"Financial Instruments and Exchange Law"), and that it will not offer or sell any bonds, directly or
indirectly, in Japan or to, or for the benefit of, any Japanese person or to others, for re-offering or resale,
directly or indirectly, in Japan or to any Japanese person, except in each case pursuant to an exemption
from the registration requirements of, and otherwise in compliance with, the Financial Instruments and
Exchange Law of Japan and any other applicable laws and regulations of Japan. For purposes of this
paragraph, "Japanese person" means any person resident in Japan, including any corporation or other entity
organized under the laws of Japan.
Each Underwriter has represented and agreed that (a) it has not offered and sold, and will not offer or
sell, in Hong Kong, by means of any document, any notes (except for notes which are a "structured
product" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong) (the "SFO") other
than: (a) to "professional investors" as defined in the SFO and any rules made under the SFO; or (b) in
other circumstances which do not result in the document being a "prospectus" as defined in the Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the "C(WUMP)O") or
which do not constitute an offer to the public within the meaning of the C(WUMP)O; and (b) it has not
issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the
purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating
to the notes, which is directed at, or the contents of which are likely to be accessed or read by, the public
of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with
respect to notes which are or are intended to be disposed of only to persons outside Hong Kong or only to
"professional investors" as defined in the SFO and any rules made under the SFO.
This prospectus supplement and the accompanying prospectus have not been, and will not be,
registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each Underwriter has
represented, warranted and agreed that it has not offered or sold any notes or caused the notes to be made
the subject of an invitation for subscription or purchase and will not offer or sell any notes or cause the
notes to be made the subject of an invitation for subscription or purchase, and has not circulated or
distributed, nor will it circulate or distribute, the prospectus supplement and the accompanying prospectus or
any other document or material in connection with the offer or sale, or invitation for subscription or
purchase, of the notes, whether directly or indirectly, to persons in Singapore other than (i) to an
institutional investor (as defined in Section 4A of the Securities and Future Act (Chapter 289) of Singapore
(as modified or amended from time to time, the "SFA")) pursuant to Section 274 of the SFA, (ii) to a
relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any
person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in
Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other
applicable provision of the SFA.
Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person
which is:
a)
a corporation (which is not an accredited investor) (as defined in Section 4A of the SFA) the
sole business of which is to hold investments and the entire share capital of which is owned by
one or more individuals, each of whom is an accredited investor; or
b)
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold
investments and each beneficiary of the trust is an individual who is an accredited investor,
the `securities' or `securities-based derivatives contracts' (each term as defined in Section 2(1) of
the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in
that trust shall not be transferred within 6 months after that corporation or that trust has acquired
the notes pursuant to an offer made under Section 275 of the SFA except:
i)
to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or
to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B)
of the SFA;
ii)
where no consideration is or will be given for the transfer;
iii)
where the transfer is by operation of law;
iv)
as specified in Section 276(7) of the SFA; or
S-8


v)
as specified in Regulation 37A of the Securities and Futures (offers of Investments)
(Securities and Securities-based Derivatives Contracts) Regulations 2018.
Each of the Underwriters has acknowledged that (other than in the United States of America) no
action has been or will be taken in any jurisdiction by the Underwriters or Rentenbank that would permit a
public offering of the notes, or possession or distribution of any offering materials in any jurisdiction where
action for those purposes is required.
Rentenbank does not intend to apply for listing of the notes on a United States national securities
exchange, but has been advised by the Underwriters that they intend to make a market in the notes. The
Underwriters are not obligated, however, to do so and may discontinue their market making at any time
without notice. No assurance can be given as to the liquidity of the trading market for the notes.
Rentenbank has agreed to indemnify the several Underwriters against certain liabilities, including
liabilities under the U.S. Securities Act of 1933, as amended.
Certain of the Underwriters and their affiliates from time to time have performed, and may in the
future perform, various investment banking and/or commercial banking services for Rentenbank in the
ordinary course of their respective businesses.
In the ordinary course of their various business activities, the Underwriters and certain of their
affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or
related derivative securities) and financial instruments (including bank loans) for their own account and for
the account of their customers, and such investment and securities activities may involve securities and/or
instruments of Rentenbank. If the Underwriters or their affiliates have a lending relationship with
Rentenbank, certain of those Underwriters routinely hedge, and certain other of those Underwriters or their
affiliates may hedge, their credit exposure to Rentenbank consistent with their customary risk management
policies. Typically, the Underwriters and their affiliates would hedge such exposure by entering into
transactions which consist of either the purchase of credit default swaps or the creation of short positions in
Rentenbank's securities, including potentially the notes. Any such credit default swaps or short positions
could adversely affect future trading prices of the notes. The Underwriters and certain of their affiliates may
also communicate independent investment recommendations, market color or trading ideas and/or publish or
express independent research views in respect of such securities or instruments and may at any time hold,
or recommend to clients that they acquire, long and/or short positions in such securities or instruments.
It is expected that delivery of the notes will be made on or about the date specified in the last
paragraph of the cover page of this prospectus supplement, which is the fifth business day following the
date of this prospectus supplement. Under Rule 15c6-1 of the U.S. Securities and Exchange Act of 1934, as
amended, trades in the secondary market generally are required to settle in two business days, unless the
parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the
notes before the notes are delivered by the underwriters may be required, by virtue of the fact that the
notes initially will settle in five business days, to specify an alternate settlement cycle at the time of any
such trade to prevent a failed settlement. Purchasers of notes who wish to trade the notes before delivery of
the notes should consult their own advisor.
Notice by the Underwriters to Distributors Regarding MiFID II Product Governance
Solely for the purposes of the product governance rules as defined in Directive 2014/65/EU of the
European Parliament and of the Counsel of 15th May, 2014 on markets in financial instruments and
implementing legislation (as amended, "MiFID II"), the target market assessment in respect of the Notes has
led the Underwriters (the "Manufacturers") of the Notes to the conclusion that (i) the target market for the
Notes is eligible counterparties, professional clients and retail clients each as defined in MiFID II; and
(ii) all channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or
recommending the Notes (a "distributor") should take into consideration the Manufacturers' target market
assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the Manufacturers' target market
assessment) and determining appropriate distribution channels, subject to the distributor's suitability and
appropriateness obligations under MiFID II, as applicable.
Rentenbank has confirmed that Rentenbank does not fall under the scope of application of MiFID II
and is not subject to the responsibilities conferred on manufacturers and distributors by MiFID II.
Rentenbank does not confirm, deny or make any other statement regarding the Manufacturers' target market
assessment.
S-9


VALIDITY OF THE NOTES
The validity of the notes will be passed upon on behalf of Rentenbank by the in-house legal advisors
of Rentenbank. The validity of the notes will be passed upon by Hogan Lovells US LLP, counsel for the
Underwriters. Hogan Lovells US LLP may rely as to all matters of German law on the opinion of the
in-house legal advisors for Rentenbank. Sullivan & Cromwell LLP is advising Rentenbank as to matters of
United States Federal and New York law. All statements in the accompanying prospectus and this prospectus
supplement with respect to the Guarantee of the Federal Republic and to the institutional liability
(Anstaltslast) of the Federal Republic have been passed upon by the in-house legal advisors of Rentenbank,
and are included upon their authority.
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