Obbligazione Agrar Rentenbank 0.01% ( US515110BJ28 ) in USD

Agrar Rentenbank

100 USD ⇌

Germania

US515110BJ28 ( in USD )

0.01% per anno ( pagato 2 volte l'anno)

04/04/2018 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Landwirtsch. Rentenbank US515110BJ28 in USD 0.01%, scaduta

1 000 USD

1 750 000 000 USD

515110BJ2

La Landwirtschaftliche Rentenbank è una banca pubblica tedesca che finanzia l'agricoltura e le aree rurali.

The Obbligazione issued by Agrar Rentenbank ( Germany ) , in USD, with the ISIN code US515110BJ28, pays a coupon of 0.01% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 04/04/2018

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PROSPECTUS SUPPLEMENT
Filed pursuant to Rule 424(b)(5)
(To prospectus dated August 25, 2010)
Registration No. 333-167672

$1,750,000,000
1.00% NOTES DUE 2018
Interest payable on April 4 and October 4
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 (1) at our option in the case of certain changes in the tax laws of the Federal Republic of
Germany (the "Federal Republic") and (2) at the holder's option in the case of certain changes related to the backing of our obligations by the Federal Republic. See the
sections entitled "-- Redemption for Tax Reasons" and"-- Redemption at Holder's Option" under "Description of the Notes".
Under our governing law, the notes will be effectively backed by the full faith and credit of the Federal Republic. See "Responsibility of the Federal Republic for
Rentenbank" in the accompanying prospectus.
Application has been made to list the notes on the SIX Swiss Exchange.
PRICE 99.549% AND ACCRUED INTEREST, IF ANY

Underwriting Discount and

Price to Public
Commissions
Proceeds to Rentenbank
Per Note
99.549%
0.125%
99.424%
Total
$1,742,107,500
$2,187,500
$1,739,920,000
The Securities and Exchange Commission and state securities regulators have not 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 and its participants, including Euroclear
Bank S.A./N.V. and Clearstream Banking, société anonyme, Luxembourg on April 4, 2013.

Joint Bookrunners
CREDIT SUISSE
DEUTSCHE BANK
JP MORGAN
TD SECURITIES
The date of this prospectus supplement is March 26, 2013.
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TABLE OF CONTENTS
Prospectus Supplement

Page
Where You Can Find More Information
S-3
Presentation of Financial Data
S-3
Forward-Looking Statements
S-3
Recent Developments
S-4
Exchange Rate Information
S-5
Additional Information on United States Taxation
S-5
Use of Proceeds
S-6
Description of the Notes
S-6
Underwriting
S-10
Validity of the Notes
S-13
General Information
S-14
Prospectus

Page
About This Prospectus
3
Where You Can Find More Information
3
Landwirtschaftliche Rentenbank
4
Use of Proceeds
5
Description of the Securities
6
Responsibility of the Federal Republic for Rentenbank
10
Debt Record
10
German Taxation
11
United States Taxation
14
Plan of Distribution
26
Validity of the Securities
27
Limitations on Actions against the Federal Republic
27
Enforcement of Civil Liabilities against Rentenbank
27
Authorized Representative in the United States
27
Official Statements and Documents
27
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WHERE YOU CAN FIND MORE INFORMATION
This prospectus supplement should be read together with the accompanying prospectus dated August 25, 2010, which contains 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. 333-167672), as amended, and its exhibits
filed with the U.S. Securities and Exchange Commission (the "SEC") under the U.S. Securities Act of 1933 and relating to the debt securities of Rentenbank described
in the accompanying prospectus. These documents are also available free of charge at the offices of BNP Paribas (Suisse) S.A., 2, Place de Hollande, 1211 Geneva 11,
Switzerland.
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.
This prospectus supplement includes particulars given in compliance with the rules governing the listing of securities on the SIX Swiss Exchange for the purpose
of giving information with regard to Landwirtschaftliche Rentenbank. The SIX Swiss Exchange takes no responsibility for the contents of this prospectus supplement
and the accompanying prospectus, makes no representations as to their 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 this prospectus supplement and the accompanying prospectus. Rentenbank accepts full responsibility for the
accuracy of the information contained in this prospectus supplement and the accompanying prospectus 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 or in the prospectus misleading in any material respect.
This document may only be used for the purpose for which it has been published.
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 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".
PRESENTATION OF FINANCIAL DATA
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. For information
regarding exchange rates between euro and U.S. dollars, see the section entitled "Exchange Rate Information" and Rentenbank's annual report on Form 18-K, as
amended, which is incorporated by reference herein. On March 22, 2013, the euro foreign exchange reference rate as published by the European Central Bank was EUR
1.00 = 1.2948 U.S. dollar (EUR 0.7723 per U.S. dollar).
FORWARD-LOOKING STATEMENTS
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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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)
Percentage change on the same
Percentage change on
quarter in
Reference period
previous quarter

previous year

4th quarter 2011
-0.1
1.9
1st quarter 2012
0.5
1.2
2nd quarter 2012
0.3
1.0
3rd quarter 2012
0.2
0.9
4th quarter 2012
-0.6
0.4
The German gross domestic product decreased by 0.6% after price, seasonal and calendar adjustments in the fourth quarter of 2012 compared to the third quarter
of 2012.
Compared to the third quarter of 2012, positive contributions to economic growth were only made by domestic final consumption expenditure in the fourth quarter
of 2012. Final consumption expenditure of households and of the government increased by 0.1% and 0.4%, respectively. Gross fixed capital formation decreased:
Construction decreased by 0.1%, while gross fixed capital formation in machinery and equipment decreased by 2.0%. Exports of goods and services decreased by
2.0% in the fourth quarter of 2012 compared to the third quarter of 2012. As the decrease in imports of 0.6% was less significant than the decrease in exports, the
balance of exports and imports reduced the GDP growth rate by 0.8 percentage points in the fourth quarter of 2012.
In a year-on-year comparison, GDP in the fourth quarter of 2012 increased by 0.4% in calendar adjusted terms compared to the fourth quarter of 2011. Economic
growth has thus slowed down since the beginning of 2012.
Source: Statistisches Bundesamt, Detailed results on the gross domestic product results for the 4th quarter of 2012, press release of February 22, 2013
(https://www.destatis.de/EN/PressServices/Press/pr/2013/02/PE13_066_811.html).
Germany's General Government Deficit, General Government Gross Debt and the Excessive Deficit Procedure
The German central government, federal states and municipalities as well as social security funds (together, the general government) recorded a net lending of
EUR 4.2 billion in 2012 according to updated results of the Federal Statistical Office. In 2012, net borrowing of the central government and federal states decreased
significantly to EUR 12.2 billion and EUR 6.8 billion, respectively. Net lending of local government was EUR 6.1 billion in 2012 compared with EUR 1.9 billion in
2011. Social security funds reported a surplus of EUR 17.0 billion. When measured as a percentage of the GDP at current prices, the ratio of general government's net
lending was 0.2%.
Based on the definitions that are relevant for European excessive deficit procedures, net lending of general government amounted to EUR 4.1 billion. The slightly
smaller surplus was due to the fact that revenue and expenditure arising from swap transactions and interest rate derivatives were taken into account. Calculated
according to these definitions, the surplus amounted to 0.2%, too, when related to the gross domestic product at current prices.
Source: Statistisches Bundesamt, General government achieved surplus in 2012 Maastrichtratio at +0.2%, press release of February 22, 2013
(https://www.destatis.de/EN/PressServices/Press/pr/2013/02/PE13_067_813.html).
In July 2012, Cyprus formally requested financial assistance from the Euro Area Member States and the IMF in view of the challenges that Cyprus is facing, in
particular due to distress in the banking sector and macroeconomic imbalances.
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On March 16, 2013, the Euro Area Member States reached an agreement with Cyprus on a program that met the conditions fixed by the Euro Area Member States,
the ECB and the IMF, agreeing to lend EUR 10 billion to Cyprus. The agreement was conditioned upon Cyprus targeting a sustainable level of debt and corresponding
financing parameters. The program was, however, not accepted by the Cypriot parliament. It is now for the Cypriot authorities to present an alternative scenario
respecting the debt criteria and corresponding financing parameters.
Source: European Commission statement on Cyprus, March 20, 2013
(http://europa.eu/rapid/press-release_MEMO-13-264_en.htm).
On March 19, 2013, the European Parliament and the Council reached an agreement on a legislative package entrusting the ECB with responsibility for the
supervision of banks in the framework of the Single Supervisory Mechanism ("SSM") and adapting the operating rules of the EBA to this new framework. In particular,
key supervisory tasks and powers over all the credit institutions established within the Euro Area Member States will be assigned to the ECB. The ECB will carry out
its tasks within the SSM composed of the ECB and national competent authorities. The ECB will directly supervise credit institutions having assets of more than EUR
30 billion or constituting at least 20% of their home country's GDP or which have requested or received direct public financial assistance from the EFSF or the ESM.
National supervisors of less significant credit institutions will be monitored by the ECB. In addition, the ECB may directly supervise one or more of these less
significant credit institutions.
Source: European Commission, An important step towards a real banking union in Europe: Statement by Commissioner Michel Barnier following the trilogue
agreement on the creation of the Single Supervisory Mechanism for the eurozone, March 19, 2013
(http://europa.eu/rapid/press-release_MEMO-13-251_en.htm).

EXCHANGE RATE INFORMATION
We file reports with the SEC giving economic data expressed in euro.
The following table shows the high and low noon buying rates for euro, expressed as U.S. dollars per EUR 1.00, for each month from January through March 2013
(March 15), published on a weekly basis by the Federal Reserve Bank of New York.
2013
High

Low

January
1.3584
1.3047
February
1.3692
1.3054
March (through March 15)
1.3098
1.2949
No representation is made that the euro or U.S. dollar amounts referred to herein or referred to in the documents which incorporate this information by reference
could have been or could be converted into U.S. dollars or euro, as the case may be, at any particular rate.
There are, except in limited embargo circumstances, no legal restrictions in the Federal Republic on international capital movements and foreign exchange
transactions. However, for statistical purposes only, every individual or corporation residing in the Federal Republic must report to the Deutsche Bundesbank, the
German Central Bank, subject to a number of exceptions, any payment received from or made to an individual or a corporation resident outside of the Federal Republic
if such payment exceeds EUR 12,500 (or the equivalent in a foreign currency).
ADDITIONAL INFORMATION ON UNITED STATES TAXATION
As discussed under "United States Taxation--Foreign Financial Assets Reporting" in the accompanying prospectus, a law enacted in 2010 requires individuals
that own "specified foreign financial assets" with an aggregate value in excess of $50,000 to file an information report with respect to such assets with their United
States federal income tax returns. Guidance subsequently issued by the United States Internal Revenue Service prescribes higher reporting thresholds for certain
individuals and exempts "specified foreign financial assets" held in a financial account from reporting under this provision (although the financial account itself, if
maintained by a foreign financial institution, may be subject to this reporting requirement). In addition, proposed regulations extend this reporting requirement to certain
United States entities. Holders are urged to consult their tax advisors regarding the application of this legislation to their ownership of the Securities.
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USE OF PROCEEDS
The net proceeds from the sale of the notes will be $1,739,920,000 (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 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 April 4, 2018. 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.
Application has been made to list the notes on the SIX Swiss Exchange.
At December 31, 2012, the outstanding total of our secured bond obligations was 2.3 billion. 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 April 4, 2013, payable semi-annually in
arrears on April 4 and October 4 of each year, commencing October 4, 2013. 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.
Book-Entry System and Form of the Notes
The notes will be issued in the form of one or more fully registered Global Notes which will be deposited with, or on behalf of, The Depository Trust Company
("DTC"). Global Notes will be registered in the name of DTC or its nominee. Except as set forth below, Global Notes may be transferred, in whole and not in part,
only to DTC or its nominee.
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Beneficial interests in the notes will be shown on, and transfers thereof will be effected only through, records maintained by DTC and its direct and indirect
participants, including Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme, Luxembourg ("Clearstream, Banking"). Investors may elect
to hold interests in the notes through any of DTC, Euroclear or Clearstream, Banking, if they are participants in these systems, or indirectly through organizations which
are participants in these systems.
Upon issuance of a Global Note, we expect that DTC or its nominee will credit on its book-entry registration and transfer system the principal amount of the notes
represented by the Global Note to the accounts of institutions that have accounts with DTC or its nominee ("participants"). Euroclear and Clearstream, Banking hold
securities on behalf of their participants through customers' securities accounts in their respective names on the books of their respective depositaries, which in turn
hold the securities in customers' securities accounts in the depositaries' names on the books of DTC.
The Fiscal Agent initially will act as depositary for DTC. The accounts to be initially credited will be designated by the underwriters participating in the
distribution of notes. Ownership of beneficial interests in a Global Note will be limited to participants or persons that may hold interests through participants. The laws
of some states require that certain purchasers of securities take physical delivery of the securities in definitive form. These limits and laws may impair the ability to
own, transfer or pledge beneficial interests in a Global Note.
So long as DTC or its nominee is the registered owner of a Global Note, DTC or its nominee, as the case may be, will be considered the sole owner and holder of
the notes represented by the Global Note for all purposes under the Fiscal Agency Agreement. Except as set forth below, owners of beneficial interests in a Global Note
will not be entitled to have the notes represented by the Global Note registered in their names, will not receive or be entitled to receive physical delivery of the notes in
definitive form and will not be considered the owners or holders thereof under the Fiscal Agency Agreement. Accordingly, each person owning a beneficial interest in
the Global Note must rely on the procedures of DTC and, to the extent relevant, Euroclear or Clearstream, Banking, and the participant through which the person owns
its interest, to exercise any rights of a holder under the Fiscal Agency Agreement. Rentenbank understands that, under existing practice, in the event that Rentenbank
requests any action by a holder or a beneficial owner desires to take any action that a holder is entitled to take, the depositary would act upon the instructions of the
participant or authorize the participant to take such action, and the participants would authorize beneficial owners owning through these participants to take the action or
would otherwise act upon the instructions of beneficial owners owning through them.
Principal and interest payments on the notes represented by a Global Note registered in the name of DTC or its nominee will be made by us to the Fiscal Agent.
The Fiscal Agent will make payments to DTC or its nominee, as the case may be, as the registered holder of the Global Note. None of Rentenbank, the Fiscal Agent or
any paying agent for the notes will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests in the Global Notes or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests. We expect that DTC or its nominee,
upon receipt of any payment of principal or interest, will immediately credit participants' accounts with payments in amounts proportionate to their respective
beneficial interests in the principal amount of the Global Note as shown on the records of DTC to its nominee. We also expect that payments by participants to owners
of beneficial interests in the Global Note held through participants will be governed by standing instructions and customary practices, as is now the case with securities
held for the account of customers registered in "street name", and will be the responsibility of these participants. Distributions with respect to notes held through
Euroclear or Clearstream, Banking will be credited to the cash accounts of Euroclear participants or Clearstream, Banking participants in accordance with the relevant
system's rules and procedures, to the extent received by its depositary. Neither Rentenbank nor the Fiscal Agent will have any responsibility or liability for any aspect
of the records relating to, or payments made on account of, beneficial ownership interests in the Global Notes or for maintaining, supervising or reviewing any records
relating to the beneficial ownership interests.
DTC has informed us that: DTC is a limited-purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a
"clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provision of Section 17A of
the U.S. Securities Exchange Act of 1934. DTC was created to hold securities of its participants and to facilitate the clearance and settlement of securities transactions
among its participants in the securities through electronic book-entry changes in accounts of the participants, thereby eliminating the need for physical movement of
certificates. DTC participants include securities brokers and dealers (including underwriters), banks, trust companies, clearing corporations and certain other
organizations, some of whom (and/or their
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representatives) own DTC. Access to the DTC book-entry system is also available to others, such as banks, brokers, dealers and trust companies that clear through or
maintain a custodial relationship with a participant, either directly or indirectly. DTC agrees with and represents to its participants that it will administer its book-entry
system in accordance with its rules and by-laws and requirements of law.
Euroclear and Clearstream, Banking have informed us that: Euroclear and Clearstream, Banking each hold securities for their customers and facilitate the
clearance and settlement of securities transactions by electronic book-entry transfer between their respective account holders. Euroclear and Clearstream, Banking
provide various services including safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing.
Euroclear and Clearstream, Banking also deal with domestic securities markets in several countries through established depository and custodial relationships.
Euroclear and Clearstream, Banking have established an electronic bridge between their two systems across which their respective participants may settle trades with
each other.
Euroclear and Clearstream, Banking customers are world-wide financial institutions including underwriters, securities brokers and dealers, banks, trust companies
and clearing corporations. Indirect access to Euroclear and Clearstream, Banking is available to other institutions which clear through or maintain a custodial
relationship with an account holder of either system.
The following arrangements will apply to the notes:
Initial settlement for the notes will be made in U.S. dollars in immediately available funds (i.e., for value on the date of delivery of the notes).
Investors electing to hold their notes through DTC will follow the settlement practices applicable to U.S. corporate debt obligations. The securities custody
accounts of investors will be credited with their holdings on the settlement date against payment in same-day funds within DTC effected in U.S. dollars.
Investors electing to hold their notes through Euroclear or Clearstream, Banking accounts will follow the settlement procedures applicable to conventional
eurobonds.
All notes will be recorded in a register maintained by the Fiscal Agent. The Fiscal Agent will be responsible for (1) maintaining a record of the aggregate holdings
of all outstanding notes evidenced by the Global Notes; (2) ensuring that payments of principal and interest in respect of the notes received by the Fiscal Agent from
Rentenbank are duly credited to the holders of the notes; and (3) transmitting to Rentenbank any notices from the holders of the notes.
Secondary market sales of book-entry interests in the notes between DTC participants will occur in the ordinary way in accordance with DTC rules and will be
settled using the procedures applicable to United States corporate debt obligations in DTC's Settlement System. Secondary market sales of book-entry interests in the
notes held through Euroclear or Clearstream, Banking to purchasers of book-entry interests in the notes through Euroclear or Clearstream, Banking will be conducted in
accordance with the normal rules and operating procedures of Euroclear and Clearstream, Banking and will be settled using the procedures applicable to conventional
eurobonds.
If DTC is at any time unwilling or unable to continue as depositary or is ineligible to act as depositary, and a successory depositary is not appointed by Rentenbank
within 90 days after Rentenbank is notified by DTC or becomes aware of this condition, Rentenbank will issue notes in definitive form in exchange for the Global Note
representing the notes. In addition, Rentenbank may at any time and in its sole discretion determine not to have the notes represented by one or more Global Notes and,
in that case, will issue notes in definitive form in exchange for all of the Global Notes representing the notes. In that case, the notes will be issued only in fully
registered form without coupons in denominations of U.S.$1,000 and multiples thereof. If notes are issued in definitive form, DTC will provide the Fiscal Agent with
registration information and payment instructions. Thereafter, payment and transfers will be effected by the Fiscal Agent. In case of definitive notes, arrangements can
be made for payment and transfer of such notes at the offices of the Swiss Paying and Transfer Agent.
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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Redemption at Holder's Option
If, as a result of a change in the ownership of our capital stock, a change in the laws of the Federal Republic, a change in the official interpretation of those laws,
or any action taken by the Federal Republic, its legislative bodies, political subdivisions or courts, our obligations under the notes are no longer fully backed by the
credit of the Federal Republic under the public law principle of institutional liability (Anstaltslast) or by any replacement instrument, the notes may be redeemed at the
option of the holders. Under the terms of the notes, these events are referred to as "Redemption Events". After a Redemption Event occurs, Rentenbank will give notice
to the Fiscal Agent, who will send each holder a notice of their right to redeem. Holders of the notes will have 60 days from the time they receive this notice from the
Fiscal Agent to return the notice and the certificates representing the notes to be redeemed. After this 60-day period, holders will not have the option to redeem the
notes unless a new Redemption Event occurs. The redemption price will equal 100% of the principal amount plus any accrued interest.
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, which will act as Fiscal Agent for the notes, has its principal corporate agency and trust office at 60 Wall Street,
27th 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
Notices to holders of the notes will be delivered to the registered holders and will be published, so long as the notes are listed on the SIX Swiss Exchange, on the
website of the SIX Swiss Exchange (www.six-exchange-regulation.com/publications/communiques/official_notices_en.html).
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 SIX Swiss Exchange.
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UNDERWRITING
Under the terms and subject to the conditions contained in an underwriting agreement, dated March 26, 2013 (the "Underwriting Agreement"), the underwriters
named below (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
Notes

Credit Suisse Securities (Europe) Limited
$ 437,500,000
Deutsche Bank AG, London Branch
437,500,000
J.P. Morgan Securities plc
437,500,000
TD Securities (USA) LLC
437,500,000

Total
$ 1,750,000,000

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.
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a "Relevant Member State"), each
Underwriter has represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State
(the "Relevant Implementation Date") it has not made and will not make an offer of the notes to the public in that Relevant Member State prior to the publication of a
prospectus in relation to the notes which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another
Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, with
effect from and including the Relevant Implementation Date, make an offer of the notes to the public in that Relevant Member State at any time:

(i) to any legal entity which is a qualified investor as defined under the Prospectus Directive;

(ii) to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons
(other than qualified investors as defined in the Prospectus Directive) subject to obtaining the prior consent of the relevant Underwriter; or
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