Obligation Agrarrentenbank 3.125% ( US515110BV55 ) en USD

Agrarrentenbank

100 % ▼

Allemagne

US515110BV55 ( en USD )

3.125% par an ( paiement semestriel )

13/11/2023 - Obligation échue

Prospectus brochure de l'obligation LANDWIRTSCHAFTLICHE RENTENBANK US515110BV55 en USD 3.125%, échue

1 000 USD

1 250 000 000 USD

515110BV5

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

L'obligation US515110BV55 émise par LANDWIRTSCHAFTLICHE RENTENBANK (Allemagne), d'une valeur nominale totale de 1 250 000 000 USD, à un taux d'intérêt de 3,125%, avec une échéance le 13/11/2023, libellée en USD, a été intégralement remboursée à son prix nominal de 100%, avec des paiements semestriels et un minimum d'achat de 1 000 unités.

PROSPECTUS SUPPLEMENT
(To prospectus dated December 22, 2016)
$1,250,000,000
Landwirtschaftliche Rentenbank
3.125% NOTES DUE 2023
Interest payable on May 14 and November 14
This prospectus supplement relates to the offering by us of $1,250,000,000 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 u¨ber 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 mobilie`res
dated July 10, 2005, as amended (the ``Luxembourg Prospectus Act'').
PRICE 99.551% AND ACCRUED INTEREST, IF ANY
Underwriting Discount and
Price to Public
Commissions
Proceeds to Rentenbank
Per Note
99.551%
0.125%
99.426%
Total
$1,244,387,500
$1,562,500
$1,242,825,000
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 S.A./N.V. and
Clearstream Banking, socie´te´ anonyme, Luxembourg on November 14, 2018.
Joint Bookrunners
HSBC
RBC CAPITAL
SOCIE
´ TE´ GE´NE´RALE
TD SECURITIES
MARKETS
CORPORATE & INVESTMENT BANKING
The date of this prospectus supplement is November 6, 2018.

TABLE OF CONTENTS
Page
Incorporation by Reference ..............................................................................................................
S-4
Additional Information on United States Taxation.........................................................................
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
December 22, 2016, 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-
215084), as amended, and its exhibits filed with the SEC under the U.S. Securities Act of 1933 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 a simplified prospectus 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 transforms Directive 2003/71/EC (the
``Prospectus Directive'') into law in Luxembourg. Accordingly, the disclosure document does not
purport to meet the format and the disclosure requirements of the Prospectus Directive and
Commission Regulation (EC) No. 809/2004 implementing the Prospectus Directive, and it has not
been, and will not be, submitted for approval to any competent authority within the meaning of the
Prospectus Directive. The notes issued pursuant to the disclosure document will therefore not qualify
for the benefit of the single European passport pursuant to the Prospectus Directive.
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
S-2

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''.
In this prospectus supplement, references to ``euro'', ``EUR'' or ``c'' 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 historical 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 November 6, 2018, the euro foreign exchange
reference rate as published by the European Central Bank was EUR 1.00 = 1.1428 U.S. dollar
(EUR 0.8750 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, 2017, as filed with the SEC on May 14, 2018 (File
No. 333-13710), as subsequently amended by amendment number one thereto filed with the SEC on
August 30, 2018 and amendment number two thereto filed with the SEC on October 30, 2018, 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, 27th Floor, New York, New York 10005, U.S.A.
ADDITIONAL INFORMATION ON UNITED STATES TAXATION
The following supplements the discussion under ``Taxation -- United States Taxation'' in the
accompanying prospectus regarding the United States federal income tax consequences of owning the
notes, and is subject to the limitations and exceptions set forth therein.
The notes may be issued with a de minimis amount of original issue discount (``OID''). While a
United States holder is generally not required to include de minimis OID in income prior to the sale
or maturity of the notes, United States holders that maintain certain types of financial statements and
that are subject to the accrual method of tax accounting may be required to include de minimis OID
on the notes in income no later than the time upon which they include such amounts in income on
their financial statements. United States holders that maintain financial statements should consult
their tax advisors regarding the tax consequences to them of this requirement.
USE OF PROCEEDS
The net proceeds from the sale of the notes will be $1,242,825,000 (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.
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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 1,250,000,000. The notes
will mature at par on November 14, 2023. 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, 2017, the outstanding total of our secured bond obligations was c19 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 November 14, 2018, payable semi-annually in arrears on May 14 and
November 14 of each year, commencing May 14, 2019. 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, 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
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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
November
6,
2018
(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
HSBC Bank plc ..........................................................................................................
$
312,500,000
RBC Capital Markets, LLC.......................................................................................
312,500,000
Socie´te´ Ge´ne´rale .........................................................................................................
312,500,000
The Toronto-Dominion Bank ....................................................................................
312,500,000
Total ...........................................................................................................................
$
1,250,000,000
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: (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 (the ``FSMA'')) received by it in connection with the issue or sale of
such notes in full compliance with any rules or regulations made pursuant to the FSMA which 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.
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 other than (i) to persons whose
ordinary business it is to buy or sell shares or debentures, whether as principal or agent, or (ii) in
S-7

circumstances which do not constitute an offer to the public within the meaning of the Companies
Ordinance (Cap. 32) of Hong Kong (``CO'') or (iii) to ``professional investors'' within the meaning of
the Securities and Futures Ordinance (Cap. 571) (``SFO'') and any rules made under the SFO, or (iv)
in other circumstances which do not result in the document being a ``prospectus'' within the meaning
of the CO; 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 purpose of issue (in each case 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 in Hong Kong (except if
permitted to do so under the 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''
within the meaning of the SFO and any rules made under the SFO.
This prospectus supplement and the accompanying prospectus have not been registered as a
prospectus with the Monetary Authority of Singapore under the Securities and Futures Act, Chapter
289 of Singapore (as modified or amended from time to time including by any subsidiary legislation
as may be applicable at the relevant time, the ``SFA''). 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 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 accredited investor,
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 276(4)(i)(B) of the
SFA;
ii)
where no consideration is given for the transfer; or
iii)
where the transfer is by operation of law; or
iv)
pursuant to Section 276(7) of the SFA.
Notification under Section 309B(1)(c) of the SFA -- In connection with Section 309B of the SFA
and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the ``CMP
Regulations 2018''), the Issuer has determined, and hereby notifies all relevant persons (as defined in
Section 309(A)(1) of the SFA), that the Notes are `prescribed capital markets products' (as defined in
the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-
N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).
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.
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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 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 Securities and Exchange Act of
1934, 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
Manufacturer's target market assessment.
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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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Document Outline

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