Obligation Agrarrentenbank 0% ( XS1016363308 ) en EUR

Agrarrentenbank

100 % ⇌

Allemagne

XS1016363308 ( en EUR )

15/01/2021 - Obligation échue

Prospectus brochure de l'obligation Landwirtschaftliche Rentenbank XS1016363308 en EUR 0%, échue

1 000 EUR

1 200 000 000 EUR

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

L'Obligation émise par Agrarrentenbank ( Allemagne ) , en EUR, avec le code ISIN XS1016363308, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/01/2021

EXECUTION VERSION
FINAL TERMS DATED 29TH APRIL, 2014
LANDWIRTSCHAFTLICHE RENTENBANK
Issue of EUR 50,000,000 Floating Rate Notes due 2021 (the "Notes")
(to be consolidated, form a single series and be interchangeable for trading purposes with the
EUR 500,000,000 Floating Rate Notes due 2021, issued on 16th January, 2014, the
EUR 250,000,000 Floating Rate Notes due 2021, issued on 25th February, 2014, and the EUR 350,000,000
Floating Rate Notes due 2021, issued on 23rd April, 2014 )
under the EUR 60,000,000,000
Euro Medium Term Note Programme
PART A CONTRACTUAL TERMS
The Notes described herein in the Aggregate Nominal Amount of EUR 50,000,000 are to be
consolidated and form a single series and be fungible with the Notes in the Aggregate Nominal Amount of
EUR 500,000,000 issued under Series Number 1090, Tranche 1, pursuant to the Final Terms dated 14th January,
2014, EUR 250,000,000 issued under Series Number 1090, Tranche 2, pursuant to the Final Terms dated 21st
February, 2014, and EUR 350,000,000 issued under Series Number 1090, Tranche 3, pursuant to the Final
Terms dated 17th April, 2014. This document constitutes the Final Terms of the Notes described herein for
purposes of Article 5.4 of the Prospectus Directive and Section 6 of the German Securities Prospectus Act
(Wertpapierprospektgesetz) (the "Securities Prospectus Act"), and must be read in conjunction with the Base
Prospectus dated 23rd May, 2013, the Base Prospectus Supplement dated 7th August, 2013 and the Base
Prospectus Supplement dated 20th December, 2013 which together constitute a base prospectus for purposes of
Article 5.4 of the Prospectus Directive and Section 6 of the Securities Prospectus Act. Full information on the
Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms, the Base
Prospectus and the Base Prospectus Supplements. However, a summary of the issue of the Notes (which
comprises the summary in the Base Prospectus as supplemented and as completed to reflect the provisions of
these Final Terms) is annexed to these Final Terms. The Final Terms, the Base Prospectus, the Base Prospectus
Supplements and the documents incorporated therein by reference are available for viewing at and copies may
be obtained from the offices of the principal paying agent, Deutsche Bank AG, London Branch, at Winchester
House, 1 Great Winchester Street, London EC2N 2DB, England, or in an electronic form on the Issuer's website
at www.rentenbank.de.
1. (i) Series
Number:

1090
(ii) Tranche Number:
4
(iii) Date on which the Notes become
The Notes shall be consolidated, form a single series and
fungible
be interchangeable for trading purposes on the Issue Date
with the EUR 500,000,000 Floating Rate Notes due 2021,
issued on 16th January, 2014, the EUR 250,000,000
Floating Rate Notes due 2021, issued on 25th February,
2014, and the EUR 350,000,000 Floating Rate Notes due
2021, issued on 23rd April, 2014.
2. Specified Currency or Currencies:
Euro ("EUR")
3. Aggregate
Nominal
Amount:

(i)
Series:
EUR 1,150,000,000
(ii) Tranche:

EUR 50,000,000
4. Issue Price:
99.768 per cent. of the Aggregate Nominal Amount plus
accrued interest from and including 15th April, 2014 up to
but excluding 2nd May, 2014 (17 days' accrued interest)
5. (i)
Specified Denominations:
EUR 1,000
(ii) Calculation Amount:
EUR 1,000
6. (i)
Issue Date:
2nd May, 2014
(ii) Interest Commencement Date:
15th April, 2014
7. Maturity Date:
Interest Payment Date falling in or nearest to January,
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2021
8. Interest Basis:
3-month-EURIBOR + 0.05 per cent. Floating Rate
(further particulars specified in paragraph 14 below)
9. Redemption/Payment Basis:
Redemption at par
10. Change of Interest Basis or
Not Applicable
Redemption/Payment Basis:
11. Put/Call Options:
Not Applicable
12. Status of the Notes:
Senior
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
13. Fixed Rate Note Provisions
Not Applicable
14. Floating Rate Note Provisions
Applicable
(i)
Interest Period(s):
Condition 5(b)(i) applies
(ii) Specified Interest Payment Dates:
Quarterly on every 15th January, 15th April, 15th July and
15th October in each year and ending on the Maturity
Date, subject to adjustment in accordance with the
Business Convention set out in (iv) below.
(iii) First Interest Payment Date:
15th July, 2014
(iv) Business Day Convention:
Modified Following Business Day Convention
(v) Business
Centre(s):

TARGET
(vi) Manner in which the Rate(s) of
Screen Rate Determination
Interest is/are to be determined:
(vii) Party responsible for calculating the
Principal Paying Agent
Rate(s) of Interest and/or Interest
Amount(s) (if not the Principal Paying
Agent):
(viii) Screen Rate Determination:

Reference Rate:
3-month-EURIBOR
Interest Determination Date(s):
Two TARGET Business Days prior to the start of the
relevant Interest Period
Relevant Screen Page:
Reuters page "EURIBOR01" or any successor or
replacement page thereto
(ix) ISDA
Determination:

Floating Rate Option:
Not Applicable
Designated Maturity:
Not Applicable
Reset Date:
Not Applicable
(x)
Margin(s):
+ 0.05 per cent. per annum
(xi) Minimum Rate of Interest:
Not Applicable
(xii) Maximum Rate of Interest:
Not Applicable
(xiii) Day Count Fraction:
Actual/360
15. Zero Coupon Note Provisions
Not Applicable
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16. Alternative Settlement Note Provisions
Not Applicable
17. Dual Currency Note Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION
18. Call Option:
Not Applicable
19. Put Option:
Not Applicable
20. Final Redemption Amount of each Note:
EUR 1,000 per Calculation Amount
21. Early Redemption Amount

Early Redemption Amount(s) per Calculation Condition 7(e) applies
Amount payable on redemption for taxation
reasons or on event of default or other early
redemption:
GENERAL PROVISIONS APPLICABLE TO THE NOTES
22. Form of Notes:
Bearer Notes

Permanent Bearer Global Note which is exchangeable for
Definitive Bearer Notes only upon an Exchange Event.
23. New Global Note:
Yes
24. Financial Centre(s):
TARGET
25. Talons for future Coupons to be
No
attached to Definitive Notes (and
dates on which such Talons mature):
26. Details relating to Partly Paid Notes: amount
Not Applicable
of each payment comprising the Issue Price
and date on which each payment is to be
made:
27. Details relating to Instalment Notes:

(i) Instalment
Amount(s):
Not Applicable
(ii) Instalment Date(s):
Not Applicable
28. Redenomination applicable:
Not Applicable
29. Consolidation provisions:
Condition 16 applies

PART B OTHER INFORMATION
1. LISTING AND ADMISSION TO
Application has been made by the Issuer (or on its behalf)
TRADING:
for the Notes to be admitted to trading on the Regulated
Market of the Luxembourg Stock Exchange (Bourse de
Luxembourg) with effect from the Issue Date.
The Notes previously issued under Series 1090 (Tranches
1, 2 and 3) are already admitted to listing and trading on
the Regulated Market of the Luxembourg Stock
Exchange.
2. RATINGS:
The Notes have been assigned the following ratings:
Moody's: Aaa
S & P: AAA
Fitch: AAA
According to Moody's Investors Services, a long-term
issue rated "Aaa" is judged to be of the highest quality,
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with minimal credit risk.
According to Standard & Poor's, a long-term obligation
rated "AAA" has the highest rating assigned by Standard
& Poor's, and the obligor's capacity to meet its financial
commitment on the obligation is extremely strong.
According to Fitch Ratings, "AAA" ratings denote the
lowest expectation of default risk. They are assigned only
in cases of exceptionally strong capacity for payment of
financial commitments. This capacity is highly unlikely to
be adversely affected by foreseeable events.
The credit ratings included herein will be treated for the
purposes of Regulation (EC) No 1060/2009 on credit
rating agencies, as amended by Regulation (EU) No
513/2011 (the "CRA Regulation") as having been issued
by Standard & Poor's Credit Market Services Europe
Limited ("S&P"), Moody's Deutschland GmbH
("Moody's") and Fitch Ratings Limited ("Fitch"), upon
registration pursuant to the CRA Regulation. Each of
S&P, Moody's and Fitch is established in the European
Union and is registered under the CRA Regulation.
Reference is made to the list of credit rating agencies
registered in accordance with the CRA Regulation
published by the European Securities and Markets
Authority on its website (www.esma.europa.eu), which is
updated within five working days following the adoption
of a decision under Articles 16, 17 or 20 of the CRA
Regulation.
3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER:
Save for any fees payable to the Managers, so far as the Issuer is aware, no person involved in the offer of
the Notes has an interest material to the offer.
4. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES:
(i)
Reasons for the offer:
The net proceeds from the issue of Notes will be applied
by the Issuer for its general corporate purposes.
(ii) Estimated
net
proceeds: EUR
49,892,925.00
(including EUR 8,925.00 in accrued
interest)
(iii) Estimated total expenses:
Not Applicable
5. YIELD: (Fixed Rate Notes only)
Indication of yield:
Not applicable
6. HISTORICAL INTEREST RATES: (Floating Rate Notes only)
Details of historic EURIBOR rates can be obtained from Reuters (page EURIBOR01).
7. PERFORMANCE OF RATE OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE
OF INVESTMENT: (Dual Currency Notes only)
Not Applicable
8. OPERATIONAL
INFORMATION:
ISIN Code:
XS1016363308
Common Code:
101636330
WKN:
A1TM4Q
CUSIP:
Not Applicable
Any clearing system(s) other than Euroclear
Not Applicable
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ANNEX I
ISSUE SPECIFIC SUMMARY

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SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are
numbered in Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of securities
and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering
sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of
securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case
a short description of the Element is included in the summary with the mention of "Not Applicable".
Section A Introduction and Warnings
Element
Disclosure requirement

A.1 Warning:
This summary should be read as an introduction to this Base
Prospectus. Any decision by an investor to invest in the applicable
Tranche of Notes should be based on a consideration of this Base
Prospectus as a whole by the investor. Where a claim relating to the
information contained in this Base Prospectus is brought before a
court, the plaintiff investor might, under the national legislation of the
Member States of the European Economic Area, be required to bear
the costs of translating this Base Prospectus before the legal
proceedings are initiated. Civil liability attaches only to
Landwirtschaftliche Rentenbank, with registered office located at
Hochstrasse 2, 60313 Frankfurt / Main, Federal Republic of Germany,
which is responsible for the summary including any translation
thereof, but only if the summary is misleading, inaccurate or
inconsistent when read together with the other parts of this Base
Prospectus or it does not provide, when read together with the other
parts of this Base Prospectus, all necessary key information.
A.2
Consent to use of the
Not Applicable The Notes are offered pursuant to an exemption
Base Prospectus:
from the obligation under Article 3(2) of the Prospectus Directive to
publish a prospectus.
Section B The Issuer
Element
Disclosure requirement

B.1 Legal
and
commercial
Landwirtschaftliche Rentenbank ("Rentenbank" or the "Issuer")
name of the Issuer:
B.2
Domicile, legal form,
Landwirtschaftliche Rentenbank is a federal public law institution
legislation and country
with legal capacity, domicile in the Federal Republic of Germany. It
of incorporation:
was established on 1st June, 1949 by virtue of the Law Governing
Landwirtschaftliche Rentenbank of 11th May, 1949 (the "Rentenbank
Law").
In its capacity as a statutory institution, the Issuer benefits from the
"Anstaltslast", or institutional liability, of the Federal Republic of
Germany and is exempt from German corporate income tax and trade
tax.
The registered office of the Issuer is located at Hochstrasse 2, 60313
Frankfurt / Main, Federal Republic of Germany.
B.4b Known
trends:
As a result of the global financial crisis, the international capital
markets continue to be volatile and market conditions may further
deteriorate. This may impact the Issuer's ability to raise debt in a
similar manner, and at a similar cost, to the funding raised in the past.
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Furthermore, concerns about credit risk (including that of sovereigns)
and the Euro-zone crisis have recently intensified. The large sovereign
debts and/or fiscal deficits of a number of European countries and the
United States have raised concerns regarding the financial condition
of financial institutions, insurers and other corporates (i) located in
these countries, (ii) that have direct or indirect exposure to these
countries, and/or (iii) whose banks, counterparties, custodians,
customers, service providers, sources of funding and/or suppliers have
direct or indirect exposure to these countries.
On 3rd September, 2013, the statute implementing the Directive
2013/36/EU on access to the activity of credit institutions and the
prudential supervision of credit institutions and investment firms and
adapting supverisory laws to Regulation (EU) No. 575/2013 on
prudential requirements for credit institutions and investment firms
(Gesetz zur Umsetzung der Richtlinie 2013/36/EU über den Zugang
zur Tätigkeit von Kreditinstituten und die Beaufsichtigung von
Kreditinstituten und Wertpapierfirmen und zur Anpassung des
Aufsichtsrechts an die Verordnung (EU) Nr. 575/2013 über die
Aufsichtsanforderungen an Kreditinstitute und Wertpapierfirmen; the
"CRD IV Umsetzungsgesetz") was enacted through publication in the
Federal Law Gazette. In connection with the CRD IV
Umsetzungsgesetz, the Rentenbank Law was amended to include a
new Section 1a, pursuant to which, as of 1st January, 2014, the
Federal Republic of Germany guarantees all existing and future
obligations of Rentenbank in respect of money borrowed, bonds and
notes issued and derivative transactions entered into by Rentenbank,
as well as obligations of third parties that are expressly guaranteed by
Rentenbank (the "Guarantee of the Federal Republic"). The Guarantee
of the Federal Republic does not affect the obligations of the Federal
Republic of Germany towards Rentenbank pursuant to the existing
institutional liability (Anstaltslast).
B.5
Description of the group The Issuer's group consists of (i) the Issuer, (ii) LR
and the Issuer's position Beteiligungsgesellschaft mbH ("LRB"), a wholly-owned subsidiary of
within the group:
the Issuer, and (iii) DSV Silo- und Verwaltungsgesellschaft mbH, a
wholly-owned subsidiary of LRB.
B.9
Profit forecast or
Not Applicable the Issuer has not made profit forecasts or estimates.
estimate:
B.10
Qualifications in the
Not Applicable the relevant auditors' report with respect to the
audit report on the
annual accounts of the Issuer for the years ended 31st December, 2011
historical financial
and 31st December, 2012 were delivered without any qualifications.
information:
B.12 Selected
key
historical
The selected balance sheet and comprehensive income data presented
financial information:
below are extracted from the Issuer's audited annual consolidated
financial statements for the years ending 31st December, 2012 and
31st December, 2011, set out in the Issuer's 2012 Annual Report and
2011 Annual Report, respectively. The Issuer's audited annual
consolidated financial statements are prepared in accordance with
International Financial Reporting Standards, as adopted by the
European Union.

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As at 31st December,
Consolidated Balance Sheet (in billions)
2012
2011
Total assets ..................................................................
88.4
88.9
Loans and advances to banks ......................................
51.2
51.4
Financial investments ..................................................
22.6
24.7
Liabilities to banks .......................................................
2.9 3.1
Securitized liabilities ...................................................
66.6 68.2

Consolidated Statement of Comprehensive
For year ending 31st December,
Income (in millions)
2012
2011
Net interest income before provisions for loan

losses/promotional contribution ..................................
365.9
361.9
Provision for loan losses/promotional contribution ....
20.7
15.6
Administrative expenses ..............................................
48.9
48.0
Result from fair value measurement and from

hedge accounting .........................................................
(55.7)
(352.4)
Changes in the revaluation reserve ..............................
583.8 (359.8)
Group's total comprehensive income ......................
827.6 (429.1)
Group's net profit ......................................................
12.8 12.3

Trend Information /
There has been no material adverse change in the prospects of the
Material adverse change Issuer since the date of the last published audited annual consolidated
in prospects:
financial statements as at and for the year ending 31st December,
2012.

Significant changes in
There have been no significant changes in the financial position
the financial position:
subsequent to the period covered by the historical financial
information.
B.13
Recent events relevant Not Applicable there have been no recent events material to the
to the evaluation of the Issuer's solvency.
Issuer's solvency:
B.14 Dependence
upon
other
Not Applicable the Issuer is not dependent upon other entities within
entities within the
the Issuer's group.
group:
B.15 Principal
activities: Under the Rentenbank Law, the Issuer is charged with providing loans
and other types of financing for the agriculture industry (including
forestry, horticulture and fishing) and related upstream and
downstream industries as well as for renewable energies and for rural
development. The principal purpose of loans granted is the promotion
of agriculture and agri-business.
B.16 Direct
or
indirect
Not Applicable The Issuer is neither directly nor indirectly owned or
control over the Issuer:
controlled by any entity. See Element B.5 for a description of the
Issuer's group.
B.17
Credit ratings assigned
The Programme and the Issuer have received the following ratings:
to the Issuer or its debt
securities:
Short-Term
Issues/
Long-Term Issues/
Short-Term Rating
Long-Term Rating
Moody's (P)P-1/P-1
(P)Aaa/Aaa
S&P: A-1+
AAA
Fitch: F1+
AAA

The Notes have been assigned the following ratings:
Moody's: Aaa
S & P: AAA
Fitch: AAA
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The credit ratings included herein will be treated for the purposes of
Regulation (EC) No 1060/2009 on credit rating agencies, as amended
by Regulation (EU) No 513/2011 (the "CRA Regulation") as having
been issued by Standard & Poor's Credit Market Services Europe
Limited ("S&P"), Moody's Deutschland GmbH ("Moody's") and
Fitch Ratings Limited ("Fitch"), upon registration pursuant to the
CRA Regulation. Each of S&P, Moody's and Fitch is established in
the European Union and is registered under the CRA Regulation.
Reference is made to the list of credit rating agencies registered in
accordance with the CRA Regulation published by the European
Securities and Markets Authority on its website
(www.esma.europa.eu), which is updated within five working days
following the adoption of a decision under Articles 16, 17 or 20 of the
CRA Regulation.
A security rating is not a recommendation to buy, sell or hold
securities and may be subject to suspension, reduction or withdrawal
at any time by the assigning rating agency.
B.18
Nature and scope of the
Effective 1st January, 2014, the Rentenbank Law provides expressly
guarantee:
that the Federal Republic of Germany guarantees all existing and
future obligations of Rentenbank in respect of money borrowed, bonds
and notes issued and derivative transactions entered into by
Rentenbank, as well as obligations of third parties that are expressly
guaranteed by Rentenbank. Under the Guarantee of the Federal
Republic, if Rentenbank fails to make any payment of principal or
interest or any other amount required to be paid with respect to
securities issued by Rentenbank, or if Rentenbank fails to make any
payment required to be made under Rentenbank's guarantee, when
that payment is due and payable, the Federal Republic of Germany
will be liable at all times for that payment as and when it becomes due
and payable. The obligation of the Federal Republic of Germany
under the Guarantee of the Federal Republic will rank equally, without
any preference, with all of its other present and future unsecured and
unsubordinated indebtedness. Holders of securities issued by
Rentenbank or issued under Rentenbank's guarantee will be able to
enforce this obligation directly against the Federal Republic of
Germany without first having to take legal action against Rentenbank.
The Guarantee of the Federal Republic is strictly a matter of statutory
law and is not evidenced by any contract or instrument. It may be
subject to defenses available to Rentenbank with respect to the
obligations covered.
B.19 Description
of
the Not Applicable The guarantor, the Federal Republic of Germany, is
guarantor:
a Member State of the European Economic Area.
Section C The Securities
Element
Disclosure requirement

C.1
A description of the type Form of Notes
and the class of the
securities being offered
The Notes are in bearer form.
and/or admitted to
Each Tranche of Notes will initially be in the form of Permanent
trading, including any
Global Note which is exchangeable for Definitive Notes in the limited
security identification
circumstances specified in the Permanent Global Notes.
number:
Each Global Note will be issued in new global note form (this type of
Global Note will be called a "New Global Note" or "NGN") and will
be deposited on or around the relevant issue date with a common
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