Cases & Deals

Dresdner Bank, Goldman Sachs and Morgan Stanley complete public offering of $1 billion 4.375% Notes due 2013 issued under Landwirtschaftliche Rentenbank's EUR 50 billion Euro Medium Term Note Programme

Clients Dresdner Bank AG, Goldman Sachs International, Morgan Stanley & Co. International Limited

The Firm represented Morgan Stanley & Co. International Limited, Dresdner Bank AG and Goldman Sachs International, as managers, in connection with the private placement by Landwirtschaftliche Rentenbank of $1 billion 4.375% Notes due January 15, 2010 under its €50 billion Euro Medium Term Note Programme. Landwirtschaftliche Rentenbank is a financial institute organized under the public law of the Federal Republic of Germany. Rentenbank is charged with the promotion of the agricultural industry (including forestry, horticulture, and fishing) and the development of rural areas through the extension of credit. Under German administrative principle of Anstaltlast, Rentenbank's obligations, including the Global Bonds, are effectively backed by the full faith and credit of the Federal Republic of Germany. Consequently, Rentenbank is qualified as a sovereign issuer under U.S. securities laws. Rentenbank has a "AAA" Moody's rating and a "Aaa" S&P rating.

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