Dollar High Grade Financial: Rabobank Nederland

Issuer: Rabobank Nederland
Date of issue: May 26, 2009
Size of deal: $2.87 billion
Ratings: AA/Aa2/AA- (Fitch, Moody’s, S&P)
Maturity: Perpetual
Coupon: 11%

Bookrunners: Bank of America Merrill Lynch, Credit Suisse, UBS

Rabobank reopened the public tier 1 market in May by exchanging $1.37 billion of existing securities and raising an extra $1.5 billion from new bonds. The transaction represents the largest ever single-tranche Yankee tier 1 offering and includes the first tier 1 for tier 1 exchange.