Euro investment grade (financial) deal of the year

Rob Davies
06 Dec 2010

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Issuer: Rabobank Nederland
Date of issue: March 12, 2010
Size of deal: €1.25 billion
Structure: Senior contingent notes
Maturity: March 19, 2020
Ratings: Unrated
Coupon: 6.875%
Issue spread: 370.9bp over 10yr Bunds
Writedown feature: Bonds redeem at 25% of par if equity capital ratio falls below 7%

Rabobank Nederland’s €1.25 billion issue of March 19 was the first contingent capital offering from a mutual bank, as well as the first contingent capital issue with a permanent writedown feature.

The 10

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