Rabobank took a bold step last month, selling a €1.25 billion senior unsecured 10-year bond that brings contingent capital to the new-issue market for the first time. This deal is a big step beyond the Lloyds Banking Group contingent convertibles last November, which arose from an exchange of existing liabilities into instruments that might convert into equity.
For four months, no bank followed Lloyds.
Now Rabobank brings the concept to the primary market for the first time.
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