The brave new dawn of bank capital was ushered in at the end of January with Rabobank’s $2 billion non-call 5.5-year perpetual deal, underwritten by Bank of America Merrill Lynch, Credit Suisse, Morgan Stanley and Rabobank. The hybrid deal was the first to incorporate a permanent write-down feature and is the future of hybrid issuance under Basle III. The deal has jumped the gun somewhat, taking place before regulatory certainty that it will be Capital Requirements Directive 4 compliant.
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