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Against all the odds: Rabobank’s perpetual bond wins award

Credit Suisse, Morgan Stanley, Nomura and Rabobank help secure a Euromoney Deals of the Year 2011 award, despite a battered European FIG market and grinding regulatory uncertainty, making it an impressive feat to execute in the first place

New parameters were not the preserve of the SSA market: European FIG was battered not only by sovereign distress but also by grinding regulatory uncertainty throughout the year. Rabobank’s $2 billion 8.4% perpetual non-call tier 1 issue in early November was an answer to both. It achieved the impressive feat of selling the most CRD4 compliant trade to date into one of the weakest market backdrops of the year. 

Size $2 billion PerpNC 5.5 additional tier 1 capital securities
Date November 2011
Lead managers Credit Suisse, Morgan Stanley, Nomura, Rabobank
Coupon 8.4%
return to the Global Deals of the Year index

Rabobank’s desire to lead from the front on new hybrid instruments prompted the bank to issue an innovative hybrid tier 1 deal in January last year but the November deal was not only the most CRD4-compliant trade to date but was also successfully closed as other issuers – most notably the EFSF – were forced to pull deals from the market because of relentless sovereign-induced volatility.

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