P Morgan on Rabobank -
CREDIT WHERE IT'S DUE
WHAT'S NewS Issue 5 September 1995
in brief
7
There are people who believe
Rabobank is too modest for its
own good. As an organization,
you'11 rarely find us blowing
our own trumpet or shouting
about how good we are. But
all work and no praise can be-
conie slightly trying, so let's
hear it from an outsider.
In a July, 1995 issue of 'Credit
Opinion - Financial Insti-
tutions', JP Morgan has quite a
Deals of the month
number of complimentary
things to say about our bank.
According to the authoritative
securities house, Rabobank has
an enviable capital position, a
low-risk loan portfolio, is ac-
tively expanding its range of
financial products and services,
and has a firm grip on costs.
As main points in this report,
the credit opinion draws atten-
tion to the fact that we are one
of the few banks globally
which holds Triple-A ratings
from the three leading interna
tional rating agencies. It also
points out how our cooper-
ative structure reduces risks to
creditors and debtholders, and
that we rank among the
strongest capitalized of all
European banks with Tier I and
Total risk-weighted capital
ratios of 9 and 12 percent
respectively.
You can obtain the full report
from JP Morgan's London-
based Credit Research depart-
ment, 44 171 325 5882.
looking ahead")-
»wo major transactions have
een selected this month.
MEATY BUSINESS
The horticulture, meat and
compound feed team in Utrecht
have put together a NLG 200
million refinancing deal for a
new force on the Dutch domes-
tic and export market.
DUMECO (Dutch United Meat
Company) is the result of a
merger between Coveco, En-
cebe and Gupa. 'The three com-
panies merged for a number of
reasons,' says Jacob van Dijk of
the horticulture, meat and
compound feed team which
coordinated the transaction.
'There was overcapacity in the
Maughtering sector. Rabobank
"s heavily involved in that sector
because of our interests in the
primary agri-industry here in
the Netherlands. Another
reason was to combat compe-
tition from Denmark. Many
Dutch players in the export
market had actually been com-
peting against each other. The
Danes introduced a united ap-
proach to export marketing
some time ago, and DUMECO
is a response to that move.' DU
MECO has an annual turnover
of NLG 2.3 billion and exports
a major part of its products.
The deal involved close cooper-
ation between the corporate
banking team - Van Dijk, Peter
^an der Linden and Henk Bui
tenhuis - and Bert Noorlandt
of credit control, Mathijs
Koolhaas and Peter Visser of
credit management, Robert
van Hees and Bert Reindertsen
of operations, Dicky Vos and
Diana Brouwers of payments
and information services, and
Richard Polkerman of finan
cial markets' backoffice. 'But
we are also working closely
with Rabobank Germany and
France,' says Van Dijk, 'which
will be handling credit allo-
cations for DUMECO of
DM 11 million and FF 5
million respectively. This deal
will generate considerable
income for these offices.'
ENHANCED PERFOR
MANCE
In 1994, the Belgium-based
Tate Lyle subsidiary Amy-
lum acquired an 80 percent
majority stake in the French
manufacturer of flavour en-
hancers, Orsan. Rabobank
Belgium worked closely with
structured finance in Utrecht to
arrange FRF 350 million in
structured financing for Amy-
lum. This was achieved
through a FRF 350 million
zero coupon convertible bond
issue with a 4.5 year tenor by
Orsan which was taken up by
the French Anlut company, a
full subsidiary of Rabobank.
The structure opens up the
possibility for Orsan to recup-
erate tax losses. This deal is
very attractive for both the
cliënt and the bank.
Besides account manager Roger
Delcroix and Johan Vanhulle
and Erwin Vandendriessche of
corporate finance at Rabobank
Belgium, Jos Schreurs of struc
tured finance and Rob Wies
man of the tax department in
Utrecht and Jean Louis Bernard
and Oet Bakker of Rabobank
France worked together to
finalize this deal.
Visitor's Book"")-
September 20-21
The investor relations roadshow is
in Germany.
September 27
Utrecht hosts top level meeting
on European monetary union and
the potential role of the ECU in
cooperation with the Dutch
FINEM organization.
October 1-4
Food agri-account managers
from the international network
meet in Utrecht.
October 4
Rabobank's executive Board re-
ceives corporate guests at spon-
sored performance of Verdi's
opera 'Tosca' in Utrecht.
October 11-13
Investor relations roadshow goes
USA.
MOOI WERK
Twee deals zijn deze
maand geselecteerd. De eerste
is een herfinanciering van de
Dutch United Meat Company
Het bedrijf is ontstaan na de
fusie van Coveco, Encebe en
Gupa. De tweede deal is Bel
gisch en betreft een financie
ring voor de suikergigant,Tate
Lyle. Rabobank België werkt
hierbij nauw samen met Struc
tured Finance in Utrecht.
Who will be where in the coming
weeks.
Beijing: Jaap Slotema (interna
tional), 23/27 October.
Brussels: Hans Megens (interna
tional), 29 September.
Hong Kong: Jaap Slotema, 25/26
September.
Jakarta: Hanno Riedlin (interna
tional) Jaap Slotema, 21/22
September.
London: Rik van Slingelandt (in
ternational), 22 September; Joost
Verheijen (food agri-research
team), 26 September.
Mexico: Ahrend Heijbroek (food
agri-research team), 19/20 Sep
tember.
Paris: Hans Megens, 12 October.
San Francisco: Shafik Gabr (trade
finance), 12/14 October.
Sao Paulo: Bert Steketee (risk
management) and Shafik Gabr,
19/23 September.
Singapore: Hanno Riedlin, 18/20
September.
Sydney: Shafik Gabr, 1 -4 October.
Washington: IMF Meeting,8-12
October: Herman Wijffels (Rabo
bank chairman); Arthur Arnold
(financial markets); Huib van der
Burg (international); Dennis
Ziengs (North America); Freek
Hoek (investor relations); Hanno
Riedlin; Shafik Gabr (8/10).
This is our first 'Visitor's Book'. Ad-
mittedly, it is rather heavy on the
top management and Utrecht
side, but we hope to improve the
international spread in forthcom-
ing issues. As soon as you know
you are making a trip, let us know
(NoorTania/UC-B652). Please note
deadlines for inclusion: October
issue, 2/10, appears 17/10; Novem
ber, 30/10, appears 14/11; Decem
ber, 27/1 1, appears 12/12.
