TOSCA - HIGH
NOTE FOR
CLIENTS
D
c
Rabobank
Êf
What's NewS
Monthly internal newsletter for the Central Banking Sector~
Issue 6 October 1995
in brief
Rabobankers and their clients filled one-third of the
1,200-seat Muziekcentrum Vredenburg auditorium
for the Kirov's concert performance of Puccini's clas
sic opera, Tosca. The bank is main sponsor of the per
formance which was conducted by Valery Gergiev
and starred Valentina Tsydipova in the title role.
Board members and top managers of major corporate
clients had been invited to attend the St Peterburg
company's single performance in Utrecht. The great
thing about events like this is that people come out
smiling. 'It was an absolutely superb evening and the
supper was excellent,' one cliënt said. 'It's a joy to
attend "business" meetings of this kind.' This seemed
to be the general consensus, not only among clients.
Chairman Herman Wijffels (right) clearly enjoyed the
experience as he also had a chance to meet with
Gergiev (left), one of the world's top conductors.
contents
RABO SECURITIES BANK
PROMINENT IN LAUNCH
'MIDKAP'INDEX
A new Dutch middle-capitaliz-
ation index (AMX) was intro-
duced on October 4 by the
Amsterdam Stock Exchange
and European Option
Exchange and consists of the
25 largest stocks not represent-
ed in the AEX. Rabo Secur-
ities Bank is issuing both call
and put warrants on the new
index and plans to market
these to both individual inves-
tors and foreign institutional
investors.
The market capitalization of
the Netherlands' 25 biggest
corporales in the AEX, such as
Royal Dutch, Unilever and
Philips, represents some NEG
®62 billion, or 82 percent, of
the total market value of NLG
450 billion. At first sight, this
The bank is to open a represen
tatie office in Johannesburg,
South Africa in the new year.
would appear to provide excel
lent market coverage. 'But,'
says Chris Bierman (left) of
RSB, 'the AEX has certain
characteristics which are not
typical of the whole stock mar
ket here. The three corporates
mentioned above together
make up 28 percent of the
AEX. So it is quite plausible
that the new index will have
different characteristics.'
In fact, comparative research
carried out in the bank shows
that over the past 13 years, the
companies now in the midkap
index have almost consistently
outperformed the AEX.
'There's less volatility, less risk,
higher returns, and a better
risk/return ratio,' Bierman
says. It was these findings that
led to RSB's decision to issue
put and call warrants on the
new index. 'We have 2,500 of
each,' Lucas Melchiors (right)
of RSB's institutional sales team
says. 'A lot of pre-marketing
was done and I've already
managed to place a number of
call warrants in Belgium.'
Full report in the next issue.
IN THIS MONTH'S
WHAT'S NEWS
Spend a day - new cliënt Bova
on the bank 3
Italian partnership - Milan
scores for De Lage Landen 4
Studying the market - the
agri-research department in
focus 8
Bikes in the bank - sponsor
ship deal for top professional
cycle team 10
Talking heads - Arthur Arnold
on the hot seat 12