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

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