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In 2003, Rabobank Group raised more than EUR 16
billion in the international capital markets.Trust
Preferred Securities were issued in order to raise
new reserves.
Rating
Rabobank Group increased reserves by USD 1.75 billion
Rabobank wins award for MTN issues
Investor relations
Rating
^7
Funding and investor relations 55
Funding and
investor relations
Rabobank Group's funding policy is to meet the funding requirements
of the Group entities at an acceptable cost.The policy is characterised
by the wide range of funding sources, flexibility of funding instruments
and active investor relations.
Banks awarded the highest ratings by leading rating agencies are
considered to be the world's most creditworthy banks. Rabobank Group's
top rating enables it to finance its activities at a relatively low cost.
Rabobank Group increased its reserves in 2003 by USD 1.75 billion
through an offering of Trust Preferred Securities to institutional investors.
The securities were offered on a private placement basis mainly with US
pension funds and insurance companies.The proceeds qualify as tier 1 or
core capital of the Group.The transaction was 2.5 times oversubscribed.
It is Rabobank's first tier 1 transaction in the US market.
In 2003 Rabobank Group received an important award for its funding
activities in the international markets for Medium Term Notes (MTNs).
Euroweek, a magazine for professional traders in the financial markets,
voted Rabobank as the 'best Euro Medium Term Note Borrower in 2002'.
The award was based on a survey among leading traders in the MTN
market.
The market professionals surveyed by Euroweek named Rabobank Group
'an exemplary triple A issuer. According to the traders, the Group is valued
for its customer focus during issues, the great diversity of its financing
sources and the consistency and predictability of its financing rates.
Active relationships with investors are essential for broadening our
access to the international capital market. Roadshows, meetings with
analysts, newsletters and online information at www.rabobank.com are
used to inform major international investors about Rabobank Group
and its funding.
Are you an investor or analyst looking for more information or do you have
a specific question? go to www.rabobank.com or e-mail IR@Rabobank.com
Rating agency
Rating
Trend
Standard Poor's
AAA
Stable
Moody's Investors Service
Aaa
Stable
Fitch Ratings
AA+
Stable
Dominion Bond Rating Service
AAA
Stable
Funding in different currencies
US do ar 23%
Australian dollar 5%
Pound sterling 3%
Euro 51%
Japanese yen 1%
Swiss franc 4%
O
Other 13%
