Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
on Euronext Amsterdam since 27 January 2014. Since the stock
exchange listing, Rabobank Certificates are also available to
non-Rabobank members. This has increased the marketability of
this instrument.
Rabobank Certificates represent private participation rights
issued by Rabobank via the foundation Stichting Administratie
Kantoor Rabobank Certificaten and belong to the Common
Equity Tier 1 equity of Rabobank.
The initial share price on 27 January 2014 amounted to 105.00%
(EUR 26.25). On 31 December 2015, the share price amounted
to 111.46% (EUR 27.87). Of the total 237,961,365 certificates,
an average of 4.3 million were traded every day on Euronext
Amsterdam during this period.
The distribution paid per certificate in 2015 was EUR 1,625
(2014: EUR 1,625).The Executive Board is entitled not to pay the
distribution. Unpaid distributions will not be paid at a later date.
The amounts listed in the table below are based on the nominal
value of EUR 25 per Rabobank Certificate.
Capital Securities
All Capital Securities are perpetual and have no expiry date.
The distribution on Capital Securities per issue is as follows:
Issue of EUR 1,500 million
The distribution is 5.5% per year and is made payable every six
months in arrears as of the issue date (22 January 2015), for the
first time on 29 June 2015.The Capital Securities are perpetual
and first redeemable on 29 June 2020.
Capital Securities are recognised as equity, as there is no formal
obligation to repay the principal or to pay the periodic dividend.
These Capital Securities comply with the current rules, the
so-called CRD IV and CRR requirements, concerning additional
tier 1 capital. The conditions include the requirement that the
securities must not pay starter interest and must absorb losses
if a certain trigger is reached. In that case, the relevant amount
will be debited from the principal. The debiting will occur
on a pro rata basis with other additional tier 1 instruments.
This instrument has two triggers: One at Rabobank Group level
and the other at the level of Rabobank with the local Rabobanks
(Local Rabobank Group). For Rabobank Group, the trigger is at
a common equity tier 1 ratio of 7%, and for the Local Rabobank
Group at 5.125% respectively; this series of Capital Securities
absorbs losses from that point onwards. As of 29 July 2020,
and subject to Capital Securities not being redeemed early,
the distribution is set for a further five-year period, but without
a step-up, based on the 5-year euro swap rate 5.25%.
Issue of USD 2,000 million
The distribution is 8.40% per year and is made payable every six
months in arrears as of the issue date (9 November 2011), for
the first time on 29 December 2011 .The Capital Securities are
perpetual and first redeemable on 29 June 2017. If the Capital
Securities are not redeemed early, the distribution is set for
a further five-year period, but without a step-up, based on the
USTreasury Benchmark Rate plus a 7.49% mark-up.
Issue of USD 2,000 million
The distribution is 8.375% per year and is made payable every
six months in arrears as of the issue date (26 January 2011), for
the first time on 26 July 2011As of 26 July 2016, and subject to
Capital Securities not being redeemed early, the distribution is
set for a further five-year period, but without a step-up, based
on the USTreasury Benchmark Rate plus a 6.425% mark-up.
Issue of EUR 500 million
The distribution is 9.94% per year and is made payable annually
in arrears as of the issue date (27 February 2009), for the
first time on 27 February 2010. As of 27 February 2019, the
distribution will be made payable every quarter based on the
three-month Euribor plus an annual 7.50% mark-up.
Issue of USD 2,868 million
The distribution is 11.0% per year and is made payable every
six months in arrears as of the issue date (4 June 2009), for the
first time on 31 December 2009 (long first interest period).
As of 30 June 2019, the distribution will be made payable every
quarter based on the three-month USD Libor plus an annual
10.868% mark-up.
Issue ofCHF 750 million
The distribution is 6.875% per year and is made payable
annually in arrears as of the issue date (14 July 2009), for the first
time on 12 November 2009 (short first interest period). As of
12 November 2014, the distribution will be made payable every
six months based on the six-month CHF Libor plus an annual
4.965% mark-up.The issue was redeemed on the earliest
redemption date of 12 November 2014.
Issue of GBP 250 million
The distribution is 6.567% per year and is made payable every
six months in arrears as of the issue date (10 June 2008), for
the first time on 10 December 2008. As of 10 June 2038, the
distribution will be made payable every six months based on
the six-month GBP Libor plus an annual 2.825% mark-up.
Rabobank Certificates
in millions of euros
2015
2014
Changes during the year:
Opening balance
5,931
5,823
Rabobank Certificates issued during the year
18
108
Closing balance
5,949
5,931
284 Rabobank Annual Report 2015
