Contents Management report Corporate governance Consolidated financial statements Financial statements
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 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.
Issue of CHF 350 million -The distribution is 5.50% per
year and is made payable annually in arrears as of the issue
date (27 June 2008), for the first time on 27 June 2009. As of
27 June 2018, the distribution will be made payable every
six months on 27 June and 27 December based on the six-
month CHF Libor plus an annual 2.80% mark-up.
Issue of ILS 323 million - The distribution is 4.15% per
year and is made payable annually in arrears as of the issue
date (14 July 2008), for the first time on 14 July 2009. As of
14 July 2018, the distribution will be made payable annually
based on an index related to the interest rate paid on Israeli
government bonds with terms between 4.5 and 5.5 years plus
an annual 2.0% mark-up.
Issue of NZD 900 million -The distribution on the NZD
Capital Securities equals the one-year swap interest rate plus
an annual 0.76% mark-up and is made payable annually on
8 October, until 8 October 2017. As of 8 October 2017, the
distribution will be made payable every quarter based on
the 90-day bank bill swap interest rate plus an equivalent
mark-up.
Issue of NZD 280 million - Rabobank Capital Securities
Limited has issued capital securities, the distribution of which
equals the five-year swap interest rate plus an annual 3.75%
mark-up and was set at 8.7864% per annum on 25 May 2009.
As of the issue date (27 May 2009), the distribution is made
payable every quarter in arrears, for the first time on 18 June
2009 (short first interest period). As of 18 June 2014, the
distribution will be made payable every quarter based on the
five-year swap interest plus an annual 3.75% mark-up. As of
18 June 2019, the distribution will be made payable every
quarter based on the 90-day bank bill swap interest rate plus
an annual 3.75% mark-up.
Trust Preferred Securities III to IV - In 2004, tranches of non-
cumulativeTrust Preferred Securities were issued.
Rabobank Capital Funding Trust III, Delaware, a group
company of Rabobank, issued 1.5 million non-cumulative
Trust Preferred Securities.The expected distribution is
5.254% up to and including 21 October 2016. For the
period 21 October 2016 to 31 December 2016 inclusive,
the expected distribution is equal to the interpolated USD
Libor rate for the period, plus 1.5900%. The company has the
right not to make a distribution. Thereafter, the expected
distribution is equal to the three-month USD Libor rate plus
1.5900%.The total proceeds from this issue amounted to USD
1,500 million. As of 21 October 2016, theseTrust Preferred
Securities can be repurchased on each distribution date
(which is once a quarter) after prior written approval has
been secured from the Dutch Central Bank.
Rabobank Capital Funding Trust IV, Delaware, a group
company of Rabobank, issued 350,000 non-cumulativeTrust
Preferred Securities.The expected distribution is 5.556%
up to and including 31 December 2019. Thereafter, the
expected distribution is equal to the six-month GBP Libor
rate plus 1.4600%. The company has the right not to make
a distribution. The total proceeds from this issue amounted
to GBP 350 million. As of 31 December 2019, theseTrust
Preferred Securities can be repurchased on each distribution
date (which is once every half-year) after prior written
approval has been secured from the Dutch Central Bank.
For the Trust Preferred Securities, a payment is required if
a distribution is paid on items of a more subordinated nature
(such as Rabobank Certificates) or on items of the same
rank (pari passu); with the provision that no payment is required
if the DNB objects to such payment (e.g. if Rabobank Group's
solvency ratio is lower than 8%). If Rabobank Group makes
a profit, Rabobank can either pay or not pay compensation on
these items at its own discretion.
321 5. Capital management
