33. Capital Securities and Trust
Preferred Securities IV
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Report
Chairman's
Foreword
Corporate
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Consolidated Financial Company Financial
Statements Statements
Capital Securities and Trust Preferred Securities IV can be broken
down as follows:
Amounts in millions of euros
2018
2017
Capital Securities issued by Rabobank
6,493
5,759
Capital securities issued by subsidiaries
164
166
Trust Preferred Securities IV
389
394
Total Capital Securities and Trust Preferred Securities IV
7,046
6,319
Capital Securities
All Capital Securities are perpetual and have no expiry date. The
discretionary on Capital Securities per issue is as follows:
33.1 Capital securities issued by Rabobank
Issue of EUR 1,000 Million
The coupon is 4.625% per year and is made payable every six
months in arrears as of the issue date (September 11,2018), for
the first time on December 29,2018. The Capital Securities are
perpetual and first redeemable on December 29,2025. As of
December 29,2025, and subject to Capital Securities not being
redeemed early, the distribution is set for a five-year period, but
without a step-up, based on the 5-year euro swap rate 4.098%.
The coupon is fully discretionary.
Issue of EUR 1,250 Million
The coupon is 6.625% per year and is made payable every six
months in arrears as of the issue date (April 26,2016), for the first
time on June 29, 2016. The Capital Securities are perpetual and
first redeemable on June 29, 2021As of June 29, 2021, 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 6.697%. The coupon is
fully discretionary.
Issue of EUR 1,500 Million
The coupon is 5.5% per year and is made payable every six
months in arrears as of the issue date (January 22, 2015), for the
first time on June 29, 2015. The Capital Securities are perpetual
and first redeemable on June 29, 2020. As of June 29, 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%. The coupon is
fully discretionary.
Issue of EUR 500 Million
The coupon is 9.94% per year and is made payable annually in
arrears as of the issue date (February 27,2009), for the first time
on February 27,2010. As of February 27,2019, the coupon will be
made payable every quarter based on the three-month Euribor
plus an annual 7.50% mark-up. The coupon is payable at the
issuer's discretion. In case Rabobank does not use its discretionary
power to not pay distributions on the Rabobank Certificates,
payment on this instrument will also apply.
Issue of USD 2,868 Million
The coupon is 11.0% per year and is made payable every six
months in arrears as of the issue date (June 4, 2009), for the first
time on December 31, 2009. As of June 30,2019, the coupon will
be made payable every quarter based on the three-month USD
Libor plus an annual 10.868% mark-up. The coupon is payable at
the issuer's discretion. In case Rabobank does not use its
discretionary power to not pay distributions on the Rabobank
Certificates, payment on this instrument will also apply.
Issue of GBP 250 Million
The coupon is 6.567% per year and is made payable every six
months in arrears as of the issue date (June 10, 2008), for the first
time on December 10, 2008. As of June 10, 2038, the coupon will
be made payable every six months based on the six-month GBP
Libor plus an annual 2.825% mark-up. The coupon is payable at
the issuer's discretion. In case Rabobank does not use its
discretionary power to not pay distributions on the Rabobank
Certificates, payment on this instrument will also apply.
33.2 Capital Securities Issued by Rabobank Which Were
Redeemed During the Reporting Year
Issue ofCHF350 Million
Rabobank issued the CFIF 350 million Capital Securities on June
27.2008. In accordance with the Terms and Conditions of these
Capital Securities, Rabobank has redeemed the Capital Securities
on the first call date, being June 27, 2018.
Issue oflLS 323 Million
Rabobank issued the ILS 323 million Capital Securities on July 14,
2008. In accordance with the Terms and Conditions of these
Capital Securities, Rabobank has elected to redeem these Capital
Securities on the first call date being July 14, 2018.
33.3 Capital Securities Issued by Subsidiaries
Issue ofNZD 280 Million
Rabo Capital Securities Limited has issued capital securities, the
coupon 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 May
25.2009. As of the issue date (May 27,2009), the coupon is made
payable every quarter in arrears, for the first time on June 18,2009
(short first interest period). As of June 18, 2014, the coupon will
Annual Report 2018 - Consolidated financial Statements
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