About this
Report
Chairman's
Foreword
Corporate
Management Report Appendices Governance
Consolidated Financial Company Financial
Statements Statements
up, based on the 5-year euro swap rate 5.25%. The coupon is
fully discretionary.
Capital Securities Issued by Rabobank Which Were
Redeemed During the Reporting Year
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 Rabobankdoes 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.
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
be made payable every quarter based on the five-year swap
interest plus an annual 3.75% mark-up. As of June 18, 2019, the
coupon will be made payable every quarter based on the 90-day
bank bill swap interest rate plus an annual 3.75% 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 ofCHF 350 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.
The level of profit made by Rabobank may influence the
distribution on the Capital Securities. Should Rabobank become
insolvent, the Capital Securities are subordinate to the rights of
all other (current and future) creditors of Rabobank, unless the
rights of those other creditors are substantively determined
otherwise.
Capital Securities
Amounts in millions of euros
Movements were as follows:
Balance on January 1
Redemption of Capital Securities
Issue of Capital Securities
Cost of issue of Capital Securities
Other
Balance on December 31
2018
5,925
(275)
1,000
(6)
13
6,657
2017
7,821
(1,894)
(2)
5,925
Revaluation Reserves
Amounts in millions of euros 2018 2017
The revaluation reserves can be specified as follows:
Cash flow hedges
Interest-bearing securities
Shares and non-interest-bearing securities
Costs of hedging
Total revaluation reserves
(40) (42)
24 205
185 223
30 n/a
199 386
Movements were as follows:
Balance on January 1 386 431
Change in accounting policies 7
Exchange rate differences 5 9
Revaluations (122) (633)
Other 5 (3)
Transferred to profit or loss (82) 582
Balance on December 31 199 386
Rabobank's cash flow hedges mainly consist of hedges of the
margin of issued bonds in foreign currency hedged with cross-
Annual Report 2018 - Company financial Statements
230
