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Rabo Capital Securities
8.34% 18 Jun 2019/Perpetual
|Indicative market yield (% pa)||4.45|
|Indicative market price (%)||104.62|
|Issuer||Rabo Capital Securities|
|Amount on issue (NZ$m)||280.0|
|Issuer type||Financial institution|
|Description||Redeemable Preference Share|
|Security ranking||Junior Subordinated|
|Assumed maturity date||18 Jun 2019|
|Legal maturity date||Perpetual|
|Coupon type||Fixed Quarterly|
|Next coupon reset date||18 Jun 2019|
|Coupon reset at||5 yr swap plus 3.75|
|First & future call dates||27 May 2014 & on dividend payment dates|
|Margin reset date||N/A|
|Margin reset||5 year swap plus 3.75|
|Holdings - minimum/increments ($)||5,000/1,000|
|Issue documentation||Click here|
The preference shares are a perpetual instrument and as such have no fixed redemption date and the holder has no rights to require redemption. However the preference shares could be called, at the issuer's option, on the first call date or at any subsequent dividend payment date, subject to certain conditions. The issuer has undertaken to call the bonds on the first Conditional Call Date which is 18 June 2039, subject to certain conditions relating to Dutch banking regulation.
The isuer is a Portfolio Listed Company. The dividends may consist of a combination of cash payments and imputation credits. The imputation credits may be superfluous for certain investors taking advantage of the PIE regime.
Junior Subordination: In the event of Rabobank Nederland's bankruptcy, moratorium or dissolution, holders of the prefernce shares will not be entitled to any payment unitil all senior creditors, depositors or holders of subordinated debt have been paidin full.
Exchange Events: on the ocurrance of certain events, the preference shares may be exchanged for the underlying securities issued by Rabobank Nederland to the issuer
Refer to the investment statement for futher details of the call provisions, junior subordination and exchange events.
The information contained on this page details certain terms of the bonds extracted from sources that interest.co.nz believes to be accurate and reliable. interest.co.nz accepts no liability for any omissions or errors contained in this information. Any prices and/or yields displayed are indicative only and are subject to change. The information contained on this page must not be construed as a recommendation or advice by interest.co.nz to buy, sell, hold or otherwise deal in the bonds.