Under the hood of the Rabobank hybrid
Market participants were keen to dissect the Rabobank hybrid’s structure to assess how replicable it would be for other issuers. "The deal has been structured to be compliant with CRD2 from day one but also to incorporate as many of the Basel December requirements as possible.
"The Dutch regulator was consulted throughout the structuring phase and the objective was always to get regulatory capital treatment from day one," said Max Jacob, executive director, FIG capital markets, at Morgan Stanley.
Some of the features were already familiar to investors from the Intesa and UniCredit tier one
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