Greek ambush fails to derail Rabo’s perp but trailblazer status in doubt

There’s nothing like a crisis to bring out the best in people and this week it was the turn of Rabobank’s funding team and its lead managers. The Dutch co-operative stunned FIG markets with its ability to print the most CRD IV-compliant hybrid capital instrument ever issued. But it was uncertain how the additional tier one landscape was set to evolve following the sale of the $2bn perpetual non-call 5.5 year deal, which came after a lengthy hiatus of hybrid issuance.