Rabobank sets record low coupon for euro AT1

By David Freitas
02 Sep 2019

Rabobank launched an additional tier one (AT1) bond with a record low coupon in the euro market this week. The Dutch bank started with price thoughts of 3.625%, but tightened by 40bp to smash through the previous record of 3.5%, set by Nordea in 2017.

Rabobank opened books on Monday for a perpetual non-call 7.25 year AT1 with an expected rating of Baa3/—/BBB-.

It began with price thoughts of 3.625% area, through bookrunners Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and Rabobank.

This initial coupon matched the one ...

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