Rabobank Nederland

  • 11 Aug 2011
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Rating: Aaa/AAA/AA+

Amount: Sfr200m

Maturity: 26 August 2013

Issue price: 100.539

Fixed re-offer price:100.014

Coupon: 0.3%

Spread at re-offer: 12bp over mid-swaps

Launched: Tuesday 9 August

Payment date:26 August

Joint books:UBS, Sarasin (no books)


Bookrunner’s comment:

 We identified demand at the short end of the curve following the Raiffeisen Schweiz, Pfandbriefbank Schweizerischer Hypothekarinstitute, Compagnie de Financement Foncier and Nordea Bank’s trades at the beginning of the week. Investors are looking for SNB’s substitute in the money market since the central bank announced last week it will stop issuing bills. Bondholders looked to Rabo as a valid alternative due to its strong rating and agency touch.This is Rabobank’s fifth Swiss franc trade this year. The issuer had not tapped the market since March.

We launched and priced the trade at Sfr200m with a spread of 12bp over mid-swaps. This transaction was based on an absolute yield rather than a spread play. The 0.3% coupon translated into a 0.29% re-offer yield.

Treasury accounts and money market funds drove the trade. Institutional accounts, which were interested in parking money in a safe asset, participated to a smaller extent.

Market appraisal:  "...investors were interested in buying Rabo paper as it is considered to be a special financial, close to the agency space.""...I think it was a good idea to bring this triple-A name to the market at a time when investors are looking for top rated names.I believe bookrunners were looking to follow Raiffeisen’s and Pfandbriefbank’s trades priced earlier in the week.The only holdback might have been Rabo’s established presence in the market. Some investors might have held back if they were already exposed to this name."
  • 11 Aug 2011

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%