Rabobank

  • 02 Jun 2011
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Rating: Aaa/AAA/AA+

Amount: £350m

Maturity: 6 June 2014

Issue/re-offer price: 99.912

Coupon: 50bp over three month Libor

Spread at re-offer:53bp over three month Libor

Launched: Friday 27 May

Payment date: 6 June 2011

Joint books: Barclays Capital, Royal Bank of Scotland

Bookrunners’ comment:

The Westpac trade on Thursday was well received. We’ve only seen a couple of deals in this curve over past two years. With the market backdrop as it is, investors are defensive, and there is good appetite out there for FRNs. Investors want high quality assets in this environment, so Rabobank was perfect for this.

In euros, NAB have a three year floater, a recent trade, that was bid at around 55bp, Rabo have a three year floater trading round 38bp, so the 17bp differential between Rabo and an Australian major in euros was consistent with what we felt the differential would be in
sterling.

With the Westpac the three year sterling coming at Libor plus 70bp, we felt 53bp was the right number for Rabo, so we went out with 53bp-55bp guidance.

The book was oversubscribed at that level, with limited price sensitivity, so we could do a straightforward £350m deal at 53bp.

Geographical distribution

UK 83%

Other Europe 17%

Distribution by investor type

Money market funds/asset managers 62%

Banks 35%

Others 3%

Market appraisal:

"...this was successful. But investors already have a lot of exposure to Rabobank — they did a 30 year sterling earlier in the year — and some are overweight in that credit. That explains the contrast in volume between Westpac and Rabo in three year sterling."

  • 02 Jun 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 %
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  • 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%