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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.
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November will be a busy month for cash buybacks, liability management specialists said this week, after two more Portuguese banks launched exercises to increase their core tier one ratio.
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Rabobank designed its 8.4% perpetual non-call 5.5 instrument to comply as closely as possible with incoming European capital rules. In line with the draft fourth capital requirements directive and first capital requirements regulation — CRD IV and CRR I — it dropped an investor-friendly dividend stopper feature. And while many European institutions are hoping instruments with temporary principal writedown features will qualify under new rules, proceeding now meant Rabo had to stick with permanent loss absorbency.
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As the dust settles on Rabobank’s $2bn tier one trade, the FIG community has applauded the deal for its execution in an exceptionally turbulent week in European capital markets.
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As leads allocate the more than 200 orders for Rabobank’s $2bn groundbreaking hybrid tier one security, two capital structurers have questioned whether the transaction will comply with the European Commission's final CRD IV regulations, which are yet to be fully determined.