Rabobank in business

18-3-2008 | Press Release

Rabobank has today announced that all the remaining assets of Tango Finance Limited (Tango), a Structured Investment Vehicle (SIV), have now been sold. The proceeds of these sales will be used to repay senior debt and, as a consequence, the ratings of Tango’s senior notes have been reaffirmed at AAA/Aaa long term and A1+/P1 short term, by Moody’s and S&P.

In order that Tango may now be wound down in an orderly way and in the manner envisaged under the programme documents, Tango has now entered into Defeasance, the final stage of the process that was announced in December 2007. 

Sipko Schat, a member of the Executive Board of Rabobank Nederland, said: “Rabobank has successfully concluded an orderly sale of Tango’s assets as envisaged in December last year. This prepares the way for unwinding Tango and the repayment of senior liabilities, underlining Rabobank’s consistent and ongoing commitment to its clients and to the wider market throughout these difficult times.”