Rabobank Certificates

Rabobank Certificates are issued by “Stichting AK Rabobank Certificaten” and represent interest in a corresponding number of participations with a nominal value of EUR 25,00 each, issued by Rabobank Nederland. The participations are classified as Common Equity Tier 1 capital. Currently, a number of 297,961,365 Rabobank Certificates are outstanding with a nominal value of EUR 25,00 each. The Rabobank Certificates are listed on Euronext Amsterdam.

Rabobank has assessed the applicability of the EU-Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs) to its Rabobank Certificates (ISIN: XS1002121454) and concluded that the Rabobank Certificates do not constitute a PRIIP under the Regulation. Consequently, no key information document is necessary in order to advise on or sell Rabobank Certificates to EEA retail investors.

The value of your investment can fluctuate. Past performance offers no guarantee of future results.

Trading mode

The Rabobank Certificates are primarily traded via Euronext Amsterdam. Trading platforms such as Euronext quote either a so-called “clean” or “dirty” price for these certificates. The “clean” price is the pricing quote excluding the accrued intended distribution between envisaged payment dates. The latter is being settled separately between the buyer and seller.

A “dirty” price is the pricing quote, including the market’s expectation re. the accrued intended distribution between envisaged payment dates. In that case, the price between envisaged payment dates reflects the market’s expectation re. the accrued intended distribution up to the day of the quote. For example, if the price is quoted “dirty”, the intended accrued distribution between envisaged payment dates may have an upward effect on the price. By the same token, the payment of a distribution may have a downward effect, because the price will be “corrected” for the distribution made. Of course other factors also play a role in setting the price, besides the trading mode.

Following the press release that Rabobank published on 21 October 2020, in which it announced its intention to make an exceptional distribution in the form of Rabobank Certificates, Euronext has decided to change the trading mode from “clean” to “dirty”. Euronext (as well as other trading platforms on which Rabobank Certificates are being traded) can adjust the trading mode at any time.

Regardless of the trading mode as determined at any time by the trading platform, the intended distribution remains an intention and at the full discretion of Rabobank's Executive Board. (Changes in) the trading mode and/or the price itself do not guarantee any future distributions.

Trading information Rabobank Certificates via Euronext Amsterdam

Distribution

The actual payment policy of Rabobank pursuant to the Participation Rules in respect of the Participation issued by Rabobank (and via AK Foundation in respect of the Rabobank Certificates) is as follows.

Payments

Rabobank intends to make a Payment on a Participation (and via AK Foundation on a Rabobank Certificate) in respect of the Payment Period ending on that date on every Payment Due Date, of whichever of the following is higher:
(1) EUR 0.40625; and
(2) the three-monthly arithmetical average (rounded off to two decimal places) on an annual basis of the effective return on the most recent Reference Loan (or, if there is no Reference Loan, on the most recent Alternative Reference Loan) for the previous Calculation Period ending prior to the start of that Payment Period¹ plus 1.5%, calculated on the nominal value of EUR 25 divided by four.

The payment policy is an indication only. Rabobank is in no way bound by this payment policy and has full discretion to make higher, lower or no Payment at all on the Participations. Whether or not Payments are made on the Participations (and via AK Foundation on the Rabobank Certificates), the amounts of those payments and their payment date are at the full discretion of the executive board of Rabobank (as set out in the Participation Rules).

Fixing Distribution

The intended distribution for the Rabobank Certificates for the period ending on 29 December 2019 has been fixed at € 0.40625 on 26 September 2019. In the calculation period from 26 June 2019 up and until 25 September 2019 the amount under 2) was € 0.071421 (-0.36% +1.5% over € 25 divided by 4). Therefore the intended distribution per Rabobank Certificate for the period ending on 29 December 2019 is fixed at € 0.40625.

Documentation

Please see the prospectus below for detailed information regarding the Rabobank Certificates.

Definitions

The defined terms above have the following meaning, insofar not defined in the Participation Rules (refered to above):
“Alternative Reference Loan”: one or more loans which, in the opinion of the executive board of Rabobank, coincide(s) as closely as possible as regards yield, nature, remaining term and creditworthiness of the debtor(s) with a Netherlands State loan having a remaining term between 9.5 and 10.5 years;
“Calculation Period”: each period running from 26 March to 25 June, from 26 June to 25 September, from 26 September to 25 December and from 26 December to 25 March in each year;
“Payment Period”: if a Payment is made, each period running from 30 December to 29 March, from 30 March to 29 June, from 30 June to 29 September and from 30 September to 29 December in each year; and
“Reference Loan”: a Netherlands State loan with a remaining term between 9.5 and 10.5 years or, if there is no such loan, a Netherlands State loan with a remaining term between 9 and 11 years.

Contact

Investor Relations

Telephone +31 (0)30 712 2401