Rabo news https://www.rabobank.com/DotCom/Corporate/en/investors/irnews_research/rss.html Rabobank News https://www.rabobank.com/DotCom/Corporate/en/investors/irnews_research/rss.html https://www.rabobank.com/DotCom/Corporate/en/investors/irnews_research/rss.html Rabobank News en <![CDATA[Rabobank: Dutch economy set to lead eurozone recovery, but growth will slow without more investment]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20170914-EQ3.html 2017 is an exceptionally good year for the Dutch economy, due to rising exports, increased investment in housing and strong consumption. Gross domestic product (GDP) is forecast to grow by 3.3 per cent. This puts the Netherlands among the best performers in the eurozone, where average economic growth is 2.1 per cent. The Netherlands is expected to outpace many other euro countries in 2018 as well. And if there is investment in areas such as education and innovation, the Netherlands can maintain its place at the forefront for longer, say Rabobank economists today in their Economic Quarterly Report.

The rosy figures for this year do not presage continuing prosperity after 2018, says Rabobank economist Jesse Groenewegen: ‘After a long crisis, the economy is now close to its potential level of production, so the years of high catch-up growth that we are now seeing will soon be over. The economy may continue to grow above its potential for a while, but ultimately its structural growth potential will prevail.’ According to Groenewegen, this is estimated at a meagre 1.2 per cent per year. ‘By investing in increasing labour productivity for instance, we could maintain the growth momentum we have today,’ he says. ‘And by reducing the costs of employment, we could ensure that more people benefit from that growth.’ The Rabobank economist also believes that the new cabinet has a clear duty to ensure that economic growth is environmentally sustainable, for example by committing to climate legislation.
 
World economy: International concerns are not (as yet) hampering global growth
Economies around the world have performed better than expected in the first half of 2017. Rabobank economist Maartje Wijffelaars: ‘We have slightly upgraded our growth estimate for the global economy in 2017 to 3.5 per cent. This is a faster rate than in 2016, when the global economy grew by 3.2 per cent.’ Wijffelaars says that the economy is improving in both emerging and developed countries, with the exception of China, the United Kingdom and India. ‘The Indian government withdrew widely used rupee notes from circulation in an attempt to curb the black economy. But since the country depends to a significant extent on the cash transactions, the measure has had a severe effect on domestic consumption.’ Rabobank expects global growth of 3.6 per cent in 2018, slightly more than this year, but Wijffelaars notes that international unrest has not disappeared, due among other things to the tensions between the United States, China and North Korea.
 
The full text of the Economic Quarterly Report is available at: www.rabobank.com/economics
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Investor News Thu, 14 Sep 2017 07:00:00 GMT
<![CDATA[Investor News]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/rabobank-sells-its-9.74percent-stake-in-van-lanschot-kempen.html

Rabobank has sold its stake in Van Lanschot Kempen. Yesterday Rabobank launched an accelerated bookbuild offering to institutional investors to sell 4,009,714 shares, representing 9.74% of the outstanding share capital of Van Lanschot Kempen. The shares were successfully sold at a price of EUR 25.10, which represents a discount of 4.6% to yesterday’s closing share price of EUR 26.30. 


Rabobank came in the possession of the stake in Van Lanschot Kempen as part of the acquisition of Friesland Bank in 2012. Rabobank stepped in to guarantee the continued operation of the business activities of Friesland Bank and support the stability of the Dutch economy and financial markets. In October last year, Rabobank sold a 2.3% stake in a privately negotiated transaction to benefit from a more favourable regulatory capital treatment of its investment in Van Lanschot Kempen.


Over the last year Van Lanschot Kempen has successfully executed its strategic agenda, which has been rewarded by the financial markets with a sharp rise in its share price. The sale of the stake is in line with Rabobank’s strategy to optimise the balance sheet, partly through the sale of non-core assets.


Rabobank, in cooperation with its equity distribution partner Kepler Cheuvreux, together with UBS Limited acted as Global Coordinators on this transaction. 


DISCLAIMER

This press release is not for distribution, directly or indirectly in or into the United States. This press release is not an offer to sell shares in Van Lanschot Kempen or the solicitation of any offer to buy such shares, nor shall there be any offer of such shares in any jurisdiction in which such offer or sale would be unlawful.The shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Any sale in the United States of the shares mentioned in this press release will be made solely to ‘qualified institutional buyers’ as defined in Rule 144A under the Securities Act.


This press release and the offering are only addressed to, and directed in Member States of the European Economic Area (the “EEA”) at persons who are “Qualified Investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). For these purposes, the expression “Prospectus Directive” means Directive 2003/71/EC, as amended. In addition, in the United Kingdom this press release is being distributed only to, and is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) and qualified investors falling within Article 49(2)(a) to (d) of the Order, and (ii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “Relevant Persons”).


This press release must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons in the United Kingdom, and (ii) in any Member State of the EEA other than the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this press release relates is available only to (a) Relevant Persons in the United Kingdom and will be engaged in only with Relevant Persons in the United Kingdom and (b) Qualified Investors in member states of the EEA (other than the United Kingdom).


Each prospective investor should proceed on the assumption that it must bear the economic risk of an investment in shares in Van Lanschot Kempen. None of Van Lanschot Kempen or any of the banks involved with the offering make any representation as to (i) the suitability of the shares for any particular investor, (ii) the appropriate accounting treatment and potential tax consequences of investing in the shares or (iii) the future performance of the shares either in absolute terms or relative to competing investments.

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Investor News Tue, 12 Sep 2017 06:30:00 GMT
<![CDATA[Rabobank posts EUR 1,516 million net profit in first half of 2017]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/press-release-interim-results-2017.html Rabobank posted a net profit of EUR 1,516 million in the first half of 2017 (+52%). The common equity tier 1 ratio increased strongly from 13.5% to 14.7% (fully loaded), due partly to the issuance of Rabobank Certificates. The increase in net profit was underpinned by favourable economic conditions in the Netherlands, which contributed to extremely low loan impairment charges. On balance, the latter item was negative. The underlying operating profit before tax rose by 12% to EUR 2,276 million. The progress of the transition is tangible across all parts of Rabobank.

“The progress on our three strategic priorities demonstrates that our transition is impacting all parts of Rabobank. We are seeing customer satisfaction trending upwards, improved financial results and further balance sheet optimisation. However, we are not there yet: we need to do a lot more to keep pace with the rapid changes around us. We are now shaping the next phase of our own change agenda with even more emphasis on far-reaching digitisation and innovation. Our employees are crucial to effecting these changes and we greatly appreciate their hard work and professionalism.”

“Our customers are expressing ever-growing satisfaction with our service provision. In the Netherlands, we are seeing this trend mainly with retail customers and entrepreneurs. This reflects the hard work of our employees and the success of our focus on digitisation, innovation and sustainability. Very recently Rabobank announced that it will support Dutch poultry farmers who are affected by the use of a toxic insecticide on laying hens. Businesses which are essentially healthy can count on Rabobank to work with the poultry farmers to come up with solutions appropriate to their individual situation to prevent financial difficulties. In the first half of 2017, we were also involved in a number of major transactions for customers in food & agriculture. On 1 September, our new top management structure will come into operation . The bank will then be run by a Managing Board of ten members. The explicit representation of all key customer segments, digitisation and HR talent development in the Managing Board will give a vital boost to the Rabobank transition in all areas.”

“Net profit grew by 52% to EUR 1,516 million. The return on invested capital rose from 5.4% to 7.8%. Thanks to the favourable economic conditions in the Netherlands, loan impairment charges were extremely low. On balance, this item was EUR 67 million negative. The low interest rate on savings and the housing market dynamics in the Netherlands once again generated high levels of early mortgage repayments in the first half of 2017 (EUR 8.3 billion). Despite this development, net interest income increased by 2%, attributable in part to growth in the international businesses; net fee and commission income also rose. Adjusted for currency effects, the private sector loan portfolio declined by EUR 1.8 billion to EUR 417.8 billion in the first half of 2017. This was mainly due to our bringing down the non-core part of our commercial real estate loan portfolio and a rise in early mortgage repayments. The market share in mortgages remained steady at 20.5% (3% with Obvion). The inflow of savings from retail and private banking customers in the Netherlands caused private savings to grow by EUR 3.2 billion. Total deposits from customers were EUR 343.2 billion, down by EUR 4.5 billion on the level at year-end 2016 as a result of lower balances from corporate customers, which are by nature more volatile than private savings, and due to currency effects. The cost/income ratio improved to 67.6%, due to stable income development and cost reductions achieved through the efficiency measures in our restructuring programme. These measures were also reflected in a fall in the number of employees. In the first half of 2017, total staff level (including external employees) fell by 869 to 44,698 FTEs. Most of the efficiency measures planned for this year will take effect in the second half of 2017, with further job losses as a result.”

“The underlying operating profit before tax amounted to EUR 2,276 million (+12%). The calculation of underlying profit includes an adjustment for the fair value items (hedge accounting and structured notes), restructuring costs, the extra provision made in 2016 for compensating commercial customers with an interest rate derivatives contract, and for Athlon's income and expenses. Athlon was sold at the end of 2016.”

“Rabobank further optimised its balance sheet and strengthened its capital position in the first half of 2017. The fully loaded common equity tier 1 ratio was 14.7% (13.5%) on 30 June 2017. The transitional common equity tier 1 ratio increased to 15.0 % (14.0%). The total capital ratio was 25.5% (25.0%). This means that Rabobank has already achieved the capital targets we set ourselves for 2020, which we consider appropriate considering the uncertainty surrounding future capital requirements (Basel IV). The issuance of Rabobank Certificates in January 2017 added EUR 1.6 billion to the common tier 1 equity, with a rise in the common equity tier 1 ratio of around 80 basis points as a result. The capital ratios also benefited from the retained earnings and the reduction in risk-weighted assets. In the first half of 2017, the risk-weighted assets fell by EUR 3.6 billion to EUR 207.6 billion. In the context of strengthening and optimising the balance sheet, Rabobank conducted a transaction after the reporting date to further reduce the risk weighted assets by almost EUR 1 billion. This transaction involved transferring the risk of part of the corporate loan portfolio to a third party.’’

“For the first time in its history, Rabobank issued EUR 2.5 billion in covered bonds in May 2017. In future years, we will be able to issue covered bonds up to a total of EUR 25 billion, with a view to optimising and diversifying Rabobank's funding mix.”

“Our hard work on digitization and innovation is showing results and getting us noticed. In June, we joined the Digital Trade Chain, a consortium of seven European banks working to build a block chain platform for entrepreneurs. Rabobank is the only Dutch bank in this consortium. At the Dutch FinTech Awards 2017, Rabobank was voted most innovative traditional bank for FinTech. In the autumn, we will be the first European bank to launch the IBAN name check service which helps customers check whether the name and account number for payments match. This initiative—based on an idea generated in the Rabobank Moonshot campaign held in 2016—helps tackle incorrect and fraudulent payment transactions. Our peer-to-peer lending platform Rabo & Co now matches entrepreneurs with wealthy customers looking to invest, and our new 'Tellow' app is taking the strain out of bookkeeping for self-employed persons without employees.”

“In the first half of 2017, we once again took major steps towards achieving our ambition to be a meaningful cooperative and a sustainable bank, through the work of the local banks in the Netherlands and our international networks. We are proud that the Food and Agriculture Organization of the United Nations (FAO) awarded the Jacques Diouf Award to Rabobank Foundation for its unfaltering technical and financial support to small cooperative producer cooperatives all over the world. Rabobank Foundation is an independent foundation with Rabobank as its biggest sponsor and founding father. Closer to home, we joined forces with KPMG and CSR Netherlands to stimulate circular economy action plans in the Dutch business sector. In the first half of 2017, our ‘FoodBytes!’ programme once again tracked down the most innovative concepts in food & agriculture and paired them with the capital needed to bring them to market.”

“We stepped up the pace of the transition at Rabobank in the first half of 2017. Our intensified customer focus proved successful, our profitability improved, our capital ratios came out stronger, and we further shaped our ambition to be a meaningful cooperative. And yet, given the changing environment in which we operate, we still need to do more. Our restructuring programme, which is impacting all parts of the bank, is a step up to the next phase of our transition. Under the leadership of the Managing Board, Rabobank will further boost its development and execute the changes needed to make a successful contribution to welfare and prosperity in the Netherlands and to feeding the world sustainably.”

Further information on the results for the first six months of 2017 is provided in the Interim Report 2017.

Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

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Investor News Thu, 17 Aug 2017 06:30:00 GMT
<![CDATA[Call notification NZD 900mn Capital Securities]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/call-notice-nzd-900-mio-8-october-2017.html

ISIN: NZRBOD0001S0, NZDX ticker code RBOHA
 
Coöperatieve Rabobank U.A. (“Rabobank Nederland”) issued the Capital Securities on 8 October 2007. In accordance with the Terms and Conditions of the Capital Securities, Rabobank Nederland may elect to redeem the Capital Securities on the First Call Date, being 8 October 2017, subject to certain conditions, one of which is the approval of the Dutch Central Bank, which for the purposes of the Terms is now the European Central Bank. Rabobank Nederland confirms that it has obtained the approval of the European Central Bank to the redemption of the Capital Securities on the First Call Date. 
 
Accordingly, notice is hereby given that, pursuant to Condition 8(c) of the Terms, Rabobank Nederland has elected to redeem all of the Capital Securities. As the First Call Date is not a Business Day, the redemption of the Capital Securities will occur on 9 October 2017 (the first Business Day after the First Call Date). 
 
The last date for trading of the Capital Securities on the NZDX Debt Market will be 27 September 2017. The Record Date for the redemption will be 29 September 2017. Delisting of the Capital Securities is expected to take place on 9 October 2017, and Computershare is expected to make payments to investors on or around 9 October 2017.
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Investor News Tue, 08 Aug 2017 21:00:00 GMT
<![CDATA[Dutch economy will continue to flourish this year, despite international uncertainties]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20170607-economic-quarterly.html After a strong 2016, the Dutch economy continues to flourish this year. Dutch GDP is forecast to grow by 2.2 percent in 2017, and 1.9 per cent next year. There are still significant geopolitical and political risks around the world, but so far the Netherlands seem relatively unaffected: exports are rising steadily. Housing investment and household consumption are driving economic growth in the Netherlands this year. The labour market continues to improve considerably, with unemployment expected to hit 4.5 percent in 2018. After 2018 however, the economic catch-up growth will likely be over. This is the message Rabobank economists published in their Economic Quarterly Report today.

Despite positive labour market figures, long-term development of disposable income in the Netherlands is cause for concern. Rabobank economist Nic Vrieselaar: “Many Dutch people experienced a drop in income during the crisis. Incomes have now been rising only modestly for quite some time, despite the fact that unemployment is falling rapidly. Wage increases in real terms have actually been much lower recently than in the first months of 2016. This could partly be because of a relatively large gap between unemployment and underemployment, as is the case in other European countries. Furthermore disposable incomes and the functioning of the labour market would benefit from a reduction in the gap between net wages and taxes on employers.”
 
Global economy: slightly more political stability
Global economic growth is expected to slightly outpace that of 2016. Rabobank economist Daniël van Schoot: “We have downwardly adjusted our forecast for the US and UK, but we expect the eurozone and China to grow faster than previously thought. We are also seeing a global recovery in commodity prices, which is mainly benefiting commodity exporters such as Russia and Brazil.”
 
But there are still serious international concerns. Van Schoot: “These are now mostly geopolitical in nature. The protectionist stance of the US seems to have softened somewhat, but policies delayed don’t necessarily mean policies denied. The developments with respect to North Korea and the influence of China could have huge consequences for US-China relations. This means that a trade war between these countries is certainly not yet off the agenda. 
 
Apart from these geopolitical concerns, the global economy appears to have stabilised, although this is largely a cyclical phenomenon. Much of the current growth is catch-up growth, which is why policymakers need to tackle global imbalances more in order to limit their braking effect on growth. By global imbalances, we specifically mean the differences in national current account balances. These differences were a major contributor to the creation of the financial crisis.” 
 
The Quarterly Economic Report is available at: www.rabobank.com/economics 
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Investor News Wed, 07 Jun 2017 08:17:29 GMT
<![CDATA[New top management structure at Rabobank]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/New-top-management-structure-at-Rabobank%20.html The Rabobank Supervisory Board has decided to introduce a new top management structure. On 1 September 2017 responsibility for the day-to-day management of Rabobank will transfer from the Executive Board to a Managing Board of ten members led by current chairman of the Executive Board Wiebe Draijer. The formation of a Managing Board will bring a flatter structure, increased focus on the digital transition, and representation of more customer segments at the highest executive management level. This should result in an acceleration of Rabobank’s digital transition. The Works Council has issued a positive advice on this change. All proposed appointments are pending regulatory approval.

Wiebe Draijer: “Eighteen months ago we set out our strategic route. We’re well on track, but this adjustment will help us boost the pace of the changes at Rabobank in relation to the market and to digitalisation. In the new Managing Board, all key customer segments are represented at executive level. Group-wide attention for digitalisation and talent at the highest executive management level gives us a closer fit with the change agenda of the cooperative Rabobank.”

Separate directors in the Managing Board will represent four key customer segments: Retail banking and Commercial banking in the Netherlands, Wholesale Clients and Rural & Retail International worldwide. The Digital Transformation Officer will be responsible for digitalisation of service provision, innovation and Fintech across the group. The Managing Board will also include the Human Resources role to boost culture, leadership and talent development even further. Alongside the chairman, CFO and CRO, the Managing Board will also include a CIO/COO with responsibility for IT, data improvement and operations.

The Rabobank Managing Board will consist of [i]:

  • Wiebe Draijer (51), Chairman
  • Bas Brouwers (45), Chief Financial Officer 
  • Petra van Hoeken (56), Chief Risk Officer
  • Mariëlle Lichtenberg (49), Retail Banking
  • Kirsten Konst (42), Commercial Banking
  • Jan van Nieuwenhuizen (56), Wholesale Clients
  • Berry Marttin (51), Rural & Retail International
  • Bart Leurs (45), Digital Transformation Officer
  • Ieko Sevinga (51), Chief Information Officer / Chief Operating Officer
  • Janine Vos (44), Chief Human Resources Officer

In view of the changes to their domains, Rien Nagel and Ralf Dekker are taking the opportunity to seek new career challenges outside the bank. Once their current term of office expires, they will be available for a transition period to transfer their responsibilities.

Ron Teerlink, chairman of the Supervisory Board: “The formation of the Managing Board is a major step towards realising Rabobank’s strategic objectives. The new members will most certainly be a great asset to the team, working together to tackle the challenges we face with ambition and great energy. On behalf of the Supervisory Board, I would like to express our extraordinary appreciation to Ralf Dekker and Rien Nagel for their achievements on behalf of the bank. Ralf made a substantial contribution to streamlining our operations and IT and took the lead in intensifying our innovative power. Rien played a leading role in the governance change at Rabobank. On 1 January 2016, 106 cooperative local banks and the central cooperative organisation at Rabobank Nederland merged into a single new cooperative Rabobank. The process to bring about this change and its impact were of immense value to the bank. We wish both gentlemen every success in their future ventures.”

Wiebe Draijer: “I am looking forward to moving ahead on our strategic course with a renewed and extended team. Digitalisation, innovation and HR will be given greater priority. With separate executives for our key customer segments in the Netherlands, we can further tighten our focus on improving customer service provision in combination with our identity as a bank firmly anchored in local communities and always nearby. Outside the Netherlands, we will further capitalise on the growth potential in Rural Banking and through our continued focus on F&A, we will reinforce our leading position in the F&A chain for our Wholesale clients.  As a whole, this Managing Board constitutes a multi-faceted and balanced group of people with an outstanding track record inside and outside Rabobank. I too would like to express my appreciation for the dedication, professionalism and team spirit shown by Ralf Dekker and Rien Nagel. I wish them the very best for the future.”

Ralf Dekker: “Although we still have quite a way to go, I’m extraordinarily proud of what was achieved during my time on the Executive Board, certainly in the field of innovation, IT and operations. I’m confident that this upward line will continue in the new structure, certainly given that IT and innovation will be so explicitly incorporated in the new Managing Board. On the personal level, the time is right for me to take up a new challenge outside Rabobank, which I find an inspiring prospect.”

Rien Nagel: “The change to the executive management structure at Rabobank and the three-way split of my portfolio is a logical reason for me to seek a change of direction and to leave the bank. I’m proud of what I have achieved, together with my colleagues, on behalf of our members and our customers. I wish the new Rabobank executive team every success. It’s been a great pleasure to work so intensively with them and I will continue to follow developments with great interest. As I explore options for my professional future, I will continue to focus on entrepreneurship.”


[i] From 1 September 2017 the statutory Executive Board of Rabobank will consist of Wiebe Draijer, Bas Brouwers, Petra van Hoeken, Kirsten Konst, Jan van Nieuwenhuizen and Berry Marttin (reappointed for 4 years).


Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

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Investor News Wed, 31 May 2017 16:23:49 GMT
<![CDATA[Rabobank successfully priced its first Covered Bond]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/covered-bonds-investors.html On May 22, 2017 Rabobank successfully priced its inaugural EUR 2.5 billion dual tranche Covered Bond. Rabobank offered the Covered Bonds to institutional investors. A pan-European roadshow took place prior to the trade to introduce the Covered Bond programme to investors. Rabobank’s Covered Bonds are backed by Dutch prime residential mortgages and are assigned a (P)‘Aaa’ rating by Moody’s.

Rabobank priced a EUR 1.5 billion 7yr and a EUR 1 billion 15yr with an order book of over EUR 4 billion with over 140 different investors. Over the coming years Rabobank plans to issue one or two benchmark transactions a year under the Programme. Issuing Covered Bonds will further diversify and optimise Rabobank's funding composition, which supports the Strategic Framework of the bank. Covered Bonds provide cheaper funding and also leads to a further diversification of the investor base.
 
Information on the issue of Rabobank Covered Bonds can be found here.
 
Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.
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Investor News Mon, 22 May 2017 16:23:49 GMT
<![CDATA[House prices on course to hit new peak]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/house-prices-on-course-to-hit-new-peak.html The growth in the Dutch housing market continued unabated in the first quarter of 2017. The number of sales in the first three months of the year reached 55,911 homes, well over 30% more than in the first quarter of 2016. At the same time, as the rise in the number of transactions, the number of owner‐occupied homes for sale also rose, which meant that shortages remained at roughly the same level. This contributed to the rise in house prices in the first quarter of 2017 compared to the last quarter of 2016 – by 2.0%. The year‐on‐year rise was no less than 6.8%.

In view of the strong growth in the first quarter and taking account of economic growth, rising incomes and persistently low interest rates being forecast, we are adjusting our expectations for this year: for 2017 as a whole we are assuming 225,000 to 235,000 sales and price rises of around 6.5%.

On the mortgage market, new approvals rose further during the first quarter of 2017. Higher repayments and tighter restrictions in the loan‐to‐value regime contributed to the total gross mortgage debt levelling off in the fourth quarter of 2016. Rising competition between mortgage providers is expected to help keep mortgage rates low in 2017 too.

In view of the ever growing housing shortage and sharp price increases this has caused, it is for the new government to work together with municipalities, housing associations, commercial parties and private developers to come up with new solutions for the housing market. A crucial task here will be to build affordable homes in both the owner‐occupied and rental sector. 

The full Dutch Housing Market Quarterly report can be found here.

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Investor News Wed, 17 May 2017 06:00:00 GMT
<![CDATA[Rabobank launches Covered Bond Programme]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/rabobank-launches-covered-bond-programme.html Rabobank announced a deal related roadshow to offer Covered Bonds to institutional investors. The inaugural Covered Bond will be issued under the EUR 25 billion Programme, which is backed by Dutch prime residential mortgages and is assigned a (P) Aaa rating by Moody’s. Rabobank received regulatory approval from the De Nederlandsche Bank on its Covered Bond Programme.

Rabobank plans to issue one or two benchmark transactions per year under the Programme. Issuing Covered Bonds will further diversify and optimize Rabobank's funding composition, which supports the Strategic Framework of the bank. Covered Bonds provide attractive funding for especially longer duration issues. It also leads to a further diversification of the investor base.

Information on the issue of Rabobank Covered Bonds can be found here.

Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

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Investor News Thu, 11 May 2017 08:54:33 GMT
<![CDATA[Call notification]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/call-notification-usdollar-2000000000-perpetual-non-cumulative-capital-securities-isin-xS0703303262.html Call notification U.S.$2,000,000,000 Perpetual Non-Cumulative Capital Securities.

Rabobank issued the Capital Securities on 9 November 2011. In accordance with the Terms and Conditions of the Capital Securities, Rabobank may elect to redeem the Capital Securities on the First Call Date, being 29 June 2017, subject to certain conditions, one of which is the approval of (formerly: the Dutch Central Bank (De Nederlandsche Bank N.V.), now:) the European Central Bank. Rabobank confirms that it has obtained such approval of the European Central Bank. 
 
Notice is hereby given that, pursuant to Condition 7(c) of the Terms and Conditions of the Capital Securities, the Issuer has elected to redeem and will redeem all of the Capital Securities at the principal amount thereof, together with any accrued and unpaid interest on 29 June 2017.
 
Fiscal Agent and Paying Agent  
Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
 
Paying Agent and Euronext Amsterdam Listing Agent 
Rabobank
Croeselaan 18
3521 CB Utrecht
The Netherlands
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Investor News Mon, 01 May 2017 06:00:00 GMT