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[Call Notice: Robeco Multi Market Bonds XS0701182544]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171110-notice-to-noteholders-robeco-multi-market-bonds.html To the holders of the Robeco Multi Market Bonds DEC 11/21 (EUR) (ISIN: XS0701182544) issued by Robeco Direct N.V. (“the Notes”) – the obligations of Robeco Direct N.V. under the Notes have been assumed by Coöperatieve Rabobank U.A.

Notice is hereby given that, a Hedge Disruption Event has occurred. Reference is made to the notice given by the Issuer to the Noteholders dated 7 November 2017 (“the Notice”), following which the Issuer has determined that a Hedge Disruption Event has occurred. Therefore, the Issuer has decided to redeem all the Notes outstanding and that the Notes will be redeemed early on 14 November 2017 at the Early Redemption Amount. After payment in full of the Final Redemption Amount the Issuer shall be released of all obligations hereunder.

]]>
Investor News Fri, 10 Nov 2017 11:17:30 GMT
<![CDATA[DBRS confirms rating Rabobank at AA, Stable Trend]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171108-dbrs-press-release.html On 8 November 2017 DBRS Ratings announced that they have confirmed the ratings on Coöperatieve Rabobank U.A. (Rabobank), including the Long-Term Issuer Rating of AA, and the Short-Term Issuer rating of R-1 (high). The trend on all the ratings remains Stable.

According to DBRS the confirmation of the ratings and the Stable trend take into consideration “Rabobank’s leading franchise in the Dutch retail & SME market as well as its strong global presence in food and agriculture financing. The ratings incorporate the Group’s strengthened capital position, sound asset quality, and improving profitability. Conversely, the ratings also reflect the Group’s modest, albeit improving, efficiency levels and still high reliance on wholesale funding.”

]]>
Investor News Wed, 08 Nov 2017 07:00:00 GMT
<![CDATA[Rabobank transfers risk on part of its commercial credit portfolio]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/rabobank-transfers-risk-on-part-of-its-commercial-credit-portfolio.html Rabobank has transferred part of the risk on its commercial credit portfolio involving loans to business customers in Europe and North America amounting to EUR 3 billion. Rabobank’s total private credit portfolio amounts to EUR 418 billion (at 30 June 2017).

Bas Brouwers, Rabobank CFO: ‘This transaction is part of Rabobank’s strategy of further optimising its balance sheet. It means that Rabobank’s risk-weighted assets are reduced by EUR 1 billion. We will use the capital released by this transaction to grant new loans to customers. The transaction with Pensioenfonds Zorg en Welzijn (PFZW) shows that there are increasing opportunities for Dutch pension funds to participate in the funding of business.’ Rabobank and PFZW closed this transaction in the 3rd quarter of this year and closed a similar transaction in January 2014 which involved a portfolio of EUR 3.2 billion.]]>
Investor News Tue, 07 Nov 2017 15:01:49 GMT
<![CDATA[Rabobank sells part of mortgage portfolio to La Banque Postale S.A.]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/Rabobank-sells-part-mortgage-portfolio-to-La-Banque-Postale.html Rabobank has sold a share of its mortgage portfolio worth around EUR 600 million to La Banque Postale. Rabobank will retain the full servicer responsibility towards its clients.

Portfolio

The underlying mortgage portfolio of around EUR 600 million corresponds to 3,600 loans orginated by Rabobank that all have the benefit of a NHG guarantee, which is backed by stichting Waarborgfonds Eigen Woningen (WEW).

Servicer role

In line with previous transactions, this sale has no consequences for the servicing relationship. Clients will keep their contacts with Rabobank: the mortgage contract and conditions which were agreed between Rabobank and the customer remain unchanged.

Freeing up capital and funding

Rabobank is a leading mortgage provider in the Netherlands with a total mortgage portfolio amounting EUR 194.5 billion (including Obvion). This transaction – representing 0.26 per cent of the bank’s total portfolio - enables Rabobank to free up locked capital and funding on its balance sheet, which can be relocated to grant new mortgages and loans to clients. As such, this transaction helps Rabobank to further implement its balance sheet optimizing strategy, while underlining Rabobanks ongoing commitment to its clients.

]]>
Investor News Tue, 24 Oct 2017 15:26:00 GMT
<![CDATA[Rabobank publishes first annual Green Bond Report]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/rabobank-publishes-first-annual-green-bond-report.html Rabobank has launched its first annual Green Bond Report, one year after the issuance of its first Green Bond that successfully issued EUR 500 million of debt to institutional investors. All proceeds of the bond were allocated to 12 new wind and solar energy projects in the first year after issuance of the bond. The proceeds supported additional lending to our renewable energy portfolio and result in an installed capacity of 229 megawatt for renewable energy generation.

The 12 projects establish wind and solar energy projects in Belgium, Germany, Ireland, The Netherlands, the United Kingdom and the United States of America. All proceeds of the bond were allocated to eligible projects within the first year after the issuance of the 2016 Rabobank Green Bond. The projects were carefully selected to be aligned with the Rabobank Green and Sustainability Bond Framework, Rabobank’s applicable sustainability policies, The Equator Principles III, and the Green Bond Principles. 
 
Sjaak-Jan Baars, Head of Long Term Funding: “We are pleased to show to investors that we have succeeded in allocating the bond’s proceeds fully to eligible projects in the first year after bond issuance. And also that this bond contributed to realising additional capacity for renewable energy generation and helps the global energy transition.”
 
Rabobank will publish Green Bond reports annually up to the maturity of the bond in October 2021.
 
More information:
]]>
Investor News Mon, 09 Oct 2017 12:03:33 GMT
<![CDATA[S&P: Outlook Rabobank to ‘Positive’ from ‘Stable’]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20170915-press-release-sp-global.html On 15 September 2017, S&P Global Ratings announced that it has revised its Outlook on Rabobank to ‘Positive’ from ‘Stable’ and at the same time affirmed its ratings.

According to S&P the rating action reflects the view that “the Netherlands is experiencing a broad-based economic expansion, coupled with a noticeable, but still uneven, recovery of the housing market and an improving commercial real estate (CRE) market. Despite the high gross debt in the economy, we believe economic imbalances are receding, which should be generally credit positive for banks.” S&P is of the opinion that the economic risk trend for the Dutch banking industry is ‘Positive’ rather than ‘Stable’, and has accordingly adjusted the Outlook on Rabobank.

]]>
Investor News Fri, 15 Sep 2017 09:50:16 GMT
<![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
]]>
Investor News Thu, 14 Sep 2017 07:00:00 GMT
<![CDATA[Rabobank sells its 9.74% stake in Van Lanschot Kempen]]> 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.

]]>
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.

]]>
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.
]]>
Investor News Tue, 08 Aug 2017 21:00:00 GMT