Debt Capital Markets

De Rabobank adviseert en zorgt ervoor dat de schuld van uw onderneming in de juiste vorm aan de markt wordt aangeboden, op basis van de juiste timing en een scherpe prijs. Met onze gedegen productkennis zijn wij niet alleen in staat om unieke producten te ontwikkelen en vorm te geven, maar kunnen wij u ook toegang bieden tot onze distributiekanalen binnen de particuliere en institutionele markten.

Door onze uitstekende resultaten en sectorgerichte aanpak, zien onze klanten en andere kredietverstrekkers ons als een belangrijke partner in een syndicaat. Onze obligatie specialisten hebben ruime ervaring in het structureren en plaatsen van diverse obligatie en onderhandse lening oplossingen.

Wij richten ons op het initiëren en uitvoeren van plaatsingen van obligaties en onderhandse leningen met name voor onze klanten in Europa en de Verenigde Staten. Deze variëren van 'vanilla' senior ongedekte publieke obligaties, onderhandse leningen zoals EUPP, USPP en Schuldschein tot gestructureerde projectfinanciering. Securitisaties en de uitgifte van gedekte obligaties (“covered bonds”) zijn aantrekkelijke manieren om uw onderneming te financieren of de balans te optimaliseren. Rabobank is toonaangevend in de markt van door activa-gedekte effecten (asset-backed securities) en gedekte obligaties binnen de Benelux.

Met ons dienstenaanbod op het gebied van hybride kapitaalstructureringen, risicobeheer en ratingadvies, bieden wij onze klanten een breed scala aan mogelijkheden voor balansbeheer en financiering. Rabobank speelt een toonaangevende rol in het structureren van hybride kapitaal. Wij maken hierbij gebruik van de laatste technieken en zijn in staat om onze klanten – zowel ondernemingen, financiële instellingen en publieke sector – optimale flexibiliteit te bieden bij het inzetten van dit product.

Making Sustainable Finance the Norm

Since first hitting the European syndicated market in the mid-2010s, sustainable loans have been gathering momentum and are now growing rapidly. They are maturing from being a niche product to a standard of the syndicated loan market. Transaction volumes in the first four months of 2021 are already comparable to the figure for the whole of 2020.

Sustainable loans in a nutshell

It is safe to say that sustainable loans are here to stay. But what exactly are sustainable loans? It is important to note that there two types of sustainable loans. The first being a green loan. This is a type of loan instrument that is created exclusively to (re)finance eligible green projects. The second type is the sustainability-linked loan. The core of this concept is to link a company’s sustainability progress to the margin paid on its bank facilities. The discount on the margin is seen as a benefit for the company. And by re-investing that discount to further improve the sustainability performance, the practical impact and positive communication value increases. Another benefit, applicable to both types of sustainable loans, is that the sustainability criteria and commitment to reporting on sustainability to external as well as internal stakeholders enhances the image a company projects of itself both to the outside world and within the organization.

By many, sustainable loans are regarded as a concept that marries the needs of environmentalism as well as the needs of capitalism. Which explains why demand has risen in recent years. Our dashboard shows a rapid increase in the percentage of sustainable loans in food & agriculture.

Combined with large numbers of non-sustainable loans reaching their maturity dates in the coming years, this offers ample room for opportunity.

View the large version

But the adoption rate of sustainable loans seems to differ per continent and country even.

View the large version

So we are far from reaching our ultimate goal; which is making sustainable finance the norm.

For Rabobank, sustainable loans are the embodiment of our mission Growing a Better World Together. Because of our long-term relationship with clients, Rabobank is equally equipped and driven to help our clients to jointly set the sustainability targets. Incorporating sustainability targets in a loan is fully integrated within the regular syndication process and is suitable for companies of all sizes and for most industries. We are always open to start a dialogue and further investigate the possibilities for sustainable loans.

On the data

Data included

• All F&A deals reported to Dealogic
• Syndicated loans only
• Sector classification used are from Dealogic and Bloomberg
• A loan is classified as green when it is a green loan or linked to sustainability KPI’s or an ESG rating
• Typically larger loans, due to the nature of syndicated loans

Data sources

• Dealogic, providing data on all F&A loans
• Bloomberg, providing data on all green F&A loans
• Refinitiv and Rabobank, providing additional data on green F&A loans