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ceekay74

Coöperatieve Rabobank U.A.

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ceekay74
ceekay74
Posted

Rabobank Certificates

WKN: A1ZCSB

ISIN: XS1002121454

 

Zitat

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. (...)

 

 

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 expects 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.

 

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. (...)

 

 

Handels- en koersinformatie (in Dutch, PDF): KLICK

 

Prospectus XS1002121454.pdf

 

Entgegen der o.g. Klassifizierung als für Privatkunden geeignetes non-PRIIP durch die Rabobank ist das Themenpapier aktuell für Privatkunden nur bei der ING kaufbar. Alle anderen Banken stufen das Themenpapier als PRIIP ein und sperren den Kauf aufgrund fehlendem Basisinformationsblatt und/oder Zielmarktabweichung.

 

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ceekay74
Posted

25 October 2019 - Fitch Ratings affirmed Rabobank’s Long-Term Issuer Default Rating at AA-, Outlook to Negative from Stable

Zitat

Fitch Ratings has affirmed Cooperatieve Rabobank U.A.’s Long-Term Issuer Default Rating (IDR) at ‘AA-’ and its Viability Rating (VR) at ‘a+’. Fitch has also revised the Outlook on the Long-Term IDR to Negative from Stable.

 

Please note that this Outlook revision has a ‘technical’ reason closely related to Fitch’s bank rating methodology. Currently, Rabobank's Long-Term IDR and senior debt ratings (including senior non-preferred debt) benefit from a one-notch uplift above its VR due to a large buffer of qualifying junior debt (QJD).

According to Fitch, the Outlook revision of today ‘reflects the increased uncertainty over whether the qualifying junior debt buffer will be maintained at a level sufficient to protect all senior obligations, including senior non-preferred debt, from default'. In addition, according to Fitch, the Outlook revision also reflects the likely regulatory-driven increase of Rabobank’s risk-weighted assets (RWAs).

 

In Fitch’s view Rabobank’s ratio of QJD to RWAs could therefore decrease to below the threshold that applies for the one-notch uplift. Consequently, Rabobank’s (layer of) senior non-preferred debt would in such case no longer benefit from a one-notch uplift above Rabobankʼs VR.

 

Under Fitchʼs methodology for any bank the lowest ranking layer of senior debt is the reference liability for the Long-Term IDR. Now that Rabobank has started issuing senior non-preferred debt, the reference liability for our Long-Term IDR has changed to senior non-preferred debt from senior (preferred) debt previously. Because of this change in reference liability, Rabobankʼs Long-Term IDR could be lowered by one notch.

Fitch press release (PDF)

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ceekay74
Posted

30 October 2019 - DBRS Morningstar confirms AA rating with Stable trend

Zitat

 

On 30 October 2019 DBRS Morningstar has confirmed the ratings of Rabobank, including the Long-Term Issuer Rating at AA and the Short-Term rating at R-1 (high). The trend on all ratings is Stable.

 

According to DBRS Morningstar the confirmation of the ratings ‘takes into consideration the Group’s very strong retail and commercial franchise in the Netherlands, as well as its global franchise in food & agriculture financing. The ratings also incorporate the strong financial fundamentals of Rabobank, including a strong capital position and sound asset quality as well as the Group’s strengthened funding profile and large liquidity buffers. Conversely, the ratings also reflect Rabobank’s still modest profitability and efficiency levels relative to similarly rated peers.’.
 
DBRS’s Grid Summary Grades for Coöperatieve Rabobank U.A. are as follows: Franchise Strength – Very Strong/Strong; Earnings – Strong; Risk Profile – Strong; Funding & Liquidity – Very Strong/Strong; Capitalisation – Strong.

 

DBRS press release (PDF)

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ceekay74
Posted

Rabobank posts EUR 2.2 billion net profit for 2019

Zitat

(...) Net profit in 2019 is lower than the record level of EUR 3 billion we posted over 2018. The interest rate environment significantly impacted our results and contributed to the impairment of our equity stake in Achmea by EUR 300 million. The sale of RNA resulted in a one-off positive result of EUR 342 million. In the past year loan impairment charges were substantially higher than the historically low level of previous years. At 23 basis points impairment charges have reverted to a normalized level.

 

Costs were down by 4% and the cost/income ratio improved from 65.9% to 63.8%. Structural factors driving cost development will include substantial investments in digitalization and the IT infrastructure and costs related to regulation and supervision, including CDD and AML activities. Nonetheless Rabobank aims to further improve the cost/income ratio to a percentage in the low 60’s in the coming years. The long-term ambition is for a percentage in the mid 50’s. Achieving this level is conditional on, among others, normalizing interest rate levels.

 

Rabobank’s capital position further strengthened: the common equity tier 1 (CET 1) ratio is 16.3%, which is well above the regulatory requirement and Rabobank’s ambition of at least 14%. The increase of 0.3 percentage points is partly attributed to retained earnings and the sale of non-core activities. Our strong capital position enables Rabobank to absorb the future impact of, among others, Basel IV. The return on equity amounted to 5.3% (7.3% in 2018).

 

The loan portfolio increased by EUR 6 billion in 2019, excluding the sale of the RNA portfolio, due mainly to growth in international Food & Agri and at leasing subsidiary DLL. Underlying deposits from customers rose by EUR 11 billion with the most evident growth in domestic retail banking.

Outlook

 

Looking ahead to the year 2020 Draijer says: “The impact of the low interest rate caused by central bank policy and monetary stimulus measures are hitting us harder. We would certainly welcome a monetary policy aimed at normalizing interest rates. The economy is unpredictable and the effects of climate change are affecting us all.

 

The sale of non-core activities in North America (RNA) and Ireland (ACC loan portfolio) and the remaining retail activities in Indonesia gives us space to grow our core activities. (...)

 

Investor Presentation (FY 2019) (PDF)

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ceekay74
Posted · Edited by ceekay74
vor 9 Minuten von pillendreher:

CY ca. 7% p.a.

CY beträgt gans genau 0,00%.

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odensee
Posted
vor 4 Minuten von ceekay74:

Link passt irgendwie nicht.

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Gast231208
Posted
vor 3 Minuten von ceekay74:

Sorry, bin zu blöde zum Verstehen - stehe gerade auf der Leitung inkl. Link, der ins leere verläuft.

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Gast231208
Posted
vor 2 Minuten von ceekay74:

Danke :wacko: - d.h. Märzzahlung wird dann von ING storniert

Habe Schnäppchen gestrichen, nicht dass ich am Verderben schuld bin (trotzdem spekulativ nicht uninteressant)

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xfklu
Posted
vor 49 Minuten von ceekay74:

 

Verdammt. Das hatte ich garnicht mitbekommen. :blink:

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Index
Posted

Habe auch welche zu 90 mitgenommen, nachdem ich mich vor ein paar Wochen zu 124 von der Position getrennt hatte.  Dann habe ich hier in den Thread geschaut. Wäre ich Reihenfolge anders gewesen, hätte ich wahrscheinlich nicht gekauft :lol:.

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Gast230418
Posted
vor 58 Minuten von pillendreher:

Danke :wacko: - d.h. Märzzahlung wird dann von ING storniert

Habe Schnäppchen gestrichen, nicht dass ich am Verderben schuld bin (trotzdem spekulativ nicht uninteressant)

Also bei mir ist die Zahlung bei der ING gebucht worden. :blink:

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chirlu
Posted
vor 9 Minuten von Oli83:
vor einer Stunde von pillendreher:

Danke :wacko: - d.h. Märzzahlung wird dann von ING storniert

Also bei mir ist die Zahlung bei der ING gebucht worden. :blink:

 

Bei pillendreher doch offenkundig auch. Dabei muß es nicht bleiben („Eingang vorbehalten“). Aber wollte die ING nicht Ausschüttungen erst gutschreiben, wenn sie das Geld tatsächlich hat? Ich meine, anderswo haben einige Leute über dadurch bedingte Verzögerungen geklagt.

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Schlumich
Posted

Hmmm.... werden die Zahlungen dann nach Oktober (sollte sich die Lage dann wieder normalisiert haben) nachgezahlt?

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ceekay74
Schlumich
Posted

sauber...

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Cai Shen
Posted · Edited by Cai Shen

Wird wohl was dran sein an dem Zinsaussetzer, sonst wären die Kurse heute nicht wieder im 90er Bereich. 

Würde mich interessieren, ob die Zertifikate ab sofort flat gehandelt werden, Stückzinsen für die letzte Zinsperiode werden ja sicherlich nicht mehr berechnet wenn man heute oder morgen zuschlagen sollte. 

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Rubberduck
Posted
Am 30.3.2020 um 10:43 von chirlu:

Bei pillendreher doch offenkundig auch. Dabei muß es nicht bleiben („Eingang vorbehalten“). Aber wollte die ING nicht Ausschüttungen erst gutschreiben, wenn sie das Geld tatsächlich hat? Ich meine, anderswo haben einige Leute über dadurch bedingte Verzögerungen geklagt.

 

ING hat bei mir bislang noch nicht storniert... Wäre etwas doof, da ich mit maximalen Stückzinsen gekauft habe.

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bondholder
Posted

Solange du das Geld auf dem Depotkonto liegen läßt, ist die Korrekturbuchung (mit gleichem Valutadatum wie die Gutschrift) unproblematisch. Die gezahlten Stückzinsen sind natürlich futsch.

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ceekay74
Posted

Börse STU:
Änderung – Stückzinsberechnung
XS1002121454 A1ZCSB Stichting AK Rabobank Cert. EO-FLR Certs v. 2014 (Und.)
Stückzinsberechnung: Nein – flat
Änderungsdatum ab: 02.04.2020

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Gast230418
Posted

Okay, Stornobuchung wurde bei der ING eingestellt.

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Rubberduck
Posted · Edited by Rubberduck

Same here. Was macht ihr: Halten? Nachkaufen? Verticken?

 

Hat die Rabo irgendein spezielles Risiko? Immokredite, Club Med Exposure etc etc?

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Gast230418
Posted

Bin am überlegen bei dem Kurs nochmal aufzustocken, der Kupon ist schon sehr verlockend und die Rabo wird es überleben - allerdings ist m.E. aktuell keine Eile geboten mit dem nachkaufen. Zur zweiten Jahreshälfte dann aber schon.

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mipla
Posted

Gut dass sich auch die (gut aufgestellte) rabobank an die ausschüttungssperre hält. Somit wird das eigenkapital gestärkt. Kreditrisiken werden in den nächsten Monaten noch zu genüge auftreten. 

Gehe auch davon aus, dass die volksbanken dieses Jahr auch keine dividende zahlen werden bzw. Dürfen

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