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Rabobank’s curr<strong>en</strong>t long-term <strong>de</strong>posit and s<strong>en</strong>ior unsecured rating from Moody’s and counterparty cre<strong>dit</strong> ratingfrom S&P are Aaa and AAA respectively.At 30 June 2009, Rabobank Group had total assets of € 615.4 billion, a private sector loan portfolio of € 415.2billion, amounts due to customers of € 284.9 billion, saving <strong>de</strong>posits of € 119.7 billion and equity of € 36.9billion. Of the private sector loan portfolio, € 197.3 billion, virtually all of which are mortgages, cons<strong>is</strong>ts ofloans to private individuals, € 147.7 billion of loans to the tra<strong>de</strong>, industry and services sector and € 70.3 billionof loans to the food & agri sector. At 30 June 2009, its Tier I ratio, which <strong>is</strong> the ratio betwe<strong>en</strong> core capital andtotal r<strong>is</strong>k-weighted assets, was 13.0 per c<strong>en</strong>t. In the first half of 2009, Rabobank Group’s effici<strong>en</strong>cy ratio was59.1 per c<strong>en</strong>t., and the return on equity, or net profit expressed as a perc<strong>en</strong>tage of core capital, was 8.7 perc<strong>en</strong>t. In the first half of 2009, Rabobank Group real<strong>is</strong>ed an 18 per c<strong>en</strong>t. <strong>de</strong>crease in net profit to € 1.3 billionand a RAROC (R<strong>is</strong>k-Adjusted Return On Capital) of 11.8 per c<strong>en</strong>t. after tax. At 30 June 2009, RabobankGroup had 60,490 full-time employees.Description: Structured Medium Term Note ProgrammeDate: 21 December 2009Size: Up to EUR 10,000,000,000 aggregate nominal amount of Notes outstanding at any one time.Dealer(s): Coöperatieve C<strong>en</strong>trale Raiffe<strong>is</strong><strong>en</strong>-Boer<strong>en</strong>le<strong>en</strong>bank B.A. (trading as Rabobank International) andany ad<strong>dit</strong>ional Dealer(s) appointed by the Issuer either in respect of one or more Tranches or in respect of thewhole Programme (the “Dealers”). The Issuer may from time to time terminate the appointm<strong>en</strong>t of any Dealerpursuant to the Programme or appoint ad<strong>dit</strong>ional Dealers either in respect of one or more Tranches or inrespect of the whole Programme. Refer<strong>en</strong>ces in th<strong>is</strong> Offering Circular to “Dealers” are to the persons that areappointed as <strong>de</strong>alers in respect of the Programme (and whose appointm<strong>en</strong>t has not be<strong>en</strong> terminated) and allpersons appointed as a <strong>de</strong>aler in respect of one or more Tranches.F<strong>is</strong>cal Ag<strong>en</strong>t: Means either (i) the Issuing and Paying Ag<strong>en</strong>t if the (Global) Notes are or will be <strong>de</strong>positedwith Euroclear, Clearstream or DTC or (ii) the Euroclear Netherlands F<strong>is</strong>cal Ag<strong>en</strong>t if the (Global) Notes are orwill be solely <strong>de</strong>posited with Euroclear Netherlands.D<strong>is</strong>tribution: Notes of each Tranche may be <strong>is</strong>sued by way of private or public placem<strong>en</strong>t and in each case ona syndicated or non-syndicated bas<strong>is</strong>, as specified in the rele<strong>van</strong>t Final Terms.Issue Price: Notes may be <strong>is</strong>sued at their aggregate nominal amount or at a d<strong>is</strong>count or premium to theiraggregate nominal amount. Partly Paid Notes may be <strong>is</strong>sued, the <strong>is</strong>sue price of which will be payable in two ormore instalm<strong>en</strong>ts.Form of Notes: The Notes of each Tranche of each Series (as <strong>de</strong>fined herein) to be <strong>is</strong>sued in bearer form(“Bearer Notes”) will initially be repres<strong>en</strong>ted by a temporary global note in bearer form, without interestcoupons (each a “Temporary Global Note”). Temporary Global Notes will be <strong>de</strong>posited on the <strong>is</strong>sue dateeither with (a) a common <strong>de</strong>positary on behalf of Euroclear Bank S.A./N.V. (“Euroclear”) and ClearstreamBanking, société anonyme, Luxembourg (“Clearstream”) or (b) the Ne<strong>de</strong>rlands C<strong>en</strong>traal Instituut <strong>voor</strong> GiraalEffect<strong>en</strong>verkeer B.V. (“Euroclear Netherlands”) or (c) such other clearing system as may be selected by theIssuer or agreed betwe<strong>en</strong> the Issuer, the F<strong>is</strong>cal Ag<strong>en</strong>t and the rele<strong>van</strong>t Dealer(s). Interests in Temporary GlobalNotes will be exchangeable for interests in perman<strong>en</strong>t global notes (each a “Perman<strong>en</strong>t Global Note” andtogether with the Temporary Global Note, the “Global Notes”) or, if so stated in the rele<strong>van</strong>t Final Terms,<strong>de</strong>finitive notes (“Definitive Notes”), after the date falling 40 days after the completion of the d<strong>is</strong>tribution ofsuch Tranche upon certification as to non-U.S. b<strong>en</strong>eficial ownership. Interests in Perman<strong>en</strong>t Global Notes willbe exchangeable for Definitive Notes in whole but not in part as <strong>de</strong>scribed un<strong>de</strong>r “Form of the Notes”.The Notes of each Tranche of each Series to be <strong>is</strong>sued in reg<strong>is</strong>tered form (“Reg<strong>is</strong>tered Notes”) which are soldin the United States to “qualified institutional buyers” (“QIBs”) within the meaning of Rule 144A willinitially be repres<strong>en</strong>ted by a perman<strong>en</strong>t reg<strong>is</strong>tered global certificate (each a “Global Certificate”) without5

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