Hoover schreef op 16 januari 2015 17:27:
Nog even dit uit het Moody's rapport inzake de rating van de nieuwe Coco's omdat het scherp stelt waar de certificaten ranken.
Moody's assigns Baa3 (hyb) to Rabobank's high-trigger AT1 securities
London, 16 January 2015 -- Moody's Investors Service has today assigned a Baa3(hyb) rating to the 'high trigger' additional tier 1 securities (AT1) issued by Rabobank Nederland (Rabobank; senior unsecured debt Aa2, negative; Bank Financial Strength Rating (BFSR) B- negative/ Baseline Credit Assessment (BCA) a1). The outlook on the new rating for the AT1 securities is stable.
The perpetual non-cumulative AT1 securities rank junior to Tier 2 capital, pari passu with other deeply subordinated debt securities and senior only to the Rabobank Certificates qualifying for common equity tier 1 capital (CET1). Coupons may be cancelled in full or in part on a non-cumulative basis at the issuer's discretion or mandatorily in case the distributable items were not sufficient. The principal of the securities is partially or fully written down if Rabobank Group's Basel 3 CET1 capital ratio falls below 7% or if the Local Rabobank Group's (unrated) Basel 3 CET1 capital ratio falls below 5.125%. The Local Rabobank Group is comprised of Local Rabobanks and Rabobank Nederland, which is the issuer of the AT1 securities.