Commentary & Deal Flow

Cooperatieve Rabobank UA/NY (RABOBK) exp Aa2/A+/AA- US$1bn 3(a)2 exempt 2-part Senior Preferred (3y fixed and/or floating due 10/17/28). Barc (B&D)/BNP/BofA/JPM/Rabo/WFS joint active books. First pay on fxd: 4/17/26. Day Count on fxd: 30/360. Denoms: 250,000 x 1,000. Governing Law: New York. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 10/9. Settle 10/17 (T+5). CUSIP: 3y FRN: 21688ABQ4, 3y FXD: 21688ABP6. ISIN: 3y FRN: US21688ABQ40, 3y FXD: US21688ABP66.

IPTs: T+55-60 and SOFR equiv.
LAUNCHED: $500m 3y FRN at SOFR+59, $500m 3y FXD at T+35.

PRICED:
$500m 10/17/28 FRN at SOFR+59, at 100.
$500m 3.957% 10/17/28 100.00 3.957% T+35.