Commentary & Deal Flow

Cooperatieve Rabobank US/NY (RABOBK) exp Aa2/A+/AA- US$1.8bn 3(a)2 exempt 4-part Senior Preferred (2y FXD and/or FRN due 1/14/28 and 5y FXD and/or FRN due 1/14/31). BofA/Citi/JPM/Miz/MS (B&D)/Rabo joint active books. First Pay: 2y FXD: 7/14/26, 2y FRN: 4/14/26, 5y FXD: 7/14/26, 5y FRN: 4/14/26. Day Count: 30/360. Denoms: 250,000 x 1,000. Governing Law: New York Law. Sale into Canada: Yes - exemption. Additional Info: Agreement with Respect to the Exercise of Bail-in Power and Resolution Stay: By its acquisition of the notes, each holder of notes acknowledges, agrees to be bound by, and consents to the exercise of, any Bail-in Power (as defined in the Terms Supplement) by the Resolution Authority (as defined in the Terms Supplement). The notes are not MREL eligible liabilities. UOP: gcp. Pricing 1/7. Settle 1/14 (T+5).

IPTs: 2y T+50 area and SOFR equiv, 5y T+70 area and SOFR equiv.
GUIDANCE: 2y FXD T+28#, 2y FRN SOFR+41#, 5y FXD T+47#, 5y FRN SOFR+70#.
LAUNCHED: $500m 2y FRN at SOFR+41, $400m 2y FXD at T+28, $400m 5y FRN at SOFR+70, $500m 5y FXD at T+47.

PRICED:
$500m 1/14/28 FRN at SOFR+41, at 100.
$400m 3.743% 1/14/28 100.00 3.743% T+28.
$400m 1/14/31 FRN at SOFR+70, at 100.
$500m 4.160% 1/14/31 100.00 4.160% T+47.

OTHER: