• 17 Oct 25
 

Rabobank Intl London - Post Stabilisation Notice


 
RNS Number : 8801D
Rabobank International London
17 October 2025
 

Appendix F

Indicative Pricing Term Sheet

 

EUR 1bn 2.75 % Fixed Rate Notes due 24 September 2032

 

Issuer:

Nederlandse Waterschapsbank N.V. (the 'Company')

 

LEI:

JLP5FSPH9WPSHY3NIM24

 

Rating:

Aaa Stable (Moody's) / AAA Stable (S&P)

 

Currency:

Euro

 

Principal Amount:

1,000,000,000

 

Status of the Notes:

All Notes will constitute unsecured and unsubordinated obligations of the Company and will rank pari passu without any preference among themselves and with all other present and future unsecured and unsubordinated obligations of the Company, save for those preferred by mandatory provisions of the law.

 

Form of Notes:

Regulation S

 

Pricing Date:

17 September 2025

 

Settlement Date:

24 September 2025 (T+5)

 

Maturity Date:

24 September 2032

 

Coupon:

2.75 %

 

Coupon Payment Dates:

24 September annually, up to and including 24 September 2032, commencing on 24 September 2026

 

Re-offer Spread (mid-swaps):

+31bps

 

Benchmark:

DBR 1.7% Aug-2032

 

Spread to Benchmark:

+36.2 bps

 

Benchmark Price and Yield:

 

95.53 % / 2.410%

 

Re-offer Price:

99.862%

 

Re-offer Yield:

 

2.772%

 

Fees:

15.0 cents

 

All-in Price:

99.712%

 

All-in Yield:

2.796%

 

Net Proceeds:

EUR 997,120,000

 

Redemption Price:

100.00%

 

Denominations:

EUR 100,000 + 1,000 thereafter

 

Day Count Fraction:

Following, Unadjusted

 

Business Days:

London, T2

 

Listing:

Luxembourg

 

Documentation:

The Company's €75,000,000,000 Debt Issuance Program

 

Form:

Bearer (NGN)

 

Governing Law:

 Laws of the Netherlands

 

Settlement:

 

Euroclear/Clearstream

Lead Managers:

 

Deutsche Bank AG, Skandinaviska Enskilda Banken AB, Cooperative Rabobank U.A. and UBS AG London Branch

 

Target Market:

The manufacturer target markets (MIFID II/ UK MiFIR product governance) are eligible and professional counterparties only (all distribution channels).

 

Paying Agent:

Banque Internationale à Luxembourg

 

ISIN/Common Code:

 

XS3187827251 / 318782725

 

Use of Proceeds:

The proceeds of the Notes will be exclusively

used to fund the Issuer's lending to the Dutch

water authorities according to the Issuer's Green

Bond Framework

 

 

 

This communication is intended for the sole use of the person to whom it is provided by us.

 

A securities rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time, and each rating should be evaluated independently of any other rating.

 

The information in this Pricing Term Sheet supplements the base prospectus dated 26 April 2024 (the 'Base Prospectus' which term shall, for the avoidance of doubt, be deemed to include the Final Terms relating to the Notes) and supersedes the information in the Base Prospectus to the extent inconsistent with the information in the Base Prospectus.  This Pricing Term Sheet is qualified in its entirety by reference to the Base Prospectus.  You should read this Pricing Term Sheet in conjunction with the Base Prospectus before investing in the Notes.

 

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'Securities Act') or any U.S. state securities laws, and the Notes may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S  ('Regulation S') under the Securities Act), unless an exemption from, or a transaction not subject to, the registration requirements of the Securities Act is available and in accordance with all applicable securities laws of any state of the United States and any other jurisdiction.  The Notes may be offered and sold (i) outside the United States to non-U.S. persons in reliance on Regulation S and (ii) in the United States to persons who are 'qualified institutional buyers' within the meaning of Rule 144A under the Securities Act ('Rule 144A').  Prospective purchasers who are qualified institutional buyers are hereby notified that sellers of the Notes may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A.  For a description of these and certain further restrictions on offers, sales, and transfers of Notes and distribution of this Pricing Term Sheet and the Base Prospectus, see 'Plan of Distribution' and 'Transfer Restrictions' in the Base Prospectus.

 

The distribution of this Pricing Term Sheet and the offering of the Notes in certain jurisdictions may be restricted by law and therefore persons into whose possession this Pricing Term Sheet comes should inform themselves about and observe any such restrictions.  Any failure to comply with these restrictions could result in a violation of the laws of such jurisdiction.  In addition, this Pricing Term Sheet may only be distributed in the United States to persons reasonably believed to be qualified institutional buyers.

 

Note: A securities rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time, and each rating should be evaluated independently of any other rating.

 

Signatories

 

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.

 

The Issuer

 

Nederlandse Waterschapsbank N.V.

 

By:

 

________________________________

 

 

 

 

 
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