REG - Rabobank Intl London - Pre-Stabilisation Notice
24/09/2025 16:30
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RNS Number : 6863A Rabobank International London 24 September 2025
Confirmed BOND TERMS AND CONDITIONS
EUR 500mn Fixed Rate Notes due 1 October 2030
Issuer Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO)
LEI XTC5E2QFTEF0435JWL77
Rating AAA (S&P) / AAA (Fitch)
Status Senior Unsecured, Unsubordinated
Format RegS, Bearer
Principal Amount EUR 500,000,000
Pricing Date 24 September 2025
Settlement Date 1 October 2025 (T+5)
Maturity Date 1 October 2030
Coupon 2.500%; payable annually on 1 October each year, from and including 1 October
2026 up to and including 1 October 2030
Reoffer spread over Mid Swaps 18 bps
Mid Swap Rate 2.394%
Issue and Re-Offer Price 99.648%
Re-Offer Yield 2.576%
Benchmark OBL 2.2 10/10/30 #192
Benchmark Reference Price / Yield 99.414%/ 2.322%
Reoffer Spread to Benchmark 25.4 bps
Bookrunner Fees 0.125%
All in Price 99.523 %
All in Yield 2.603 %
All in Spread over Mid Swaps 20.9 bps
Net Proceeds EUR 497,615,000
Redemption 100.00%
Day Count Fraction Actual/Actual (ICMA) Following Unadjusted
Business Days TARGET2
Documentation In accordance with the issuer's Medium Term Note Euro 8,000,000,000 Debt
Issuance Programme dated 28 May 2025
Listing Luxembourg
Governing Law Dutch
Selling restrictions TEFRA D applicable; additional selling restrictions in accordance with the
Prospectus and relevant Prospectus Supplement relating to the issue
Denominations / Increments EUR 100,000 / EUR 100,000
Form New Global Note
ISIN ISIN: XS3192981424 / 319298142
Joint Lead Managers Bank of America, Credit Agricole CIB, J.P. Morgan and Rabobank
Legal Costs Dealer counsel and listing to be paid by Syndicate Banks
Group No Further Group
Use of Proceeds Clause:
An amount equivalent to the net proceeds of each Bond (in the form of Social
Bonds) will be allocated to the financing and/or refinancing of eligible
social assets ("Eligible Projects").
FMO's definition of social projects focuses on inclusive business and economic
empowerment. FMO defines two sub-categories under social: reducing inequality
among countries (investment in Least Developed Countries) and reducing
inequality within countries (investment in inclusive growth).
As long as the notes issued under the Sustainability Bonds Framework ("SBF")
are outstanding, the balance of the sub-portfolio will be reduced by amounts
corresponding to the financing or refinancing of Eligible Projects, or to
repay a note issued under the SBF. Pending allocations, the net proceeds of
the issue of the Notes will be held in the Issuer's treasury liquidity
portfolio and may temporarily be used for different purposes in case of
liquidity stress situations. The SBF has been reviewed by S&P Global
Ratings as a Second Party Opinion provider. Eligible social projects include,
but are not limited to, investments in: food security and sustainable food
systems, access to essential services, socioeconomic advancements &
empowerment, affordable basic infrastructure (energy).
The above examples of Eligible Projects are for illustrative purposes; for a
full list refer to FMO's SBF.
Exclusionary criteria
In addition to eligibility criteria, FMO specifies the following exclusion
criteria with regard to use of proceeds.
FMO will not finance any business or trade involved in:
1. Forced labor or child labor
2. Activities or materials deemed illegal under host country laws or
regulations or international conventions and agreements, or subject to
international phase-outs or bans, such as:
a) Ozone depleting substances, PCB's (Polychlorinated Biphenyls) and other
specific, hazardous pharmaceuticals, pesticides/herbicides or chemicals;
b) Wildlife or products regulated under the Convention on International Trade
in Endangered Species or Wild Fauna and Flora (CITES); or
c) Unsustainable fishing methods (e.g., blast fishing and drift net fishing in
the marine environment using nets in excess of 2.5 km in length).
3. Cross-border trade in waste and waste products, unless compliant with the
Basel Convention and the underlying regulations.
4. Destruction of High Conservation Value areas
5. Radioactive materials and unbounded asbestos fibers.
6. Pornography and/or prostitution
7. Racist and/or anti-democratic media
8. The following products forming a substantial part of a project's primary
financed business activities:
a) Alcoholic Beverages (except beer and wine);
b) Tobacco;
c) Weapons and munitions;
d) Gambling, casinos and equivalent enterprises; or
For more information on the SBF, please see https://www.fmo.nl/sustainability
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.fmo.nl%2Fsustainability-bonds-framework&data=05%7C02%7CAlain.Sanz-Gadea-Imbanza%40rabobank.com%7Cf4540983c8b1427665b308ddf9ed3b5c%7C6e93a6268aca4dc19191ce291b4b75a1%7C0%7C0%7C638941519535302155%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=OaIZMuDD7%2BxhCwTM3m6byfqgJRJSyQIg5%2BtTLQPI7VQ%3D&reserved=0)
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(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.fmo.nl%2Fsustainability-bonds-framework&data=05%7C02%7CAlain.Sanz-Gadea-Imbanza%40rabobank.com%7Cf4540983c8b1427665b308ddf9ed3b5c%7C6e93a6268aca4dc19191ce291b4b75a1%7C0%7C0%7C638941519535323589%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=UthmFlbsRzTnCdxVDYmgWMaX7VjslfZTocsivNYEaC0%3D&reserved=0)
bonds
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.fmo.nl%2Fsustainability-bonds-framework&data=05%7C02%7CAlain.Sanz-Gadea-Imbanza%40rabobank.com%7Cf4540983c8b1427665b308ddf9ed3b5c%7C6e93a6268aca4dc19191ce291b4b75a1%7C0%7C0%7C638941519535340024%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=NYc6xc%2FWIzjBK0mHy%2BiE8%2BI6LHW9qxEUjK4LkQWzG4g%3D&reserved=0)
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(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.fmo.nl%2Fsustainability-bonds-framework&data=05%7C02%7CAlain.Sanz-Gadea-Imbanza%40rabobank.com%7Cf4540983c8b1427665b308ddf9ed3b5c%7C6e93a6268aca4dc19191ce291b4b75a1%7C0%7C0%7C638941519535363111%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=%2BUGB1aTJjpJFUw0usZMRwUUlhgth%2FHgf5Oe9z2vpXP4%3D&reserved=0)
framework
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.fmo.nl%2Fsustainability-bonds-framework&data=05%7C02%7CAlain.Sanz-Gadea-Imbanza%40rabobank.com%7Cf4540983c8b1427665b308ddf9ed3b5c%7C6e93a6268aca4dc19191ce291b4b75a1%7C0%7C0%7C638941519535380235%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=rnsmwweAA5SvDK1Nu4FzbVAOsCqjG6d37VO6rXBgpUA%3D&reserved=0)
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.fmo.nl%2Fsustainability-bonds-framework&data=05%7C02%7CAlain.Sanz-Gadea-Imbanza%40rabobank.com%7Cf4540983c8b1427665b308ddf9ed3b5c%7C6e93a6268aca4dc19191ce291b4b75a1%7C0%7C0%7C638941519535396369%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=ThlW0f5QZdGWyv0e4WGNjfz3dDTYPso6pDiWeKSO3qw%3D&reserved=0)
Disclaimer:
This document has been prepared by Joint Lead Managers solely for the
information of the issuer of the securities and the managers of the issue. It
has not been prepared for, should not be provided to, and should not be relied
upon by, any investor or any other person for any purpose. The final terms and
conditions of the transaction will be set out in full in the offering
document, if any, and the binding legal contracts to be entered into between
us.
Before entering into this or any related transaction you should ensure that
you fully understand the potential risks and returns of this transaction and
decide whether it is appropriate and suitable for you. In making this decision
you should consult with such advisors as you deem necessary. The Joint Lead
Managers are not providing you with any general financial, strategic or
specialist advice, such as legal, regulatory, accounting or taxation advice.
Each Joint Lead Manager is acting solely as an arm's length contractual
counterparty and not as adviser, agent or fiduciary to you or to any investor
or other person.
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employees or clients may have an interest in, or a position in, or may deal
in, transactions or securities (or related derivatives) identical or similar
to those described in this document.
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