REG - Rabobank Intl London - Pre Stabilisation Notice

UBS AGAnnouncement

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RNS Number : 7544Z  Rabobank International London  17 September 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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