Grazie , mi ero scordato questa discussione cui pure avevo partecipato .Certo che questa non scambia 100K euro al giorno , e con questi volumi se il mercato l' ha portata a 120 direi che in molti , molto più bravi di me , hanno la mia stessa convinzione......
ma, effettivamente anch'io passando più volte avanti e indietro il prospetto trovo solo questo
l'unico dubbio potrebbe essere il punto (iii) in cui si fa riferimento alla possibilità di cancellare una parte/una classe di Participations (partecipazioni?) a cui i certificati sono collegati
Term; right to repayment
The Rabobank Participations are perpetual and have no fixed maturity date. The Rabobank Participations may be cancelled in case:
(i) of dissolution of Rabobank without its business being continued;
(ii) Rabobank holds any Rabobank Certificates and the Executive Board resolves to cancel the related Rabobank Participations, subject to the approval of the Supervisory Board; and
(iii) the Executive Board resolves to cancel (part of) (a class of) the Rabobank Participations, subject to the prior consent of the Supervisory Board and provided that Rabobank has sufficient own funds to effect such cancellation.
A cancellation as referred to under (ii) or (iii) may only be effected with the permission of the ECB, the DNB or any other relevant competent authority at such time and subject to any conditions which the ECB, the DNB or any other such competent authority at such time may attach to such permission. In the event of cancellation as referred to under (iii), the nominal value of the relevant class of Rabobank Participations must be repaid on each Rabobank Participation in that class.
The Rabobank Participations and the Rabobank Certificates, including the Offer Certificates, are the most deeply subordinated capital of Rabobank. If Rabobank is dissolved, the nominal value of each Rabobank Participation may be repaid on each Rabobank Participation only after all creditors are paid in full. If the remaining capital of Rabobank is insufficient to repay all Rabobank Participations, an amount will be repaid on each Rabobank Participation pro rata to the total nominal amount of the outstanding Rabobank Participations. Any amount received on the Rabobank Participations will be distributed by Stichting AK Rabobank to the holders of Rabobank Certificates. The dissolution of Rabobank may be subject to the permission of the ECB, the DNB, the SRB or any other competent authority at such time.
For further information, see “Risk Factors—The Offer Certificates are perpetual and have no fixed maturity date. The Rabobank Participations and the Rabobank Certificates, including the Offer Certificates, are the most deeply subordinated capital of Rabobank. Upon dissolution of Rabobank, holders of Offer Certificates could receive less than they have invested in the Offer Certificates” and “Regulation of the Group—European Union legislation—Bank Recovery and Resolution Directive”.
