Holders of the Rabobank-issued Hattrick Bond 05/15 approved the bank's proposal to redeem the product ahead of schedule at a meeting held in Utrecht. The redemption took place at 101.85% of the nominal value on 12 August.
The medium-term note, which was marketed via Rotterdam-based fund manager and Rabobank subsidiary Robeco, was due to mature in April 2015. The product combined credit, duration and currency strategies, but the credit and currency strategy, for which Lehman acted as the prime broker, became inactive following the collapse of Lehman Brothers in September 2008.
Issuer Rabobank Nederland said in a statement that the cost of restarting the original strategy and appointing a new prime broker would be unprofitable for the note holders. It therefore decided to invite the note holders to attend the meeting in Utrecht via an advertisement in Het Financieele Dagblad.
This affects Belgian investors, to whom the notes were also marketed.
This product appears on the Dutch and Belgian databases.