In the European Union, Rabobank has a unique instrument traded on the fixed income market, ie the Member Certificate issued by Stichting AK, which will benefit from the expected end of the ECB’s dividend restrictions from end-September. The Central Bank should make an announcement at the end of July. From March 2020, bonds rallied a lot on scrip materialisation and cash dividend expectations. We expect a continuing rally to 145 in the months to come based on a normalisation of the dividend policy. BUY € RABOBK 2.7% Perpetual notes (XS1002121454).