Dutch lender Rabobank has agreed a credit default swap deal with one of the Netherlands' largest pension funds on a £3.2 billion portfolio of corporate loans — in a deal that will help the bank toward its capital-ratio targets.

PFZW, the €137 billion pension fund for the healthcare sector in the Netherlands, has agreed to take the "first losses" on the portfolio of corporate loans up to a certain financial value, according to Raymond van Wersch, a senior portfolio manager at PGGM Investments, which manages the investments for PFZW.