NIBC N.V.
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Publicatie datum
17 apr 2015 - 10:39
Statutaire naam
NIBC N.V.
Titel
NIBC successfully extends covered bond curve with launch of EUR 500 million 7 years conditional pass through covered bond
Bericht
Yesterday, NIBC successfully launched its third EUR 500 million conditional pass through covered bond benchmark. The issue followed two earlier benchmark transactions of NIBC’s innovative and award winning programme in October 2013 and April 2014.
The deal showed strong oversubscription with a final order book of more than EUR 1.2 billion. Interest in the deal was widespread with participation from across Europe as well as a number of Asian investors joining the book. The high quality and size of the order book allowed NIBC to optimize its pricing and distribution objectives, setting an attractive re-offer spread of mid swaps plus 1 basis point. The syndicate for this transaction consisted of Commerzbank, Credit Agricole CIB, ING, NIBC and RBS.
The bonds are expected to be rated AAA by both rating agencies S&P and Fitch. NIBC’s conditional pass through covered bond programme is Dutch law based and backed by a pool of Dutch residential mortgage loans. The programme is registered with the Dutch Central Bank and both UCITS and CRD compliant.
With this transaction, NIBC once again shows its expertise and capability in structuring products that meet today’s investor demands. The high quality interest in this transaction shows a further acceptance of the conditional passthrough product, which is also evidenced by the fact that other issuers have been adopting similar structures.
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