TILBURG - Achmea Bank N.V. announces that it has successfully completed the sale of EUR 600 million of residential mortgage-backed securities (‘RMBS’) to refinance its existing mortgage portfolio.

Achmea Bank, the originator behind the well-established Dutch RMBS transactions DMPL, SGML and DRMP, has issued Dutch Residential Mortgage Portfolio II (‘DRMP II’). The public transaction consists of floating rate A Notes which were priced at an effective coupon of EUR3M + 30 bps and placed with a broad range of investors.   DRMP II has certain distinctive characteristics compared to a traditional Dutch securitisation

• The use of an interest rate cap instead of a swap in order to hedge the interest rate risk between the floating rate notes and mainly fixed rate assets, which is similar to DRMP I.
• An issue price above par (100.45%), due to a coupon of EUR3M + 40 bps which is higher than the effective coupon as agreed on the A notes. DRMP II is the first transaction to issue securities above par with an amortising mortgage pool as collateral.

The securities are rated Aaa (sf) by Moody’s and AAA (sf) by Fitch and were placed by a syndicate of banks comprising Deutsche Bank, Rabobank, RBS and Societe Generale as Joint Lead Managers. RBS acted as Arranger for this transaction.

 

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