Achmea Bank N.V. has successfully issued € 650 million covered bonds under its € 10 billion Soft Bullet Covered Bond Programme. This tenth issue under this programme brings the total outstanding amount of covered bonds to € 5.15 billion.

The transaction was well-received in the capital market with broad interest among European institutional investors: 64 investors subscribed with a total volume of over € 1.7 billion. The bonds have a tenor of 3 years, a maturity date of 15 October 2027 and were issued at 25 basis points above mid-swap (coupon 2.625%). Achmea Bank will use the proceeds to (re)finance parts of its Dutch mortgage portfolio.

The bond is rated ‘AAA’ by Standard & Poor’s and will be listed on Euronext Amsterdam. The covered bonds have been placed by a syndicate of banks consisting of the Joint Lead Managers Banco Bilbao Vizcaya Argentaria, DZ BANK, ING, Landesbank Baden-Württemberg, Rabobank, Santander and the Co-lead Managers Norddeutsche Landesbank and Landesbank Hessen-Thüringen Girozentrale.

Additional information: Soft Bullet Covered Bond - Achmea Bank

Press release