NIBC returns to the RMBS market
NIBC returns to the RMBS market
Last week Friday 30 November, NIBC finalised its new residential mortgage-backed transaction DUTCH MBS XIX. This transaction marks the return of NIBC to the RMBS market after an absence of five years. EUR 447 million AAA-rated notes were sold to professional investors at a spread of 41 basis points over 3-months EURIBOR. The notes have a weighted average life (WAL) of 3.9 years and the first-optional-redemption-date (FORD) is in November 2023. The transaction is collateralized by prime Dutch residential mortgages and benefits from a traditional balance-guaranteed swap. Following a roadshow in Frankfurt, Paris, London and the Netherlands, book building took place over a two-day period, resulting in an order book of close to EUR 600 million.
Last week Friday 30 November, NIBC finalised its new residential mortgage-backed transaction DUTCH MBS XIX. This transaction marks the return of NIBC to the RMBS market after an absence of five years. EUR 447 million AAA-rated notes were sold to professional investors at a spread of 41 basis points over 3-months EURIBOR. The notes have a weighted average life (WAL) of 3.9 years and the first-optional-redemption-date (FORD) is in November 2023. The transaction is collateralized by prime Dutch residential mortgages and benefits from a traditional balance-guaranteed swap. Following a roadshow in Frankfurt, Paris, London and the Netherlands, book building took place over a two-day period, resulting in an order book of close to EUR 600 million.
For NIBC, the RMBS market provides another opportunity for further funding diversification. This new RMBS is the 18th transaction under NIBC’s successful DUTCH MBS programme. ING, Rabobank, Société Générale and NIBC acted as joint-lead managers for this transaction.