NIBC celebrates IFR 2013 Covered Bond of the Year Award

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CEO Jeroen Drost officially opened the Amsterdam Stock Exchange at 9am on 22 January. Occasion for the ‘Gongceremonie’ was the prestigious IFR 2013 Covered Bond of the Year Award.

NIBC won the award for its EUR 500 million conditional pass through covered bond (“CPTCB”) launched in September 2013. The CPTCB is a new type of covered bond secured by Dutch residential mortgages. The transaction was well received in the market and was placed with a large group of institutional investors. In addition, global recognition was gained by financial markets and media for creating a product with more stability and meeting today’s investor demands. Analysts and media described the new product as “revolutionary” and “changing the landscape of covered bonds for good”.

The CPTCB differs from the traditional covered bond structures, due to the absence of derivatives and inclusion of an orderly wind-down mechanism of the cover pool subject to strict conditions. These features create more stability in ratings and structure. The syndicate banks– next to NIBC – were Credit Suisse, LBBW and RBS.

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