NIBC Bank’s Set-up of Soft Bullet Covered Bond Programme

NautaDutilh assisted NIBC Bank with the transaction.

NIBC Bank set up a EUR 10 billion Soft Bullet Covered Bond Programme. This programme was set up in addition to its existing conditional pass-through covered bond programme, which was established by NautaDutilh in 2013. Over the past few years, the Dutch covered bond market has seen all conditional pass-through covered bond issuers switching to soft bullet covered bonds.

Under this Soft Bullet Covered Bond Programme, NIBC Bank is able to issue listed and unlisted covered bonds with a limited extendable maturity date. These bonds will be backed by Dutch prime residential mortgage loans and are assigned a rating of ‘’AAA’’ from S&P.

The NautaDutilh team advising NIBC Bank on the set-up of the Soft Bullet Covered Bond Programme consisted of Arjan Scheltema (Picture), Reinier Dommerholt, Julie Wassenberg and Tessa van Berkum.

Involved fees earner: Reinier Dommerholt – NautaDutilh; Arjan Scheltema – NautaDutilh; Tessa van Berkum – NautaDutilh; Julie Wassenberg – NautaDutilh;

Law Firms: NautaDutilh;

Clients: NIBC Bank;

Naoual Sadouqi

Author: Naoual Sadouqi