NautaDutilh's securitisation team has assisted NIBC Bank N.V. with a new securitisation transaction. As a result of the growing interest in securitisation transactions, the transactions are being priced at the lowest level since the credit crunch. In the securitisation transaction a number of NIBC Bank N.V.'s subsidiaries have sold approximately EUR 526.5 million of Dutch mortgages to a legal entity called 'Dutch Mortgage Backed Securities XVIII B.V.'
The notes have been sold to institutional investors on 5 February 2013 in the Netherlands, Germany, France, Belgium and the United Kingdom. The notes were placed by NIBC Bank N.V., Morgan Stanley and Credit Suisse.
The Dutch MBS XVIII transaction has been documented and will be reported according to the standards of the Dutch Securitisation Association (DSA), a market initiative that aims to further improve transparency and standardisation of securitised products. In addition, the transaction complies with the criteria of Prime Collateralised Securities (PCS), a quality label for securitisation products which has recently been implemented at a European level. Dutch MBS XVIII has been awarded with one of the first PCS labels.
The NautaDutilh team assisting NIBC Bank N.V. consists of Arjan Scheltema, Nico Blom, Elianne Bär, Michelle Polvliet, Wijnand Bossenbroek and Esther Seubring.