The NautaDutilh Structured Finance team assisted ASR Levensverzekering N.V. on two securitisation transactions, the Orcinus 2023 transaction and the Delphinus 2023 transaction, which closed in July and August.
The Delphinus transaction was placed in the market with external investors. The appetite to invest in the notes was quite high which resulted in an interest rate at the lower end of the current market levels. The notes in the Orcinus 2023 transaction are retained by ASR for (regulatory) liquidity purposes. a.s.r. intends to use securitisation as part of its funding mix in the future (see press release).
Both the Orcinus 2023 and the Delphinus 2023 transactions are true-sale securitisations of mortgage loans originated in the Netherlands, whereby ASR has sold and assigned receivables resulting from Dutch residential mortgage loans to the issuer of the notes.
"The remarkable interest from external investors in the Delphinus deal, which has secured a competitive interest rate, showcases the attractiveness of ASR's offerings in the market. Simultaneously, both transactions align seamlessly with ASR's future funding mix. We are very pleased to contribute to this and to assist ASR with both successful transactions” says Structured Finance partner Michaëla Ulrici.
The team advising ASR on the securitisation transactions further consisted of Reinier Dommerholt, Julie Wassenberg, Tessa van Berkum, Valerie Mielekamp, Nico Blom and Riemer Meinderts.