On 30 May 2022, 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.
Partner Arjan Scheltema adds: ‘We are very happy to have assisted all Dutch banks with conditional pass-through covered bond programmes and their switch to soft bullet covered bond programmes. With NIBC setting up a programme, the circle is now complete.'
The team advising NIBC Bank on the set-up of the Soft Bullet Covered Bond Programme consisted of Arjan Scheltema, Reinier Dommerholt, Julie Wassenberg and Tessa van Berkum.