Soft Bullet Covered Bond
Achmea Bank set up a EUR 5,000,000,000 Soft Bullet Covered Bond ("SBCB") Programme in June 2021 in addition to its former conditional pass-through covered bond programme which was established in 2017. In January 2024, the SBCB Programme was expanded from €5 billion to €10 billion.
The bonds issued under the SBCB Programme are backed by Dutch prime residential mortgage loans. For investors there is a so-called 'double recourse' which means that in the event of a default of the Bank an investor has recourse on the bank and on the underlying mortgage portfolio.
The bonds issued under the SBCB Programme are backed by Dutch prime residential mortgage loans. For investors there is a so-called 'double recourse' which means that in the event of a default of the Bank an investor has recourse on the bank and on the underlying mortgage portfolio.
Programme overview
| Programme size | EUR 10,000,000,000 |
| Active | Yes |
| Registrated | Yes, Dutch Central Bank |
| Arranger | RABOBANK |
| Extension period | Max. 1 years |
| Collateral |
Dutch Prime Residental Mortgage Loans |
| Asset percentage | 92.70% |
| Indexed LTV Cut Off | 80% |
| Minimum documented OC | Not Applicable |
| Regulatory OC | 5% |
| European Covered Bond (Premium) Label | Yes |
| Investor presentation | Investor Presentation, April 2025 |
| Base Prospectus |
Base Prospectus 2025 Supplement 2025-1 |
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