Achmea Bank issues €1 billion retained soft bullet covered bonds

Friday 26 April 2024

Achmea Bank N.V. has issued 2x € 500 million retained soft bullet covered bonds under its new € 5 billion Retained Soft Bullet Covered Bond Programme (ASBCBC II).

The bonds have a tenor of 5 and 7 years. The aim of this program is to issue covered bonds that Achmea Bank holds in its own possession. This creates the possibility of pledging these securities - if necessary - to the European Central Bank (ECB). This new program will replace the existing Retained Residential Mortgage Backed Securities programs (SRMP I and II) in the future.

Achmea Bank chooses to deploy part of the a.s.r. mortgage portfolio, which it has purchased in parts from 2019, to cover bonds issued under this Retained Covered Bond program. Achmea Bank currently has €3 billion of a.s.r. mortgages on its balance sheet and has agreed with a.s.r. to grow this portfolio further in the coming years.

The bonds are rated AAA by Fitch Ratings and are listed on Euronext Amsterdam. The design of the program and the issue of the retained soft bullet covered bonds was supervised by Rabobank.

Additional information: Retained Soft Bullet Covered Bond - Achmea Bank
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