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Achmea Bank issues €500 million Soft bullet covered bonds

Wednesday 29 September 2021

Achmea Bank N.V. has issued an inaugural €500 million covered bond under its new €5 billion Soft Bullet Covered Bond Programme. The bank already has an outstanding amount of €1.5 billion under its Conditional Pass-Through Covered Bond Programme, bringing the total outstanding covered bond volume issued by Achmea Bank to €2 billion.

The transaction has been well-received in the capital markets with broad interest among European institutional investors. About 40 investors participated and the total subscribed volume was approx. €1.1 billion. The bonds have a tenor of 15 years, a maturity date of 29 September 2036 and were issued at 8 basis points over mid-swap (coupon 0.25%). Achmea Bank will use the proceeds to (re)finance parts of its Dutch mortgage portfolio.

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