Achmea Bank issues €500 million soft bullet covered bond for the third consecutive year

Tuesday 31 January 2023


Achmea Bank N.V. issued a third € 500 million tranche under its €5 billion Soft Bullet Covered Bond Programme, which was established in 2021. In addition, the Bank already has an outstanding amount of €1.5 billion under its 2017 Conditional Pass-Through Covered Bond Programme (CPTCB). The third issue brings the current total outstanding covered bond volume issued by Achmea Bank to €3 billion.

The transaction has been well-received in the capital markets with broad interest among European institutional investors. The bonds have a tenor of 7 years, a maturity date of 31 January 2030 and were issued at 29 basis points over mid-swap (coupon 3%). Achmea Bank will use the proceeds to (re)finance parts of its Dutch mortgage portfolio.

The bond is rated AAA by Standard & Poor’s and will be listed on Euronext Amsterdam. The covered bond has been placed by a syndicate of banks comprising ABN AMRO, Rabobank, UniCredit, MUFG Bank , Deutsche Bank and DZ Bank.

Additional information: Soft Bullet Covered Bond

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