Achmea Bank successfully issues inaugural EUR 500 million Conditional Pass Through Covered Bonds

Wednesday 22 November 2017

TILBURG - Achmea Bank N.V. has successfully completed the inaugural issuance of EUR 500 million bonds under its newly set up EUR 5 billion Conditional Pass Through Covered Bond Programme. The transaction was very well received in the capital markets and received broad interest from institutional investors across Europe. This transaction enables Achmea Bank to further diversify its funding sources and to attract new external long-term funding. The net proceeds will be used to refinance part of the existing Dutch prime residential mortgage portfolio.

The bonds have a maturity of seven years with a maturity date on 22 November 2024 and are priced at 6 basis points below mid-swap. The coupon on the bonds is 0.375% with an effective yield of 0.414%. 

The bonds are rated Aaa by Moody’s and AAA by Fitch and were placed by a syndicate of banks comprising ABN AMRO, Citibank, Rabobank, Société Générale and Unicredit .  

The bonds are listed on Euronext Amsterdam.  

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