Achmea Bank has set up a EUR 5,000,000,000 Conditional Pass Through Covered Bond Programme (“CPTCB”) in November 2017 to replace its existing soft bullet covered bond programme which has been terminated in October 2017.
The Achmea Conditional Pass Through Covered Bond Company (“ACPTCB”), a bankruptcy remote special purpose vehicle, provides the covered bond investors a guarantee for full payment of interest and principal on the outstanding bonds under the programme by pledging the mortgage receivables of Achmea Bank to the ACPTCB and a parallel debt agreement with the Security Trustee. For investors there is a so-called ‘double recourse’ which means that in the event of default of the Bank an investor has recourse on the bank and on the underlying mortgage portfolio
|Programme size||EUR 5,000,000,000|
|Registrated||Yes, Dutch Central Bank|
|Extension peroid||Max. 32 years|
|Collateral||Dutch Prime Residental Mortgage Loans|
|Indexed LTV Cut Off||80%|
|Minimum documented OC||N.A.|
|Documentation||Achmea CPTCB Series 1 Final Terms|
|Issuance date||22 November 2017|
|Maturity date||22 November 2024|
|Ratings at issuance|
AAA sf (Fitch)
Aaa sf (Moody's)
The Dutch Association of Covered Bonds recommends you to use the National Transparency Template, as it contains all relevant information of the Issuers programme on a more detailed basis.