NIBC Bank successfully closes Dutch MBS XV
On 16 March 2010, NIBC Bank successfully launched Dutch MBS XV, the new residential mortgage backed securitisation issued under its longstanding Dutch MBS programme. The deal has a total size of EUR 750 million and is collateralised by a portfolio of high quality Dutch residential mortgages. Tranche A1, with a size of EUR 182.1 million and a weighted average life of 2 years, was priced at 1-month Euribor plus 110 bps. Tranche A2, with a size of EUR 530.6 million and an expected 5 year maturity, was priced at 1-month Euribor plus 150 bps. Both tranches will have a AAA rating of S&P and Moody's.
The bonds were placed with institutional investors throughout Europe. The joint-lead managers were Credit Agricole CIB, Credit Suisse and NIBC Bank.