NIBC Bank issues EUR 500 million covered bond
03-25-11
Today, NIBC Bank N.V. issued a EUR 500 million covered bond in the institutional market. Total order book of the bond amounted to more than EUR 1.2 billion.
The notes are backed by Dutch and German residential mortgages. Maturity date of the bond is 1 April 2014. The notes have been priced at 99.978%, representing a yield of 105 basispoints over mid-swaps. The coupon of the bond is 3.625%. Settlement will be on 1 April 2011.
The bonds were placed with institutional investors throughout Europe. Lead arrangers were LBBW, Natixis, The Royal Bank of Scotland and NIBC Bank.