NIBC Bank successfully closes Dutch MBS XVI
On 1 June 2011, NIBC Bank successfully launched Dutch MBS XVI, 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 221.2 million and a weighted average life of 1.9 years, was priced at 1-month Euribor plus 110 bps (which is equivalent to 3-month Euribor plus 96 bps). Tranche A2, with a size of EUR 484.4 million and an expected 5 year maturity, was priced at 1-month Euribor plus 165 bps (which is equivalent to 3-month Euribor plus 152 bps). Both tranches will have a AAA rating from Moody's and Fitch.
The bonds were placed with a broad group of international investors. The joint-lead managers were Deutsche Bank, Morgan Stanley and NIBC Bank.