NIBC supports Aegon Bank in inaugural Covered Bond transaction

Corporate News -

On 24 November NIBC acted as Co-Lead Manager in Aegon Bank’s inaugural 5 year EUR 750 million Conditional Pass-Through Covered Bond transaction. Aegon Bank is the third Dutch bank to publicly place a Covered Bond with the innovative Conditional Pass-Through structure, as successfully pioneered by NIBC in 2013, 2014 and 2015. The CPT structure reduces refinancing risk of the bond and consequently offers significant benefits both to issuers and investors.

Joint Lead Managers were Royal Bank of Scotland, Rabobank, ABN AMRO, Sociéte Générale, and UniCredit. NIBC was the sole co-lead manager. The transaction showed a solid success, as books were substantially oversubscribed, allowing Aegon to tighten the spread from +10 basis points over swaps to a final spread of +8. The success of the transaction is also very important for the future of Conditional Pass-Through Covered Bonds and hence for NIBC’s own funding programme going forward.

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