Last week, Van Lanschot successfully launched its inaugural €500 million 7-year Conditional Pass-Through Covered Bond with a 0.275% coupon. The deal had a final order book of over €1.4 billion and was placed with a broad range of European institutional investors. Some non-European investors also participated.
The bonds are expected to be rated AAA by both S&P and Fitch rating agencies. The Van Lanschot Conditional Pass-Through Covered Bond Programme is Dutch law-based and backed by a pool of Dutch residential mortgage loans. It is registered with De Nederlandsche Bank (DNB) and is both UCITS- and CRD-compliant.
This transaction, which forms part of Van Lanschot’s general funding activities, has helped Van Lanschot to attract new external long-term funding, and brings a further strengthening and diversification of the bank’s funding profile.
Van Lanschot has mandated BNP Paribas, Credit Suisse, LBBW, Natixis and Rabobank as Joint Lead Managers for the transaction.