ABN AMRO Rotates €7.7B of RMBS Revolver Notes

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ABN AMRO Bank has issued €7.7 billion in notes from its revolving multiple-issuance RMBS program to redeem three previous issues of Dutch residential mortgage-backed securities.

The Dolphin Master Issuer Series 2016-1 is a Class A-only notes structure, which has been assigned a ‘AAA’ structured rating by Standard & Poor’s. The Dolphin Master Issuer trust is a multiple-issuance Dutch RMBS program with an ongoing revolving period, and uses first- and lower-ranking Dutch mortgages as collateral.

The floating rate notes are divided into four tranches Class A-1 (€2 billion), Class A-2 (€2 billion), Class A-3 (€2 billion) and Class A-4 (€1.68 billion).

The new notes do not include any new collateral of new mortgages in the pool, according to S&P. ABN Amro is one of the largest lenders in the Dutch mortgage market through its branch network an subsidiaries  Oosteroever Hypotheken B.V. and Quion 9 B.V.) that originate mortgages through independent insurance intermediaries.

The notes are paying off the principal of three outstanding Dolphin Master issues: €3.95 billion in Class A notes from the 2009-2 portfolio; €4 billion in Class A-2 notes from the 2010-2 portfolio; and €4.8 billion in series 2013-1’s Class A-1 notes.

S&P has withdrawn the ratings of the paid-down notes. 

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