Dutch investment bank NIB Capital recently brought to market its largest mortgage-backed securitization to date. The E800 million ($732 million) transaction - called Dutch MBS 00-1 - was NIB's seventh venture into the MBS market and the first time that it has veered away from a straightforward pass-through structure. The bank handled structuring itself and brought in BNP Paribas and Merrill Lynch to help it underwrite the deal.
The underlying collateral came from a pool of nearly 6,000 prime mortgages, originated by four of NIB's wholly owned subsidiaries. The average loan-to-value of the mortgages is 82%, and there is no major geographical concentration in any one area of the Netherlands.