SNS Bank securitised approximately EURO680 million worth of Dutch residential mortgages through Hermes II BV.

The transaction was lead-managed by UBS Warburg. The bank launched a similar deal in October of last year, and this is a repeat transaction. Hermes II was divided in two tranches: the EURO621 million Triple A tranche (Moody's/Fitch), with an expected average life of six years, was launched at three month Euribor + 27 basis points; the EURO28 million B tranche, with a 9.8 average life, was rated single A1/A and priced at three month Euribor + 80 basis points; and the EURO16 million tranche was retained by the issuer.

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