ABN AMRO has priced the Netherlands' first-ever structured covered bond. The EUR 2 billion deal, the first under the firm's inaugural EUR 25 billion covered bond program, priced at the tighter end of the seven to eight basis point range over the 10-year mid-swap rate. The covered bonds are scheduled to pay a fixed-rate coupon priced at seven basis points over the 10-year mid-swap rate and are rated triple-A by Standard & Poor's, Moody's Investors Service and Fitch Ratings. The maturity is 10-years. Investors from Germany, the Netherlands, France and the United Kingdom bought more than 50% of the deal, with the remainder purchased by investors in Denmark, Norway, Luxembourg, Austria, Belgium, Spain, Switzerland, Finland and Ireland. Banks took up half the order book, with insurance companies, central banks, fund managers and pension funds taking the remaining half.
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Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
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Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24