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.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.