Category: Market Review

  • Dutch securitisation market: year-end review 2025

    The Dutch securitisation market remained broad and active in 2025. By now, the most striking feature of the market is its breadth of issuers and the degree to which shelf-based issuance has become standard market practice. Established programmes continue to issue, while newer names also appear with sufficient regularity to suggest that the market remains open and operationally mature.

    The year’s transaction list includes RMBS from ASR, Argenta, Lloyds, MeDirect, bunq, Obvion, OLB and others, as well as specialty ABS from Hiltermann and consumer ABS from Lender & Spender. This mix reinforces the impression that the Dutch market is no longer best described as a bank-dominated RMBS segment. It is a wider structured finance market with a strong mortgage core and meaningful specialist participation around it.

    Transparency and repeatability remain central. That has become one of the defining features of the Dutch market in its mature phase. The years of rebuilding after the crisis have given way to a more stable system in which data quality, shelf identity and execution consistency are now basic expectations.

    2025 transaction list

    30-01-2025 | ASR Levensverzekering N.V. | Delphinus | Delphinus 2025-I B.V. | Residential Mortgages
25-02-2025 | OLB Bank | Weser Funding | Weser Funding SA | Residential Mortgages
27-03-2025 | Obvion N.V. | Green Storm | Green Storm 2025 B.V. | Residential Mortgages
28-03-2025 | bunq B.V. | Solitaire | Solitaire II B.V. | Residential Mortgages
30-04-2025 | MeDirect Bank SA/NV | Bastion | Bastion 2025-1 NHG B.V. | Residential Mortgages
16-06-2025 | Lloyds Bank GmbH, Amsterdam Branch | Candide Financing | Candide Financing 2025-1 B.V. | Residential Mortgages
24-06-2025 | Argenta Spaarbank NV, Dutch branch | Golden Apple | Golden Apple 2025-I NHG B.V. | Residential Mortgages
08-10-2025 | Lender & Spender B.V. | Mila | Mila 2025-1 B.V. | Consumer Loans
20-10-2025 | Hiltermann Lease Groep Holding B.V. | HILL FL | HILL FL 2025-1 B.V. | Auto Loans and Leases
27-10-2025 | Oldenburgische Landesbank AG | Weser Funding | Weser Funding S.A. Compartment R 2025-2 | Residential Mortgages

  • Dutch securitisation market: year-end review 2024

    The Dutch securitisation market appeared fully operational in 2024 as a mature infrastructure market. The most notable feature of the year was the breadth of issuer participation. Established names remained active, but specialist mortgage originators, newer lenders and specialty finance issuers were also visible across the market.

    Aegon, Obvion, Elan, Domivest, ING, Lloyds, Hiltermann, Tulpenhuis and Lender & Spender all appeared in the year’s transaction set. That breadth suggests that the Dutch market has become highly functional not only for large incumbent institutions but also for specialist funding models. At the same time, disclosure discipline remained strong, and transaction naming increasingly reflected a mature shelf-based market structure.

    The relationship with covered bonds remained relevant, but by now the division of labour was clearer. Covered bonds continued to dominate where banks sought efficient, low-cost funding from a narrow institutional base. Securitisation, by contrast, remained the more flexible instrument for specialist lenders, capital-markets diversification and more differentiated funding needs.

    2024 transaction list

    20-02-2024 | Hiltermann Lease Groep Holding B.V. | HILL FL | HILL FL 2024-1 B.V. | Auto Loans and Leases
20-03-2024 | Aegon Hypotheken B.V. | SAECURE | SAECURE 22 B.V. | Residential Mortgages
27-03-2024 | Obvion N.V. | Green Storm | Green Storm 2024 B.V. | Residential Mortgages
03-06-2024 | Elan Woninghypotheken B.V. | EDML | EDML 2024-1 B.V. | Residential Mortgages
11-06-2024 | Lender & Spender B.V. | Mila | Mila 2024-1 B.V. | Consumer Loans
13-06-2024 | Domivest B.V. | Domi | Domi 2024-1 B.V. | Residential Mortgages
10-07-2024 | ING Bank N.V. | Green Lion | Green Lion 2024-1 B.V. | Residential Mortgages
30-09-2024 | Lloyds Bank GmbH, Amsterdam Branch | Candide Financing | Candide Financing 2024-1 B.V. | Residential Mortgages
18-10-2024 | Hiltermann Lease Groep Holding B.V. | HILL FL | HILL FL 2024-2 B.V. | Auto Loans and Leases
18-10-2024 | Tulpenhuis 1 B.V. | Tulip Mortgage Funding | Tulip Mortgage Funding 2024-1 | Residential Mortgages
28-10-2024 | Elan Woninghypotheken B.V. and CRC Obelix Asset Holding DAC | EDML Blue | EDML Blue 2024 B.V. | Residential Mortgages

  • Dutch securitisation market: year-end review 2023

    The Dutch securitisation market looked increasingly mature in 2023. What stands out is not only the continuing activity of established names, but the breadth of issuer types now visible in the market. Banks, insurers, specialist lenders and consumer finance originators all appear active, and they do so within a market that still prizes transparency and execution discipline.

    ING’s Green Lion shelf, ASR’s Orcinus and Delphinus programmes, Obvion’s Green Storm, Aegon’s SAECURE, Qander’s Aurorus and Domivest’s Domi programme all illustrate this broader issuer base. Hiltermann also remained visible in specialty ABS. That combination suggests a market that is both more diverse and more standardised than in earlier cycles.

    The role of loan-level reporting and strong disclosure now appears fully internalised. It is no longer a point of transition. It is part of the market’s standard operating framework. That is one of the clearest reasons the Dutch market now appears able to support a wider range of issuers without losing credibility.

    2023 transaction list

    24-02-2023 | Domivest B.V. | Domi | Domi 2023-1 B.V. | Residential Mortgages
23-03-2023 | Obvion N.V. | Green Storm | Green Storm 2023 B.V. | Residential Mortgages
19-05-2023 | Hiltermann Lease Groep Holding B.V. | HILL FL | HILL FL 2023-1 B.V. | Auto Loans and Leases
24-05-2023 | Aegon Hypotheken B.V. | SAECURE | SAECURE 21 B.V. | Residential Mortgages
13-07-2023 | ASR Levensverzekering N.V. | Delphinus | Delphinus 2023-I B.V. | Residential Mortgages
10-08-2023 | ASR Levensverzekering N.V. | Orcinus | Orcinus 2023 B.V. | Residential Mortgages
04-10-2023 | ING Bank N.V. | Green Lion | Green Lion 2023-1 B.V. | Residential Mortgages
12-10-2023 | Qander Consumer Finance B.V. | Aurorus | Aurorus 2023 B.V. | Consumer Loans

  • Dutch securitisation market: year-end review 2022

    The Dutch securitisation market faced a different type of challenge in 2022. The issue was no longer crisis repair or pandemic disruption, but repricing in a higher-rate and higher-inflation environment. Funding markets became more selective, but the Dutch securitisation market remained functional and visibly broader than in earlier periods of stress.

    MeDirect, Domivest and Obvion remained active in RMBS, while Athora and Hiltermann added further diversity across mortgage and lease-backed issuance. The continued activity of specialist lenders confirmed that securitisation remains particularly important where covered bonds are not a practical option.

    The contrast with the covered bond market remained clear. Covered bonds often continued to offer lower-cost funding for stronger banks, but securitisation retained broader value in terms of funding access, collateral segmentation and investor diversification. In the current environment, that wider functional role remains important.

    2022 transaction list

    22-04-2022 | Obvion N.V. | Green Storm | Green Storm 2022 B.V. | Residential Mortgages
25-04-2022 | Domivest B.V. | Domi | Domi 2022-1 B.V. | Residential Mortgages
03-05-2022 | Athora Lux Invest | Prinsen Mortgage Finance | Prinsen Mortgage Finance No. 1 B.V. | Residential Mortgages
18-05-2022 | Hiltermann Lease Groep Holding B.V. | HILL FL | Hill FL 2022-1 B.V. | Auto Loans and Leases
29-11-2022 | MeDirect Bank NV/SA | Bastion | Bastion 2022-1 NHG B.V. | Residential Mortgages

  • Dutch securitisation market: year-end review 2021

    The Dutch securitisation market proved resilient in 2021. Rather than merely recovering from the initial pandemic shock, the market broadened further, with both established and newer issuers active across RMBS, consumer ABS and SME-related structures. This increasingly resembles an infrastructure market rather than a cyclical reopening story.

    Candide Financing and EDML added to the pool of recognised Dutch mortgage shelves, while bunq’s Solitaire programme illustrated the widening access of newer business models to securitisation funding. Argenta, Venn, Domivest, Aegon, Obvion, Achmea and MeDirect also remained active. Beyond RMBS, ING and Rabobank contributed major SME-related structures, underlining the wider strategic role of securitisation in the Netherlands.

    The year also confirmed the value of the market’s post-crisis reporting framework. Detailed data and disciplined transaction structures were no longer simply regulatory expectations. They had become part of the market’s operating logic, supporting credibility across a wider issuer base.

    2021 transaction list

    26-01-2021 | MeDirect Bank SA | Bastion | Bastion 2021-1 NHG B.V. | Residential Mortgages
27-01-2021 | Achmea Bank N.V. | Securitised Residential Mortgage Portfolio | Securitised Residential Mortgage Portfolio II B.V. | Residential Mortgages
25-03-2021 | Obvion N.V. | Green Storm | Green Storm 2021 B.V. | Residential Mortgages
08-04-2021 | Aegon Hypotheken B.V. | SAECURE | Saecure 20 B.V. | Residential Mortgages
27-05-2021 | Domivest B.V. | Domi | Domi 2021-1 B.V. | Residential Mortgages
10-06-2021 | Venn Hypotheken B.V. | Cartesian | Cartesian Residential Mortgages 6 S.A. | Residential Mortgages
23-06-2021 | Argenta Spaarbank N.V. | Green Apple | Green Apple 2021-I B.V. | Residential Mortgages
11-08-2021 | bunq B.V. | Solitaire | Solitaire I B.V. | Residential Mortgages
04-10-2021 | Rabobank | BEST SME | BEST SME 2021 B.V. | Credit Facilities to Enterprises
05-10-2021 | Elan Woninghypotheken B.V. | EDML | EDML 2021-1 B.V. | Residential Mortgages
18-11-2021 | Lloyds Bank GmbH, Amsterdam Branch | Candide Financing | Candide Financing 2021-1 B.V. | Residential Mortgages
17-12-2021 | ING Bank N.V. | SME Lion | SME Lion III B.V. | Credit Facilities to Enterprises

  • Dutch securitisation market: year-end review 2020

    The pandemic made 2020 a genuine stress test for the post-crisis securitisation framework. The question was not whether securitisation itself would trigger instability, but whether collateral reporting, servicing standards and transaction transparency were robust enough to support investor confidence through a sudden macroeconomic shock.

    In the Dutch market, the answer appears to have been broadly positive. Established issuers such as Obvion, Aegon and Nationale-Nederlanden remained visible, while newer and specialist issuers also continued to access the market. That continuity suggests that the reforms of the previous decade, especially around transparency and reporting, were meaningful rather than cosmetic.

    Loan-level data and regular investor reporting were especially important in 2020. As payment behaviour and moratoria became central market topics, the ability to analyse pools in detail became a practical necessity. Dutch securitisation benefited from entering the crisis with a more mature information framework than it had in earlier stress periods.

    2020 transaction list

    29-01-2020 | Obvion N.V. | STORM | Storm 2020-I B.V. | Residential Mortgages
15-05-2020 | MeDirect Bank SA | Bastion | Bastion 2020-1 NHG B.V. | Residential Mortgages
28-05-2020 | Aegon Bank N.V. | SAECURE | Saecure 19 B.V. | Residential Mortgages
11-06-2020 | Nationale-Nederlanden Bank N.V. | Hypenn | Hypenn RMBS VII B.V. | Residential Mortgages
14-08-2020 | Qander Consumer Finance B.V. | Aurorus | Aurorus 2020-1 B.V. | Consumer Loans
16-09-2020 | Venn Hypotheken B.V. | Cartesian | Cartesian Residential Mortgages 5 S.A. | Residential Mortgages
18-11-2020 | Tulpenhuis 1 B.V. | Tulip Mortgage Funding | Tulip Mortgage Funding 2020-1 B.V. | Residential Mortgages

  • Dutch securitisation market: year-end review 2019

    The Dutch securitisation market appeared broader and more settled in 2019. This was no longer merely a reopening story. A wide range of issuers were active, including banks, insurers and specialist mortgage originators, all operating in a market where transparency and execution consistency had become baseline expectations.

    Obvion remained a central presence through Storm, Green Storm and Strong. Aegon continued to expand SAECURE activity, while Argenta’s Green Apple shelf was by now a regular feature of Dutch RMBS. Newer platforms also became more visible, including EDML from Elan Woninghypotheken, Tulip Mortgage Funding, and Sinopel from Triodos. Venn continued with Cartesian, and Crédit Agricole Netherlands added consumer ABS through Magoi.

    This was a year in which Dutch securitisation looked increasingly like a mature specialist market. The STS era was no longer just a regulatory concept; it was now reflected in the practical structure of issuance, investor expectations and the broader credibility of the asset class.

    2019 transaction list

    12-04-2019 | Obvion N.V. | STORM | Storm 2019-I B.V. | Residential Mortgages
18-04-2019 | Ember VRM S.a.r.l. | Cartesian BLUE | Cartesian Residential Mortgages BLUE S.A. | Residential Mortgages
23-05-2019 | Aegon Hypotheken B.V. | SAECURE | Saecure 17 B.V. | Residential Mortgages
26-06-2019 | Argenta Spaarbank N.V. | Green Apple | Green Apple 2019-I NHG B.V. | Residential Mortgages
09-07-2019 | Aegon Hypotheken B.V. | SAECURE | Saecure 18 NHG B.V. | Residential Mortgages
16-07-2019 | Venn Hypotheken B.V. | Cartesian | Cartesian Residential Mortgages 4 S.A. | Residential Mortgages
18-07-2019 | Obvion N.V. | Green Storm | Green Storm 2019 B.V. | Residential Mortgages
19-07-2019 | Triodos Bank N.V. | Sinopel | Sinopel 2019 B.V. | Residential Mortgages
05-08-2019 | Elan Woninghypotheken B.V. | EDML | EDML 2018-2 B.V. | Residential Mortgages
09-10-2019 | Aegon Hypotheken B.V. | SAECURE | Saecure 16 B.V. | Residential Mortgages
20-11-2019 | Tulpenhuis 1 B.V. | Tulip Mortgage Funding | Tulip Mortgage Funding 2019-1 B.V. | Residential Mortgages
13-12-2019 | Elan Woninghypotheken B.V. | EDML | EDML 2019-1 B.V. | Residential Mortgages
19-12-2019 | Credit Agricole Netherlands | Magoi | Magoi 2019-1 B.V. | Consumer Loans
20-12-2019 | Obvion N.V. | STORM | Storm 2018-II B.V. | Residential Mortgages
20-12-2019 | Obvion N.V. | STRONG | Strong 2018 B.V. | Residential Mortgages

  • Dutch securitisation market: year-end review 2018

    The Dutch securitisation market benefited in 2018 from a clearer regulatory narrative. STS gave European securitisation a more formal quality framework, and Dutch issuers were well positioned to fit within it. In practice, the market had already moved in this direction: straightforward structures, detailed reporting and recognised programme identity had become central to investor confidence.

    Obvion remained highly visible across multiple shelves, including Storm, Green Storm, Fordless Storm and Strong. Argenta continued through Green Apple, Achmea appeared through Securitised Residential Mortgage Portfolio I, and NIBC remained present with Dutch MBS XIX. Aegon also continued to reinforce the SAECURE shelf.

    The significance of 2018 lay less in dramatic expansion than in institutional consolidation. The market was now increasingly intelligible to investors in a formalised European framework. Loan-level reporting had become fully embedded in market practice, and Dutch RMBS was benefiting from that reputational advantage.

    2018 transaction list

    13-01-2018 | ING Bank N.V. | Orange Lion | Orange Lion XVI RMBS B.V. | Residential Mortgages
25-01-2018 | Obvion N.V. | STORM | Storm 2018-1 B.V. | Residential Mortgages
28-02-2018 | Obvion N.V. | Fordless Storm | Fordless Storm 2018 B.V. | Residential Mortgages
30-05-2018 | Obvion N.V. | Green Storm | Green Storm 2018 B.V. | Residential Mortgages
01-06-2018 | Achmea Bank N.V. | Securitised Residential Mortgage Portfolio | Securitised Residential Mortgage Portfolio I B.V. | Residential Mortgages
22-06-2018 | Argenta Spaarbank N.V. | Green Apple | Green Apple 2018-I NHG B.V. | Residential Mortgages
27-09-2018 | Obvion N.V. | STORM | Storm 2018-II B.V. | Residential Mortgages
25-10-2018 | NIBC Bank N.V. | Dutch MBS | Dutch MBS XIX B.V. | Residential Mortgages
12-11-2018 | Aegon Bank N.V. | SAECURE | Saecure 16 B.V. | Residential Mortgages
28-11-2018 | Obvion N.V. | STRONG | Strong 2018 B.V. | Residential Mortgages

  • Dutch securitisation market: year-end review 2017

    The Dutch securitisation market entered a more confident phase in 2017. Activity remained disciplined, but the market increasingly appeared to be operating as a functioning specialist segment rather than as a post-crisis repair project. The principles that would soon be formalised in STS were already visible in practice: simplicity, transparency and standardisation were becoming the defining language of issuance.

    Obvion remained central through Storm and Green Storm. Argenta’s Green Apple shelf and Venn’s Cartesian Residential Mortgages illustrated the growing role of newer or more specialist entrants in the Dutch market. LeasePlan’s Bumper transactions also showed that Dutch structured finance remained broader than mortgage securitisation alone.

    The competitive comparison with covered bonds remained relevant, but less binary than before. Covered bonds often retained a funding cost advantage for stronger banks, while RMBS offered broader structural flexibility and remained especially important for specialist and non-bank originators. That role differentiation was becoming clearer.

    2017 transaction list

    26-01-2017 | Obvion N.V. | STORM | Storm 2017-1 B.V. | Residential Mortgages
31-05-2017 | Obvion N.V. | Green Storm | Green Storm 2017 B.V. | Residential Mortgages
29-06-2017 | Obvion N.V. | STORM | Storm 2017-II B.V. | Residential Mortgages
13-07-2017 | LeasePlan Nederland | Bumper | Bumper 9 (NL) Finance B.V. | Auto Loans and Leases
05-10-2017 | Argenta Spaarbank N.V. | Green Apple | Green Apple 2017-I NHG B.V. | Residential Mortgages
17-10-2017 | Venn Hypotheken B.V. | Cartesian | Cartesian Residential Mortgages 2 S.A. | Residential Mortgages

  • Dutch securitisation market: year-end review 2016

    The Dutch securitisation market moved further into normalisation in 2016. The key feature of the year was not simply that issuance continued, but that programme differentiation became more visible. Dutch issuers were not only returning; they were re-establishing distinct identities through recognised shelves, increasingly clear collateral stories and better disclosure.

    Obvion was particularly active across a wider Storm family, including Green Storm and Purple Storm. ING continued with Orange Lion, and Nationale-Nederlanden remained visible through Hypenn. Delta Lloyd’s Arena NHG shelf returned again, and consumer ABS also remained part of the wider market through Credit Agricole’s Matsuba programme.

    This was also a year in which the logic of post-crisis securitisation became clearer. The market rewarded transactions that were easy to analyse and supported by robust data. Loan-level reporting was no longer a developing topic but an established expectation. Dutch RMBS was becoming more analytically robust, even if still smaller and more disciplined than in the pre-crisis years.

    2016 transaction list

    29-01-2016 | Obvion N.V. | STORM | Storm 2016-1 B.V. | Residential Mortgages
11-04-2016 | Nationale-Nederlanden Bank N.V. | Hypenn | Hypenn RMBS V B.V. | Residential Mortgages
01-06-2016 | ING Bank N.V. | Orange Lion | Orange Lion XIII RMBS B.V. | Residential Mortgages
01-06-2016 | ING Bank N.V. | Orange Lion | Orange Lion XIV RMBS B.V. | Residential Mortgages
01-06-2016 | ING Bank N.V. | Orange Lion | Orange Lion XV RMBS B.V. | Residential Mortgages
21-06-2016 | Delta Lloyd Bank N.V. | Arena | Arena NHG 2016-I B.V. | Residential Mortgages
30-06-2016 | Obvion N.V. | Green Storm | Green Storm 2016 B.V. | Residential Mortgages
20-07-2016 | Obvion N.V. | Purple Storm | Purple Storm 2016 B.V. | Residential Mortgages
29-09-2016 | Obvion N.V. | STORM | Storm 2016-II B.V. | Residential Mortgages
20-10-2016 | Credit Agricole Netherlands | Matsuba | Matsuba 2016 B.V. | Consumer Loans
16-11-2016 | Achmea Bank N.V. | Dutch Residential Mortgage Portfolio | Dutch Residential Mortgage Portfolio II B.V. | Residential Mortgages
15-12-2016 | Nationale-Nederlanden Bank N.V. | Hypenn | Hypenn RMBS VI B.V. | Residential Mortgages
21-12-2016 | Obvion N.V. | STRONG | Strong 2016 B.V. | Structured Finance