The Dutch securitisation market remained under pressure in 2009, but it did not disappear. Instead, the market entered a bridging phase in which programme infrastructure remained highly relevant even where public execution was more difficult. The year’s record shows less of the exuberant breadth seen in 2007, but it still shows continued programme maintenance, selected issuance and the persistence of major RMBS platforms.
Eleven Cities, Hermes, Arena and Chapel all remained visible, while ABN AMRO-related master issuer programmes such as Beluga, Goldfish and Dolphin continued to be updated. European Mortgage Securities VII also remained active through repeated supplements. This kind of activity underlines an important feature of the post-crisis period: shelves remained valuable not only for immediate issuance, but for preserving future market access and collateral infrastructure.
The Dutch market in 2009 therefore appears to have been operating in a survival mode, but not in retreat from the asset class altogether. The stronger platforms remained present, and the architecture of the market was preserved.
2009 transaction list
20-03-2009 | Friesland Bank N.V. | Stichting Eleven Cities | Stichting Eleven Cities No. 5 | Residential Mortgages 27-03-2009 | European Mortgage Securities VII | European Mortgage Securities VII B.V. | European Mortgage Securities VII B.V. | Residential Mortgages 31-03-2009 | Finqus | Chapel | Chapel 2009 B.V. | Structured Finance 15-04-2009 | ABN AMRO Bank N.V. | Beluga Master Issuer | Beluga Master Issuer B.V. | Residential Mortgages 12-05-2009 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XVII B.V. | Residential Mortgages 25-05-2009 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master B.V. | Residential Mortgages 27-05-2009 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages 05-08-2009 | Chepstow Blue plc. | Chepstow Blue | Chepstow Blue plc. | ABS 24-09-2009 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. supplement | Residential Mortgages 22-10-2009 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages 10-12-2009 | Delta Lloyd N.V. | Arena | Arena 2009-I B.V. | Residential Mortgages 22-12-2009 | Friesland Bank N.V. | Stichting Eleven Cities | Stichting Eleven Cities No. 6 | ABS