The Dutch securitisation market remained selective in 2010, but it also became clear that the asset class still had practical value. Public issuance was no longer the sole measure of market relevance. Retained structures, programme maintenance and collateral usability had become central to the role securitisation played within Dutch funding and liquidity management.
At the same time, a number of meaningful public or public-facing transactions did take place. Storm returned in multiple vintages, Aegon issued through Saecure 7, 8 NHG and 9, Pearl returned, Phedina reappeared, and Obvion remained active. ABN AMRO’s Dolphin and Goldfish programmes also continued to be maintained. This is therefore not a year of disappearance, but one of cautious functional recovery within a different market logic.
The ECB context became increasingly important in this period. The market’s value now rested not just on investor demand, but on the utility of well-structured RMBS as part of the broader collateral framework. That change would shape the next phase of Dutch securitisation.
2010 transaction list
27-01-2010 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. supplement | Residential Mortgages 24-03-2010 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages 13-04-2010 | Obvion N.V. | STORM | STORM 2010-I B.V. | Residential Mortgages 16-04-2010 | Vesteda | Vesteda Residential Funding | Vesteda Residential Funding II B.V. | Structured Finance 08-06-2010 | Obvion N.V. | STORM | STORM 2010-II B.V. | Structured Finance 11-06-2010 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. supplement | Residential Mortgages 15-06-2010 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XV B.V. | Residential Mortgages 06-07-2010 | Aegon Hypotheken B.V. | SAECURE | Saecure 7 B.V. | Residential Mortgages 16-07-2010 | ASN Bank N.V. | Pearl | Pearl Mortgage Backed Securities 4 B.V. | Residential Mortgages 25-08-2010 | Credit Agricole-related | Chagoi | Chagoi 2010 B.V. | ABS 15-09-2010 | Obvion N.V. | STORM | STORM 2010-III B.V. | Residential Mortgages 23-09-2010 | Aegon Hypotheken B.V. | SAECURE | Saecure 9 B.V. | Residential Mortgages 30-09-2010 | Aegon Hypotheken B.V. | SAECURE | Saecure 8 NHG B.V. | Residential Mortgages 19-10-2010 | BNP Paribas Personal Finance B.V. | Phedina | Phedina Hypotheken 2010 B.V. | Residential Mortgages 11-11-2010 | Rabobank | Best | Best 2010 B.V. | Residential Mortgages 20-12-2010 | Obvion N.V. | STORM | Storm 2010-IV B.V. | Residential Mortgages