The Dutch securitisation market showed clear signs of renewed functionality in 2013. This was not a return to the pre-crisis model of easy volume and broad risk appetite. Instead, the market reopened on stricter terms, with investors placing greater emphasis on transparency, collateral quality, simplicity of structure and the reliability of repeat issuers.
One of the most noticeable features of the year was the return of issuance through recognised programme families. Obvion was particularly visible through multiple Storm transactions, while Aegon Hypotheken remained active through the SAECURE shelf. ING continued to use Orange Lion, and Nationale-Nederlanden reappeared with Hypenn RMBS 1. The presence of Lunet RMBS from Van Lanschot and Phedina Hypotheken from BNP Paribas Personal Finance showed that the recovery was not limited to a single type of institution.
What mattered most was not the absolute level of issuance, but the fact that the market was becoming repeatable again. Investors appeared prepared to support Dutch securitisation where structures were understandable and performance could be assessed with sufficient confidence. In that sense, 2013 may be seen as the year in which the Dutch market re-established its practical credibility under post-crisis conditions.
The comparison with covered bonds remained relevant throughout the year. For stronger bank issuers, covered bonds continued to offer an efficient funding route. RMBS, however, retained distinct advantages where collateral separation, programme flexibility and access to a broader structured finance investor base were important. In the prevailing environment, the two markets appeared less interchangeable than complementary.
2013 transaction list
17-01-2013 | Aegon Hypotheken B.V. | SAECURE | Saecure 12 B.V. | Residential Mortgages 31-01-2013 | Obvion N.V. | STORM | Storm 2013-1 B.V. | Residential Mortgages 05-02-2013 | NIBC Bank N.V. | Dutch MBS XVIII | Dutch MBS XVIII B.V. | Residential Mortgages 07-03-2013 | ING Bank N.V. | Orange Lion | Orange Lion 2013-9 RMBS B.V. | Residential Mortgages 27-03-2013 | Aegon Hypotheken B.V. | SAECURE | Saecure 13 NHG B.V. | Residential Mortgages 25-04-2013 | Obvion N.V. | STORM | Storm 2013-II B.V. | Residential Mortgages 30-05-2013 | Obvion N.V. | STORM | Storm 2013-III B.V. | Residential Mortgages 27-06-2013 | BNP Paribas Personal Finance B.V. | Phedina | Phedina Hypotheken 2013-1 B.V. | Residential Mortgages 08-07-2013 | Nationale-Nederlanden Bank N.V. | Hypenn | Hypenn RMBS 1 B.V. | Residential Mortgages 08-07-2013 | WestlandUtrecht Bank N.V. | Orange Lion | Orange Lion 2013-10 RMBS B.V. | Residential Mortgages 25-09-2013 | Obvion N.V. | STORM | Storm 2013-IV B.V. | Residential Mortgages 22-10-2013 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. 2013-2 | Structured Finance 07-11-2013 | F van Lanschot Bankiers N.V. | Lunet | Lunet RMBS 2013-I B.V. | Residential Mortgages