The Dutch securitisation market continued to stabilise in 2014. Activity remained measured, but the important feature of the year was continuity. A number of recognised shelves returned to the market, suggesting that investors were increasingly willing to support Dutch issuance where collateral quality, disclosure and programme familiarity were strong.
Obvion remained one of the clearest indicators of this improving stability through further Storm issuance. Aegon Hypotheken continued to build on the SAECURE shelf, and Delta Lloyd returned through Arena NHG. NIBC also remained visible, while ABS issuance outside RMBS persisted through LeasePlan’s Bumper platform. This broadening of activity suggested that the market was moving from selective reopening to functional repeatability.
Covered bonds remained an important comparator for stronger bank issuers. In cost terms they often retained an advantage. Yet RMBS continued to serve a distinct role, especially for institutions seeking programme flexibility, liability diversification or access to structured finance investors. That distinction became clearer as the market rebuilt.
2014 transaction list
27-02-2014 | Obvion N.V. | STORM | Storm 2014-I B.V. | Residential Mortgages 17-03-2014 | Aegon Hypotheken B.V. | SAECURE | Saecure 14 NHG B.V. | Residential Mortgages 16-05-2014 | Nationale-Nederlanden Bank N.V. | Hypenn RMBS | Hypenn RMBS II B.V. | Residential Mortgages 26-06-2014 | Obvion N.V. | STORM | Storm 2014-II B.V. | Residential Mortgages 28-08-2014 | Delta Lloyd Bank N.V. | Arena | Arena NHG 2014-I B.V. | Residential Mortgages 14-10-2014 | Aegon Hypotheken B.V. | SAECURE | Saecure 15 B.V. | Residential Mortgages 22-10-2014 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. 2014-3 | Structured Finance 23-10-2014 | Obvion N.V. | STORM | Storm 2014-III B.V. | Residential Mortgages 12-11-2014 | LeasePlan Nederland B.V. | Bumper | Bumper 6 (NL) Finance B.V. | Auto Loans and Leases 27-11-2014 | Delta Lloyd Bank N.V. | Arena | Arena NHG 2014-II B.V. | Residential Mortgages 27-11-2014 | NIBC Bank N.V. | Essence | Essence V B.V. | Residential Mortgages