The Dutch securitisation market regained more regular rhythm in 2015. Issuance was no longer merely episodic, and repeat shelves were returning with enough consistency to suggest that the post-crisis market was now becoming structurally functional again. Investors remained selective, but the market increasingly rewarded simplicity, transparency and issuer familiarity.
Storm remained one of the market’s central reference points, while Nationale-Nederlanden’s Hypenn shelf continued to develop. ING returned again through Orange Lion, and Achmea became visible through Dutch Residential Mortgage Portfolio I. Outside RMBS, Athlon’s Highway transaction showed that Dutch ABS activity remained broader than residential mortgages alone.
The relationship with the covered bond market remained important. For large and well-rated banks, covered bonds often continued to offer lower-cost funding. RMBS, however, remained relevant where risk segmentation, investor diversification and programme flexibility were required. That distinction helped define the Dutch funding landscape through the year.
2015 transaction list
26-03-2015 | Obvion N.V. | STORM | Storm 2015-I B.V. | Residential Mortgages 09-04-2015 | Nationale-Nederlanden Bank N.V. | Hypenn | Hypenn RMBS III B.V. | Residential Mortgages 28-05-2015 | Achmea Bank N.V. | Dutch Residential Mortgage Portfolio | Dutch Residential Mortgage Portfolio I B.V. | Residential Mortgages 11-06-2015 | ING Bank N.V. | Orange Lion | Orange Lion 2015-11 RMBS B.V. | Residential Mortgages 25-06-2015 | Athlon Car Lease Nederland B.V. | HIGHWAY | Highway 2015-1 B.V. | Auto Loans and Leases 15-07-2015 | ING Bank N.V. | Orange Lion | Orange Lion XII RMBS B.V. | Residential Mortgages 24-09-2015 | Obvion N.V. | STORM | Storm 2015-II B.V. | Residential Mortgages 08-10-2015 | Nationale-Nederlanden Bank N.V. | Hypenn | Hypenn RMBS IV B.V. | Residential Mortgages