The Dutch securitisation market entered a more confident phase in 2017. Activity remained disciplined, but the market increasingly appeared to be operating as a functioning specialist segment rather than as a post-crisis repair project. The principles that would soon be formalised in STS were already visible in practice: simplicity, transparency and standardisation were becoming the defining language of issuance.
Obvion remained central through Storm and Green Storm. Argenta’s Green Apple shelf and Venn’s Cartesian Residential Mortgages illustrated the growing role of newer or more specialist entrants in the Dutch market. LeasePlan’s Bumper transactions also showed that Dutch structured finance remained broader than mortgage securitisation alone.
The competitive comparison with covered bonds remained relevant, but less binary than before. Covered bonds often retained a funding cost advantage for stronger banks, while RMBS offered broader structural flexibility and remained especially important for specialist and non-bank originators. That role differentiation was becoming clearer.
2017 transaction list
26-01-2017 | Obvion N.V. | STORM | Storm 2017-1 B.V. | Residential Mortgages 31-05-2017 | Obvion N.V. | Green Storm | Green Storm 2017 B.V. | Residential Mortgages 29-06-2017 | Obvion N.V. | STORM | Storm 2017-II B.V. | Residential Mortgages 13-07-2017 | LeasePlan Nederland | Bumper | Bumper 9 (NL) Finance B.V. | Auto Loans and Leases 05-10-2017 | Argenta Spaarbank N.V. | Green Apple | Green Apple 2017-I NHG B.V. | Residential Mortgages 17-10-2017 | Venn Hypotheken B.V. | Cartesian | Cartesian Residential Mortgages 2 S.A. | Residential Mortgages