The Dutch securitisation market faced a different type of challenge in 2022. The issue was no longer crisis repair or pandemic disruption, but repricing in a higher-rate and higher-inflation environment. Funding markets became more selective, but the Dutch securitisation market remained functional and visibly broader than in earlier periods of stress.
MeDirect, Domivest and Obvion remained active in RMBS, while Athora and Hiltermann added further diversity across mortgage and lease-backed issuance. The continued activity of specialist lenders confirmed that securitisation remains particularly important where covered bonds are not a practical option.
The contrast with the covered bond market remained clear. Covered bonds often continued to offer lower-cost funding for stronger banks, but securitisation retained broader value in terms of funding access, collateral segmentation and investor diversification. In the current environment, that wider functional role remains important.
2022 transaction list
22-04-2022 | Obvion N.V. | Green Storm | Green Storm 2022 B.V. | Residential Mortgages 25-04-2022 | Domivest B.V. | Domi | Domi 2022-1 B.V. | Residential Mortgages 03-05-2022 | Athora Lux Invest | Prinsen Mortgage Finance | Prinsen Mortgage Finance No. 1 B.V. | Residential Mortgages 18-05-2022 | Hiltermann Lease Groep Holding B.V. | HILL FL | Hill FL 2022-1 B.V. | Auto Loans and Leases 29-11-2022 | MeDirect Bank NV/SA | Bastion | Bastion 2022-1 NHG B.V. | Residential Mortgages