The Dutch securitisation market appears to have strengthened further in 2006. This was likely a year of increasing execution confidence, with stronger investor familiarity and greater willingness among issuers to treat structured finance as a regular funding channel.
Programme architecture remained one of the defining characteristics of the market. Named shelves gave investors continuity and gave issuers a platform for repeat access. The growing breadth of programme families associated with Dutch institutions suggests that the market was not only deepening, but also diversifying.
At this stage, Dutch securitisation seems to have been approaching full pre-crisis maturity. The foundations were in place for sizeable issuance, broader investor distribution and more routine use of RMBS and adjacent ABS structures.