The Dutch securitisation market appeared more active in 2011, but it remained shaped by post-crisis discipline and a more cautious investor environment. What stands out is the number of shelves that were still capable of coming to market: Arena, Orange Lion, Green Lion, Essence, Storm, Strong, Saecure, Dutch MBS, Phedina and Bumper all appeared in the year’s visible activity. ABN AMRO-related RMBS master issuer platforms such as Dolphin, Fishbowl, Goldfish and Oceanarium also featured in programme documentation.
This suggests that the Dutch market had not lost its institutional depth. Instead, it was operating in a more selective and conservative way. The emphasis was now on well-understood collateral, repeatable execution and stronger data quality. That was especially important in the broader euro area context, where liquidity conditions remained fragile and collateral usability mattered greatly.
The market in 2011 therefore looks like one that is rebuilding credibility through consistency rather than scale. Loan-level reporting and stronger disclosure were becoming ever more central to which shelves could remain relevant.
2011 transaction list
24-01-2011 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages 25-01-2011 | Delta Lloyd N.V. | Arena | Arena 2011-I B.V. | Residential Mortgages 28-01-2011 | ING Bank N.V. | Orange Lion | Stichting Orange Lion V RMBS | Residential Mortgages 01-02-2011 | ING Bank N.V. | Green Lion | Green Lion I B.V. | Structured Finance 24-02-2011 | NIBC Bank N.V. | Essence | Essence IV B.V. | Residential Mortgages 10-03-2011 | Obvion N.V. | STORM | STORM 2011-I B.V. | Residential Mortgages 10-03-2011 | Obvion N.V. | STORM | STORM 2011-II B.V. | Residential Mortgages 17-03-2011 | Obvion N.V. | STRONG | Strong 2011-I B.V. | Residential Mortgages 11-04-2011 | Aegon Hypotheken B.V. | SAECURE | Saecure 10 B.V. | Residential Mortgages 18-04-2011 | Obvion N.V. | STORM | STORM 2011-III B.V. | Residential Mortgages 22-04-2011 | LeasePlan Nederland | Bumper | Bumper 4 (NL) Finance B.V. | Structured Finance 19-05-2011 | ING Bank N.V. | Green Lion | Green Lion II B.V. | Residential Mortgages 31-05-2011 | Friesland Bank N.V. | Stichting Eleven Cities | Stichting Eleven Cities No. 7 | ABS 08-06-2011 | NIBC Bank N.V. | Dutch MBS | Dutch MBS XVI B.V. | Residential Mortgages 23-06-2011 | BNP Paribas Personal Finance B.V. | Phedina | Phedina Hypotheken 2011-I B.V. | Residential Mortgages 07-07-2011 | ABN AMRO Bank N.V. | Fishbowl Master Issuer | Fishbowl Master Issuer B.V. | Residential Mortgages 08-08-2011 | Delta Lloyd N.V. | E-Arena | E-Arena B.V. | Residential Mortgages 05-10-2011 | ING Bank N.V. | Green Lion | Green Lion III B.V. | Residential Mortgages 13-10-2011 | Delta Lloyd N.V. | Arena | Arena 2011-II B.V. | Residential Mortgages 20-10-2011 | ABN AMRO Bank N.V. | Oceanarium Master Issuer | Oceanarium Master Issuer B.V. | Residential Mortgages 15-11-2011 | Obvion N.V. | STORM | STORM 2011-IV B.V. | Structured Finance 02-12-2011 | Friesland Bank N.V. | Stichting Eleven Cities | Stichting Eleven Cities No. 8 | Residential Mortgages