Tag: Dutch securitisation market

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

The Dutch securitisation market continued to stabilise in 2014. Activity remained measured, but the important feature of the year was continuity. A number of recognised shelves returned to the market, suggesting that investors were increasingly willing to support Dutch issuance where collateral quality, disclosure and programme familiarity were strong.

Obvion remained one of the clearest indicators of this improving stability through further Storm issuance. Aegon Hypotheken continued to build on the SAECURE shelf, and Delta Lloyd returned through Arena NHG. NIBC also remained visible, while ABS issuance outside RMBS persisted through LeasePlan’s Bumper platform. This broadening of activity suggested that the market was moving from selective reopening to functional repeatability.

Covered bonds remained an important comparator for stronger bank issuers. In cost terms they often retained an advantage. Yet RMBS continued to serve a distinct role, especially for institutions seeking programme flexibility, liability diversification or access to structured finance investors. That distinction became clearer as the market rebuilt.

2014 transaction list

27-02-2014 | Obvion N.V. | STORM | Storm 2014-I B.V. | Residential Mortgages
17-03-2014 | Aegon Hypotheken B.V. | SAECURE | Saecure 14 NHG B.V. | Residential Mortgages
16-05-2014 | Nationale-Nederlanden Bank N.V. | Hypenn RMBS | Hypenn RMBS II B.V. | Residential Mortgages
26-06-2014 | Obvion N.V. | STORM | Storm 2014-II B.V. | Residential Mortgages
28-08-2014 | Delta Lloyd Bank N.V. | Arena | Arena NHG 2014-I B.V. | Residential Mortgages
14-10-2014 | Aegon Hypotheken B.V. | SAECURE | Saecure 15 B.V. | Residential Mortgages
22-10-2014 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. 2014-3 | Structured Finance
23-10-2014 | Obvion N.V. | STORM | Storm 2014-III B.V. | Residential Mortgages
12-11-2014 | LeasePlan Nederland B.V. | Bumper | Bumper 6 (NL) Finance B.V. | Auto Loans and Leases
27-11-2014 | Delta Lloyd Bank N.V. | Arena | Arena NHG 2014-II B.V. | Residential Mortgages
27-11-2014 | NIBC Bank N.V. | Essence | Essence V B.V. | Residential Mortgages

The Dutch securitisation market showed clear signs of renewed functionality in 2013. This was not a return to the pre-crisis model of easy volume and broad risk appetite. Instead, the market reopened on stricter terms, with investors placing greater emphasis on transparency, collateral quality, simplicity of structure and the reliability of repeat issuers.

One of the most noticeable features of the year was the return of issuance through recognised programme families. Obvion was particularly visible through multiple Storm transactions, while Aegon Hypotheken remained active through the SAECURE shelf. ING continued to use Orange Lion, and Nationale-Nederlanden reappeared with Hypenn RMBS 1. The presence of Lunet RMBS from Van Lanschot and Phedina Hypotheken from BNP Paribas Personal Finance showed that the recovery was not limited to a single type of institution.

What mattered most was not the absolute level of issuance, but the fact that the market was becoming repeatable again. Investors appeared prepared to support Dutch securitisation where structures were understandable and performance could be assessed with sufficient confidence. In that sense, 2013 may be seen as the year in which the Dutch market re-established its practical credibility under post-crisis conditions.

The comparison with covered bonds remained relevant throughout the year. For stronger bank issuers, covered bonds continued to offer an efficient funding route. RMBS, however, retained distinct advantages where collateral separation, programme flexibility and access to a broader structured finance investor base were important. In the prevailing environment, the two markets appeared less interchangeable than complementary.

2013 transaction list

17-01-2013 | Aegon Hypotheken B.V. | SAECURE | Saecure 12 B.V. | Residential Mortgages
31-01-2013 | Obvion N.V. | STORM | Storm 2013-1 B.V. | Residential Mortgages
05-02-2013 | NIBC Bank N.V. | Dutch MBS XVIII | Dutch MBS XVIII B.V. | Residential Mortgages
07-03-2013 | ING Bank N.V. | Orange Lion | Orange Lion 2013-9 RMBS B.V. | Residential Mortgages
27-03-2013 | Aegon Hypotheken B.V. | SAECURE | Saecure 13 NHG B.V. | Residential Mortgages
25-04-2013 | Obvion N.V. | STORM | Storm 2013-II B.V. | Residential Mortgages
30-05-2013 | Obvion N.V. | STORM | Storm 2013-III B.V. | Residential Mortgages
27-06-2013 | BNP Paribas Personal Finance B.V. | Phedina | Phedina Hypotheken 2013-1 B.V. | Residential Mortgages
08-07-2013 | Nationale-Nederlanden Bank N.V. | Hypenn | Hypenn RMBS 1 B.V. | Residential Mortgages
08-07-2013 | WestlandUtrecht Bank N.V. | Orange Lion | Orange Lion 2013-10 RMBS B.V. | Residential Mortgages
25-09-2013 | Obvion N.V. | STORM | Storm 2013-IV B.V. | Residential Mortgages
22-10-2013 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. 2013-2 | Structured Finance
07-11-2013 | F van Lanschot Bankiers N.V. | Lunet | Lunet RMBS 2013-I B.V. | Residential Mortgages

By 2012, the Dutch securitisation market appeared to be operating under a clearer post-crisis settlement. The market was still more selective than before 2007, but it was visibly active, and the pattern of issuance suggests a stronger emphasis on repeat shelves, better disclosure and simpler collateral stories. This was also the period in which loan-level reporting and standardised data became much more central to the practical future of European securitisation.

Storm remained highly visible through multiple transactions, while Saecure, Orange Lion, Arena, Hermes and Dutch MBS also appeared. ABN AMRO’s Beluga and Dolphin master issuer platforms continued to feature in the programme landscape. Highway added auto and lease-related ABS, underlining again that the Dutch structured finance market extended beyond owner-occupied mortgages alone.

The year appears to stand at the threshold between crisis adaptation and a more stable reopening. The old market had not returned, but the shape of the new one was becoming clearer: more transparent, more disciplined and more dependent on data quality and programme credibility.

2012 transaction list

27-01-2012 | ASN Bank N.V. | LOWLAND | Lowland Mortgage Backed Securities 1 B.V. | Residential Mortgages
13-02-2012 | Obvion N.V. | STORM | STORM 2012-I B.V. | Residential Mortgages
06-03-2012 | Principal Residential Investment Mortgages | Principal Residential Investment Mortgages 1 S.A. | Principal Residential Investment Mortgages 1 S.A. | Residential Mortgages
04-04-2012 | Obvion N.V. | STORM | STORM 2012-II B.V. | Residential Mortgages
18-04-2012 | Vesteda | Vesteda Residential Funding | Vesteda Residential Funding II B.V. | Structured Finance
25-04-2012 | ABN AMRO Bank N.V. | Beluga Master Issuer | Beluga Master Issuer B.V. | Residential Mortgages
03-05-2012 | Aegon Hypotheken B.V. | SAECURE | Saecure 11 B.V. | Residential Mortgages
10-05-2012 | Athlon | HIGHWAY | Highway 2012-I B.V. | Structured Finance
08-06-2012 | Obvion N.V. | STORM | STORM 2012-III B.V. | Residential Mortgages
12-06-2012 | ING Bank N.V. | Orange Lion | Orange Lion VII RMBS B.V. | Residential Mortgages
26-06-2012 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages
29-06-2012 | DBV levensverzekeringsmaatschappij | Holland Homes | Stichting Holland Homes Oranje II | Residential Mortgages
19-09-2012 | Obvion N.V. | STORM | STORM 2012-IV B.V. | Residential Mortgages
01-10-2012 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XVIII B.V. | Residential Mortgages
01-10-2012 | NIBC Bank N.V. | Dutch MBS | Dutch MBS XVII B.V. | Residential Mortgages
15-10-2012 | Obvion N.V. | STORM | STORM 2012-V B.V. | Residential Mortgages
03-12-2012 | Aegon Hypotheken B.V. | SAECURE | SAECURE 12 B.V. | Residential Mortgages
12-12-2012 | Delta Lloyd N.V. | Arena | Arena 2012-I B.V. | Residential Mortgages
13-12-2012 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages

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

The Dutch securitisation market remained selective in 2010, but it also became clear that the asset class still had practical value. Public issuance was no longer the sole measure of market relevance. Retained structures, programme maintenance and collateral usability had become central to the role securitisation played within Dutch funding and liquidity management.

At the same time, a number of meaningful public or public-facing transactions did take place. Storm returned in multiple vintages, Aegon issued through Saecure 7, 8 NHG and 9, Pearl returned, Phedina reappeared, and Obvion remained active. ABN AMRO’s Dolphin and Goldfish programmes also continued to be maintained. This is therefore not a year of disappearance, but one of cautious functional recovery within a different market logic.

The ECB context became increasingly important in this period. The market’s value now rested not just on investor demand, but on the utility of well-structured RMBS as part of the broader collateral framework. That change would shape the next phase of Dutch securitisation.

2010 transaction list

27-01-2010 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. supplement | Residential Mortgages
24-03-2010 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages
13-04-2010 | Obvion N.V. | STORM | STORM 2010-I B.V. | Residential Mortgages
16-04-2010 | Vesteda | Vesteda Residential Funding | Vesteda Residential Funding II B.V. | Structured Finance
08-06-2010 | Obvion N.V. | STORM | STORM 2010-II B.V. | Structured Finance
11-06-2010 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. supplement | Residential Mortgages
15-06-2010 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XV B.V. | Residential Mortgages
06-07-2010 | Aegon Hypotheken B.V. | SAECURE | Saecure 7 B.V. | Residential Mortgages
16-07-2010 | ASN Bank N.V. | Pearl | Pearl Mortgage Backed Securities 4 B.V. | Residential Mortgages
25-08-2010 | Credit Agricole-related | Chagoi | Chagoi 2010 B.V. | ABS
15-09-2010 | Obvion N.V. | STORM | STORM 2010-III B.V. | Residential Mortgages
23-09-2010 | Aegon Hypotheken B.V. | SAECURE | Saecure 9 B.V. | Residential Mortgages
30-09-2010 | Aegon Hypotheken B.V. | SAECURE | Saecure 8 NHG B.V. | Residential Mortgages
19-10-2010 | BNP Paribas Personal Finance B.V. | Phedina | Phedina Hypotheken 2010 B.V. | Residential Mortgages
11-11-2010 | Rabobank | Best | Best 2010 B.V. | Residential Mortgages
20-12-2010 | Obvion N.V. | STORM | Storm 2010-IV B.V. | Residential Mortgages

The Dutch securitisation market remained under pressure in 2009, but it did not disappear. Instead, the market entered a bridging phase in which programme infrastructure remained highly relevant even where public execution was more difficult. The year’s record shows less of the exuberant breadth seen in 2007, but it still shows continued programme maintenance, selected issuance and the persistence of major RMBS platforms.

Eleven Cities, Hermes, Arena and Chapel all remained visible, while ABN AMRO-related master issuer programmes such as Beluga, Goldfish and Dolphin continued to be updated. European Mortgage Securities VII also remained active through repeated supplements. This kind of activity underlines an important feature of the post-crisis period: shelves remained valuable not only for immediate issuance, but for preserving future market access and collateral infrastructure.

The Dutch market in 2009 therefore appears to have been operating in a survival mode, but not in retreat from the asset class altogether. The stronger platforms remained present, and the architecture of the market was preserved.

2009 transaction list

20-03-2009 | Friesland Bank N.V. | Stichting Eleven Cities | Stichting Eleven Cities No. 5 | Residential Mortgages
27-03-2009 | European Mortgage Securities VII | European Mortgage Securities VII B.V. | European Mortgage Securities VII B.V. | Residential Mortgages
31-03-2009 | Finqus | Chapel | Chapel 2009 B.V. | Structured Finance
15-04-2009 | ABN AMRO Bank N.V. | Beluga Master Issuer | Beluga Master Issuer B.V. | Residential Mortgages
12-05-2009 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XVII B.V. | Residential Mortgages
25-05-2009 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master B.V. | Residential Mortgages
27-05-2009 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages
05-08-2009 | Chepstow Blue plc. | Chepstow Blue | Chepstow Blue plc. | ABS
24-09-2009 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. supplement | Residential Mortgages
22-10-2009 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages
10-12-2009 | Delta Lloyd N.V. | Arena | Arena 2009-I B.V. | Residential Mortgages
22-12-2009 | Friesland Bank N.V. | Stichting Eleven Cities | Stichting Eleven Cities No. 6 | ABS

The Dutch securitisation market changed sharply in 2008. While there was still issuance and programme activity, the market no longer operated under the easy assumptions of the preceding years. Confidence in structured finance deteriorated across global markets, and Dutch securitisation was affected even where the underlying collateral remained relatively strong by international standards.

The transaction record for the year still shows meaningful activity. Hermes, Pearl, Storm, Eleven Cities and Convent all remained visible, while ABN AMRO’s Goldfish and Dolphin programmes continued to appear through programme documentation. Yet the function of the market was clearly changing. Programme continuity now mattered not only for funding execution, but also for retained issuance, infrastructure preservation and broader balance-sheet flexibility.

The year should therefore be understood as one of transition rather than outright disappearance. The market remained alive, but the old growth logic had ended. Securitisation was moving from expansion to adaptation.

2008 transaction list

02-01-2008 | Finqus | Convent | Convent 2007-I B.V. | Residential Mortgages
23-01-2008 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. | Residential Mortgages
04-02-2008 | ASN Bank N.V. | Pearl | PEARL Mortgage Backed Securities 3 B.V. | Residential Mortgages
28-02-2008 | NatWest Markets N.V. | BP Residential Mortgage Backed Secured Debt Issuance Programme | NatWest Markets N.V. supplement | Residential Mortgages
31-03-2008 | NatWest Markets N.V. | BP Residential Mortgage Backed Secured Debt Issuance Programme | NatWest Markets N.V. supplement | Residential Mortgages
28-05-2008 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XV B.V. | Residential Mortgages
27-06-2008 | European Mortgage Securities VII | European Mortgage Securities VII B.V. | European Mortgage Securities VII B.V. supplement | Residential Mortgages
15-07-2008 | Vesteda | Vesteda Residential Funding | Vesteda Residential Funding II B.V. | Structured Finance
26-09-2008 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages
26-09-2008 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. | Residential Mortgages
23-10-2008 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. supplement | Residential Mortgages
23-10-2008 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. supplement | Residential Mortgages
23-10-2008 | Real Estate Capital | Real Estate Capital No. 7 plc | Real Estate Capital No. 7 plc | CMBS
26-11-2008 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. update | Residential Mortgages
03-12-2008 | Obvion N.V. | STORM | STORM 2008 B.V. | Residential Mortgages
08-12-2008 | Friesland Bank N.V. | Stichting Eleven Cities | Stichting Eleven Cities No. 4 | Residential Mortgages
11-12-2008 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages
15-12-2008 | Finqus | Convent | Convent 2008-I B.V. | Residential Mortgages
15-12-2008 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XVI B.V. | Residential Mortgages
18-12-2008 | Unknown / specialist platform | STReAM | STReAM 2008 B.V. | Residential Mortgages

The Dutch securitisation market remained very active in 2007 and still reflected the conditions of the late pre-crisis period. Issuers were able to come to market across a wide range of shelves, investors were still receptive to mortgage-backed product, and programme-based issuance had clearly become part of mainstream funding architecture. The breadth of visible issuance is striking. Alongside core RMBS activity, the market also supported SME ABS, CMBS and other structured formats.

What stands out most is the number of recognised programme families already in use. Obvion’s Storm shelf was active, as were Hermes, Arena, Strong and a series of ABN AMRO master issuer programmes such as Goldfish, Beluga and Dolphin. The Dutch market at this stage looked broad, repeatable and highly integrated into international structured finance conditions. That was a strength while liquidity remained abundant, but it also left the market exposed to the broader dislocation that began to emerge later in the year.

The year-end picture is therefore one of scale and sophistication, but also of a market close to a turning point. Dutch securitisation had clearly reached institutional maturity, yet the environment supporting it was beginning to weaken.

2007 transaction list

07-02-2007 | Obvion N.V. | STORM | STORM 2007-I B.V. | Residential Mortgages
22-02-2007 | ABN AMRO / SME platform | SMILE | SMILE Securitisation Company 2007 B.V. | ABS
23-03-2007 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XIII B.V. | Residential Mortgages
26-03-2007 | ABN AMRO-related | Amstel Corporate Loan Offering | Amstel Corporate Loan Offering 2007-1 B.V. | Structured Finance
29-03-2007 | Finqus | Chapel | Chapel 2007 B.V. | ABS
18-04-2007 | Vesteda | Vesteda Residential Funding | Vesteda Residential Funding II B.V. | Structured Finance
01-05-2007 | ABN AMRO-related | Amstel Securitisation of Highgrade Exposures | Amstel Securitisation of Highgrade Exposures 2007-1 B.V. | Structured Finance
30-05-2007 | Van Lanschot Bankiers N.V. | Citadel | Citadel 2007 B.V. | Residential Mortgages
05-06-2007 | Friesland Bank N.V. | Stichting Eleven Cities | Stichting Eleven Cities No. 3 | Residential Mortgages
05-06-2007 | ASN Bank N.V. | Pearl | PEARL Mortgage Backed Securities 2 B.V. | Residential Mortgages
14-06-2007 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. | Residential Mortgages
15-06-2007 | ABN AMRO-related | Amstel Securitisation of Contingent Obligations | Amstel Securitisation of Contingent Obligations 2006-I B.V. | Structured Finance
27-06-2007 | Skyline | Skyline | Skyline 2007 B.V. | CMBS
25-07-2007 | DBV levensverzekeringsmaatschappij | Holland Homes | Stichting Holland Homes Oranje II | Residential Mortgages
23-08-2007 | ABN AMRO Bank N.V. | Beluga Master Issuer | Beluga Master Issuer B.V. | Residential Mortgages
29-08-2007 | Unknown / programme platform | European Mortgage Securities VII | European Mortgage Securities VII B.V. | Residential Mortgages
24-09-2007 | NIBC Bank N.V. | SOUND | Sound II B.V. | Residential Mortgages
25-09-2007 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages
26-09-2007 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XIV B.V. | Residential Mortgages
03-12-2007 | Delta Lloyd N.V. | Arena | Arena 2007-I B.V. | Residential Mortgages
13-12-2007 | Obvion N.V. | STRONG | Strong 2007 B.V. | Residential Mortgages
17-12-2007 | Obvion N.V. | STORM | STORM 2007-II B.V. | Residential Mortgages
18-12-2007 | Rabobank | Best | Best 2007 B.V. | Residential Mortgages
19-12-2007 | Finqus | Convent | Convent 2007-I B.V. | Residential Mortgages

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.