Secured funding

As part of its funding strategy, NN Bank raises secured funding. It primarily relies on the issuance of Soft Bullet covered bonds as the main secured funding source to refinance maturing securitisation debt and to finance balance sheet growth.

Soft Bullet Covered Bond Programme

In June 2020, NN Bank established a EUR 7.5 billion Soft Bullet Covered Bond Programme, backed by Dutch prime residential mortgage loans.

To enhance efficiency by reducing the costs of maintaining two separate programmes, NN Bank has sought consent to transfer the outstanding covered bonds issued under the Conditional Pass-Through Covered Bond Programme to the Soft Bullet Covered Bond Programme. The proposed amendments  result in replacing the guarantor of the Conditional Pass-Through Programme with the Soft Bullet CBC and amending and aligning the Final Terms and the Conditions with those of the Soft Bullet Programme. The meeting of the Conditional Pass-Through Covered Bondholders was held on 8 April 2022 in connection with the Consent Solicitation whereby the Programme Resolution in relation to the Proposed Amendments was duly passed and the Eligibility Condition was satisfied. On 22 April 2022 the Proposed Amendments were implemented and consequently the former Conditional Pass-Through covered bonds are now Soft Bullet covered bonds.

Soft Bullet Covered Bond Programme

CPT Covered Bond Programme

In September 2017, NN Bank established a EUR 5 billion Conditional Pass-Through (CPT) Covered Bond Programme, backed by Dutch prime residential mortgage loans. Following a successful consent solicitation on 8 April 2022, all former CPT covered bonds novated to the Soft Bullet Covered Bond Programme.

CPT Covered Bond Programme

HYPENN Residential Mortgage-Backed Securities (RMBS)

Part of NN Bank’s Dutch residential mortgage loan portfolio is used as collateral for the bank’s securitisation programme (“Hypenn”).

.HYPENN Residential Mortgage-Backed Securities (RMBS)

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