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, with the aim of benefiting from a very broad investor base and to extend its funding duration.
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.
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”).