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NIBC Bank celebrates winning IFR 2013 Covered Bond of the Year Award


NIBC Bank CEO, Jeroen Drost, sounds the gong to celebrate winning the prestigious IFR 2013 Covered Bond of the Year Award. The award ceremony will take place on Wednesday evening January 22 in London.

NIBC Bank is awarded for its EUR 500 million conditional pass through covered bond (“CPTCB”) launched in September 2013. The CPTCB is a new type of covered bond secured by Dutch residential mortgages. The transaction was well received in the market and was placed with a large group of institutional investors. In addition, global recognition was gained by financial markets and media for creating a product with more stability and meeting today’s investor demands. Analysts and media described the new product as “revolutionary” and “changing the landscape of covered bonds for good”.

The CPTCB differs from the traditional covered bond structures, due to the absence of derivatives and inclusion of an orderly wind-down mechanism of the cover pool subject to strict conditions. These features create more stability in ratings and structure. The syndicate banks– next to NIBC – were Credit Suisse, LBBW and RBS.NIBC Bank is a Dutch bank active in corporate and consumer banking. Headquartered in The Hague, NIBC also has offices in Brussels, Frankfurt and London.

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