NIBC issues EUR 500 million covered bond on the back of strong investor demand
Release Date

Yesterday, NIBC placed EUR 500 million covered bonds with investors throughout Europe and Asia. After announcing its intention for a new transaction on Tuesday afternoon, NIBC opened books yesterday morning for a benchmark 10 years covered bond under its conditional pass-through covered bond program.

Right from the start the offering met with strong investor interest and the order book climbed to EUR 1 billion within the hour and reached as high as EUR 1.75 billion during the book building process. Following updates to the market the final spread was set at MS+9bps for a EUR 500 million transaction size on the back of EUR 1.35 billion orders. The EUR 1.35 billion order book at allocation is the largest book ever for a 10yrs transaction from NIBC.

This trade marks the first NIBC benchmark funding transaction since the Blackstone take-over late last year. The strong outcome confirms once more the strength of NIBC’s conditional pass-through covered bond program, which allows it to tap desired maturities at attractive funding levels. The joint-lead managers for this transaction were DekaBank, DZ Bank, ING, LBBW and NatWest Markets.

Investor appetite came from across Europe driven by orders from Germany, the Nordics and the Benelux. NIBC preferred the covered bond market as the 10yrs maturity of the new transaction provides a better ALM match for (mortgage) asset origination at attractive funding costs.

About NIBC
NIBC is best suited to help entrepreneurs at their decisive moments. Now and in the future. As a bank for entrepreneurs, we are committed to cultivating our ‘THINK YES’ mentality by being flexible and agile and by matching our clients’ can-do attitude. We support our corporate clients in building their businesses. For our retail clients in the Netherlands, Germany and Belgium we offer mortgages, online savings and brokerage products that are accessible, easy to understand and fairly priced. Operating in the Netherlands, Germany and UK, our corporate clients business (mainly mid-market) offers advice and debt, mezzanine and equity financing solutions to entrepreneurs across select sectors and sub-sectors in which we have strong expertise and market positions. The midmarket is dynamic by nature and requires a bank that can respond quickly and in a highly flexible way. Our aim is to meet the market’s requirements at decisive moments such as mergers and acquisitions, management buy-outs, investments and strategic financings and re-financings. You can read more about NIBC on

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