Covered bonds

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 finance balance sheet growth.

Soft Bullet Covered Bond Programme

In June 2020, NN Bank established a Soft Bullet Covered Bond Programme, backed by Dutch prime residential mortgage loans. This programme is used for funding purposes (capital market covered bond issuances) and liquidity purposes (retained covered bond issuances). Prior to the launch of the Soft Bullet Covered Bond Programme, NN Bank used a Conditional Pass-Through (CPT) Covered Bond Programme. Following a successful consent solicitation in April 2022, all former CPT covered bonds novated to the Soft Bullet Covered Bond Programme. In May 2022 the CPT Covered Bond Programme was terminated. Documentation of the CPT Programme is available on request.

Soft Bullet Documentation

Soft Bullet Final Terms

The following bonds have been issued under the Soft Bullet Covered Bond Programme for funding purposes:

Retained Soft Bullet Final Terms

The following bonds have been issued under the Soft Bullet Covered Bond Programme and are retained by NN Bank to create collateral for liquidity purposes:

Soft Bullet Investor Presentations

Soft Bullet Documentation

Covered Bond Company annual reports

Soft Bullet Investor Reports