In 2007 Achmea Hypotheekbank set up a EUR 10 billion covered bond programme (the “Achmea Covered Bond Programme”) to finance part of its mortgage portfolio.
Under this programme Achmea Hypotheekbank has established eight covered bonds issues so far.
Achmea Hypotheekbank acts as originator and issuer under the programme and consequently has the primary obligation to pay interest and principal payable on the covered bonds issued under the programme.
The Achmea Covered Bond Company (‘ACBC’), a bankruptcy remote special purpose company under this programme, provides the covered bond investors with a guarantee for full payment of interest and principal on the outstanding bonds under the programme. Achmea Hypotheekbank provides guarantee support to ACBC by the transfer of mortgage receivables to ACBC. The outstanding amount of these transferred mortgage receivables will at all times be at this moment at least 27.7% higher than the bonds issued under the programme.
The obligations of ACBC under the guarantee will be secured (indirectly, through a parallel debt) by a pledge of the mortgage receivables to a Security Trustee.
ACBC’s management board is formed by ATC Management B.V. management of the Stichting Trustee Achmea Covered Bond Company is formed by ANT Trust & Corporate Services N.V. and the Administrator under this programme has also been formed by ATC Management B.V.
The Achmea Covered Bond Programme is not registered with the De Nederlandsche Bank (DNB).
Asset cover test