Dutch banks warm to soft bullet covered bonds

By Frank Jackman
20 Nov 2020

Dutch issuers are warming towards soft bullet covered bonds, with several having already launched deals with the structure this year, as part of a move away from conditional pass through (CPT) issuance.

So far this year only two Dutch banks have sold CPT bonds, totalling €1bn, compared with €4.75bn in benchmark soft bullet issuance.

“It’s a natural transition; not the death of CPT by any stretch,” said one syndicate banker.

Several Dutch banks have already made, or are planning to ...

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