Dutch banks warm to soft bullet covered bonds

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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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