Achmea becomes latest bank to move to a soft bullet

By Bill Thornhill
10 Feb 2021

Achmea has become the latest Dutch bank to transition to a soft bullet maturity. This will have a material impact on central bank treatment and funding, but opportunities to extract value in the secondary market will be a challenge.

When it comes to changing the maturity profile of their issuance, Dutch banks have been particularly busy. NN Bank started the trend in May 2020 when it announced plans to set up a soft bullet covered bond programme.

Its decision was predicated on the view that ...

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