Obvion, a Dutch mortgage lender, is looking to bring its first-ever residential mortgage-backed securitization to market in the fourth quarter this year or the first quarter next year, says Max Bronzwaer, treasurer. The deal will be in the E1-2 billion range and lead managed by Rabobank International and NIB Capital.
Obvion is tapping the RMBS market to diversify its funding and propel its aggressive growth plans, says Bronzwaer. The lender plans to have 5% of the Dutch mortgage market by the end of next year. Bronzwaer says Obvion is looking at a mixture of on balance sheet bank funding, RMBS and private placement deals to raise cash.
Obvion is a joint venture between Rabobank, the Netherlands' largest mortgage originator and ABP, one of the world's largest pension funds. Obvion has originated E2 billion in mortgages since its creation in 2002 and also manages the portfolio of ABP Mortgages, which is about E7.7 billion. ABP Mortgages has been taken over by Obvion. That portfolio includes a E2.2 billion RMBS deal called Stream. According to Bronzwaer, Obvion is on track to originate E3 billion in new mortgages this year.