The Netherlands

Following the launch of NIBC Bank’s first deal off a Eu7bn covered bond programme, The Cover spoke to an official at the Dutch bank about its issuance strategy and any plans for its German collateral.

SNS Bank printed its debut covered bond this morning as UBS placed a Swiss franc trade with one institutional account. The Sfr80m two year issue carries a 3.295% coupon.

ING Bank flew in the face of prevailing wisdom yesterday (Thursday), paying 30bp over mid-swaps to sell a Eu1bn five year structured covered bond – its first, at that – which showed that rumours of the primary market’s death had been greatly exaggerated.

Covered bond market participants were suffering from shock today (Thursday) after ING Bank opened books for its debut issue late this morning. But by early afternoon they were celebrating the reopening of a primary market that had been expected to remain moribund until perhaps after Easter at the earliest, albeit with a five year deal at 30bp over mid-swaps.

Canadian Imperial Bank of Commerce plans to roadshow a new covered bond programme early in the second quarter, following in the footsteps of not only those officially in the pipeline, but a variety of other issuers who have been visiting investors but adopting a lower profile.

ING Bank NV has mandated ABN Amro, Barclays Capital, HSBC and ING Wholesale Banking as joint leads for its inaugural covered bond, which will be launched after a European roadshow starting in the week of March 3. Berlin-Hannoversche Hypothekenbank is also aiming to launch a three year mortgage Pfandbrief that week.

Panellists at the IMN covered bond conference voiced their approval today of the Netherlands’ new legislative approach, set to be implemented on 1 July. They defended its principle based approach against charges that a prescriptive law would be more appropriate in the current climate, saying that the flexible framework would prove its worth in the long-run.

Rating agency representatives yesterday afternoon discussed their various methodologies and the weight they give to legislative backing, a key issue as the market sees new structured issues from Canada and previous structured issuers, such as the UK, on the cusp of introducing a legislative framework.

The Dutch Ministry of Finance has begun consultation on a Covered Bond Decree, which it hopes will come into effect on July 1, 2008. While the move has been generally welcomed by Dutch banks, it is unclear whether all issuers will reap equal rewards from the new framework.

Achmea Hypotheekbank priced its Eu1.25bn three year covered bond today (Thursday) at 9bp over mid-swaps, the tight end of the 10bp over mid-swaps area guidance.

Achmea Hypotheekbank is expected to launch a covered bond announced today (Thursday) early next week, having mandated Barclays Capital, Dresdner Kleinwort, JP Morgan and UniCredit.

The chaps at SNS bank are preparing for another day spent racing around the country roads outside Amsterdam in their vintage cars. The day will take place in mid-June and most of the dealers have been invited. After the rally car racing, SNS has lots more in store for its guests, but Bas Snijders and Bart Toering, on the debt issuing desk, are not giving away any secrets about the day's line up. But the invitation promises that it will be a late night. Dresdner's Michael Stump has been lying low for the past few months, but Leak can reveal that he is a man with a mission. The mission has been to shed a few pounds and he has been doing remarkably well. If he manages another two and a half pounds by May, he could stand to win a £