The Netherlands

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 £