Aegon announces that it has successfully completed the sale of EUR 842 million residential mortgage-backed securities* (RMBS) to a broad group of institutional investors.
These securities were issued under the Dutch SAECURE program** and consisted of two tranches:
• EUR 180 million of class A1 notes with an expected weighted average life of 1.7 years and priced at par with a coupon of three month Euribor plus 0.95 %.
• EUR 662 million of class A2 notes with an expected weighted average life of 5.4 years and priced at par with a coupon of three month Euribor plus 1.35 %.
The net proceeds will be used to finance a part of Aegon’s existing Dutch mortgage portfolio.
Aegon is pleased it was able to successfully complete the sale despite challenging market conditions. SAECURE continues to be regarded as a top tier program in the Dutch RMBS market. Aegon’s proven underwriting criteria and servicing have led to high quality performance on the company’s outstanding SAECURE transactions.
The securities were placed by a syndicate of banks comprising ING Bank, J.P. Morgan Securities, Rabobank International and The Royal Bank of Scotland.
* The securities are rated AAA by Standard & Poor’s, Aaa by Moody’s Investor Service and AAA by Fitch.
** The SAECURE program is managed by Aegon’s subsidiary Aegon Levensverzekering N.V.
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