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Presale: Dutch MBS XV B.V. Mar 10 Product Image

Presale: Dutch MBS XV B.V. Mar 10

  • Published: March 2010
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services has assigned preliminary credit ratings to Dutch MBS XV B.V.'s -746.25 million floating-rate mortgage-backed notes. At the same time, Dutch MBS XV B.V. will issue -3.75 million floating-rate unrated notes. The 17 sellers are wholly owned subsidiaries of NIBC Bank N.V. (NIBC), a Dutch merchant and corporate bank focused on mid-cap corporates in the Benelux and mortgage originations in The Netherlands and Germany. We currently rate NIBC BBB/Negative/A-2, reflecting our view of its capital base, management strategy, niche position in Benelux corporate banking, and profitability track record. Mortgage lending at NIBC commenced in 1996, and through a series of selective purchases of mortgage books, its gross book value is -10 billion. NIBC originates mortgages through...

Companies mentioned in this report are: NIBC Bank N.V.,Dutch MBS XV B.V.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings READ MORE >

NIBC Bank N.V.,Dutch MBS XV B.V.

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