a.s.r. successfully closes Delphinus 2026-I RMBS transaction
Last Thursday, ASR Hypotheken B.V. (a.s.r.) successfully issued €600 million in Residential Mortgage-Backed Security (RMBS) notes through its securitisation programme Delphinus.
Delphinus 2026-I represents the third transaction under this programme and the first from the balance sheet of ASR Hypotheken B.V. following its relaunch in 2023.
With this successful transaction, ASR Hypotheken B.V. further strengthens its strategic toolkit, bolstering long-term mortgage production ambitions while enhancing a.s.r.’s robust funding profile. The issuance also demonstrates the strong demand for high-quality Dutch RMBS assets, reinforcing a.s.r.’s position as a key player in the European ABS market.
The underlying pool consists of residential mortgage loans sold by ASR Hypotheken B.V. to Delphinus 2026-I B.V. The Class A notes issued under this programme are rated AAA (sf) by Fitch and S&P, with a weighted average life of 4.9 years and a First Optional Redemption Date (FORD) in September 2032.
Rabobank, ABN AMRO and BNP Paribas served as joint lead managers for this transaction, with Rabobank also acting as arranger. The transaction attracted a strong and diverse investor base, culminating in an order book of €1.3 billion, representing 2.2x oversubscription, and a final spread set at Euribor 3-month +42 basis points.
This transaction marks another successful milestone for the Delphinus programme and confirms a.s.r.’s long-term commitment to the Dutch mortgage market.
A full disclosure of the terms and conditions on the Delphinus programme is available on: https://www.asrnl.com/investor-relations/debt-securities/rmbs