NIBC will begin roadshowing a Eu5bn conditional pass-through covered bond programme next week, the Dutch bank announced yesterday (Tuesday), a day after the programme was registered with the Dutch central bank.

NIBC has mandated Credit Suisse, LBBW and RBS, in addition to its own investment bank, to run the roadshow, which will start on Monday (16 September). The programme, sized at Eu5bn, appears in the covered bond register of De Nederlandsche Bank with Monday given as the registration date and the central bank making a note of the programme’s compliance with the Capital Requirement Directive (annex VI of directive 2006/48/EC).

Information about NIBC’s programme, which is being described as a conditional pass-through (CPT) structure, has been emerging into the public domain at a fairly rapid pace over the past few days, with several covered bond analysts having published overviews and assessments of the programme. The Dutch bank’s move is being closely followed given the innovative nature of the covered bonds it is proposing, as a public deal off its programme would be the first ever legislative covered bond featuring a pass-through repayment structure post issuer default. A Commerzbank issue backed by SME loans in February has a partial pass-through structure, but the deal was launched on a structured basis.

Fitch and Standard & Poor’s last week assigned triple-A ratings to an inaugural, Eu1m test issue launched off the programme.