ABN Amro has achieved its target of being able to switch 10 covered bonds from hard into soft bullet format, after today (Thursday) gaining approval for the move from bondholders of four remaining issues. ING has meanwhile had a soft bullet programme registered by the Dutch central bank.

Votes for the four ABN Amro issues were held at the adjourned meetings today after the required quorums were not reached at a previous meeting on 19 March where six others received the required approval. The quorum level for the adjourned votes was one-third, compared with two-thirds at the first meeting, with approval necessary from two-thirds of holders at both.

ABN Amro launched the consent solicitation in late February, saying that the move would align the covered bonds with terms and conditions “commonly seen” in the market and to “ensure ongoing cost efficiency of this funding programme”. The Dutch bank could already issue both hard and soft bullets off its covered bond programme.

ING Bank yesterday (Wednesday) had a new, Eu5bn soft bullet covered bond programme registered with the Dutch central bank. The bank has established the programme in addition to an established hard bullet programme.

ING has already off the soft bullet programme executed a Eu0.5m issue rated AAA by Standard & Poor’s and Fitch as part of the registration process.