All conditional pass-through (CPT) covered bonds of Nationale-Nederlanden Bank (NN Bank) will be converted to soft bullets, after the Dutch issuer on Friday received overwhelming approval from a majority of bondholders to make the switch.

NN Bank launched the consent solicitation on 15 March, seeking to convert five benchmarks and two other bonds issued off the €5bn CPT programme into soft bullets, after having last year begun issuing the latter off a new €7.5bn programme.

A bondholder meeting was held on Friday and the resolution was passed, with 64.86% of the principal outstanding amount represented and 99.90% of votes validly case being in favour. The vote was on a programme-wide, rather than series by series, basis.

The €2.595bn of issuance under the CPT programme will now be transferred to the soft bullet programme.

Credit Suisse and Rabobank were solicitation agents, and Kroll Issuer Services tabulation agent.