Van Lanschot Kempen on Friday gained bondholder consent to convert its last outstanding conditional pass-through (CPT) covered bond into a soft bullet under a programme it established last year and now uses for benchmark issuance.

The Dutch issuer on 11 September gave notice that it was seeking to convert the €500m 0.875% February 2027 bond, with a premium of 0.025% of the nominal value available to bondholders.

After a meeting on Friday, Van Lanschot Kempen announced that bondholders had voted in favour of the switch, with holders of 58.10% of the principal outstanding amount represented, and 95.87% of votes being in favour of the programme resolution. Rabobank was solicitation agent.

Van Lanschot Kempen – which was the last Dutch CPT issuer to establish a soft bullet programme – now has three benchmarks totalling €500m outstanding off that programme.

With Achmea having in June similarly converted its remaining three CPTs into soft bullets after Nationale-Nederlanden Bank was the first to make the full switch in April 2022, only Aegon and pioneer of the structure NIBC now have benchmark CPT issuance outstanding.