Data / Issuer Directory / Van Lanschot Kempen NV* / Van Lanschot Kempen N.V. CPTCB Programme

Van Lanschot Kempen NV*

Netherlands EEA Member

Van Lanschot Kempen NV is a specialised independent wealth manager focusing on preservation and creation of wealth for clients. Van Lanschot Kempen has been issuing covered bonds since 2015 and established a Soft Bullet Covered Bond Programme in 2022. The bonds are secured by prime Dutch residential mortgages. Currently there are 3 series of each EUR 500mm outstanding under the Soft Bullet Covered Bond programme

Pool Program details

Identifier Van Lanschot Kempen N.V. CPTCB Programme
Country Netherlands
Legal framework Dutch registered CBs programmes
Harmonised transparency template https://www.vanlanschotkempen.com/en-nl/about-us/investor-relations/debt-investors/covered-bond-programme
Pool type Mortgage
Description Cover Pool information for the public Van Lanschot Kempen N.V. Conditional Pass-Through Covered Bond Programme

CPT Covered Bond serie tranferred to Soft Bullet programma following Consent Solicitation
On Monday 11 September 2023 Van Lanschot Kempen has given a notice of meeting for the purpose of soliciting a consent for the transfer of the outstanding covered bonds under its EUR 5 billion conditional pass-through covered bond programme to its EUR 5 billion soft bullet covered bond programme.

Proposed amendments
The purpose of the consent solicitation is that the outstanding serie under the conditional pass-through covered bond programme will be consolidated into the soft bullet covered bond programme.
After implementation, the proposed amendments will result in replacing the guarantor of the conditional pass-through covered bond programme with the guarantor of the soft bullet covered bond programme and to modify and/or replace the final terms and the conditions of the conditional pass-through covered bonds with those of the soft bullet covered bond programme. Furthermore, the conditional pass-through covered bonds will become ‘soft bullet’ covered bonds.
The meeting of the Covered Bondholders was held on 6 October 2023 in connection with the Consent Solicitation and the Issuer, Van Lanschot Kempen, hereby announces to the Covered Bondholders that the Programme Resolution in relation to the Proposed Amendments was duly passed and the Eligibility Condition was satisfied in relation thereto.

On 23 October 2023 the Proposed Amendments were implemented and consequently the former Conditional Pass-Through covered bonds are now Soft Bullet covered bonds

HTT graphs list

Bond list

ISIN Pool Identifier Initial Date of Issuance Maturity Date Face value1 Coupon Syn. Listed Tapped Mat.2 EEA3 LCR4
Rows per page :
10
0-10 of 0

About the chart

(1) Please note that the face value of this bond has been converted into EUR values on the 15th of January of the current year (where the exchange rate protocol takes the ECB bilateral exchange rate on the last business day of the previous year) in order to facilitate the comparison across issuances and to increase the overall transparency of the website. Nevertheless, you will be able to check the original currency by directly clicking on the covered bond.

(2) Mat. - Maturity profile

HB - Hard bullet
Hard bullet covered bonds are repaid on the scheduled maturity date. Neither the documentation nor the legal framework contain provisions for a maturity extension. Failure to repay the final redemption amount of a hard bullet covered bond on the scheduled maturity date could trigger the default of the relevant covered bonds and, possibly, the liquidation of the cover pool depending on the respective national insolvency rules.

SB - Soft bullet
Soft bullet covered bonds have a scheduled maturity date and an extended maturity date. If objective, predefined and transparent criteria have been met , the maturity of a soft bullet covered bond can, and in some cases will automatically, be prolonged up to the extended maturity date. During the extension period, the covered bond may be redeemed using cover pool proceeds. Failure to repay a covered bond on the extended maturity date triggers the default of the relevant extended covered bonds (unless multiple extensions are allowed).

CPT - Conditional pass-through
Conditional pass-through (CPT) covered bonds have a scheduled maturity date and an extension mechanism. By itself, the failure to repay the CPT covered bond on the scheduled maturity date does not lead to an acceleration of this covered bond but to an extension of the maturity date of this and potentially other relevant covered bonds. The extension requires that objective, predefined and transparent criteria are met. In such circumstances the maturity of a CPT covered bond can be prolonged to the extended maturity date, which is typically linked to the maximum legal maturity of the underlying assets. During the extension period, cash-flows received or generated from the cover assets will be distributed to the covered bonds investors. Regular attempts are in general made to sell the cover pool assets to redeem the covered bonds . Such sales are subject to predefined criteria intended to protect the interests of all investors under the same programme. In certain jurisdictions and programmes, CPT covered bonds may feature an initial soft bullet extension

(3) European Economic Area (EEA) or non-EEA. While all the non-EEA labelled programmes’ quality standards will be fully aligned to the Covered Bond Label Convention, to Article 129 of the Capital Requirements Regulation (CRR) and to the definitions in the Liquidity Coverage Requirements (LCR) with the exception of being based in the EEA, i.e. they will present similar legislative safeguards from a qualitative and supervisory point of view to those in Europe, these bonds will present different characteristics, for example in terms of risk weights. Therefore, non-EEA Labels will be identified on the Label website by using a different graphic solution.

(4) The issuer believes that, at the time of its issuance and based on transparency data made publicly available by the issuer, this bond would satisfy the eligibility criteria for its classification as a Level 1 or Level 2 asset in accordance with Chapter 2 of the LCR delegated act. It should be noted that whether or not a bond is a liquid asset for the purposes of the Liquidity Coverage Ratio under Regulation (EU) 575/2013 is ultimately a matter to be determined by a relevant investor institution and its relevant supervisory authority and the issuer does not accept any responsibility in this regard.

Sustainable covered bond. A Covered Bond Labelled sustainable covered bond is a covered bond that is fully compliant with the Covered Bond Label Convention, and also includes a formal commitment by the issuer to use an amount equivalent to the proceeds of that same covered bond to (re)finance loans in clearly defined environmental (green), social or a combination of environmental and social (sustainable) criteria. Covered Bond Labelled sustainable covered bond programs are based on their issuer’s sustainable bond framework which has been verified by an independent external assessment. The issuer strives, on a best efforts basis, to replace eligible assets that have matured or are redeemed before the maturity of the bond by other eligible assets.
[Against this background, please note that the EMF-ECBC is currently working on market initiatives which will ultimately define European criteria for energy efficiency covered bonds and sustainability standards]

The proposed EU Label Covered Bond icons are based on a self-certification of the labelled issuer. The ultimate indication of what to be considered European Covered Bond (Premium) and European Covered Bond as per Art 27 of the Covered Bond Directive is subject to the relevant national authorities as indicated in Art 26.

European Covered Bond (Premium) – as defined in Art 27.2 Covered Bond Directive

European Covered Bond – as defined in Art 27.1 Covered Bond Directive

EEA Grandfathered – CRR compliant – labelled covered bond issued in the EEA before 8 July 2022 but due to grandfathering might be compliant with Art 129 of CRR and eligible for LCR. Please verify on this website.

Non-EEA, Art 14 CBD compliant – labelled covered bonds issued outside the EEA whose respective cover pool reporting is compliant with the information disclosure required by Art 14 of the Covered Bond Directive pending the final dispositions on the equivalence regime of third-party country which will be decided in 2024.

Non-EEA, reporting HTT 2022 – labelled covered bonds issued outside the EEA whose respective cover pool information are reported with HTT 2022 template.

N/A – all covered bonds which do not comply with the above-mentioned categories. Among others, but not exclusively here included are: covered bonds issued before the 8 July and only UCITS compliant.