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Achmea Bank - Consent Solicitation - Launch

Updated: Jun 18, 2023

Achmea Bank announces a consent solicitation


22 MAY 2023


Full announcement available via Achema


to the eligible holders of its outstanding

EUR 500,000,000 0.375 per cent. Covered Bonds due November 2024 XS1722558258 EUR 500,000,000 0.500 per cent. Covered Bonds due February 2026 XS1953778807 EUR 500,000,000 0.010 per cent. Covered Bonds due June 2025 XS2189964773

to consent to the transfer of the Covered Bonds from the Conditional Pass-Through Covered Bond Programme to the Soft Bullet Covered Bond Programme


"Tilburg, 22 May 2023 – Today Achmea Bank has given a notice of meeting for the purpose of soliciting a consent for the transfer of the three covered bonds under its EUR 5 billion conditional pass-through covered bond programme (CPT CB Programme) to its EUR 5 billion soft bullet covered bond programme (SB CB Programme).


Proposed amendments


The proposed amendments will, after implementation, result in replacing the guarantor of the CPT CB Programme with the guarantor of the SB CB Programme and alignment of the final terms and the conditions of the CPT covered bonds with those of the SB CB Programme. The purpose of the consent solicitation is that all (and not part of) outstanding series under the CPT CB Programme will be consolidated, after implementation of the proposed amendments, into the SB CB Programme. Furthermore, the conditional pass-through covered bonds will become ‘soft bullet’ covered bonds and it is proposed that all or part of the assets from the CPT CB Programme will be transferred to the SB CB Programme. Achmea Bank has prepared a consent solicitation memorandum which contains the full terms and conditions of this consent solicitation and which is available to covered bond holders on the website of Kroll Issuers Services: https://deals.is.kroll.com/achmea


Rationale


Achmea Bank has set up its EUR 5 billion SB CB Programme in June 2021 in addition to its existing EUR 5 billion CPT CB Programme, which was established in 2017. Achmea Bank wishes to reduce its operational burden and the operating costs of simultaneously maintaining two separate covered bond programmes, whilst only the SB CB Programme will be used for future issuances. If the consent solicitation is successful, Achmea Bank plans to subsequently terminate the CPT CB Programme."

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