a.s.r. successfully closes Delphinus 2025-I RMBS transaction

With this successful transaction, ASR Levensverzekering N.V. further strengthens its strategic toolkit, bolstering long-term mortgage production ambitions while enhancing a.s.r.’s robust funding profile. The issuance also demonstrates the strong demand for high-quality Dutch RMBS assets, reinforcing a.s.r.’s position as a key player in the European ABS market. 

The underlying provisional pool consists of residential mortgage loans sold by ASR Levensverzekering N.V. to Delphinus 2025-I B.V. The Class A notes issued under this programme are rated AAA (sf) by Fitch and S&P, with a weighted average life of 4.9 years and a First Optional Redemption Date (FORD) in March 2031. 

Rabobank and BNP Paribas served as joint lead managers for this transaction, with Rabobank also acting as arranger. The transaction attracted a strong and diverse investor base, culminating in an order book of €1.2 billion, representing 2.4x oversubscription, and a final spread set at Euribor 3-month +49 basis points. 

This transaction marks another successful milestone for the Delphinus programme and confirms a.s.r.’s long-term commitment to the Dutch mortgage market.

A full disclosure of the terms and conditions on the Delphinus programme is available on: https://www.asrnl.com/investor-relations/debt-securities.