ASR Issues €600M in Delphinus Mortgage Bonds, Oversubscribed by 2.2 Times
Dutch group ASR has finalized the issuance of €600 million in residential mortgage-backed notes through its Delphinus 2026-I structure. This third transaction of the program marks a return to the markets following the restart of ASR Hypotheken B.V. in 2023.
Reiterated Mortgage Financing Structure
ASR Hypotheken B.V. issued Class A notes, rated AAA (sf) by Fitch and S&P. The borrowing has a weighted average life of 4.9 years and an optional repayment date set for September 2032. The underlying asset comes from residential mortgage loans assigned to the Delphinus 2026-I B.V. structure.
Rabobank, ABN AMRO, and BNP Paribas served as joint lead managers, with Rabobank also acting as the arranger.
Investor Demand Far Exceeds Supply
The issuance attracted an order book of €1.3 billion, representing an oversubscription of 2.2 times. The yield spread was set at 3-month Euribor + 42 basis points, reflecting the strength of demand and the perceived quality of Dutch assets in mortgage securitization.
A Strategic Program Supporting Mortgage Ambitions
Delphinus serves as a structural financing tool aimed at supporting the group's long-term mortgage production ambitions and diversifying its financing profile. According to ASR, the issuance demonstrates the robust demand for high-quality Dutch residential mortgage securities and confirms the group's position within the European asset-backed securities market.
