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NN Bank prices inaugural €500M covered bond

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NN Bank prices inaugural €500M covered bond

NN Group NV unit Nationale-Nederlanden Bank NV priced an initial issuance of conditional pass-through covered bonds totaling €500 million.

The bonds carry a seven-year tenor and a 0.5% fixed coupon. Backed by Dutch prime residential mortgage loans, they were issued under NN Bank's €5 billion conditional pass-through covered bond program.