Key Facts

◾ Aaa / AAA / AAA (stable / stable / stable)
◾ Leading lender to the Dutch public sector
◾ 100% Dutch government owned
◾ Long term funding programme: ± EUR 15 bn

Purpose

Everything we do revolves around making social impact. Instead of maximising profits, our priority is to maximise the social impact of our activities.

BNG Bank – Driven by social impact

We aim to be a natural partner for our clients by helping them addressing the social challenges they have to cope with. We want to be successful at delivering and demonstrating our social impact.

Half of the bank's share capital is held by the Dutch State and the other half by municipalities, provinces and a district water board. Our clients are local authorities, housing associations and healthcare and educational institutions. 

We provide customised financial services, ranging from loans and advances, payment services and electronic banking. BNG Bank also participates in public-private partnerships. 

By far the greatest part of the bank's lending is free of credit risk because these loans are granted to or guaranteed by public authorities. BNG Bank's specialised financial services help to minimize the cost of social provisions to the public. In this regard, the bank plays an essential role in the public sector.

Asset quality

The financial relationship between the central and local government in the Netherlands is structured in such a way, that the credit quality of the local government is extremely high. Loans to housing associations and healthcare institutions are secured by guarantee funds that are ultimately backed by the Dutch government. As a result over 90% of all loans and advances are 0% risk weighted.

Long term lending portfolio as of 30 june 2020


Key figures

2020
1st Half
2019

2018

Total assets (EUR bn) 167.0
149.7
137.5
Leverage ratio 3.2% 3.6% 3.8%
Tier 1 ratio 37.0%
38.2% 38.2%
Profit before tax (EUR m) 148
227
459
Net profit after tax (EUR m) 100
163
337
Net interest margin 0.27% 0.29% 0.32%
Cost to income ratio
19.3% 16.0% 13.2%
RoE (after tax) 4.5% 3.6% 8.5%

Ratings

Moody’s S&P Fitch
Long term debt ratings Aaa AAA AAA
Outlook stable stable stable
Short term debt ratings P-1 A-1+ F1+

Long term funding programme 2021

Size ± EUR 15 bn
Benchmarks in EUR and USD (144A) Minimum size of 1 bn
Tenors 2 to 20 years
Regular presence in other currencies             
 
GBP, CHF, JPY, AUD (Kangaroo), NZD (Kauri), CAD (Maple), NOK, SEK
Private Placements
Sustainability Bonds
Documentation

 

Debt Issuance Programme EUR 100 bn (passported into 15 European countries)
Kangaroo/Kauri Programme AUD 10 bn
Japanese Shelf Registration JPY 500 bn
Japanese loan / Schuldschein / Namensschuldverschreibung
ECP Programme EUR 20 bn
USCP Programme USD 15 bn
Repo eligible with ECB, FED NY, SNB, RBA and RBNZ
LCR HQLA EU level 1, Switzerland level 2a
PSPP ECB Eligible

EUR benchmark curve

2,050,000,000 0.500% 2015 26 Aug 22
2,550,000,000 0.250% 2016 22 Feb 23
2,100,000,000 0.050% 2018 11 Jul 23
1,900,000,000 0.250% 2017 10 Jan 24
1,400,000,000 1.125% 2014 04 Sep 24
1,500,000,000
0.050%
2020
02 Apr 25
1,750,000,000 0.500% 2018 16 Apr 25
1,600,000,000 0.250% 2015 07 May 25
2,000,000,000 1.000% 2016 12 Jan 26
1,750,000,000 0.625% 2017 19 Jun 27
1,400,000,000 0.750% 2018 11 Jan 28
2,920,000,000 0.750% 2019
24 Jan 29
2,490,000,000 0.100% 2020 15 Jan 30
1,425,000,000 1.375% 2015 21 Oct 30
1,000,000,000 0.000% 2021 20 Jan 31
1,950,000,000 0.125%
2020 09 Jul 35
1,510,000,000 0.875% 2019 17 Oct 35
1,785,000,000 0.875% 2016 24 Oct 36
960,000,000
1.500% 2017 29 Mar 38
775,000,000 1.500% 2018 15 Jul 39
950,000,000
0.805% 2019
28 Jun 49

USD benchmark curve

1,500,000,000 2.625% 2019 15 Jan 21
1,500,000,000 2.500% 2018 16 Feb 21
1,500,000,000 1.625% 2016 19 Apr 21
1,750,000,000 2.375% 2017 01 Feb 22
3,000,000,000 1.500% 2019 06 Sep 22
1,500,000,000 2.500% 2013 23 jan 23
2,000,000,000
0.750%
2020
17 Apr 23
2,500,000,000 3.000% 2018 20 Sep 23
1,500,000,000 2.625% 2018 27 Feb 24
1,000,000,000 2.375% 2016 16 Mar 26
1,250,000,000
1.000%
2020
03 Jun 30

Sustainability bond for municipalities

EUR 750,000,000 0.200% 2017 09 Nov 24
USD 1,000,000,000
0.500%
2020
24 Nov 25
AUD 400,000,000 1.900% 2019 26 Nov 25
EUR 750,000,000 0.500% 2018 26 Nov 25
EUR 750,000,000 0.050% 2019 20 Nov 29

Sustainability bond for social housing associations

USD 500,000,000 3.125% 2018 08 Nov 2021
USD 750.000.000 2.125% 2017 14 Dec 2020
EUR 1,000,000,000 0.050% 2016 13 Jul 2024
USD 1,000,000,000 1.500%
2019 16 Oct 2024
EUR 1,000,000,000
0.001%
2020
05 Oct 2032

Long term funding 2020

In 2020 BNG Bank has issued EUR 15.1 billion equivalent with an average maturity of 8.9 years. 
More information and tables

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