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Bank prices RMBS

by Staff Reporter7 minute read
The Adviser

Staff Reporter

ING DIRECT has priced its second public residential mortgage backed securitisation issue.

According to a statement by the company, the issue was launched at $750 million, with Macquarie Bank acting as an arranger for the transaction.

Macquarie, National Australia Bank and J.P. Morgan Australia will act as joint lead managers in the transaction, while Singapore Branch and Citigroup Global Markets Australia will act as co-managers.

ING DIRECT chief financial officer Glenn Baker says the deal is part of a strategy to diversify the bank’s funding base that started with the first public securitisation in October last year.

“The bank is using securitisation as part of a process of setting up a foundation for long term sustainable growth in lending,” Mr Baker said.

The Australian Office of Financial Management purchased $206 million of the Class A1 notes.

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