Staff Reporter
ING DIRECT has completed the first RMBS deal for 2012.
The $800 million deal, which was priced at 145 points over the one month Bank Bill Swap Rate, was originally $500 million. However, demand from investors helped push the deal up an additional $300 million.
"Investor support for the transaction was very encouraging in terms of both breadth and depth. Especially pleasing was the return of previous investors to this asset class together with a range of new investors,” ING DIRECT treasurer Michael Witts said.
"The bank uses securitisation as one of its tools to diversify its funding base for long term sustainable growth in lending.”
The current transaction is the 4th RMBS deal from ING DIRECT.
Macquarie Bank is acting as arranger for the transaction, while ANZ, National Australia Bank and Macquarie Bank are acting as joint lead managers.
