Allens advises ING DIRECT on one of year's largest securitisations
11 October 2012
In one of the largest securitisation deals in the Australian market this year, Allens has advised ING DIRECT (wholly owned by Dutch insurance and banking conglomerate, the ING Group) on a new $1 billion issue of residential mortgage-backed securities (RMBS) under its RMBS program.
Expectations were exceeded for the RMBS deal, with investor demand doubling the size of the subscription.
Partner Ian Wallace, who led the Allens team on the transaction, said that, as well as acting on the successful $1 billion issue, Allens advised ING DIRECT on the establishment of its Securitisation Program in 2010, and on a number of subsequent issues under that program.
'Securitisations such as the one being undertaken by ING are not commonplace in today's market,' Mr Wallace said.
'ING has continued with its program post GFC and it was pleasing to be able to assist them to garner the investor response that this $1 billion issue has generated.'
Allens' alliance partner, Linklaters, advised on the matter's US$-denominated European tranche.
Macquarie and Citi were arrangers to the deal and also acted as joint lead managers, along with ING Bank N.V., Singapore Branch and NAB.
| Allens legal team | Ian Wallace (Partner – Sydney), Nicky Andrews (Partner – Sydney), Charles Armitage (Partner – Sydney), Katya Rozenblit (Senior Associate – Sydney), Caleb Chua (Senior Associate – Sydney), Judith Taylor (Senior Associate – Sydney) |
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 36 offices in 27 countries around the world.