ING Australia launches three- and five-year covered bond deal

ING Bank Australia (ING Australia) (A/A3/A) launched a new, benchmark Australian dollar denominated covered bond transaction on 16 August. The forthcoming deal will be comprised of a three-year floating-rate note tranche, being marketed at 60 basis points area over three-month bank bills, and a five-year fixed rate tranche, being marketed at 80 basis points area over semi-quarterly swap. Pricing is expected on the day after launch.