On 28 November, ING Groep (A-/Baa1/A+) launched its benchmark four- and 10.5-year Australian dollar denominated EMTN transaction. The four-year tranches will come in fixed- and floating-rate formats and have indicative price guidance of 155 basis points area over swap benchmarks, while the 10.5-year fixed-rate tranche is being marketed at 225 basis points area over semi-quarterly swap.