Deals return as ING re-opens covered, ANZ targets new-style hybrid
ING is set to re-open the European covered bond market on Wednesday — the first sign that the primary market’s painfully quiet summer break may be close to ending. The deal came one day after ANZ captivated the FIG community by announcing a new-style hybrid capital transaction.
ING is set to price a 10 year covered bond at around 80bp over mid-swaps on Wednesday, in a deal that will be the first euro covered bond benchmark in two months. Barclays Capital, BNP Paribas and Deutsche Bank are managing the transaction.
The choice of maturity surprised
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