ING Financial Markets is road showing a EUR100 million (USD117 million) emerging market collateralized debt obligation. The single-tranche, static deal is the firm's first arbitrage synthetic transaction and also its first to reference emerging market credit-default swaps. An official familiar with the trade said ING selected the high yield underlyings because of its bullish view on emerging market names, as well as the potential spread pickup it offers investors. Structuring officials at ING declined comment. The underlying portfolio comprises 25 CDS on emerging market sovereigns and corporates in Eastern Europe, Latin America and Asia. Expected to close next month, the five-year transaction is being marketed to institutional clients in Europe. It is named Mondriaan after the Dutch painter and has not yet been priced.