ING’s ‘prize-winning’ short book build

ING DiBa was assured of a very strong response to its Pfandbrief, given that the market has had just €1.5bn of supply in 2012 year, which is billions below scheduled redemptions. Its deal on Tuesday was the fourth €500m sized benchmark from the region this year. ING is well regarded and the deal was well prepared — enabling it to price very closely to where its much larger peer, Deutsche Bank, had been trading and at the tightest level for any covered bond this year.