Investors flock to ING Belgium’s covered bond

A broad and diversified group of investors placed large orders for ING Belgium’s €1.25bn 10 year covered bond issued on Thursday, lapping up its positive reoffer yield and the convincing spread pick-up, as well as the rarity and strength of the name. The resounding response stood in contrast to two tightly priced negative yielding Pfandbriefe issued earlier this week.