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Allens acts on big securitisation deal
Allens has acted for ING DIRECT on a billion-dollar issue of residential mortgage-backed securities.
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Firms: Allens (ING DIRECT)
Area: Corporate
Value: $1 billion
Key players: Sydney-based partners Ian Wallace (pictured), Nicky Andrews and Charles Armitage led the transaction, with support from senior associates Katya Rozenblit, Caleb Chu and Judith Taylor.
Linklaters advised on the European tranche
Deal significance: In one of the largest securitisation deals in the Australian market this year, Allens acted for ING DIRECT (wholly owned by Dutch insurance and banking conglomerate, the ING Group).
Expectations were exceeded for the RMBS deal, with investor demand doubling the size of the subscription. Partner Ian Wallace said Allens also advised ING DIRECT on the establishment of its Securitisation Program in 2010, and on a number of subsequent issues under that program.
“Securitisations such as the one being undertaken by ING are not commonplace in today's market,” said Wallace. “ING has continued with its program post GFC and it was pleasing to be able to assist them to garner the investor response that this $1 billion issue has generated.”
Allens' alliance partner, Linklaters, advised on the matter's European tranche.
Macquarie and Citi were arrangers to the deal and also acted as joint lead managers, along with ING Bank N.V., Singapore Branch and NAB.
