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ING DIRECT prices $A750 million IDOL 2015-1 RMBS

Published on 02/10/2015

ING Bank (Australia) Limited (ING Direct) today announced that the IDOL 2015-1 Trust, a securitisation of residential mortgages, has priced.

The $A750 million IDOL 2015-1 Trust comprises the following securities:



Expected Rating (S&P/Moody’s) Size Expected Average Life (yrs) Credit Support Margin (Benchmark)
A AAA(sf) / Aaa(sf) $A690m 2.9 8.00% BBSW + 0.98%


AAA(sf) / NR $A28.2m 5.6 4.24% Not disclosed
B* AA(sf) / NR $A23.925m 5.6


1.05% Not disclosed
C* A(sf) / NR $A6.975m 5.6 0.12% Not disclosed
D* BBB(sf) / NR $A0.525m 5.6


0.05% Not disclosed
E* NR / NR $A0.375m 5.6 N/A Not disclosed

* The Class AB, B, C, D and E Notes were retained at issue

Strong investor support for the IDOL programme allowed the transaction to price within guidance. The final book comprised of 13 investors.

ING Direct is the originator and servicer of the assets. ING Bank (Australia) Limited is the manager of the IDOL programme. The trustee of the IDOL 2015-1 Trust, Perpetual Corporate Trust Limited, is the issuer of the mortgage-backed securities.

Macquarie Bank Limited is the arranger of the transaction. Macquarie Bank Limited, ING Bank N.V., Singapore Branch, Commonwealth Bank of Australia, J.P. Morgan Australia Limited and National Australia Bank Limited are the Joint Lead Managers.  The issue is due to settle on 14 October 2015.


Media contact
David Breen
Head of Corporate Affairs, ING DIRECT
T: +61 2 9028 4347
M:  +61 412 933 060

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