ING Newsroom

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:

Class

 

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%
AB*

 

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.

-ENDS-

Media contact
David Breen
Head of Corporate Affairs, ING DIRECT
T: +61 2 9028 4347
M:  +61 412 933 060
E: david.breen@ingdirect.com.au

About ING DIRECT
ING DIRECT changed the way Australians bank 16 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought this low fee value to home loans, transactional banking and superannuation.

With over 1.5 million customers – and $32 billion in savings and $38 billion in mortgages – ING DIRECT has the highest Net Promoter Score (advocacy) of any bank.

Australia’s most recommended bank according to Nielsen Consumer Media View, Sep ’14 –Feb ’15 (n=10,220).

Media Enquiries

David Breen
Head of Corporate Affairs
0412 933 060
David.Breen@ing.com.au

Megan Landauro
Public Relations Manager
0413 317 225
Megan.Landauro@ing.com.au

ING
60 Margaret Street
Sydney NSW 2000

© Copyright 2021 ING.
ING is a business name of ING Bank (Australia) Limited ABN 24 000 893 292 AFSL/ACL 229823.
ING’s colour orange is a trade mark of ING and the ING Group of companies.