ING issues A$500 million Transferable Deposit
(25 May 2004 – Australia) ING’s Australian banking operation is set to issue a five year Transferable Deposit of about A$500 million, according to joint lead managers Commonwealth Bank and National Australian Bank.
ANZ Investment Bank and UBS AG are co-managers for the issue.
The banks said the issue would be settled by the end of the week and that there would be two tranches comprising a $150 million minimum fixed rate tranche and a $350 million minimum floating rate tranche.
The Transferable Deposits will be rated AA- stable by Standard & Poor’s.
In further news, S&P has placed ING’s Australian Equities funds ‘Under Review.’
S&P said the action resulted from organisational changes at ING Investment Management, particularly the announcement that head of Australian Equities, John Morgan, had left ING.
S&P will meet with ING later this month to discuss the review.
The banks said the issue would be settled by the end of the week and that there would be two tranches comprising a $150 million minimum fixed rate tranche and a $350 million minimum floating rate tranche.
The Transferable Deposits will be rated AA- stable by Standard & Poor’s.
In further news, S&P has placed ING’s Australian Equities funds ‘Under Review.’
S&P said the action resulted from organisational changes at ING Investment Management, particularly the announcement that head of Australian Equities, John Morgan, had left ING.
S&P will meet with ING later this month to discuss the review.
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