ING Bank Australia completed its covered bond debut today (Friday), printing a A$1bn (EUR639m, US$726m) dual tranche deal comprising a three year floating rate note and a five year fixed rate issue, which were priced 2bp and 3bp inside guidance, respectively.

Leads DBS, Deutsche, ING, NAB and RBC opened books for the deal yesterday (Thursday), launching the three year floating rate tranche with guidance of the three month BBSW plus 60bp area, and the five year fixed tranche with guidance of the swaps plus 80bp area.

The three year FRN was then priced today at 58bp and the size set at A$400m. The five year tranche was priced at 77bp and the size set at A$600m.

The ING subsidiary takes the number of Australian covered bond issuers to eight.