White & Case Advises Underwriters on ING-DiBa's €1.5 Billion Dual Tranche Mortgage Pfandbriefe Issuance

Global law firm White & Case LLP has advised the underwriters on a €1.5 billion dual tranche Mortgage Covered Bond (Pfandbrief) issued by ING-DiBa AG.

The underwriter group includes Bayerische Landesbank, BNP Paribas, Dekabank Deutsche Girozentrale, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, ING Bank N.V., Norddeutsche Landesbank – Girozentrale, Swedbank AB (Publ) and Unicredit Bank AG

With a principal amount of €1 billion, the first tranche has a term of five years (2023) and a fixed coupon of 0.250%. With a principal amount of €500 million, the second tranche has a term of 15 years (2033) and a fixed coupon of 1.250%. The Mortgage Pfandbriefe will be admitted to trading on the regulated market of the Frankfurt Stock Exchange.

The White & Case team in Frankfurt which advised on the transaction was led by partner Karsten Wöckener and included partner Rebecca Emory, local partner Cristina Freudenberger and associate Florian Fraunhofer.

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