8. Covered bond

Covered bond - Winner: ING

Bookrunners: BarCap, Deutsche Bank, ING

ING's second visit to the covered bond market came amid challenging conditions for an issuer. Before its launch in May there was a German Bund issue, one of the poorest in living memory according to Torsten Elling, head of covered bond syndicate and trading at Barclays Capital in Frankfurt. "We had to do some soft-sounding with a lot of investors, a lot of which was not positive." A deal size of EUR1 billion would have been dee