The London office of global legal practice Norton Rose Fulbright has advised ING Belgium on the establishment of a €10 billion Residential Mortgage Pandbrieven programme. The programme is ING Belgium’s first covered bond programme.

The programme is designed to be UCITS and CRD compliant and is listed on NYSE Brussels. The bonds issued will be collateralised, or “covered”, by a portfolio of Belgian residential mortgages.

London securitisation partner David Shearer led the team advising ING Belgium, supported by senior associate Andrew Coote and associate Charlotte Brown.

David Shearer, partner, Norton Rose Fulbright, commented:

“The Belgium covered bond framework is very new, making this an exciting transaction to advise on. We were able to draw on our extensive international covered bonds experience to work with ING Belgium to create a workable structure and terms for the transaction under what is currently an untested legal framework.”

Belgium firm Stibbe provided local legal advice. The transaction closed on 3 December 2013.