ING and PGGM agree a €5bn project-finance risk-sharing deal (Linden-1)

ING's first large SRT on project-finance assets, structured to EU STS criteria. €5bn is the reference portfolio, not the risk transferred; pricing and tranche size were not disclosed.

Why it matters for deal teams: Infra debt risk is being distributed synthetically to pension money. Price the reference portfolio carefully: size disclosed, risk transferred and pricing not.