By Cristal Cody
Chicago, March 24 – ING Groep NV sold a $2.25 billion three-part offering of notes consisting of two tranches of fixed-to-floating rate notes due 2027 and 2032 and a tranche of floating-rate senior notes due 2027 on Wednesday, according to a market source.
The $400 million floating-rate tranche due April 1, 2027 will have a coupon based on SOFR plus 101 basis points.
A $1.1 billion tranche of fixed-to-floating rate notes due April 1, 2027 priced with an initial fixed coupon of 1.726% coupon, or Treasuries plus 92 bps. Talk was for an initial coupon with a spread of Treasuries plus 120 bps. The coupon resets to SOFR plus 100.5 bps.
Additionally, ING sold a $750 million tranche of fixed-to-floating rate notes due April 1, 2032 that starts with a 2.727% coupon. The notes priced with a spread of Treasuries plus 112 bps after talk in the Treasuries plus 145 bps area. The coupon will convert to a floating rate of SOFR plus 131.6 bps.
All of the tranches are callable on specific call dates, according to a 424B5 filing with the Securities and Exchange Commission.
BofA Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, Mizuho Securities USA LLC and RBC Capital Markets LLC are the joint bookrunners of the notes that are expected to be listed on the New York Stock Exchange.
Proceeds will be used for general corporate purposes.
The global financial institution is based in Amsterdam.
| Issuer: | ING Groep NV
|
| Issue: | Notes
|
| Amount: | $2.25 billion
|
| Bookrunners: | BofA Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, Mizuho Securities USA LLC and RBC Capital Markets LLC
|
| Trade date: | March 24
|
|
|
| 2027 floaters
|
| Amount: | $400 million
|
| Issue: | Floating-rate notes
|
| Maturity: | April 1, 2027
|
| Coupon: | SOFR plus 101 bps
|
| Call features: | Yes
|
|
|
| 2027 fixed-to-floaters
|
| Amount: | $1.1 billion
|
| Issue: | Fixed-to-floating rate notes
|
| Maturity: | April 1, 2027
|
| Coupon: | 1.726% initial rate; converts to SOFR plus 100.5 bps
|
| Spread: | Treasuries plus 92 bps
|
| Call features: | Yes
|
| Price talk: | Treasuries plus 120 bps area
|
|
|
| 2032 fixed-to-floaters
|
| Amount: | $750 million
|
| Issue: | Fixed-to-floating rate notes
|
| Maturity: | April 1, 2032
|
| Coupon: | 2.727% initial rate; converts to SOFR plus 131.6 bps
|
| Spread: | Treasuries plus 112 bps
|
| Call features: | Yes
|
| Price talk: | Treasuries plus 145 bps area
|
|
|
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