By Andrea Heisinger
New York, June 1 - ING Bank NV sold $2.5 billion of notes (Aa3/A+/A+) on Wednesday in three tranches, a market source said in late afternoon.
A $1.4 billion tranche of three-year floating-rate notes sold at par to yield three-month Libor plus 140 basis points.
The second part was $500 million of 2.375% three-year notes priced at 99.85 to yield 2.427% with a spread of Treasuries plus 170 bps.
Finally, there was a $600 million tranche of 5% 10-year notes sold at 99.611 to yield 5.05% with a spread of 210 bps over Treasuries.
All of the notes were priced in line with talk, a source said. They sold under Rule 144A.
Bookrunners were Goldman Sachs & Co., Deutsche Bank Securities Inc., Morgan Stanley & Co., Inc. and ING Securities.
The financial services company is based in Amsterdam.
| Issuer: | ING Bank NV
|
| Issue: | Notes
|
| Amount: | $2.5 billion
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities Inc., Morgan Stanley & Co., Inc., ING Securities
|
| Distribution: | Rule 144A
|
| Trade date: | June 1
|
| Settlement date: | June 9
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: A+
|
|
|
| Three-year floaters
|
| Amount: | $1.4 billion
|
| Maturity: | June 9, 2014
|
| Coupon: | Three-month Libor plus 140 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 140 bps
|
| Call: | Non-callable
|
| Price talk: | Libor plus 140 bps area
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | June 9, 2014
|
| Coupon: | 2.375%
|
| Price: | 99.85
|
| Yield: | 2.427%
|
| Spread: | Treasuries plus 170 bps
|
| Call: | Non-callable
|
| Price talk: | 170 bps area
|
|
|
| Ten-year notes
|
| Amount: | $600 million
|
| Maturity: | June 9, 2021
|
| Coupon: | 5%
|
| Price: | 99.611
|
| Yield: | 5.05%
|
| Spread: | Treasuries plus 210bps
|
| Call: | Non-callable
|
| Price talk: | 210 bps area
|
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