By Andrea Heisinger
New York, Feb. 29 - ING Bank NV sold $2 billion of 3.75% five-year notes on Wednesday at a spread of 300 basis points over Treasuries, a source away from the deal said.
The spread was at the low end of guidance in the 300 bps to 305 bps range, the source added.
The notes (Aa3/A+/) were priced at 99.486 to yield 3.864%. The paper is non-callable.
The securities were sold under Rule 144A and Regulation S.
Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Goldman Sachs & Co. ran the books.
Proceeds will be used for general corporate purposes.
ING was last in the bond market with a $2.5 billion deal in three tranches on June 1, 2011.
The financial services company is based in Amsterdam.
| Issuer: | ING Bank NV
|
| Issue: | Notes
|
| Amount: | $2 billion
|
| Maturity: | March 7, 2017
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co.
|
| Coupon: | 3.75%
|
| Price: | 99.486
|
| Yield: | 3.864%
|
| Spread: | Treasuries plus 300 bps
|
| Call: | Non-callable
|
| Distribution: | Rule 144A and Regulation S
|
| Trade date: | Feb. 29
|
| Settlement date: | March 7
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Price talk: | 300 bps to 305 bps
|
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