By Aleesia Forni
New York, March 16 – ING Bank NV sold $1.85 billion of senior notes (A1/A/A) in three parts, according to a market source.
There was $750 million of 2.3% three-year notes sold at 99.971 to yield 2.31%, or Treasuries plus 115 basis points.
The notes sold on top of guidance and tighter than initial talk set in the Treasuries plus 130 bps area.
And $500 million of three-year floaters sold at par to yield Libor plus 113 bps following talk set at the Libor equivalent to the fixed-rate tranche.
A $600 million 2.75% tranche of five-year notes sold at 99.903 to yield 2.771%. Pricing was at Treasuries plus 128 bps.
Guidance was in the Treasuries plus 130 bps area after having firmed from talk in the range of Treasuries plus 140 bps to 145 bps.
The Amsterdam-based financial services company plans to use the proceeds for general corporate purposes.
| Issuer: | ING Bank NV
|
| Issue: | Senior notes
|
| Amount: | $1.85 billion
|
| Bookrunners: | Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co., ING Bank
|
| Trade date: | March 15
|
| Settlement date: | March 22
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | March 22, 2019
|
| Coupon: | 2.3%
|
| Price: | 99.971
|
| Yield: | 2.31%
|
| Spread: | Treasuries plus 115 bps
|
| Price guidance: | Treasuries plus 115 bps, tightened from Treasuries plus 130 bps area
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | March 22, 2019
|
| Coupon: | Libor plus 113 bps
|
| Price: | Par
|
| Yield: | Libor plus 113 bps
|
| Price guidance: | Libor equivalent to three-year fixed-rate notes
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | March 22, 2021
|
| Coupon: | 2.75%
|
| Price: | 99.903
|
| Yield: | 2.771%
|
| Spread: | Treasuries plus 128 bps
|
| Price guidance: | Treasuries plus 130 bps area (+/- 2 bps), tightened from Treasuries plus 140 bps to 145 bps
|
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