By Cristal Cody
Eureka Springs, Ark., Aug. 9 – ING Bank NV sold $1.55 billion of notes (A1/A/A+) in four tranches on Tuesday, according to a market source.
The company placed $250 million of three-year floating-rate notes at Libor plus 61 basis points.
ING Bank priced $450 million of 1.65% notes due Aug. 15, 2019 at 83 bps over Treasuries, on the tight side of guidance of 85 bps over Treasuries, plus or minus 2 bps.
The company sold $250 million of five-year floating-rate notes at Libor plus 88 bps.
ING Bank lastly sold $600 million of 2.05% notes due Aug. 15, 2021 at Treasuries plus 93 bps. The notes priced on the tight side of guidance of Treasuries plus 95 bps, plus or minus 2 bps.
Credit Suisse Securities (USA) LLC, ING, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the lead managers.
ING Bank is an Amsterdam-based financial services company.
| Issuer: | ING Bank NV
|
| Amount: | $1.55 billion
|
| Description: | Notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, ING, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Trade date: | Aug. 8
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A+
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2019
|
| Coupon: | Libor plus 61 bps
|
|
|
| Three-year notes
|
| Amount: | $450 million
|
| Maturity: | Aug. 15, 2019
|
| Coupon: | 1.65%
|
| Spread: | Treasuries plus 83 bps
|
| Price guidance: | Treasuries plus 85 bps area, plus or minus 2 bps
|
|
|
| Five-year floaters
|
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2021
|
| Coupon: | Libor plus 88 bps
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | Aug. 15, 2021
|
| Coupon: | 2.05%
|
| Spread: | Treasuries plus 93 bps
|
| Price guidance: | Treasuries plus 95 bps area, plus or minus 2 bps
|
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