ING Groep talks callable fixed-to-floating notes due 2030, 2035

Chicago, March 11 – ING Groep NV is offering callable fixed-to-floating rate senior notes due in 2030 and 2035 in a dual-tranche deal (Baa1/A-/A+), according to a 424B5 filing with the Securities and Exchange Commission.

Initial talk on the notes due 2030 was in the Treasuries plus 155 basis points area, a source added. Initial talk on the notes due 2035 was 20 bps higher, in the 175 bps area.

The fixed rates will convert to floating rates for the final year of the term for each note. The notes will have a one-time optional call when the rate resets initially. Rates will then reset quarterly.

BofA Securities (billing and delivery), Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., ING Financial Markets LLC, Scotia Capital (USA) Inc., Standard Chartered Bank AG and Wells Fargo Securities, LLC were the bookrunners.

The deal was expected to be Monday business.

Bank of New York Mellon, London Branch will be the trustee.

Sullivan & Cromwell LLP (New York law) and Linklaters LLP (Dutch law) is advising the issuer. Davis Polk & Wardwell London LLP is working as counsel for the underwriters.

Proceeds will be used for general corporate purposes.

The notes will be unsecured and unsubordinated obligations.

The financial services company is based in Amsterdam.

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