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ING Group calls €1.5 billion of 8% perpetual hybrid capital securities
By Tali Rackner
Norfolk, Va., March 18 - ING Group plans to redeem its €1.5 billion of 8% ING perpetual hybrid capital securities, in line with its goal to optimize its capital structure and lower its funding costs, according to a press release.
The securities will be redeemed on April 18.
In the capital structure of ING, the tier 1 hybrid will be replaced by the €11.5 billion of 3 5/8% CRD-IV eligible tier 2 securities that were issued in February. The transaction will reduce the cost of capital for ING and will contribute to future earnings, the company said.
ING Group is a Dutch global financial institution.
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