ING issues USD 2 billion guaranteed bond

ING issues USD 2 billion guaranteed bond

ING Bank announced today that it has placed a 5 year USD denominated government guaranteed senior unsecured bond issue. The issue of USD 2 billion was done under the Credit Guarantee Scheme of the State of the Netherlands and is part of ING Bank’s regular medium-term funding operations.

The issue follows the announcement of 26 January 2009 that under the terms of the agreement with the Dutch State on an Illiquid Assets Back-up Facility, ING will pro-actively issue EUR 10 billion in government guaranteed bonds. Since then, ING announced on 30 January and 20 February the issuance of government guaranteed bonds for a total amount equal to EUR 8.7 billion. The current issue was priced at a fixed coupon of 3.90%, 145 basis points over USD mid-swaps.

ING placed the issue among a variety of financial institutions, among which central banks, agencies and fund managers in Europe, US, the Middle-east and Asia. The bonds carry an AAA rating by Standard & Poor’s, Fitch and Moody’s. Joint Lead Managers for the issue were Bank of America / Merrill Lynch, ING Bank, JPMorgan Chase & Co and Morgan Stanley.

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