ING successfully issues USD 6 billion guaranteed bond

ING successfully issues USD 6 billion guaranteed bond

ING Bank announced today that it has successfully placed 3 year USD denominated government guaranteed senior unsecured bonds. The issue of USD 6 billion was done under the Credit Guarantee Scheme of the Netherlands and is part of ING Group’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. USD 5 billion of the issue was priced at a fixed rate of 80 basis points over mid-swaps. USD 1 billion was priced at a variable rate of 80 basis points over 3 month LIBOR.

ING placed the issue among central banks, agencies and fund managers across Europe, the US, the Middle-east and Asia. The bonds carry an AAA/Aaa rating by Standard & Poor’s, Fitch and Moody’s. Joint Lead Managers for the issue were Citigroup, JPMorgan, HSBC and ING Bank (Reg. S only).

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