ING Bank has placed a 5 year USD denominated government guaranteed senior unsecured bond issue. The issue of $ 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 10 billion in government guaranteed bonds. 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.
L.D.