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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
INTNED
ING Groep NV (ING)€1,000
1EMEA
May 11, 2026
currency
EUR
size (m)
1,000.000
maturity
May 18, 2038
type
Fixed Rate Reset
tenor
12.000
call
7.00
registration
Reg S Only
benchmark
Swaps
ranking
Subordinated
moody's
Baa2
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+165 area
ipt-pxd
-30
guidance
n/a - straight to launch
spread
135
coupon
4.277%
spread set
-
price
100.00000
yield
4.277%
book size (m)
2,500
peak book (m)
3,100
x-covered
2.5
book attrition
-19.35%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,500
peak book (m)
3,100
x-covered
2.5
book attrition
-19.35%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2500; First Pay: 2027-05-18; Redemption: 2033-05-18; Registration: Reg S Only; Comments: DBR 2.3 02/15/33 +143.1bps (Px 96.68% Yield 2.846%). HR 100%. Tax Call: Yes. Clean-Up Call: 75%. Regulatory Call: Yes. LEI: 549300NYKK9MWM7GGW15;
Use of Proceeds
Finance and/or refinance, in whole or in part, a portfolio of green loans (the “Eligible Green Loan Portfolio”)
Relative Value

COMPS

Ticker

Issue date

Maturity date

Call date

Coupon (%)

Size (€mn)

Rating (Moody's/S&P/Fitch)

I spread to Call (bid)

INTNED

Aug-25

Aug-37

Aug-32

3.875

1,250

Baa2/BBB+/A-

129

Recent 12NC7

SANTAN

Apr-26

Apr-38

Apr-33

4.25

1,000

Baa2/BBB+/BBB+

131