Commentary & Deal Flow

Reoffer: 8yr: MS+27bp / 99.295% / 3.603% 12yr: MS+38bp / 99.261% / 3.828%

Benchmark: 8yr: DBR 2.6 15-Aug-34 @ 95.47% / B+34.60bp / HR 102% 12yr: DBR 1.0 15-May-38 @ 76.370% / B+32.90bp / HR 117%

8yr: Final Book above €1bn (incl. €85m JLM). Peak book above €1.25bn (incl. €85m JLM)

12yr: Final Book above €1.6bn (incl. €110m JLM). Peak book above €1.9bn (incl. €110m JLM)

Launched: 8yr: €750m @ MS+27bp - Books above €1.1bn (incl. €85m JLM) 12yr: €1bn @ MS+38bp - Books above €1.65bn (incl. €110m JLM)

Spread set at: 8yr: MS+27bp - Books above €1.25bn (incl. €85m JLM) 12yr: MS+38bp - Books above €1.9bn (incl. €110m JLM)

Book Update: Combined books above €2.7bn (incl. €155m JLM)

Guidance: 8yr: MS+32a 12yr: MS+44a

• Issuer: ING Bank N.V.
• Issuer Legal Entity Identifier (LEI): 3TK20IVIUJ8J3ZU0QE75
• Guarantor: ING Covered Bond Company B.V.
• Issue Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Status: Dutch Legislative Covered Bonds
• Size: 8yr: €750m, 12yr: €1bn
• Reoffer: 8yr: MS+27bp / 99.295% / 3.603% 12yr: MS+38bp / 99.261% / 3.828%
• Benchmark: 8yr: DBR 2.6 15-Aug-34 @ 95.47% / B+34.60bp / HR 102% 12yr: DBR 1.0 15-May-38 @ 76.370% / B+32.90bp / HR 117%
• Settlement Date: 14-Sep-26 (T+5)
• Maturity Date:
  • 8yr: 14-Sep-34 - 8yr soft bullet
  • 12yr: 14-Sep-38 - 12yr soft bullet
• Extended Maturity Date:
  • 8yr: 14-Sep-35
  • 12yr: 14-Sep-39
• Coupon:
  • 8yr: 3.500% Fixed Annual
  • 12yr: 3.75% Fixed Annual
• Coupon during Extended Maturity:
  • 8yr: 1 month Euribor + 27 bp, per annum, monthly in arrear, from 14-Sep-34 until 14-Sep-35
  • 12yr: 1 month Euribor + 38 bp, per annum, monthly in arrear, from 14-Sep-38 until 14-Sep-39
• Day Count Fraction until the Maturity Date: Actual/actual (ICMA)
• Business Day Convention until the Maturity Date: Following Business Day Convention, unadjusted
• Day Count Fraction during Extended Maturity: Actual/360
• Business Day Convention during Extended Maturity: Modified Following Business Day Convention, adjusted
• Business Day Centre: T2
• ISIN:
  • 8yr: XS3503934476
  • 12yr: XS3503934559
• Denomination: €100k + €100k
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Lead Managers: BBVA, Commerzbank, DZ Bank, Erste Group, ING, NatWest, Santander
• Documentation: Issued off the ING Bank N.V. €30bn Hard and Soft Bullet Covered Bonds Programme dated 11-Mar-26, as supplemented from time to time
• Security Format: New Global Note (NGN) bearer form, Reg S, Tefra D, Category 2
• Target market: MiFID II professionals/ECPs-only/No EU PRIIPs KID or UK PRIIPs KID or UK CCI product summary – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID or UK CCI product summary has been prepared as not available to retail in EEA and the UK.
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: TOE 14:21 CET / FTT 14:45
• Advertisement: This Term Sheet is an advertisement for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation") and underlying legislation. It is not a prospectus or final terms for the purposes of the Prospectus Regulation or the Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook. The Prospectus consisting of the securities note dated 11-Mar-26 and the registration document of ING Bank N.V. dated 11-Mar-26, as supplemented from time to time, is available at https://ing.com/investors/fixed-income-information/debt-securities-ing-bank-nv/hard-and-soft-bullet-covered-bonds and the Final Terms, when published, will be available on the same website and the website of the Euronext Amsterdam