Commentary & Deal Flow

Launched:
2yr: €1.25bn @ 3mE+55bp - Book €2.9bn (excl. JLM interest)
3yr: €1.25bn @ MS+55bp - Book €3.0bn (excl. JLM interest)
6NC5: €1bn @ MS+100bp - Book €6.0bn (excl. JLM interest)

Spread set at: 2yr: 3mE+55bp# - Book €2.6bn excl. JLM interest (Size exp. €1bn) 3yr: MS+55bp# - Book €2.7bn excl. JLM interest (Size exp. €1bn) 6NC5: MS+100bp# - Book €5.5bn excl. JLM interest (Size exp. €1bn)
Book Update: Combined books above €7bn (excl. JLM interest)
IPTs: 2yr: 3mE+80a 3yr: MS+80/85bp 6NC5: MS+130/135bp

• Terms: 2Y OpCo FRN / 3Y OpCo FXD / 6NC5 HoldCo FXD-to-FRN
• Issuer: ING Bank N.V. / ING Groep N.V.
• Issuer LEI:
  • ING Bank N.V.: 3TK20IVIUJ8J3ZU0QE75
  • ING Groep N.V.: 549300NYKK9MWM7GGW15
• Issuer Ratings:
  • ING Bank N.V.: A2 stable (Moody's), A+ stable (S&P), AA stable (Fitch), AA- stable (Scope)
  • ING Groep N.V.: A- stable (S&P), A+ stable (Fitch), AA- stable (Scope)
• Exp. Issue Ratings:
  • 2Y FRN / 3Y FXD: A2 (Moody's), A+ (S&P), AA (Fitch), AA- (Scope)
  • 6NC5 FXD-to-FRN: Baa1 (Moody's), A- (S&P), A+ (Fitch), A+ (Scope)
• Format: Senior unsecured, unsubordinated, Reg S bearer, New Global Note (NGN) bearer form, Category 2
• Use of Proceeds: General Corporate Purposes
• Settlement Date: 09-Nov-26 (T+5)
• Maturity:
  • 2-year FRN: 09-Nov-28
  • 3-year FXD: 09-Nov-29
  • 6NC5 FXD-to-FRN: 09-Nov-32
• Call Date:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: 09-Nov-31
• IPTs:
  • 2-year FRN: 3mE+80bps area
  • 3-year FXD: MS+80/85bps
  • 6NC5 FXD-to-FRN: MS+130/135bps
• Spread Set:
  • 2-year FRN: 3mE+55bps#
  • 3-year FXD: MS+55bps#
  • 6NC5 FXD-to-FRN: MS+100bps#
• Size:
  • 2-year FRN: €1.25bn
  • 3-year FXD: €1.25bn
  • 6NC5 FXD-to-FRN: €1bn
• Book (at reoffer, excl. JLM interest):
  • 2-year FRN: €2.9bn
  • 3-year FXD: €3.0bn
  • 6NC5 FXD-to-FRN: €6.0bn
• ISIN:
  • 2-year FRN: XS3560980214
  • 3-year FXD: XS3560980487
  • 6NC5 FXD-to-FRN: XS3560980727
• Coupon:
  • 2-year FRN: Floating Rate 3-month Euribor +[bps] (Margin), per annum, payable quarterly in arrear; Actual/360; Following Business Day Convention (Adjusted)
  • 3-year FXD: [%], per annum, payable annually in arrear; Actual/Actual (ICMA); Following Business Day Convention (Unadjusted)
  • 6NC5 FXD-to-FRN: From (and including) the Issue Date up to (but excluding) the Optional Redemption Date, [%] p.a., payable annually in arrear; Actual/Actual (ICMA), unadjusted; Following Business Day Convention. From (and including) the Optional Redemption Date to (but excluding) the Maturity Date, 3-month Euribor +[bps] p.a., payable quarterly in arrear; Actual/360, adjusted; Modified Following Business Day Convention
• Waiver of Set-Off: Applicable (6NC5 HoldCo only): Holders of Senior Notes cannot exercise or claim any right of set-off, netting or counterclaim in respect of amounts owed by the Issuer in respect of the Senior Notes
• Optional redemption (6NC5 HoldCo only): The Issuer may elect to redeem the Notes at 100% of their nominal amount on the Optional Redemption Date, subject to prior permission by the resolution authority
• Early redemption (6NC5 HoldCo only): Loss Absorption Disqualification Event, subject to prior permission by the competent authority and/or resolution authority, at par plus accrued interest
• Substitution and Variation (6NC5 HoldCo only): Applicable
• Clean-Up Call: Applicable, the Issuer may at any time, on giving not less than 15 nor more than 30 days notice, redeem all but not some of the Notes for the time being outstanding at an amount per Note equal to 100% of the Specified Denomination, together with interest (if any) accrued to (but excluding) the date of redemption, if, prior to the date of such notice, 75 per cent. or more in nominal amount of the Notes hitherto issued have been redeemed or purchased and cancelled
• Tax Call: Applicable, upon withholding, or a change in applicable tax treatment as specified in Condition 6(b) of the terms and conditions of the DIP the Issuer may, but shall not be obliged to, on giving not less than 15 nor more than 30 days notice, redeem all but not some of the Notes for the time being outstanding at an amount per Note equal to 100% of the Specified Denomination, together with interest (if any) accrued to (but excluding) the date of redemption
• Denomination: €100,000 + €100,000
• Listing/Docs: Euronext Amsterdam, Regulated Market / Issued off the €70bn Debt Issuance Programme of ING Groep N.V. and ING Bank N.V. dated 11-Mar-26, as supplemented from time to time
• Governing Law: Dutch Law
• Joint Bookrunners: Barclays, Credit Agricole Corporate and Investment Bank, ING (B&D), RBCCM, Santander, UBS
• Target Market: MiFID II / UK MiFIR professionals / ECPs-only - Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or in the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Schedule: Books open, todays business
• Timing: Today's business (Book to close at 13:20 CET)
• Books: Closed