ING pays no premium for tier two double dipping

Biscuits_cookies_coffee_tea_Fotolia_230x150
By Tyler Davies
19 Sep 2017

ING raised €1bn of new 12 year non-call seven tier two bonds without paying any new issue premium on Tuesday, despite offering investors the chance to invest in a nearly identical deal earlier in the year.

ING raised €750m of 12 year non-call seven tier two bonds at 215bp over mid-swaps in February, but the deal was trading about 100bp tighter at 119bp-120bp on Tuesday morning.

A banker following the trade on Tuesday said that fair value for the new 12 year non-call ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.