ING pays no premium for tier two double dipping

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 ...

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