CEO drama unlikely to dent ING AT1 demand
ING left its investors bemused on Wednesday, when it decided to pull the additional tier one (AT1) bond it was marketing on the basis of undisclosed information it had received. After the news of its chief executive’s move to UBS quickly became public, the door was left open for the bank to complete the trade.
The decision to pull the bond was all the more surprising at the time because it was on target to become the lowest-yielding AT1 in the dollar market from a European issuer.Orders flooded in when arrangers circulated price thoughts in the low 5% area. Later in the morning, ...
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