ING grabs tier two and demand for bank sub debt rises

By David Freitas
19 May 2020

ING has become the latest EU bank to sell subordinated debt during the coronavirus crisis, after capitalising on healthy levels of demand for its tier two paper on Tuesday.

ING Groep opened books for an 11 year non-call six tier two in benchmark size.

It chose Bank of America, BNP Paribas, Goldman Sachs, ING and UBS to run the trade and they started the pricing in the 270bp area over mid-swaps.

The ...

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