Retail exchange nets ING extra Eu230m of capital

23 Dec 2011

Dutch lender ING is exchanging Eu756m of retail tier one paper for two new five year senior unsecured bonds, adding Eu230m to the capital it generated in its institutional buyback.

This brings the total capital generated in the bank’s liability management exercise to Eu745m and takes the overall participation rate to 60%. Results of the institutional offer were announced on Thursday, but the bank gave retail bondholders an extra day to encourage as many as possible to participate, said ...

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