ING Groep, the Dutch banking and financial services corporation, has listed its additional tier 1 (AT1) capital on the Irish Stock Exchange’s (ISE) Global Exchange Market (GEM). The debt listings of $1bn and $1.25bn have a coupon rate of 6% and 6.5% respectively.
The securities are perpetual with no fixed maturity or redemption date. The interest rate will reset every five years, commencing on 16 April, 2020 for the 6% Securities and 16 April, 2025 for the 6.5% Securities. Securities automatically convert into ordinary shares if at any time the Issuer determines that the Group CET1 Ratio is less than 7.00%
ING Groep is the latest Dutch financial services corporation to list debt securities on the ISE, following Bank Nederlandse Gemeenten, Achmea Bank and commodity trading house Trafigura.
ING Groep N.V. is a holding company with its corporate seat and headquarters in Amsterdam, The Netherlands. ING Group currently serves more than 32 million customers in over 40 countries, offering banking services to meet a broad customer base.
