IFLR1000

ING $2.25 billion AT1 CoCo bond issue

16/4/2015
Convertible and hybrid securities, Investment grade bond/note issue
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$ 2.25 billion

Completed

16/4/2015

Overview:

  • ING has issued $2.25 billion in perpetual AT1 contingent convertible (CoCo) notes.
  • The issue is made up of two tranches - $1 billion 6% notes due in 2020 and $1.25 billion 6.5% notes due 2026.
  • This is the first issue of convertible AT1 instruments by a Dutch issuer under CRD IV.
  • Citigroup Global Markets, ING Financial Markets, JPMorgan Securities, UBS Securities, Barclays Capital, Commerz Markets, HSBC Securities, Bank of America Merrill Lynch, Natixis Securities and Société Générale acted as underwriters.

Wai Yee Tsang - Journalist

Jurisdictions:

United States
Netherlands

Deal types:

Convertible and hybrid securities
Investment grade bond/note issue

Practice area:

Capital markets : Debt

Governing laws:

New York
Netherlands

Industry sector:

Banking

Firms:
A&O Shearman

Party: JPMorgan Securities (Joint lead manager)

Davis Polk & Wardwell

Party: Citigroup Global Markets Ltd (Underwriter)

Party: ING (Underwriter)

Party: JPMorgan Securities (Underwriter)

Party: UBS Securities (Underwriter)

Party: Barclays Capital (Underwriter)

Party: HSBC Securities and Capital Markets (Underwriter)

Party: Bank of America Merrill Lynch (Underwriter)

Party: Société Générale (Underwriter)

Party: Commerz Markets (Underwriter)

Party: Natixis Securities (Underwriter)

Lawyer: Connie Milonakis

Linklaters

Party: ING (Issuer)

Sullivan & Cromwell

Party: ING (Issuer)

Lawyer: Lucas Carsley

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