September 05, 2024 10:27 GMT
CREDIT SUPPLY: ING USD AT1 Final Terms: 7.25%, Inside Our FV, >6x Cover
CREDIT SUPPLY
ING (INTNED: Baa1 pos/A-/A+) final terms are 7.25% yield (we had 7.5%), so it’s come tight of the SANTAN line and especially the SANTAN 8% Perp at 0.6yrs shorter and c.7.5% on ALLQ. Books are above USD6.75bn, sized at USD1bn, so strong demand. We’ve seen some very keen pricing/large coverage of AT1 and T2 issues recently – yield is a clear draw right now.
- “FINAL TERMS: ING Groep $1b PNC 11/2034 Reg S AT1 7.25%” - BBG
76 words