New Issue Commentary — ING GROEP N.V.
Dealer commentary on this issuer’s latest new issue, summarised.
ING GROEP N.V. brought one new issue on 4 November 2026: a USD 1.25bn Reg S noncall November 2031 AT1 security (ISIN XS3556786013). Price guidance started at an 8.250% area, and books built from above $5bn to more than $8.75bn at final allocation. The coupon was set at 7.750%, the deal priced at par with a 7.900% reoffer yield, and it carries a 7% CET1 trigger with expected ratings of BBB (S&P), BBB (Fitch) and BBB (Scope). Demand was strong relative to the $1.25bn size, and the tightening from the initial guidance indicates solid investor appetite for the paper.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| Reg S USD $1.25bn PNC Nov-2031 AT1 Perpetual Contingent Convertible Capital Securities | Perpetual | 7.750% S/A fixed to First Reset Date; thereafter 5-year SOFR mid-swap + 343.4bps | USD | USD 1.25bn | AT1 | Perpetual NC Nov-2031 (First Reset Date 16 November 2031) |