ING Group To Issue $2.25 Bln Addl. Tier 1 Securities

(RTTNews) - ING Group (ING) said that it will issue $2.25 billion securities that qualify as Additional Tier 1 capital under CRD IV / CRR. The successful issuance will further strengthen its capital base.

Following significant demand from investors in Asia, Europe and the U.S, ING will issue $2.25 billion of USD denominated Perpetual Additional Tier 1 Contingent Convertible Capital Securities. This comprised two separate tranches: a $1.0 billion Perpetual Non-Callable 5 Year with coupon 6.00%; and a $1.25 billion Perpetual Non-Callable 10 Year with coupon 6.50%.

The securities will be subject to full conversion into ordinary shares of ING Group in the event ING Group's phased-in CET 1 ratio would fall below 7.0%.

The settlement of the securities is expected to occur on 16 April 2015 which will complete the issuance.