Debt securities ING Groep N.V.
ING Groep N.V. has issued several hybrid securities to strengthen its capital base, or that of the Bank. These hybrid securities are perpetual fixed income securities with callability features, structurally subordinated to the senior debt instruments issued by ING Groep N.V.
Due to the characteristics of these securities ING Groep N.V. is allowed to include hybrid securities in its capital for regulatory purposes. Hybrid securities form an asset class in seniority and risk profile between equity and senior debt. The first column in the table below contains the terms and conditions per security.
ING Group informs that ING Perpetual Securities II (issued 19 June 2003) and ING Perpetual Securities III (issued 16 June 2004) will be floored at 0,00% in the case of a potential negative coupon rate as a consequence of market circumstances.
Overview per hybrid security
|Date of issuance||Coupon||Initial Amount||Amount after tender||first call date||called on||Listed on|
|19 Jun, 2003||0.31%*||€750,000,000||€431,755,500||30 Jun, 2013||Euronext-Amsterdam, Euronext-Brussels|
|16 Jun, 2004||0.0%*||€1,000,000,000||€562,613,500||30 Jun, 2014||Euronext-Amsterdam, Euronext-Brussels|
|26 Sep, 2005||6.125%||$700,000,000||15 Jan, 2011||redemption notice||NYSE|
|16 Apr, 2015||6.000% (reset after the first call date)||$1,000,000,000||16 Apr, 2020||redemption notice||GEM of Euronext Dublin|
|16 Apr, 2015||6.500% (reset after the first call date)||$1,250,000,000||16 Apr, 2025||GEM of Euronext Dublin|
|21 Nov, 2016||6.875% (reset after the first call date)||$1,000,000,000||16 Apr, 2022||GEM of Euronext Dublin|
|26 Feb, 2019||6.750% (reset after the first call date)||$1,250,000,000||16 Apr, 2024||GEM of Euronext Dublin|
|10 Sep, 2019||5.750% (reset after the first call date)||$1,500,000,000||16 Nov, 2026||GEM of Euronext Dublin|
|28 Feb, 2020||4.875%||$750,000,000||16 May, 2029**||GEM of Euronext Dublin|
|*coupon period: '31 March 2020 – 30 June 2020'
**includes a 6MPC. First reset date is 16 Nov, 2029
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