Summary. ING Bank NV is in market today with a triple-tranche EUR benchmark green bond: 2Y FRN at 3mE+60-65, 3Y fixed at MS+65 area, and 7Y fixed at MS+95 area. Settlement May 12, 2026. Mapped against ING Groep senior non-preferred A- comps, fair value triangulates to ~MS+40 on the 3Y and ~MS+70 on the 7Y, implying ~25bp of new-issue premium at IPT across both fixed tranches. Total expected size EUR 2-3bn.
IPT vs Implied Fair Value
| Tranche | IPT | Implied Yield | FV Estimate | NIC at IPT |
|---|
| 2Y FRN | 3mE+60-65 | n/a | ~3mE+40 | ~20-25bp |
| 3Y Fixed | MS+65 | ~3.53% | ~MS+40 | ~25bp |
| 7Y Fixed | MS+95 | ~3.93% | ~MS+70 | ~25bp |
How the FV Estimates Were Derived
Implied yields use EUR mid-swaps of 2.88% (3Y) and 2.98% (7Y). Fair value triangulates off ING Groep senior non-preferred A- in EUR. The IPT spread profile aligns with that curve rather than ING Bank NV senior preferred, which trades materially tighter (~MS+15-35 across short and intermediate tenors).
SNP Reference Curve
| Maturity | Tenor | YTM (%) | vs MS (bp) |
|---|
| Nov 2030 | ~4.5Y | 3.35 | ~+44 |
| Feb 2032 | ~5.8Y | 3.53 | ~+59 |
| Nov 2032 | ~6.5Y | 3.63 | ~+68 |
| Sep 2035 | ~9.3Y | 3.92 | ~+84 |
| Feb 2037 | ~10.8Y | 4.03 | ~+92 |
Expected Size & Landing
| Tranche | Expected Size | Likely Landing |
|---|
| 2Y FRN | EUR 750m-1bn | 3mE+40-45 |
| 3Y Fixed | EUR 750m-1bn | MS+40-45 |
| 7Y Fixed | EUR 500m-1bn | MS+65-75 |
This post reflects market observations only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Pricing levels and spreads are indicative and subject to change. Readers should consult the final offering documents and seek independent professional advice before making any investment decision.
