ING Bank N.V. has priced EUR 1 billion of 3-year fixed rate green senior notes at a coupon of 3.250%, according to documentation published on the Dutch bank's investor pages. The notes, due 12 May 2029, were priced to yield 3.281% and will fund eligible green assets under ING's Global Green Funding Framework.

Proceeds from the issuance will be applied to Renewable Energy and Green Buildings categories under the framework, with an external review by ISS Corporate Solutions providing independent assurance. The deal is one of the larger benchmark green bond transactions from a European bank in the current window.

STRUCTURE AND PRICING

The EUR 1 billion size and 3-year tenor place the issuance in the sweet spot of demand for senior European bank paper, offering investors an intermediate maturity aligned with common asset-liability management preferences. The 3.250% coupon and 3.281% yield reflect the current level of European swap rates and ING's credit spread in the senior unsecured segment.

Joint Lead Managers on the transaction were Commerzbank, ING, JP Morgan SE, Mizuho Bank Europe, Société Générale and UniCredit, according to the offering documentation. The syndicate combines a mix of European and Japanese houses, reflecting the international investor base for euro-denominated senior bank green bonds.

By pricing a benchmark green senior transaction at this size and tenor, ING adds another data point to a growing sample of European bank green issuance in 2026. The 3.25% coupon establishes a fresh reference for future deals from the group in the green format at this maturity.

The 12 May 2029 maturity gives the notes a clean roll-off point roughly three years from pricing, providing predictability for investor portfolios and treasury planning. Small differences between coupon and yield, at 3.250% and 3.281% respectively, are typical of new issue pricing where a discount to par produces a marginally higher yield to maturity.

GREEN FUNDING FRAMEWORK

The proceeds will be allocated under ING's Global Green Funding Framework, which sets out eligibility criteria and reporting commitments for the use of green funding raised by the group. The Renewable Energy and Green Buildings categories referenced in the offering documentation are established components of the framework.

ISS Corporate Solutions provided the external review for the transaction, giving independent assurance on the alignment of the framework and the deal with market standards. External reviews have become a de facto requirement for large benchmark green bond issuance from European banks, providing investors with an additional layer of verification.

The 3-year notes due 12 May 2029 will trade in the euro senior unsecured market alongside other benchmark issuance from ING and its European peers. The bank publishes details of its green bond issuance and framework in the fixed income section of its website, alongside allocation and impact reporting for previous transactions.

With Commerzbank, ING, JP Morgan SE, Mizuho Bank Europe, Société Générale and UniCredit acting as Joint Lead Managers, the syndicate mix underlines the breadth of institutional demand that ING has been able to marshal for the EUR 1 billion transaction. External review by ISS Corporate Solutions completes the standard package of independent assurance that investors in a benchmark green senior note expect at this size and tenor.