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 on 5 May to yield 3.281%, and an amount equal to the net proceeds will finance or refinance a portfolio of eligible green loans 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 ING's Global Green Funding Framework having received a second-party opinion from ISS Corporate Solutions.
STRUCTURE AND PRICING
The notes were issued at 99.913% of their nominal amount, with an issue date of 12 May 2026 and annual interest payments from 12 May 2027.
Joint Lead Managers on the transaction were Commerzbank, ING, JP Morgan SE, Mizuho Bank Europe, Société Générale and UniCredit, according to the offering documentation. Banco de Sabadell, Bankinter, Crédit Mutuel Arkéa and Unicaja Banco acted as Co-Lead Managers.
The yield of 3.281% is above the 3.250% coupon because the notes were issued below par.
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. Under the final terms, eligible renewable-energy assets include solar and on- and offshore wind, while eligible green buildings must meet set energy-performance thresholds.
ISS Corporate Solutions reviewed ING's 2024 Global Green Funding Framework and issued a second-party opinion on it.
Application has been made for the notes to be admitted to trading on Euronext Amsterdam from the issue date. ING will publish an annual allocation report on its website and intends, where feasible and on a best-effort basis, to report on the environmental impact of the green loan portfolio financed by its green bonds.
Bank news that matters, every weekday.
Follow The Global Banker on LinkedIn