ING plans to redeem $1.5 billion of 5.750% Perpetual Additional Tier 1 Contingent Convertible Capital Securities as the European banking group continues to optimize its capital structure.
The securities will be redeemed in full on their November 16, 2026 call date.
ING will pay holders the principal amount of the securities along with accrued and unpaid interest due through the redemption date. Investors of record as of November 13 will receive the applicable interest payment.
The securities carry CUSIP 456837AR4 and ISIN US456837AR44. The Bank of New York Mellon, London Branch, serves as paying agent.
Additional Tier 1, or AT1, securities are instruments banks can use as part of their regulatory capital structures. They are generally designed to absorb losses under certain circumstances while providing issuers with a source of capital that can qualify toward regulatory requirements.
Redeeming the $1.5 billion issuance allows ING to adjust the composition of its capital following the securities’ contractual call provisions.
The bank said future decisions about whether to call other outstanding debt securities will continue to be made on an economic basis while considering the interests of its stakeholders. Relevant factors will include prevailing market conditions, regulatory approval and ING’s capital requirements.
ING operates through ING Bank and provides retail and wholesale banking services to customers in more than 100 countries. The bank employs more than 60,000 people.
ING Group shares trade in Amsterdam and Brussels, while its American depositary receipts are listed on the New York Stock Exchange.
