ING

◆ Dutch lender's latest €2.5bn senior holdco follows Aussie domestic senior foray ◆ Comes a day after $1.5bn AT1 and before green RMBS ◆ Demand for senior unsecured assets is strong as ING clears big funding with limited, if any, new issue concession

◆ Final book tops $6bn ◆ Higher beta paper 'clearly in demand,' syndicate banker said ◆ NIP debated

◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October

Investors look to short-dated sterling as more rate cuts from BoE expected

Corporate hybrid issuance up over 70% in 2025 as borrowers refi

David Carmalt returns to the bond market after stints at two AI firms

Dutch banks share risk on €10.5bn corporate portfolio with 'small club' of SRT investors

◆ €1bn note eoffered at 38bp over mid-swaps ◆Minimal new issue concession ◆ Senior spreads 'attractive' for issuers compared to covered bonds

◆ Deal is the year's largest single tranche covered bond ◆ Order book reached €3.5bn by mid-morning ◆ Banker said covered bond market 'getting trades done at size'

◆ Popular deal offers premium to euros ◆ Foreign senior bank supply jumps to £1.25bn in two trading days ◆ More capital issuance to follow

◆ ING's €1bn deal top €3.4bn in orders ◆ Bank of Ireland prints tightest Irish senior since 2021 ◆ 'Very little NIP' on either trade

Veteran of the bank takes on new position