ING pulls Tier 2 as shivers run down credit markets' spine

摘要

Ing group threw in the towel on a Tier 2 US dollar trade last Monday, the most worrying sign yet that access to bank capital funding has become exceptionally expensive as credit investors shut their books after suffering dismal returns this year. The Dutch lender began marketing with initial price talk of Treasuries plus 275bp area for a 15-year non-call 10 maturity but, unlike the other three issuers in the US market that day, failed to gain traction, and shelved the trade.