Filed Pursuant to Rule 424(b)(5)
Registration No. 333-248407
Prospectus Supplement to Prospectus dated September 4, 2020
ING Groep N.V.
$1,250,000,000 3.869% Callable Fixed-to-Floating Rate
Senior Notes due 2026
$1,250,000,000 4.017% Callable
Fixed-to-Floating Rate Senior Notes due 2028
$1,000,000,000 4.252% Callable Fixed-to-Floating Rate
Senior Notes due 2033
$500,000,000 Callable Floating Rate Senior Notes due 2026
ING Groep N.V. (the Issuer) is offering hereby $1,250,000,000 aggregate principal amount of 3.869% Callable Fixed-to-Floating Rate Senior Notes due 2026 (the 2026 notes), $1,250,000,000 aggregate principal amount of 4.017% Callable
Fixed-to-Floating Rate Senior Notes due 2028 (the 2028 notes), $1,000,000,000 aggregate principal amount of 4.252% Callable Fixed-to-Floating Rate Senior Notes due 2033 (the 2033 notes) and, together with the 2026 notes and the 2028 notes, the fixed-to-floating rate notes) and $500,000,000 aggregate principal amount of Callable Floating Rate Senior Notes due 2026 (the floating rate notes
and, together with the fixed-to-floating rate notes, the notes) to be issued pursuant to the Senior Debt Securities Indenture dated as of
March 29, 2017 between the Issuer and The Bank of New York, as trustee (the trustee).
Interest will accrue on the
2026 notes (i) from (and including) the date of issuance to (but excluding) March 28, 2025 (the 2026 Notes Call Date) at a rate of 3.869% per annum and (ii) from (and including) the 2026 Notes Call Date at a
floating rate equal to the SOFR Index Average (as defined herein), reset quarterly, plus 1.640% per annum, subject to a minimum rate of 0.00% per annum (the Minimum Rate). Interest will accrue on the 2028 notes (i) from (and
including) the date of issuance to (but excluding) March 28, 2027 (the 2028 Notes Call Date) at a rate of 4.017% per annum and (ii) from (and including) the 2028 Notes Call Date at a floating rate equal to the SOFR Index
Average, reset quarterly, plus 1.830% per annum, subject to the Minimum Rate. Interest will accrue on the 2033 notes (i) from (and including) the date of issuance to (but excluding) March 28, 2032 (the 2033 Notes Call
Date and, together with the 2026 Notes Call Date and the 2028 Notes Call Date, the Fixed-to-Floating Rate Notes Call Dates), at a rate of
4.252% per annum and (ii) from (and including) the 2033 Notes Call Date at a floating rate equal to the SOFR Index Average, reset quarterly, plus 2.070% per annum, subject to the Minimum Rate. Interest will accrue on the floating rate notes
from (and including) the date of issuance at a floating rate equal to the SOFR Index Average, reset quarterly, plus 1.640% per annum, subject to the Minimum Rate. The Issuer will pay interest on the 2026 notes semi-annually in arrear on
March 28 and September 28 in each year, commencing on September 28, 2022, until (and including) the 2026 Notes Call Date, and thereafter, quarterly in arrear on June 28, 2025, September 28, 2025, December 28, 2025 and
March 28, 2026. The Issuer will pay interest on the 2028 notes semi-annually in arrear on March 28 and September 28 in each year, commencing on September 28, 2022, until (and including) the 2028 Notes Call Date, and
thereafter, quarterly in arrear on June 28, 2027, September 28, 2027, December 28, 2027 and March 28, 2028. The Issuer will pay interest on the 2033 notes semi-annually in arrear on March 28 and September 28 in each
year, commencing on September 28, 2022, until (and including) the 2033 Notes Call Date, and thereafter, quarterly in arrear on June 28, 2032, September 28, 2032, December 28, 2032 and March 28, 2033. The issuer will pay
interest on the floating rate notes quarterly in arrear on March 28, June 28, September 28 and December 28 in each year, commencing on June 28, 2022. You will receive interest payments on your notes only in cash. In the
event that SOFR Index Average ceases to be calculated or administered for publication, the Issuer may select a SOFR Benchmark Replacement (as defined herein) and the manner in which the Floating Interest Rate (as defined herein) on the notes is
calculated or determined may be varied, as described in this prospectus supplement. See Description of Notes SOFR Discontinuation.
The notes will be the Issuers unsecured and unsubordinated obligations, ranking pari passu without any preference among
themselves and equally with all of the Issuers other unsecured and unsubordinated obligations from time to time outstanding, save as otherwise provided by law.
The Issuer may, at its option, redeem in whole, but not in part, (i) the 2026 notes on the 2026 Notes Call Date, (ii) the 2028 notes
on the 2028 Notes Call Date, (iii) the 2033 notes on the 2033 Notes Call Date and (iv) the floating rate notes on March 28, 2025 (the Floating Rate Notes Call Date and, together with the Fixed-to-Floating Rate Notes Call Date, the Call Dates), in each case at 100% of their respective principal amount, plus accrued and unpaid interest to the
redemption date (including Additional Amounts (as defined herein), if any). In addition, the Issuer may, at its option, also redeem each series of notes on the occurrence of certain tax or regulatory events on the terms described in this prospectus
supplement under Description of Notes Redemption. Any redemption or repurchase of the notes is subject to the provisions described under Description of Notes Condition to Redemption and Purchase.
The Issuer will apply to list the notes on the New York Stock Exchange (NYSE) under the symbols ING26 for the
2026 notes, ING28A for the 2028 notes, ING33 for the 2033 notes and ING26A for the floating rate notes. Trading of the notes on the New York Stock Exchange is expected to begin within 30 days after the initial
delivery thereof.
Investing in the notes involves risks. See Risk Factors beginning on page S-16 of this prospectus supplement, Risks Relating to Our Debt Securities and Capital Securities beginning on page 8 of the accompanying prospectus and Risk Factors beginning
on page 8 of the Issuers Annual Report on Form 20-F for the year ended December 31, 2021 and the other information included and incorporated by reference in this prospectus supplement and the
accompanying prospectus for a discussion of the factors you should carefully consider before deciding to invest in the notes.
IMPORTANT PRIIPs REGULATION / PROHIBITION OF SALES TO EEA RETAIL INVESTORS. The notes are not intended to be offered, sold or
otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (EEA). For these purposes, the expression retail investor means a person who is one
(or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the
Insurance Distribution Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No
1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making them
available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
This prospectus supplement has been
prepared on the basis that any offer of notes in any Member State of the EEA will be made pursuant to an exemption under Regulation (EU) 2017/1129 (the Prospectus Regulation) from the requirement to publish a prospectus for offers of
notes. This prospectus supplement is not a prospectus for the purposes of the Prospectus Regulation.
IMPORTANT UK PRIIPS
REGULATION / PROHIBITION OF SALES TO UK RETAIL INVESTORS. The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For
these purposes, the expression retail investor means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law
by virtue of the European Union (Withdrawal) Act 2018 (the EUWA); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the FSMA) and any rules or regulations
made under the FSMA to implement the Insurance Distribution Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of
domestic law by virtue of the EUWA. Consequently, no key information document required by the PRIIPs Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the UK PRIIPs Regulation) for offering or selling
the notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful
under the UK PRIIPs Regulation.
This prospectus supplement has been prepared on the basis that any offer of notes in the United
Kingdom will be made pursuant to an exemption under the Prospectus Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (the UK Prospectus Regulation) from the requirement to publish a prospectus for offers of
notes. This prospectus supplement is not a prospectus for the purposes of the UK Prospectus Regulation.
Notwithstanding any other
agreements, arrangements or understandings between the Issuer and any holder of the notes, by acquiring the notes, each holder and beneficial owner of the notes or any interest therein acknowledges, accepts, recognizes, agrees to be bound by, and
consents to the exercise of, any Dutch Bail-in Power by the relevant resolution authority that may result in the reduction (including to zero), cancellation or write-down (whether on a permanent basis or
subject to write-up by the resolution authority) of all, or a portion, of the principal amount of, or interest on, the notes and/or the conversion of all, or a portion, of the principal amount of, or interest
on, the notes into shares or claims which may give right to shares or other instruments of ownership or other securities or other obligations of the Issuer or obligations of another person (whether or not at the point of non-viability and independently of or in combination with a resolution action), including by means of a variation to the terms of the notes (which may include amending the interest amount or the maturity or interest
payment dates, including by suspending payment for a temporary period), or that the notes must otherwise be applied to absorb losses, or any expropriation of the notes, in each case, to give effect to the exercise by the relevant resolution
authority of such Dutch Bail-in Power (whether at the point of non-viability or as taken together with a resolution action). Each holder and beneficial owner of a note
or any interest therein further acknowledges and agrees that the rights of holders and beneficial owners of a note or any interest therein are subject to, and will be varied, if necessary, so as to give effect to, the exercise of any Dutch Bail-in Power by the relevant resolution authority. In addition, by acquiring any notes, each holder and beneficial owner of a note or any interest therein further acknowledges, agrees to be bound by, and consents
to the exercise by the relevant resolution authority of, any power to suspend any payment in respect of the notes for a temporary period.
For these purposes, Dutch Bail-in Power means any statutory write-down and/or
conversion power existing from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated in The Netherlands in effect and
applicable in The Netherlands to the Issuer or other members of the group comprising ING Groep N.V. and its consolidated subsidiaries, including but not limited to any such laws, regulations, rules or requirements (including, but not limited to, the
Dutch Financial Supervision Act) that are implemented, adopted or enacted within the context of a European Union directive or regulation of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit
institutions and investment firms (including but not limited to Directive 2014/59/EU of the European Parliament and of the Council (as amended, the Bank Recovery and Resolution Directive or BRRD) and Regulation (EU) No
806/2014 of the European Parliament and of the Council (as amended, the SRM Regulation), in each case as amended or superseded) and/or within the context of a Dutch resolution regime under the Dutch Intervention Act (as implemented in
relevant statutes) and any amendments thereto, or otherwise, pursuant to which obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates can be reduced, cancelled and/or converted into shares or
other securities or obligations of the obligor or any other person (whether at the point of non-viability or as taken together with a resolution action) or may be expropriated (and a reference to the
relevant resolution authority is to any authority with the ability to exercise a Dutch Bail-in Power).
By its acquisition of the notes, each holder of the notes, to the extent permitted by the U.S. Trust Indenture Act of 1939, as amended (the
Trust Indenture Act), also waives any and all claims against the trustee for, agrees not to initiate a suit against the trustee in respect of, and agrees that the trustee shall not be liable for, any action that the trustee takes, or
abstains from taking, in either case in accordance with the exercise of the Dutch Bail-in Power by the relevant Dutch resolution authority with respect to such notes.
The notes are not deposit liabilities of ING Groep N.V. and are not insured by the U.S. Federal Deposit Insurance Corporation or any other
governmental agency of the United States, The Netherlands or any other jurisdiction.
Neither the U.S. Securities and Exchange
Commission nor any U.S. state securities commission has approved or disapproved of the notes or determined that this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
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Price to Public(1) |
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Underwriting Compensation |
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Proceeds, before expenses, to ING Groep N.V. |
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Per 2026 note |
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100.000 |
% |
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0.160 |
% |
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99.840 |
% |
Total 2026 notes |
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$ |
1,250,000,000 |
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$ |
2,000,000 |
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$ |
1,248,000,000 |
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Per 2028 note |
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|
100.000 |
% |
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|
0.210 |
% |
|
|
99.790 |
% |
Total 2028 notes |
|
$ |
1,250,000,000 |
|
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$ |
2,625,000 |
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$ |
1,247,375,000 |
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Per 2033 note |
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100.000 |
% |
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|
0.310 |
% |
|
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99.690 |
% |
Total 2033 notes |
|
$ |
1,000,000,000 |
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$ |
3,100,000 |
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$ |
996,900,000 |
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Per floating rate note |
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100.000 |
% |
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0.160 |
% |
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99.840 |
% |
Total floating rate notes |
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$ |
500,000,000 |
|
|
$ |
800,000 |
|
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$ |
499,200,000 |
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(1) |
Plus accrued interest, if any, from March 28, 2022. |
The underwriters expect to deliver the notes to purchasers in book-entry form only through the facilities of The Depository Trust Company
(DTC) on or about March 28, 2022. Beneficial interests in the notes will be shown on, and transfers thereof will be effected only through, records maintained by DTC and its participants, including Clearstream Banking,
société anonyme and Euroclear Bank S.A./N.V.
The notes will be issued only in registered form in minimum
denominations of $200,000 and in integral multiples of $1,000 in excess thereof.
Joint Book-Running Managers
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Citigroup |
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Goldman Sachs & Co. LLC |
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HSBC |
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ING |
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Morgan Stanley |
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TD Securities |
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Wells Fargo Securities |
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Co-Lead Managers
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BMO Capital Markets |
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DBS Bank Ltd. |
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Emirates NBD Capital |
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Standard Chartered Bank AG |
Prospectus Supplement dated March 21, 2022