ING Bank N.V. London Branch (-95NM) published a post-stabilisation notice on 9 November 2026 confirming that no stabilisation activity was undertaken in connection with its GBP 325 million senior unsecured two-year floating rate note offering. The Stabilising Manager named in the notice was ING Groep. The disclosure is a regulatory requirement following a securities offering and confirms the market was not supported through stabilisation purchases. Investors in this instrument will note that the absence of stabilisation activity means the offering price was left to find its natural market level.

Key Points

  • ING Bank N.V. London Branch (-95NM) published the post-stabilisation notice via RNS on 9 November 2026
  • No stabilisation was undertaken by the named Stabilising Manager, ING Groep, in relation to the GBP 325m senior unsecured two-year FRN
  • The securities are unregistered under the US Securities Act of 1933 and cannot be publicly offered or sold in the United States
  • Investors should monitor any subsequent secondary market activity in the floating rate note following this confirmation

No Stabilisation Undertaken on GBP 325m ING Bank Floating Rate Note

ING Bank N.V., operating through its London Branch, confirmed in its post-stabilisation notice that ING Groep, acting as Stabilising Manager, did not carry out any stabilisation transactions in relation to the GBP 325 million senior unsecured two-year floating rate note. Stabilisation is a mechanism that allows managers of a securities offering to support the market price in the period immediately following an issuance. The confirmation that no such activity took place provides regulatory transparency to market participants and fulfils the disclosure obligations applicable to publicly offered debt securities in the United Kingdom.

Senior Unsecured Two-Year FRN Structure and ING Bank's Debt Issuance Activity

The instrument at the centre of this notice is a senior unsecured floating rate note with a two-year tenor and an aggregate nominal amount of GBP 325 million. Senior unsecured debt ranks ahead of subordinated instruments in a creditor hierarchy but behind secured obligations. ING Bank N.V. is the issuer, and the announcement notes no guarantor is attached to this particular issuance. ING Bank N.V. is the banking subsidiary of ING Groep, one of Europe's largest financial services groups, with operations spanning retail and wholesale banking across multiple jurisdictions internationally.

US Securities Act Restrictions Apply to This ING Bank Offering

The notice explicitly states that the securities have not been, and will not be, registered under the United States Securities Act of 1933. As a result, the notes may not be offered or sold in the United States without registration or an applicable exemption. The announcement further confirms there has been no public offer of these securities in the United States and none is planned. This restriction is standard practice for European bank debt issuances that are placed primarily with institutional investors outside of the US regulatory perimeter, limiting the eligible investor base geographically.