ING: redemption of 'AT1' perpetual bonds
The Dutch banking group says that the redemption, which will take effect on April 16, its scheduled call date, concerns its bonds with a 6.5% coupon.
Additional Tier 1" or "CoCo" bonds, created in the wake of the 2008 financial crisis, automatically convert into ordinary shares if the issuing bank's capital level falls below a certain threshold.
Issuers generally endeavor to refinance their CoCos whenever they can, sometimes up to six or 12 months before the next scheduled redemption date.
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