ING Direct 2009 Annual Report Download - page 137

15 DEBT SECURITIES IN ISSUE
Debt securities in issue relate to debentures and other issued debt securities with either fixed interest rates or interest rates based on
floating interest rate levels, such as certificates of deposit and accepted bills issued by ING Group, except for subordinated items. Debt
securities in issue do not include debt securities presented as Financial liabilities at fair value through profit and loss. ING Group does not
have debt securities that are issued on terms other than those available in the normal course of business. The maturities of the debt securities
are as follows:
Debt securities in issue – maturities
2009 2008
Fixed rate debt securities
Within 1 year 64,994 50,994
More than 1 year but less than 2 years 2,376 2,448
More than 2 years but less than 3 years 6,551 2,410
More than 3 years but less than 4 years 4,938 2,429
More than 4 years but less than 5 years 9,542 4,332
More than 5 years 8,151 6,290
Total fixed rate debt securities 96,552 68,903
Floating rate debt securities
Within 1 year 10,021 11,858
More than 1 year but less than 2 years 6,545 5,325
More than 2 years but less than 3 years 1,164 5,189
More than 3 years but less than 4 years 1,375 1,423
More than 4 years but less than 5 years 1,478 28
More than 5 years 2,846 3,762
Total floating rate debt securities 23,429 27,585
Total debt securities 119,981 96,488
As of 31 December 2009, ING Group had unused lines of credit available including the payment of commercial paper borrowings relating
to debt securities in issue of EUR 7,029 million (2008: EUR 5,649 million).
ING Bank issued 3 year government guaranteed senior unsecured bonds amounting to USD 6 billion in January 2009. USD 5 billion of
the issue was priced at a fixed rate of 80 basis points over mid-swaps. USD 1 billion was priced at a variable rate of 80 basis points over
3 month LIBOR.
ING Bank issued a 5 year EUR 4 billion fixed rate government guaranteed senior unsecured bond in February 2009. The issue was priced
at a fixed rate of 3.375%, 75 basis points over mid-swaps.
ING Bank issued a 5 year USD 2 billion fixed rate government guaranteed senior unsecured bond in March 2009. The issue was priced at
a fixed coupon of 3.90%, 145 basis points over USD mid-swaps.
All were issued under the Credit Guarantee Scheme of the State of the Netherlands and are part of ING Group’s regular medium-term
funding operations. ING Group pays a fee of 84 basis points over the issued bonds to the Dutch State to participate in the Credit
Guarantee Scheme.
2.1 Consolidated annual accounts
ING Group Annual Report 2009 135
Notes to the consolidated balance sheet of ING Group (continued)