Bond ING Groep N.V. 0.8% ( XS1599273189 ) in EUR

ING Groep N.V.

101.13 % ⇌

Netherlands

XS1599273189 ( in EUR )

0.8% per year ( payment 1 time a year)

11/02/2027

Prospectus brochure of the bond ING Bank N.V XS1599273189 en EUR 0.8%, maturity 11/02/2027

12/02/2026 ( In 273 days )

ING Bank N.V. is a multinational banking and financial services corporation headquartered in Amsterdam, Netherlands, offering a wide range of services including retail banking, wholesale banking, and investment banking globally.

The Bond issued by ING Groep N.V. ( Netherlands ) , in EUR, with the ISIN code XS1599273189, pays a coupon of 0.8% per year.
The coupons are paid 1 time per year and the Bond maturity is 11/02/2027

12 April 2017
ING Bank N.V.
(incorporated with limited liability under the laws of The Netherlands with its corporate seat in
Amsterdam and registered with the Dutch Chamber of Commerce under number 33031431)
Issue of EUR 500,000,000 Fixed Rate Soft Bullet Covered Bonds due February 2027 (the "Notes")
intended to become fungible and form one series with the EUR 1,000,000,000 Fixed Rate Soft Bullet
Covered Bonds due February 2027 (the "Existing Notes")
Guaranteed as to payment of principal and interest by
ING SB Covered Bond Company B.V.
(incorporated with limited liability under the laws of The Netherlands with its corporate seat in
Amsterdam and registered with the Dutch Chamber of Commerce under number 61113956)
under the EUR 10,000,000,000 Soft Bullet Covered Bond Programme
The Base Prospectus referred to below (as completed by these Final Terms) has been prepared on the basis
that any offer of Covered Bonds in any Member State of the European Economic Area which has
implemented the Prospectus Directive, each, a "Relevant Member State" will be made pursuant to an
exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the
requirement to publish a prospectus for offers of the Covered Bonds. Accordingly any person making or
intending to make an offer in that Relevant Member State of the Covered Bonds may only do so in
circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to
Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive, in each case, in relation to such offer. Neither the Issuer nor any Dealer has authorised, nor do
they authorise, the making of any offer of Covered Bonds in any other circumstances. The expression
"Prospectus Directive" means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU and
Directive 2010/78/EU) and includes any relevant implementing measures in the Relevant Member State.
Part A -- Contractual Terms
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the
Base Prospectus dated 6 June 2016 as supplemented on 4 August 2016, 4 November 2016 and 3 February
2017 which together with the Registration Document of the Issuer dated 17 May 2016 as supplemented on
4 August 2016, 4 November 2016 and 3 February 2017 constitute a base prospectus (the "Base
Prospectus") for the purposes of the Prospectus Directive. This document constitutes the Final Terms of
the Covered Bonds described herein for the purposes of Article 5.4 of the Prospectus Directive (as
implemented by the Dutch Financial Supervision Act (Wet op het financieel toezicht) and its implementing
regulations) and must be read in conjunction with such Base Prospectus. Full information on the Issuer,
the SB CBC and the offer of the Covered Bonds is only available on the basis of the combination of these
Final Terms and the Base Prospectus. The Base Prospectus is available for viewing at the Issuer's website
(www.ing.com/Investor-relations/Fixed-income-information.htm) and copies may be obtained from ING
Bank N.V., Foppingadreef 7, 1102 BD Amsterdam, The Netherlands (Tel.: +31 (0) 20 563 8007).
Prospective investors should carefully consider the section "Risk Factors" in the Base Prospectus.
General description of the Covered Bonds
1.
(i)
Issuer:
ING Bank N.V.

(ii)
Guarantor:
ING SB Covered Bond Company B.V.
2.
(i)
Series Number:
8

(ii)
Tranche Number:
2

(iii)
Date on which the Covered Bonds

become fungible:
The Notes will be consolidated and form a single
Series with the Existing Notes on Exchange Date.
3.
Specified Currency or Currencies:
EUR

- 1 -

4.
Aggregate Nominal Amount:

(i)
Series:
EUR 1,500,000,000

(ii)
Tranche:
EUR 500,000,000
5.
Issue Price:
101.128 per cent. of the Aggregate Nominal
Amount (plus the accrued interest from and
including the Interest Commencement Date until
the Issue Date)
6.
(i)
Specified Denominations:
EUR 100,000

(ii)
Calculation Amount:
Specified Denomination
7.
(i)
Issue Date:
13 April 2017

(ii)
Interest Commencement Date:
14 February 2017
8.
(i)
Final Maturity Date:
12 February 2027

(ii)
Extended Due for Payment Date:
Interest Payment Date falling in or nearest to
February 2028
9.
Interest Basis:
0.800 per cent. Fixed Rate for the period from,
and including the Interest Commencement Date
to, but excluding, the Final Maturity Date (further
particulars specified in paragraph 14 below).
From, and including, the Extension Date in
respect of the Covered Bonds described herein (if
applicable) to, but excluding, the Extended Due
for Payment Date (unless the Guaranteed Final
Redemption Amount in respect of the Covered
Bonds described herein is paid in full prior to such
date), 1 Month EURIBOR + 0.01 per cent. per
annum Floating Rate (further particulars
specified in paragraph 15 below).
10.
Redemption/Payment Basis:
Subject to any purchase and cancellation or early
redemption and subject to Condition 3 (The
Guarantee), the Covered Bonds will be redeemed
on the Maturity Date at 100 per cent. of their
nominal amount.
11.
Change of Interest Basis:
In accordance with paragraph 14 and 15 below.
12.
Call Option:
Not Applicable
13.
(i)
Status of the Covered Bonds:
Unsubordinated, unsecured, guaranteed

(ii)
Status of the Guarantee:
Unsubordinated, secured (indirectly, through a
parallel debt), unguaranteed
Provisions Relating to Interest (if any) Payable
14.
Fixed Rate Covered Bond Provisions:
Applicable

(i)
Rate(s) of Interest:
0.800 per cent. per annum payable annually in
arrear.

(ii)
Interest Payment Date(s):
12 February in each year commencing on 12
February 2018, up to and including the Final
Maturity Date, adjusted in accordance with the

- 2 -

Business Day Convention specified in sub-
paragraph 14(vii).
The first Coupon is a short coupon.

(iii)
Fixed Coupon Amount(s):
For each Fixed Interest Period, as defined in
Condition 4, the Fixed Coupon Amount will be
an amount equal to the Calculation Amount
multiplied by the Rate of Interest multiplied by
the Day Count Fraction with the resultant figure
being rounded to the nearest sub-unit of the
Specified Currency, half of any such sub-unit
being rounded upwards.

(iv)
Broken Amount(s):
Not Applicable

(v)
Day Count Fraction:
Actual/Actual (ICMA)

(vi)
Determination Date(s):
12 February in each year

(vii)
Business Day Convention
Following Business Day Convention

(viii)
Interest Amount Adjustment:
Not Applicable

(ix)
Additional Business Centre(s)
No Additional Business Centre(s)

(x)
Party responsible for calculating the
Rate(s) of Interest and/or Interest Amount(s)
(if not the Principal Paying Agent):

the Calculation Agent
15.
Floating Rate Covered Bond Provisions
Applicable

(i)
Interest Period(s):
The period from, and including, a Specified
Interest Payment Date (or the Extension Date in
respect of the Covered Bonds described herein (if
applicable)) to, but excluding, the next Specified
Interest Payment Date (or the First Interest
Payment Date).

(ii)
Specified Interest Payment Dates:
The 12th calendar day of each month in the period
from, and including, the First Interest Payment
Date specified below up to, and including, the
earlier of (i) the Extended Due for Payment Date
and (ii) the date on which the Guaranteed Final
Redemption Amount in respect of the Covered
Bonds described herein is paid in full (subject to
adjustment in accordance with the Business Day
Convention set out in paragraph (iv) below)

(iii)
First Interest Payment Date:
12 March 2027, provided that the Extension Date
occurs in respect of the Covered Bonds described
herein.

(iv)
Business Day Convention:
Modified Following Business Day Convention

(v)
Interest Amount Adjustment:
Applicable

(vi)
Additional Business Centre(s):
No Additional Business Centre(s)

(vii)
Manner in which the Rate(s) of

Interest and Interest Amount(s)

is/are to be determined:
Screen Rate Determination

- 3 -

(viii)
Party responsible for calculating the

Rate(s) of Interest and/or Interest

Amount(s) (if not the Principal

Paying Agent):
Not Applicable

(ix)
Screen Rate Determination:
Applicable

Reference Rate:
1 Month EURIBOR.

Interest Determination
The second day on which the TARGET System is
Date(s):
open prior to the start of each Interest Period

Relevant Screen Page:
Reuters Page EURIBOR01

(x)
ISDA Determination:
Not Applicable

(xi)
Margin(s):
+0.01 per cent. per annum

(xii)
Minimum Rate of Interest:
0.00 per cent. per annum

(xiii)
Maximum Rate of Interest:
Not Applicable

(xiv)
Day Count Fraction:
Actual/360
16.
Zero Coupon Covered Bond Provisions
Not Applicable
Provisions Relating to Redemption
17.
Issuer Call
Not Applicable
18.
Final Redemption Amount of each Covered
Bond
EUR 100,000 per Calculation Amount
19.
Early Redemption Amount of each
Covered Bond

Early Redemption Amount(s) per Calculation
Amount payable on redemption for taxation

reasons, or on acceleration following an

Issuer Event of Default as against the Issuer

or a SB CBC Event of Default or other early

redemption:
As specified in Condition 6(d)(i)
General Provisions Applicable to the Covered Bonds
20.
Form of Covered Bonds:
Bearer form
Temporary Global Covered Bond exchangeable
for a Permanent Global Covered Bond which is
exchangeable for Definitive Covered Bonds only
upon an Exchange Event, subject to mandatory
provisions of applicable laws and regulations.
21.
New Global Note
Yes
22.
Exclusion of set-off
Not applicable
23.
For the purposes of Condition 13, under (iii),
notices to be published in a leading English
language
daily
newspaper
of general
circulation in London:
Yes, in the Financial Times
24.
Additional Financial Centre(s):
Not Applicable

- 4 -

25.
Talons for future Coupons to be attached to
Bearer Definitive Covered Bonds (and dates
on which such Talons mature):
No
26.
Consolidation provisions:
The provisions of Conditions 16 apply.

Responsibility
The Issuer and the SB CBC (as far as it concerns the SB CBC) accept responsibility for the information
contained in these Final Terms.

Signed on behalf of the Issuer:
Signed on behalf of the SB CBC:

By:
..................................................................... By:
.....................................................................

Duly authorised

Duly authorised

By:
..................................................................... By:
.....................................................................

Duly authorised

Duly authorised

- 5 -

PART B -- OTHER INFORMATION
1.
LISTING AND ADMISSION TO TRADING

(i)
Listing
Luxembourg Stock Exchange

(ii)
Admission to trading:
Application has been made by the Issuer (or on
its behalf) for the Covered Bonds to be admitted
to trading on the Luxembourg Stock Exchange
with effect from the Issue Date.
On the Exchange Date the Notes will be
consolidated and form a single Series with the
Existing Notes which are admitted to trading on
the Luxembourg Stock Exchange.

(iii)
Estimate of total expenses related to
EUR 5,000
admission to trading:

2.
RATINGS

Ratings:
The following ratings reflect ratings assigned to
the Covered Bonds of this type under the
Programme generally:

Standard & Poor's:
AAA

Fitch:
AAA

Each of Standard & Poor's Credit Market
Services Europe Limited and Fitch Ratings
Limited are established in the European Union
and registered under Regulation (EC) No
1060/2009, as amended.

3.
Yield

Indication of yield
0.800 per cent. per annum.
The yield is calculated on the basis of the Issue Price. It is not an
indication of future yield.

4.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save as discussed in Section 1.5 (Subscription and Sale) of the Base Prospectus, so far as the Issuer
is aware, no person involved in the issue of the Covered Bonds has an interest material to the offer.

5.
OPERATIONAL INFORMATION

(i)
Temporary ISIN Code:
XS1599273189
ISIN Code:
XS1565338743

(ii)
Temporary ISIN Code:
159927318
Common Code:
156533874

(iii)
Other relevant code:
A19DA6

- 6 -

(iv)
New Global Note intended to be

held in a manner which would allow

Eurosystem eligibility:
Yes

Note that the designation "Yes" simply means
that the Covered Bonds are intended upon issue
to be deposited with one of the International
Central Securities Depositories as Common
Safekeeper and does not necessarily mean that
the Covered Bonds will be recognised as eligible
collateral for Eurosystem monetary policy and
intra day credit operations by the Eurosystem
either upon issue or at any or all times during their
life. Such recognition will depend upon the ECB
being satisfied that Eurosystem eligibility criteria
have been met.

(v)
Any clearing system(s) other than

Euroclear Bank S.A./N.V. and

Clearstream Banking, société

anonyme and the relevant

identification number(s):
Not Applicable

(vii)
Delivery:
Delivery free of payment

(viii)
Names and addresses of additional Not Applicable
Paying Agent(s) (if any):

(ix)
Name and address of Calculation Not Applicable
Agent (if other than Principal Paying
Agent):

6.
DISTRIBUTION

(i)
Method of distribution:
Non-syndicated

(ii)
If syndicated:

(A)
Names of Managers:
Not Applicable

(B)
Stabilising Manager(s) (if
Not Applicable
any)

(iii)
If non-syndicated, name of Dealer
ING Bank N.V.

(iv)
Total commission and concession:
Not Applicable

(v)
U.S. Selling Restrictions:
Reg S Compliance Category 2; TEFRA D

(vi)
ERISA
No

- 7 -