|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||10.19 - 10.40|
|52 Week Range||8.20 - 12.14|
|Beta (5Y Monthly)||1.44|
|PE Ratio (TTM)||7.63|
|Earnings Date||Feb 06, 2020|
|Forward Dividend & Yield||0.68 (6.63%)|
|Ex-Dividend Date||Aug 05, 2019|
|1y Target Est||14.41|
(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.The Dutch unit of the Organization of Economic Co-operation and Development will consider a complaint from three NGO’s against banking giant ING Groep NV’s involvement in the palm oil industry.Dutch Milieudefensie, Liberian SDI and Indonesian WALHI claimed in July that the Dutch lender continued to finance firms in the industry, even after they had alerted ING about human rights abuses and the environmental impact of the industry.Over the past two years, palm oil has emerged as a flashpoint in a potential trade conflict between the European Union and producers from Indonesia to Malaysia. The 28-member group is concerned about the industry’s sustainability levels and has restricted the types of biofuels derived from the oil that can contribute toward the bloc’s renewable energy goals.ING has promised to engage but “we have never seen any difference on the ground,” Anne Wijers, a campaigner at Milieudefensie, said by phone.ING has accepted the OECD’s offer to arrange talks with the groups, a spokesman for the bank said by email, adding that OECD hasn’t published a conclusion on the matter yet.OECD guidelines are not legally binding on companies. The organization handles complaints “usually through mediation or other conciliatory practices,” it says on its website.The EU accounted for 12% of Malaysia’s palm oil exports in 2018, making it the biggest buyer after India, according to the Malaysian Palm Oil Board. The Netherlands is the biggest EU importer of the commodity from Malaysia.To contact the reporters on this story: Ruben Munsterman in Amsterdam at firstname.lastname@example.org;Ewa Krukowska in Brussels at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, Lars Paulsson, Reed LandbergFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The Bank of England has a message for financial businesses exiting the scandal-plagued Libor benchmark: Get moving.It issued a statement on Thursday giving banks until September to cease issuing cash products linked to sterling-denominated Libor, a benchmark which underpins $30 trillion of financial contracts in sterling markets alone. The direction is part of a wider effort to speed up transition in the derivatives market before the benchmark expires at the end of 2021.“There is a lot to be done,” said Simon Woods, a partner at Ernst & Young LLP. “Firms not being ready gives rise to commercial and regulatory risks, and we expect some banks may need to re-prioritize their change programs to hit many of the upcoming deadlines.”The BOE in 2017 started the countdown on retiring Libor, used for $300 trillion of contracts globally including bonds and loans. For decades the rate served as a benchmark set daily by banks to determine interest rates on everything from student loans and mortgages to derivatives and credit cards. But ever since European and U.S. banks were found to have manipulated rates to benefit their own portfolios, the benchmark has been seen as tainted.Markets focused on loans, securitization and treasury products are generally less prepared than those dealing with bonds and derivatives, according to Claude Brown, a partner at Reed Smith LLP in London.“U.S. banks also seem to be ahead of the curve, possibly because they have had more bandwidth because they have been less preoccupied by Brexit,” he said.Market makers will be encouraged by the BOE to shift pound-denominated interest-rate swaps on March 2 from Libor to its replacement, the Sterling Overnight Index Average. Businesses should establish a framework for the transition, the BOE said. There’s a $12 trillion backlog of legacy loans that need conversion.“It is unlikely Libor-linked swaps stop trading completely until all other products have transitioned to Sonia-underlying,” said Antoine Bouvet, a senior rates strategist at ING Groep NV in London. “There is an amount of inertia.” That comes with the U.K. market in what he called “an enviable place” compared to other jurisdictions.What Bloomberg Intelligence Says“The clock is ticking louder for the switch to Sonia from Libor. Expect transition flows to continue but trading in Libor-linked products needs to fall significantly to signal the market is ready for the end of Libor. It probably means lower volatility in times of stress given the removal of the credit component.”\-- Tanvir Sandhu, Chief Global Derivatives StrategistThe BOE views Sonia as a better measure of general interest-rate levels than Libor because it does not include a term bank credit-risk component. The market for Sonia derivatives is already well established, the BOE said in a joint statement with the Financial Conduct Authority.The average for cleared over-the-counter Sonia swaps exceeded 4.5 trillion pound ($5.9 trillion) per month over the past six months, and the traded monthly notional value is now broadly equivalent to Sterling Libor.“The time to act is now,” the BOE said in a statement. “This is a critical year for Libor transition.”(Updates with comments from EY, Reed Smith.)To contact the reporter on this story: William Shaw in London at email@example.comTo contact the editors responsible for this story: Dana El Baltaji at firstname.lastname@example.org, Neil Chatterjee, Fergal O'BrienFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The Bank of Russia may halt monetary easing after five consecutive interest-rate cuts due to uncertainty following a government shake-up.The appointment of a new prime minister and likely changes to cabinet positions will make central bank Governor Elvira Nabiullina more cautious, giving her a reason to hold the key rate at 6.25% at the next meeting on Feb. 7, according to analysts at Morgan Stanley and ING. Forward-rate agreements show the market is still pricing in 25 basis-points of cuts in the next three months.“Given the likely fiscal easing and no clarity on the structural transformation, the central bank may now have additional cause for a cautious approach,” Dmitry Dolgin, an economist at ING Groep NV in Moscow, said in a research note.Foreign investors poured about $16 billion into Russian local-currency bonds last year after a drop in inflation led the central bank to cut rates at a faster pace than expected. Yields jumped the most in two months on Wednesday when President Vladimir Putin announced sweeping constitutional changes and a reshuffle of government positions.Mikhail Mishustin, Putin’s nominee to be the next prime minister, said Thursday he would work to improve the business climate and macroeconomic stability. He also called for an acceleration in spending on a infrastructure program that was caught up in bureaucracy last year.On Wednesday, Putin also announced an increase in public spending, estimated to cost about 4 trillion rubles ($65 billion) over four years.The central bank will wait to see what impact last year’s rate cuts have on inflation before deciding on further easing, First Deputy Governor Ksenia Yudaeva reiterated Wednesday. So far the reductions haven’t helped to revive price growth, which is well below a 4% target and set to slow below 3% in the first quarter.What Our Economists Say:“Depending on how Putin’s new government takes shape, the central bank may see additional reason to pause. Even if fiscal policy isn’t loosened, swifter implementation could push up prices.”\- Scott Johnson, Bloomberg EconomicsAnalysts at Rabobank said the short-term political uncertainty may weigh on the ruble in coming weeks, eroding gains from a rally last year. The ruble traded down 0.5% 61.68 per dollar on Monday, underperforming all of its emerging-market peers.Debt investors should be closely watching the fate of fiscally conservative Finance Minister Anton Siluanov in the new government, Emerginomics economist Tatiana Orlova wrote in a research note published Thursday.“The lack of clarity on the fiscal stance could turn the central bank more cautious, adding reasons to wait before further easing,” Morgan Stanley economist Alina Slyusarchuk said in a report. “Policy continuity is not certain.”(Updates with Mishustin comments and ruble move from fifth paragraph)\--With assistance from Zoya Shilova.To contact the reporters on this story: Anya Andrianova in Moscow at email@example.com;Áine Quinn in Moscow at firstname.lastname@example.orgTo contact the editors responsible for this story: Gregory L. White at email@example.com, Natasha Doff, Alex NicholsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Dutch bank ING Groep NV is spinning off an artificial intelligence platform it developed to help its traders pick bonds to buy and sell.The system, named Katana after a samurai sword, uses a machine-learning algorithm to scan millions of transactions and identify which bonds can be traded most efficiently. Katana is aiming to raise 3 million pounds ($4 million) to fund its growth as an independent company with half of that investment coming from ING, according to a statement seen by Bloomberg News.Read more: Bond Traders Need to Up Their Game as AI Systems Get SmarterThe notoriously clubby world of corporate bond trading has proved resistant to the automation that’s taken hold in other areas of finance such as equity trading. But financial firms and bond investors are starting to catch on, stepping up use of artificial intelligence to crunch reams of data.“Every day an investor could have possibly 3 million trades to consider,” said Santiago Braje, former head of credit trading at ING and now Chief Executive Officer of Katana. “You can’t do that without some kind of machine assistance.”Read more: Matchmaking Robots Shake Up Global Bond Sales on Trading DesksKatana started out as a tool for ING’s emerging-market bond traders in 2017 and in its first year of use it helped the bank win 20% more market-making transactions and reduce costs. It has since expanded the platform into a tool for asset managers to find and compare trade ideas. Dutch pension fund manager PGGM is among investors using the system and providing feedback to Katana, according to the statement.Katana Labs Ltd. has incorporated in the U.K. and has its offices in London. It’s the latest in a number of companies to come out of the bank’s ING Labs unit, including Yolt, an app to manage money, and Cobase, a platform for companies to manage multiple bank accounts. The bank is investing in Katana via a 300 million-euro ($335 million) venture capital arm focused on fintech.Bloomberg LP, the parent of Bloomberg News, offers bond-trading services to banks and fund managers.(Updates with location details in sixth paragraph.)\--With assistance from Viren Vaghela.To contact the reporter on this story: Katie Linsell in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Vivianne Rodrigues at email@example.com, Luca CasiraghiFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg) -- The tone in global financial markets has turned cautious after a U.S. airstrike killed a top Iranian commander, fueling concern over an escalation in tensions.U.S. stock futures dropped and Asian shares reversed gains, while oil spiked along with the yen and gold. Qassem Soleimani, a feared Iranian general who through proxy militias extended his country’s power across the Middle East, was killed at the direction of U.S. President Donald Trump. The risk-off move deepened after Iran’s supreme leader, Ayatollah Ali Khamenei, said “severe retaliation” awaited Soleimani’s killers.The shock news comes after most asset classes had a stellar 2019, with U.S. equities capping one of the best years of the past decade.Here are 10 analysts and money managers on what it means for the market outlook:BlackRock Inc.Wei Li, head of iShares EMEA investment strategy in London“Within the space of 24 hours, sentiment took a 180-degree turn. This very much characterizes the sort of year we expect 2020 to be: on the one hand, fundamentals are getting a bit better, trade headlines are getting a bit better, but on the other hand, bouts of volatility will be frequent.“Given how strong sentiment is and how fundamentals have been in terms of bottoming out and to some degree recovering, we could see investors using this opportunity to potentially buy the dip. Until we actually see tangible evidence of uncertainty impacting growth, we could see investors being quite tactical around the event.”Fidelity InvestmentsJurrien Timmer, director of global macro in Boston“If I can find an issue with the market, the forward P/E is now at 18 1/2. It essentially front-ran an expected improvement in earnings, and now those earnings have to come through, which I think they will. But at an 18 1/2 forward P/E, there’s not a lot of margin for error, and so when you add something geopolitical like this, it’s not the same as being at a 15 P/E. And so that leaves the market a little bit vulnerable, at least over the near-term.”Societe Generale SAKit Juckes, chief FX strategist in London“Gold’s a winner as tension increases, and oil prices are higher too. Bond yields are lower, the equity rally which was underway in the U.S. has stalled but not gone dramatically in reverse, and in the FX market, safe havens and oil-sensitive currencies benefit but it’s the yen which is the clear winner.“The key level to watch is probably EUR/JPY 120. That probably holds unless there is further escalation.“Given the scope for tension to persist in the Strait of Hormuz, a protracted period of higher oil prices has to be a risk.”Credit Agricole SAValentin Marinov, head of G-10 currency research in London, who calls the timing of the escalation “unfortunate.”It could “dash market hopes for a rebound of the global economy that is still to emerge from under the cloud of the U.S.-China trade war. Risk sentiment should remain fragile also because central banks may be slow to respond or simply no longer have the arsenal to respond in an adequate way.”He calls the yen and Swiss franc “attractive,” while saying the conflict could weigh on “risk-correlated oil importing currencies like the Korean won.”ING Groep NVAntoine Bouvet, senior rates strategist in London“Recent episodes of U.S./Iran tensions have not resulted in material escalation but even in a fairly benign outcome to this crisis, the bid in U.S. Treasuries and bunds should last at least into next week.”Colombo Wealth SAAlberto Tocchio, chief investment officer in Lugano, Switzerland“The ‘severe retaliation’ aspect is possibly what is scaring the markets as it could mean that there will be a counter-attack versus American diplomats. Markets could use this excuse to take some profits as sentiment and positioning are possibly too high.“We would then use the possible weakness to increase our equity exposure.”Saxo Capital Markets Pte.Kay Van-Petersen, global macro strategist in Singapore“We are moving potentially from proxy (Iran) versus proxy (Saudis and U.S.) to potentially direct Iran-backed forces versus U.S. forces.” However, “net-net, I struggle to see what Iran can really do.“People are still not back at their desks fully until next week to mid-January, so illiquidity could give us some overreaction to the downside. Still, let’s see how the next 24 to 48 hours play out. Remember, it’s the weekend already in the Middle East.”The gain in oil “honestly feels a touch overdone.” But this is positive for U.S. defense spending and even French defense stocks could get a boost later, he noted.“So much for Trump calling troops home.”Covenant Capital Pte.Edward Lim, money manager in Singapore“This attack merely highlights the geopolitical risk of the oil markets, and the market undergoing a possible oil shortage in the first one to two quarters of 2020.“We didn’t do anything on the news as we have already bought some oil stocks such as CNOOC and Total when oil was trading close to $60s at the end of 2019.”UOB Kay Hian (Hong Kong) Ltd.Steven Leung, executive director in Hong Kong“Investors are worried that the situation in Iran will worsen, since there could be some retaliation after the U.S. attack. People will want to cut risk ahead of the weekend. Stocks have rallied a lot in the past month or so, so any bad news flow is a reason to take profit.”Mizuho Bank Ltd.Ken Cheung, chief Asian FX strategist in Hong Kong“The reversal of risk-on sentiment will keep Asian FX under pressure. The USD Index also appeared to find a footing. These factors will probably prompt profit-taking flow on EM Asian FX. The magnitude could be amplified by thin liquidity during the New Year holiday.”(Updates with additional analyst quotes.)\--With assistance from Jeanny Yu, Subhadip Sircar, Hooyeon Kim, Cindy Wang, James Hirai, Anooja Debnath, Ruth Carson, Ksenia Galouchko, Matthew Miller and David Westin.To contact the reporters on this story: Joanna Ossinger in Singapore at firstname.lastname@example.org;Yakob Peterseil in London at email@example.comTo contact the editors responsible for this story: Christopher Anstey at firstname.lastname@example.org, Cecile GutscherFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg) -- Once an Asian laggard, the Philippine peso defied expectations to beat all but one of its regional peers last year. Its fortune may reverse as efforts by policy makers to boost growth could come at the currency’s expense.The peso snapped a six-year loss to strengthen almost 4% in 2019 to 50.635 per dollar. Analysts surveyed by Bloomberg see the currency falling to 51 by end-December from around 50.70 on Thursday.Import growth is set to quicken as President Rodrigo Duterte’s administration ramps up spending to boost growth. With the Philippine central bank likely to ease more aggressively than its U.S. counterpart, the peso may be under further pressure.“Within the year, you might see the peso pulling back to 52.62 as the government racks up imports as it spends again,” said D’Angelo Co, a foreign-exchange dealer at Rizal Commercial Banking Corp. in Manila. “We have to see more follow-through on investments or in the growth of the economy.”The government has allotted 972.5 billion pesos ($19 billion) of the proposed 2020 budget for Duterte’s infrastructure development program, an increase of almost 20% from 2019. That’s intended to help bolster growth to as high as 7.5% this year from 6%-6.5% last year.The central bank sees imports rising 8% this year, versus a 4% increase for exports. Policy makers expect the current-account shortfall to widen to $8.4 billion from an estimated $5.6 billion in 2019.Still, some analysts expect the peso to be well supported. Any downside pressure will be cushioned by remittances from Filipinos working abroad and foreign direct investment following reforms in the tax system, said Nicholas Mapa, senior economist at ING Groep NV in Manila.The peso could feel the heat as Bangko Sentral ng Pilipinas resumes its easing campaign. Governor Benjamin Diokno said last month that policy makers may consider at least half a percentage point of cuts to the key rate in 2020 and further reductions in the reserve requirement ratio.“We expect BSP to deliver two 25-basis point cuts this year versus one cut from the FOMC,” said Andre Ibarra, chief dealer at Security Bank Corp., predicting that the peso could drop to as low as 52 per dollar in 2020. “Our current account will continue to be challenged due to the expected importation of capital goods for infrastructure spending.”Rate CutsBSP delivered 75 basis points of reduction in the key rate last year after the economy was hit by an uncertain global outlook and a delay in approving the state budget. It also lowered the ratio of funds that banks must hold in reserve by 4 percentage points.Sixteen of 20 economists in a Bloomberg survey expect the central bank to cut the benchmark rate by at least another 25 basis points by end-December.BDO Unibank Inc., the nation’s biggest lender, sees the Philippine currency trading within the 50-52 range this year.“The peso could trade in tandem with foreign portfolio inflows into the local bond and stock market on one hand, and a widening trade deficit on the other hand as spending accelerates in the coming year,” said Jonathan Ravelas, chief market strategist at BDO Unibank.(Adds ING economist’s comment in seventh paragraph)To contact the reporter on this story: Ditas Lopez in Manila at email@example.comTo contact the editors responsible for this story: Cecilia Yap at firstname.lastname@example.org, ;Tan Hwee Ann at email@example.com, Liau Y-SingFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
ING announced today that Pinar Abay will be appointed member of the Management Board Banking and head of Market Leaders, taking up the responsibility for ING’s operations in the Benelux. Pinar Abay (Turkish, 1977) currently is country manager of ING in Turkey, a role she has held since joining ING in 2011. Before that Pinar was a partner at McKinsey & Company in Turkey, in charge of consultancy for the banking sector.
Amid an overall bull market, many stocks that smart money investors were collectively bullish on surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Our research shows that most of the stocks that smart money likes historically generate strong […]
ING Capital LLC ("ING") has closed a $402 million financing for Paramount Group, Inc. (NYSE: PGRE) ("Paramount") to fund their acquisition of Market Center, a two- building, 753,000 square foot, Class A office complex located at 555 and 575 Market Street in San Francisco's Financial District. ING acted is the Administrative Agent and Sole Lead Arranger and plans to syndicate the loan in early 2020. The initial term of the financing will be five years, with two one-year extension options. The loan closed on December 11, 2019 and was swapped to a fixed rate for the initial term.
ING Group 2019 SREP process completed ING Group has been notified of the European Central Bank (ECB) decision on the 2019 Supervisory Review and Evaluation Process (SREP),.
ING Groep N.V. notes the announcements made today by the European Banking Authority and the European Central Bank (ECB) regarding the information of the 2019 EU-wide Transparency Exercise and fulfilment of the EBA Board of Supervisors’ decision. At its meeting in April 2019, the EBA Board of Supervisors approved the package for the 2019 EU-wide Transparency Exercise, which since 2016 is performed on an annual basis and published along with the Risk Assessment Report (RAR). The annual transparency exercise will be based solely on COREP/FINREP data on the form and scope to assure a sufficient and appropriate level of information to market participants.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of ING Bank Slaski S.A. Limassol, November 22, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of ING Bank Slaski S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of ING Belgium SA/NV and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
ING Groep N.V. (AMS:INGA) shareholders should be happy to see the share price up 24% in the last quarter. But that...
The Dutch lender made a net profit of EUR1.34 billion for the quarter, up from EUR776 million for the same period last year but lower than consensus forecasts of EUR1.37 billion, taken from FactSet and based on three analysts’ forecasts.
ING announced today that Robert Reibestein has decided to resign from the Supervisory Board of ING Group per 1 January 2020. Robert Reibestein was appointed to the Supervisory Board in May 2012 and started in this role per 1 January 2013. After 7 years of dedicated membership of the Supervisory Board, Robert Reibestein decided to resign because of persistent personal health issues.
ING posts 3Q2019 net result of €1,344 million ING continues to see growth in primary customers and customer deposits•Retail primary customers rose in 3Q2019 by 165,000 to 13.1.