{"id":620085,"date":"2026-02-10T23:39:56","date_gmt":"2026-02-11T07:39:56","guid":{"rendered":"https:\/\/nai500.com\/?p=620085"},"modified":"2026-02-10T23:39:56","modified_gmt":"2026-02-11T07:39:56","slug":"when-2","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/02\/when-2\/","title":{"rendered":"When\u9280\u884c\u81f4\u96fb\uff0c\u8ab0\u63a5\u4f4f\u6d41\u52d5\u6027"},"content":{"rendered":"

\u9280\u884c\u4e0d\u6703\u884c\u4f7f\u8cb7\u56de\u9078\u64c7\u6b0a\u2500\u2500\u5b83\u5011\u662f\u5728\u6e2c\u8a66\u5b83\u5011\u3002ING \u8a08\u756b\u5728 2026 \u5e74 4 \u6708 1 \u65e5\u8d16\u56de\u5169\u7b46\u5411 SEC \u8a3b\u518a\u7684 Senior Notes\uff0c\u4e26\u5728 2026 \u5e74 5 \u6708 26 \u65e5\u7684 reset \u65e5\u8d16\u56de EUR 15 \u5104\u7684 Tier 2 \u50b5\u5238\uff0c\u8868\u9762\u770b\u8d77\u4f86\u5e73\u5e38\u3002\u5b83\u4e26\u4e0d\u5e73\u5e38\u3002\u90a3\u662f\u4e00\u5834\u5c0d\u6d41\u52d5\u6027\u3001\u5229\u5dee\u72c0\u6cc1\uff0c\u4ee5\u53ca\u5047\u8a2d\u8cb7\u56de\u50cf\u5229\u606f\u4e00\u6a23\u78ba\u5b9a\u7684\u6295\u8cc7\u8005\u53cd\u8eab\u6027\u4fe1\u5ff5\u7684\u5be6\u6642\u62bc\u6ce8\u3002\u5728\u5e73\u975c\u7684\u5e02\u5834\u4e2d\uff0c\u9019\u985e\u8ca0\u50b5\u6574\u7406\u662f\u8a3b\u8173\u3002\u5728\u58d3\u529b\u5e02\u5834\u4e2d\uff0c\u5b83\u6210\u70ba\u6709\u79e9\u5e8f\u8cc7\u91d1\u8207\u62cb\u552e\u4e4b\u9593\u7684\u69d3\u687f\u3002\u6b77\u53f2\u544a\u8a34\u6211\u5011\uff0c\u98a8\u96aa\u5e38\u8eb2\u5728\u65e5\u5e38\u4e4b\u4e2d\u3002<\/p>\n

\u65e5\u5e38\u8cb7\u56de\uff0c\u96b1\u85cf\u7684\u8106\u5f31\u6027<\/h3>\n

\u525d\u53bb\u5b89\u6170\u6027\u7684\u8a9e\u8a00\uff0c\u4f60\u6703\u770b\u5230\u904b\u4f5c\u90e8\u4ef6\u3002ING \u8868\u793a\u5c07\u5728\u5408\u7d04\u8cb7\u56de\u65e5\u8d16\u56de 4 \u5104\u7f8e\u5143\u7684\u6d6e\u52d5\u5229\u7387 Senior Notes \u4ee5\u53ca 11 \u5104\u7f8e\u5143\u7684 1.726% \u56fa\u8f49\u6d6e Senior Notes\u3002\u5b83\u4e5f\u7372\u5f97 ECB \u7684\u76e3\u7763\u6027\u8a31\u53ef\uff0c\u5728 2026 \u5e74 5 \u6708\u91cd\u7f6e\u6642\u8d16\u56de 15 \u5104\u6b50\u5143\u3001\u7968\u9762\u5229\u7387 2.125% \u7684 Tier 2\u3002\u628a\u65e9\u524d\u8209\u63aa\u52a0\u9032\u4f86\uff0c\u6a21\u5f0f\u6d6e\u73fe\uff1aING \u5728 2025 \u5e74 7 \u6708 1 \u65e5\u8d16\u56de\u4e86 10 \u5104\u7f8e\u5143\u7684\u5177\u8cb7\u56de\u689d\u6b3e 2026 \u5230\u671f Senior Notes\uff0c2025 \u5e74 8 \u6708\u8d16\u56de\u4e86 3 \u5104\u82f1\u938a\u7684\u53e6\u4e00\u500b\u53ef\u8d16\u56de\u6279\u6b21\uff0c\u4e26\u5728 2025 \u5e74 3 \u6708\u8d16\u56de\u53e6\u5916\u5169\u7b46\u7f8e\u5143\u6279\u6b21\u3002\u9019\u88e1\u6c92\u4ec0\u9ebc\u7a00\u5947\u3002\u4f46\u5728 12 \u81f3 18 \u500b\u6708\u5167\u8de8\u8ca8\u5e63\u8207\u683c\u5f0f\u805a\u96c6\u53ef\u8d16\u56de\u8d16\u56de\uff0c\u6703\u96c6\u4e2d\u6c7a\u7b56\u98a8\u96aa\u3002\u4f60\u662f\u5728\u9078\u64c7\u4f9d\u7576\u65e5\u51fa\u73fe\u7684\u4efb\u4f55\u5229\u5dee\u9ad4\u5236\u53bb\u518d\u878d\u8cc7\u3002<\/p>\n

\u53ef\u8d16\u56de\u50b5\u662f\u5c0d\u6d41\u52d5\u6027\u7684\u4e00\u500b\u77ed\u8ce3\u6b0a<\/h3>\n

\u9280\u884c\u7684\u8cb7\u56de\u662f\u7d93\u6fdf\u9078\u64c7\u3002\u5b83\u9700\u8981\u624b\u4e0a\u73fe\u91d1\u6216\u4ee5\u53ef\u63a5\u53d7\u689d\u4ef6\u53d6\u5f97\u66ff\u4ee3\u8cc7\u91d1\u3002\u628a\u5b83\u60f3\u6210\u58d3\u529b\u5bb9\u5668\u3002\u5728\u6b63\u5e38\u58d3\u529b\u4e0b\u6253\u958b\u95a5\u9580\u6c92\u554f\u984c\u3002\u5728\u58d3\u529b\u7a81\u589e\u6642\u6253\u958b\u53ef\u80fd\u8b93\u7cfb\u7d71\u7834\u88c2\u3002\u6cd5\u5f8b\u5be6\u52d9\u6709\u500b\u7c97\u66b4\u7248\u672c\uff1a\u885d\u7a81\u7684\u8d16\u56de\u6642\u9593\u8868\u53ef\u80fd\u8feb\u4f7f\u5728\u932f\u8aa4\u6642\u9593\u51fa\u552e\u3002\u5c0d\u9280\u884c\u4f86\u8aaa\u6578\u5b78\u662f\u4e00\u6a23\u7684\u3002\u5982\u679c\u6279\u767c\u5e02\u5834\u958b\u653e\uff0c\u8cb7\u56de\u662f\u5ec9\u50f9\u7684\u8a0a\u865f\u3002\u5982\u679c\u5229\u5dee\u5927\u5e45\u8d70\u95ca\u6216\u767c\u884c\u7a97\u53e3\u6536\u7a84\uff0c\u8cb7\u56de\u6703\u6d88\u8017\u6d41\u52d5\u6027\uff0c\u6216\u5728\u8df3\u904e\u6642\u6210\u70ba\u58d3\u529b\u8a0a\u865f\u3002\u6295\u8cc7\u8005\u5fd8\u4e86\u9280\u884c\u64c1\u6709\u4e00\u500b\u6709\u50f9\u503c\u7684\u7f8e\u5f0f\u9078\u64c7\u6b0a\u3002\u5e02\u5834\u597d\u6642\u5b83\u6703\u884c\u4f7f\uff1b\u5e02\u5834\u5dee\u6642\u5b83\u4e0d\u6703\u3002\u9019\u7a2e\u975e\u5c0d\u7a31\u4e0d\u662f\u5076\u7136\uff1b\u6b63\u662f\u91cd\u9ede\u3002<\/p>\n

\u6b77\u53f2\u4e2d\u7684\u8cb7\u5bb6\u7f77\u5e02\u8207\u5c55\u671f\u8b2c\u8aa4<\/h3>\n

\u6211\u5011\u5df2\u898b\u6d41\u52d5\u6027\u5047\u8a2d\u5d29\u65b7\u6709\u591a\u5feb\u30022008 \u5e74\uff0c\u8ca8\u5e63\u5e02\u5834\u57fa\u91d1\u7684\u8cb7\u5bb6\u7f77\u5e02\u627c\u6bba\u4e86\u5c0d\u5546\u696d\u672c\u7968\u7684\u9700\u6c42\u3002\u90a3\u4e9b\u539f\u672c\u7e3d\u80fd\u5c55\u671f\u77ed\u671f\u50b5\u52d9\u7684\u516c\u53f8\uff0c\u7a81\u7136\u7121\u6cd5\u5c55\u671f\u30022020 \u5e74\uff0cECB \u5c0d\u73fe\u91d1\u6436\u8dd1\u7684\u8a18\u8ff0\u8aaa\u660e\u4e86\u8584\u5f31\u7de9\u885d\u3001\u69d3\u687f\u8207\u4fdd\u8b49\u91d1\u8ffd\u7e73\u5982\u4f55\u900f\u904e\u7db2\u7d61\u6548\u61c9\u87ba\u65cb\u6210\u7cfb\u7d71\u6027\u58d3\u529b\u3002\u9019\u8ab2\u4e0d\u662f\u9673\u820a\u7684\u3002\u5b83\u9069\u7528\u65bc\u53ef\u8d16\u56de\u50b5\u5238\u3002\u770b\u4f3c\u4f8b\u884c\u7684\u8d16\u56de\u5728\u5de6\u5c3e\u60c5\u5883\u4e0b\u80fd\u6210\u70ba\u52a0\u901f\u5668\u3002\u64c1\u6709\u96c6\u4e2d\u8cb7\u56de\u65e5\u7684\u9280\u884c\u9762\u81e8\u8207\u5e02\u5834\u7684\u5354\u8abf\u554f\u984c\uff1a\u7576\u6bcf\u500b\u4eba\u90fd\u8a66\u5716\u540c\u6642\u505a\u76f8\u540c\u4e8b\u60c5\u6642\uff0c\u662f\u5426\u6703\u6709\u8db3\u5920\u7684\u65b0\u8cb7\u5bb6\u5728\u6b63\u78ba\u50f9\u683c\u3001\u6b63\u78ba\u65e5\u5b50\u3001\u8de8\u8ca8\u5e63\u51fa\u73fe\uff1f\u7b54\u6848\u82e5\u662f\u5426\u5b9a\uff0c\u5e02\u503c\u8b8a\u52d5\u6210\u672c\u662f\u4e00\u500b\u554f\u984c\uff0c\u4f46\u8a0a\u865f\u6210\u672c\u66f4\u5927\u3002<\/p>\n

\u9280\u884c\u8cb7\u56de\u7684\u535a\u5f08\u8ad6<\/h3>\n

\u535a\u5f08\u8ad6\u628a\u8cb7\u56de\u6c7a\u7b56\u6846\u6210\u5354\u8abf\u5747\u8861\u3002\u5982\u679c\u5e02\u5834\u9810\u671f\u6703\u8cb7\u56de\u800c\u9280\u884c\u4e0d\u8cb7\u56de\uff0c\u6295\u8cc7\u8005\u6703\u63a8\u65b7\u51fa\u5f31\u9ede\u4e26\u64f4\u5927\u5229\u5dee\u3002\u5982\u679c\u5e02\u5834\u9810\u671f\u4e0d\u6703\u8cb7\u56de\u800c\u9280\u884c\u8cb7\u56de\uff0c\u6d41\u52d5\u6027\u6536\u7dca\u4e14\u8cc7\u7522\u8ca0\u50b5\u8868\u5f48\u6027\u7e2e\u5c0f\u3002\u6b50\u6d32\u9280\u884c\u6709\u904e\u9019\u7a2e\u7d93\u9a57\u3002\u67d0\u4e9b AT1 \u5728 2019 \u5e74\u6c92\u6709\u88ab\u8cb7\u56de\uff0c\u56e0\u70ba\u7d93\u6fdf\u4e0a\u4e0d\u5408\u7406\uff0c\u8b49\u660e\u300c\u7e3d\u662f\u8cb7\u56de\u300d\u53ea\u662f\u8aaa\u6cd5\uff0c\u4e0d\u662f\u898f\u5247\u30022023 \u5e74\u7684 Credit Suisse \u4e8b\u4ef6\u63d0\u9192\u5927\u5bb6\uff0c\u8cc7\u672c\u5e8f\u5217\u5de5\u5177\u8868\u73fe\u5f97\u50cf\u5438\u6536\u640d\u5931\u7684\u5de5\u5177\uff0c\u800c\u4e0d\u662f\u5132\u84c4\u5e33\u6236\u3002Senior \u8207 Tier 2 \u662f\u4e0d\u540c\u52d5\u7269\uff0c\u4f46\u5143\u6559\u8a13\u4f9d\u820a\u6210\u7acb\u3002\u767c\u884c\u4eba\u6703\u5728\u8cc7\u91d1\u6210\u672c\u3001\u76e3\u7ba1\u627f\u8a8d\u8207\u5916\u89c0\u4e4b\u9593\u512a\u5316\u3002\u6295\u8cc7\u4eba\u5247\u70ba\u4e00\u500b\u5047\u8a2d\u5b9a\u50f9\u3002\u7576\u5169\u8005\u5206\u6b67\uff0c\u67d0\u65b9\u6703\u652f\u4ed8\u6ce2\u52d5\u6027\u7a05\u3002<\/p>\n

\u76e3\u7ba1\u8cc7\u672c\u6578\u5b78\u5e38\u63a8\u5411\u9996\u65e5\u8cb7\u56de<\/h3>\n

\u6709\u7d50\u69cb\u6027\u539f\u56e0\u8b93\u9280\u884c\u504f\u597d\u5728\u9996\u500b\u53ef\u8cb7\u56de\u65e5\u57f7\u884c\u3002Tier 2 \u5728\u751f\u547d\u6700\u5f8c\u4e94\u5e74\u70ba\u76e3\u7ba1\u627f\u8a8d\u800c\u9032\u884c\u6524\u92b7\u3002\u56fa\u8f49\u6d6e\u7684\u91cd\u7f6e\u53ef\u80fd\u5305\u542b\u5229\u7387\u968e\u68af\u6216\u5207\u63db\u5230\u67d0\u53c3\u8003\u5229\u7387\u52a0\u9ede\u5dee\uff0c\u9019\u53ef\u80fd\u6bd4\u65b0\u767c\u5238\u66f4\u6602\u8cb4\u3002MREL \u8207 TLAC \u76ee\u6a19\u6703\u62c9\u52d5\u767c\u884c\u8f49\u5411\u7576\u5b63\u53ef\u5b8c\u5168\u8a08\u5165\u7684\u65b0\u5238\u3002\u76e3\u7ba1\u8005\u8981\u6c42\u8cb7\u56de\u9700\u7372\u8a31\u53ef\uff0c\u7279\u5225\u662f\u6b21\u9806\u4f4d\u50b5\uff0c\u4e26\u671f\u671b\u6709\u300c\u7d93\u6fdf\u57fa\u790e\u300d\u7684\u7406\u64da\u3002\u9019\u500b\u8a5e\u627f\u8f09\u4e86\u5f88\u591a\u610f\u601d\uff1a\u5b83\u8868\u660e\u8cb7\u56de\u4e0d\u662f\u6b0a\u5229\uff0c\u800c\u662f\u9078\u64c7\u3002\u82e5\u4e3b\u8981\u5e02\u5834\u5728 2026 \u5e74 3 \u81f3 5 \u6708\u5287\u70c8\u91cd\u5b9a\u50f9\uff0c\u5929\u5e73\u53ef\u80fd\u5f9e\u300c\u6536\u5c3e\u6574\u7406\u300d\u7ffb\u5411\u300c\u5ef6\u9577\u4e26\u7b49\u5f85\u300d\u3002\u628a\u8cb7\u56de\u8996\u70ba\u65e2\u6210\u4e8b\u5be6\u4f86\u5efa\u6a21\u7684\u6295\u8cc7\u4eba\u6703\u767c\u73fe\u81ea\u5df1\u9762\u5c0d\u88ab\u5ef6\u9577\u7684\u4e45\u671f\u8207\u5176\u672a\u5c0d\u6c96\u7684\u51f8\u6027\u3002<\/p>\n

ING \u6a21\u5f0f\u5c0d\u8cc7\u91d1\u59ff\u614b\u7684\u4fe1\u865f<\/h3>\n

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\u6295\u8cc7\u8005\u5fc3\u7406\u8207\u932f\u50f9\u7684\u9078\u64c7\u6b0a<\/h3>\n

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