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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
KBC
KBC Bank NV€1,000
2EMEA
Sep 22, 2026
currency
EUR
size (m)
500.000
maturity
Oct 1, 2029
type
Fixed
tenor
3.000
call
-
registration
-
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
-
fitch
AAA
re-open/tap
No
ipt
-
ipt-pxd
-4
guidance
MS+17 area
spread
13
coupon
3.50%
spread set
-
price
99.78100
yield
3.578%
book size (m)
825
peak book (m)
850
x-covered
1.65
book attrition
-2.94%
nic
0
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
825
peak book (m)
850
x-covered
1.65
book attrition
-2.94%
nic
0
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Sep 29, 2033
type
Fixed
tenor
7.000
call
-
registration
-
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
-
fitch
AAA
re-open/tap
No
ipt
-
ipt-pxd
-4
guidance
MS+34 area
spread
30
coupon
3.625%
spread set
-
price
99.36300
yield
3.73%
book size (m)
825
peak book (m)
850
x-covered
1.65
book attrition
-2.94%
nic
1
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
825
peak book (m)
850
x-covered
1.65
book attrition
-2.94%
nic
1
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 825; First Pay: 2027-09-29; Comments: OBL 2.5 10/2029 +37.2 bps (cash price 97.980)/HR 99%. LEI: 6B2PBRV1FCJDMR45RZ53; Book size: 825; First Pay: 2027-09-29; Comments: DBR 2.6 08/33 +40,8 bps (cash price 95.616)/HR 102%. LEI: 6B2PBRV1FCJDMR45RZ53;
Deal Comments
Combined books >EUR1.7bn evenly split (incl. €375m JLMs)
Relative Value

Covered
3yr (Sep 2029) @ MS+17a
Implied Spread for fresh 3yr @ MS+13
Priced at MS+13
NIC of 0

Covered
7yr (Sep 2034) @ MS+34a
Implied Spread for fresh 7yr @ MS+29
Priced at MS+30
NIC of +1


COMPS

3y Comps KBC Covered

Bond

Yr to Mat

Mid I-Sprd

SANTAN 3 1/2 12/28/29

3,3

13

SEB 3 1/8 08/27/29

2,9

7

BYLAN 2 3/4 06/22/29

2,7

1

NDB 3 05/28/29

2,7

5

 

 

 

7y Comps KBC Covered

Bond

Yr to Mat

Mid I-Sprd

KBC 3 04/10/31

4,5

19

SANTAN 3 5/8 12/28/32

6,3

27

CCBGBB 3 1/4 05/27/32

5,7

22

NDAFH 3 1/2 09/14/33

7,0

24

NDB 3 1/2 09/12/33

7,0

24

INTNED 3 1/2 09/14/34

8,0

26