Commentary & Deal Flow

Final Books €1.7bn+. Peak book in excess of €2.5bn (pre-rec, inc 30m JLM)

Launched: 8NC7: €750m @ MS+88bp - Books in excess of €2.5bn (pre-rec, inc 30m JLM)
IPTs: 8NC7: MS+120bp area - Books €1.5bn+

• Issuer: KBC Group NV
• Ticker: KBCBB Corp
• LEI Issuer: 213800X3Q9LSAKRUWY91
• Issuer Ratings: A3/A-/A (Moody's/S&P/Fitch)
• Expected Issue Ratings: A3/A-/A (Moody's/S&P/Fitch)
• Format of the Notes: Senior Unsecured, Reg S, bearer
• Size: €750m
• Launch Date: 20-May-26
• Settlement Date: 28-May-26 (T+5)
• Maturity Date: 28-May-34
• Optional Redemption Date: 28-May-33
• Interest: [] per cent for the period from and including the Issue Date to but excluding the Optional Redemption Date. If the Senior Notes are not redeemed or purchased and cancelled on the Optional Redemption Date, the interest payable on the Senior Notes from and including the Optional Redemption Date to and excluding the Maturity Date shall be 3-month Euribor + []bps, payable quarterly in arrears
• Issuer Call Option: Applicable. See condition 4(d). The Issuer may at its option (subject to Condition 4(k)), on giving not less than 15 nor more than 45 days’ irrevocable notice to the holders (or such other notice period as may be specified in the Final Terms), redeem all or, if so provided, some only of the Notes on any Optional Redemption Date.
• Business Days: T2
• Waiver of Set-off: Applicable. See condition 2(a)(ii). No Senior Noteholder may exercise or claim any right of set-off, compensation, retention or netting in respect of any amount owed to it by the Issuer arising under or in connection with the Senior Notes, and each Senior Noteholder shall, by virtue of its subscription, purchase or holding of any Senior Note, be deemed to have waived all such rights of set-off, compensation, retention or netting.
• Acknowledgement of Bail-in Power: Applicable. See condition 18(c). Notwithstanding and to the exclusion of any other term of the Senior Notes or any other agreements, arrangements or understanding between the Issuer and any Noteholder, by its subscription to or acquisition of the Senior Notes, each Noteholder shall acknowledge and accept (i) that any liability arising under the Senior Notes may be subject to the exercise of the Bail-in Power by the Resolution Authority and (ii) to be bound by (a) the effect of the exercise of any Bail-in Power by the Resolution Authority and (b) the variation of the conditions of the Senior Notes, as deemed necessary by the Resolution Authority, to give effect to the exercise of any Bail-in Power by the Resolution Authority.
• Listing: Euronext Brussels
• Governing Law: Belgian law
• Form of the Notes: Dematerialised form
• Use of proceeds: The Issuer will apply the net proceeds exclusively to finance or refinance Green Bond Eligible Assets in accordance with KBC 2023 Green Bond Framework https://wcmassets.kbc.be/content/dam/kbccom/doc/investor-relations/7-Debt-issuance/Green-Bonds/20240110-kbc-gb-framework.pdf.cdn.res/last-modified/1704870797184/20240110-kbc-gb-framework.pdf
• Distribution: Reg S Compliance Category 2
• Advertisement: The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://www.kbc.com/en/investor-relations/debt-issuance/kbc-groep2.html
• Documentation: Issuer’s EMTN programme described in the Base Prospectus dated 10-Jun-25 as supplemented from time to time
• Joint Lead Managers: BofA Securities, HSBC (B&D), KBC, Societe Generale & UBS
• ISIN: BE0390313824
• Denomination: €100,000 + €100,000
• Clearing: X/N clearing system of The National Bank of Belgium
• Target Market: Manufacturer target market (MIFID II and MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels) No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the EEA and in the UK
• Timing: Books open, today’s business. Books go subject at 11:50 UKT / 12:50 CET. Expect allocations and pricing this afternoon.