UPDATE (BOOKS): KBC Insurance €500m (WNG) 10yr Sub T2; MS+160a
IGC European Market: Deal Flow - General
Issuer
Term
Maturity
Size
Ranking
Type
IPT
KBC Insurance NV
10yr
11-Jun-36
€500m (WNG)
Sub
Fixed
MS+160a
Book Update: Books > €1.5bn (ex JLM) IPTs: MS+160a
Issuer: KBC Insurance NV
LEI: 213800G63T4ER4MSVR22
Ticker: KBCBB
Status: Unsecured Subordinated Notes qualifying as Tier 2 Capital
Issuer Rating: A (S&P)
Expected Issue Rating: BBB+ (S&P)
Format: Dematerialised form, RegS Cat 2
Size: €500,000,000 (WNG)
IPTs: MS+160 area
Settle: 11-Jun-26 (T+6)
Maturity: 11-Jun-36
Interest Rate: [●]% payable annually in arrear on 11 June in each year, commencing on 11-Jun-27, subject to deferral in accordance with the Terms and Conditions
Business Days/Day Count Fraction: T2, Following; Unadjusted, Act/Act (ICMA)
Mandatory Interest Deferral: Applicable. See Condition 5(b)
Substitution & Variation: If the Issuer considers it necessary or desirable in order to ensure the effectiveness and enforceability of Condition 19 or if a Capital Disqualification Event, a Deductibility Event or a Gross-up Event has occurred and is continuing, the Issuer may, subject to Condition 6(o), but without any requirement for the consent or approval of the Noteholders, at any time either substitute all (but not some only) of the Notes for, or vary the terms of all (but not some only of) the Notes so that they remain or, as appropriate, become, Qualifying Securities.
Conditions to Redemption, Substitution, Variation and Purchase: Any redemption or purchase of the Notes or any substitution or variation of the terms of the Notes is subject to the Issuer having complied with the regulatory rules relating to such action or event, including on notification to, or consent or non-objection from, the Relevant Regulator. In addition, any redemption or purchase prior to the fifth anniversary of the Specified Date is subject to the Issuer having complied with the regulatory rules relating to such action or event, including the approval of the Relevant Regulator (if applicable), and other conditions to redemption in line with Condition 6(o).
Event of Default: None
Acknowledgement of Bail-in Power: Acknowledgement of Bail-in Power by the Relevant Resolution Authority
Denomination: €100k + 100k
Target Market: MiFID II/UK MiFIR professionals/ECPs only. No EU PRIIPs key information document and no UK disclosure document required by DISC have been prepared as not available to retail in the EEA or UK.
Listing/Docs: Euro MTF/KBC Insurance NV EMTN Programme dated 2-Jun-26
Clearing: Securities settlement system operated by the National Bank of Belgium
Selling Restrictions: United States, United Kingdom, France, Japan, Czech Republic, Republic of Italy, Canada, Hong Kong, Switzerland and Singapore. No sales to retail investors
Governing Law: Belgian Law
ISIN: BE6374729836
Use of Proceeds: The Notes to be issued will be used to repay internal subordinated debts subscribed by KBC Group NV.
Sole Global Coordinator: BNP Paribas
Joint Lead Managers: BNP Paribas (B&D), Credit Agricole CIB, Deutsche Bank, J.P. Morgan, KBC