Commentary & Deal Flow

Reoffer: 10yr: MS+132bp / 99.076 / 4.366%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.04 / B+135.2 / HR 96%

Final Books > €1.4bn. Peak book above €2.1bn.

Launched: 10yr: €500m @ MS+132bp - Books above €2.1bn
Book Update: Books > €1.5bn (ex JLM)
IPTs: 10yr: 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)
• Size: €500,000,000
• Settlement: 11-Jun-26 (T+6)
• Maturity: 11-Jun-36
• Reoffer: Spread MS+132 / Price 99.076 / Yield 4.366%
• Benchmark: DBR 2.9 15-Feb-36 (@99.04) + 135.2, HR 96%
• Interest Rate: 4.25% 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)
• Waiver of Set-Off: Applicable
• Capital Disqualification Event Call: Applicable
• Substantial Repurchase Event Call: Applicable (75%)
• 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
• Form of the Notes: Dematerialised form, RegS Cat 2
• 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
• Timing: PRICED, TOE 14:04 UKT, FTT 14:25 UKT