Commentary & Deal Flow

Launched: 11NC6: €650m @ MS+112bp - Books > €2.45bn (inc €50m JLM)
Book Update: Books > €2bn (inc €50m JLM)
IPTs: 11NC6: MS+140bp area

• Issuer: KBC Group NV
• Ticker: KBCBB
• LEI Issuer: 213800X3Q9LSAKRUWY91
• Issuer Ratings: A3 (Stable) / A- (Positive) / A (Stable) (Moody’s / S&P / Fitch)
• Exp. Issue Ratings: Baa1 / BBB+ / BBB+ (Moody’s / S&P / Fitch)
• Status: Subordinated Tier 2 Notes
• Size: €650m
• Settlement Date: 20-Aug-26 (T+6)
• Maturity Date: 20-Aug-37
• Optional Redemption Date: 20-Aug-32
• First Reset Date: 20-Aug-32
• Coupon: [l] fixed, annual, for the period from and including the Issue Date to but excluding the First Reset Date. If the Notes are not redeemed or purchased and cancelled on the Optional Redemption Date, the interest payable on the Notes from and including the First Reset Date to but excluding the Maturity Date shall be reset to a fixed rate equal to the 5-year mid-swap rate prevailing at the Reset Determination Date plus the Margin. Subject to benchmark replacement provisions.
• First Coupon Date: 20-Aug-27
• Business Day Convention/Day Count Fraction: ACT/ACT(ICMA), unadjusted / following
• Waiver of Set-off: Applicable. See Condition 2(b)(iii)
• Issuer Call Option: Applicable. See Condition 4(d) The Issuer may at its option (subject to Conditions to Redemptions) redeem all of the Notes on the Optional Redemption Date. Any such redemption of the Notes shall be at their Optional Redemption Amount, together with interest accrued to the date fixed for redemption.
• Redemptions upon Tax Event or Capital Disqualification Event subject to Conditions to Redemptions: Applicable. See Condition 4(b) and (c) Callable upon Tax Event or Capital Disqualification Event at the option of the Issuer at par in whole, but not in part, subject to Conditions to Redemptions
• Substitution & Variation: Applicable. See Condition 6 Following a Capital Disqualification Event the Issuer may substitute or vary the terms of all (but not some only) of the Subordinated Tier 2 Notes, without any requirement for the consent or approval of the Noteholders, to ensure that the Notes become or remain Qualifying Securities
• Acknowledgement of Bail-in Power: See Condition 18(c) Acknowledgement of Bail-in Power, the possibility to substitute or vary the terms of the Notes, as deemed necessary by the Resolution Authority
• Denominations: €100k + €100k
• Target Market: MiFID II and UK MiFIR professionals/ECP’s only (all distribution channels). No EEA key information document (KID) or product summary required by DISC has been prepared as not available to retail in EEA and UK.
• Use of Proceeds: General Corporate Purposes
• Fees: The JBRs will be paid a distribution and selling commission by the Issuer in respect of the placement of the securities. To be paid separately
• Listing: Euronext Brussels
• ISIN: BE0390370428
• Documentation: Issuer’s EMTN programme described in the Base Prospectus dated 3-Jun-26
• Governing Law: The Notes and any non-contractual obligations arising out of or in connection with them are governed by, and shall be construed in accordance with, Belgian law
• Bookrunners: Commerzbank, Goldman Sachs International, HSBC, ING, KBC, Morgan Stanley (B&D)
• Timing: Books open, today's business