Commentary & Deal Flow

Reoffer: 3yr: MS+13bp / 99.781 / 3.578% 7yr: MS+30bp / 99.363 / 3.73%
Benchmark: 3yr: OBL 2.5 Oct-29 @ 97.98 / B+37.2bp / HR 99% 7yr: DBR 2.6 Aug-33 @ 95.616 / B+40.8bp / HR 102%

3yr: Final Books > €825m (incl. €225m JLM). Peak book > €850m
7yr: Final Books > €825m (incl. €150m JLM). Peak book > €850m

Launched:
3yr: €500m @ MS+13bp - Combined books > €1.7bn evenly split (incl. €375m JLMs)
7yr: €500m @ MS+30bp - Combined books > €1.7bn evenly split (incl. €375m JLMs)
Guidance: 3yr: MS+17a 7yr: MS+34a

• Issuer: KBC Bank NV
• LEI Issuer: 6B2PBRV1FCJDMR45RZ53
• Issuer Ratings: A+/A1/A+ (S&P/Moody's/Fitch)
• Expected Issue Ratings: Aaa (stable) by Moody's and AAA (stable) by Fitch
• Format: Belgian Covered Bonds (Belgische pandbrieven/lettres de gage belges) / European covered bonds (premium)
• Maturity Date:
  • 3yr: 1-Oct-29 (soft bullet)
  • 7yr: 29-Sep-33 (soft bullet)
• Extended Maturity Date:
  • 3yr: 1-Oct-30
  • 7yr: 29-Sep-34
• First Coupon Date:
  • 3yr: 1-Oct-27
  • 7yr: 29-Sep-27
• Size:
  • 3yr: €500m
  • 7yr: €500m
• Reoffer-px/yld/sprd:
  • 3yr: 99.781 / 3.578% / MS+13bp
  • 7yr: 99.363 / 3.73% / MS+30bp
• Coupon:
  • 3yr: 3.5% Fixed rate, annual, Act/Act (ICMA)
  • 7yr: 3.625% Fixed rate, annual, Act/Act (ICMA)
• Benchmark:
  • 3yr: OBL 2.5 Oct-29 +37.2bp (cash price 97.98) / HR 99%
  • 7yr: DBR 2.6 Aug-33 +40.8bp (cash price 95.616) / HR 102%
• Settlement: 29-Sep-26 (T+5)
• ISIN:
  • 3yr: BE0390380526
  • 7yr: BE0390379510
• Timing: Priced / TOE: 13:56 CET / 12:56 UKT FTT: 14:45 CET / 13:45 UKT
• Form of Notes: Dematerialised Covered Bonds
• Denominations: €100,000 + €100,000
• MiFID Target Market: Eligible counterparties and professional investors only (all distribution channels)
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Listing: Euronext Brussels
• Documentation: Issuer's Euro 17,500,000,000 Residential Mortgage Covered Bonds Programme
• Governing Law: Belgian law
• Joint Bookrunners: BayernLB / DZ Bank / Erste Group / ING / KBC Bank / Natixis / Santander (B&D) / UBS
• Advertisement: The Base Prospectus, any supplements thereto, and the Final Terms used herein have the meaning as given to them in the Terms and Conditions applicable to the Covered Bonds as included in the Base Prospectus dated 29-Jun-26 for the KBC Residential Mortgage Covered Bonds Programme. Terms (when published) are available at https://www.kbc.com/nl/investor-relations/schulduitgiften/kbc-bank/kbc-bank-residential-mortgage-covered-bonds-programme.html