Published on 2/26/2019 in the Prospect News High Yield Daily.
New Issue: KBC prices €500 million tap of 4¾% Tier 1 perpetual securities at par
By Paul A. Harris
Portland, Ore., Feb. 26 – KBC Group NV (Baa1/A-/A) priced a €500 million add-on to its 4¾% deeply subordinated tier 1 fixed-rate resettable callable securities (Ba1/BB+) at par on Tuesday, according to a market source.
Joint bookrunner BNP Paribas will bill and deliver. Credit Suisse, Goldman Sachs, JPMorgan, KBC and BofA Securities were also joint bookrunners.
The Brussels, Belgium-based bank insurer plans to use the proceeds for general corporate purposes.
| Issuer: | KBC Group NV
|
| Amount: | €500 million
|
| Maturity: | Perpetual
|
| Securities: | Deeply subordinated tier 1 fixed-rate resettable callable securities
|
| Bookrunners: | BNP Paribas (bill and deliver), Credit Suisse, Goldman Sachs, JPMorgan, KBC, BofA Securities
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Spread: | 468.9 bps
|
| First call date: | March 5, 2024
|
| Trade date: | Feb. 26
|
| Settlement date: | March 5
|
| Issuer ratings: | Moody's: Baa1
|
| S&P: A-
|
| Fitch: A
|
| Issue ratings: | Moody's: Ba1
|
| S&P: BB+
|
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