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BEL €350m 5y Sr Unsec. (unrated); Final terms MS+175, FV +170

CONSUMER CYCLICALS
  • BEL has priced its €350m 5Y at +175, 5bps shy of our FV, total tightening from IPT is 50bps.
  • Its' deal is likely to be a fair warning for more frequent/new issuers thinking of de-rating.

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