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Belfius Green Sr Pref Issue: We See FV At MS+70-75bp Area

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Belfius Bank (A1/A/A-) is issuing EUR benchmark green senior preferred – we see fair value at MS+70-75bp area.


  • Belfius is issuing 6Y green senior preferred with IPT at MS+110bp area. Expected ratings are: A1/A.
  • Regional peers BPCE and SocGen in France have relatively well populated SP curves which would imply fair value in the region of MS+70-75bp area, we feel.

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