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CREDIT SUPPLY: KBC Final Terms Show Some NIC, Cover Reasonable.

CREDIT SUPPLY

KBC (KBCBB: A3/A-/A) final terms are 6.25% yield and EUR750m size, we see fair value around 6.1% yield area, so some NIC on an AT1 deal, for a change. Books are above EUR2.25bn (from EUR1.75bn), so 3x covered which is also lower than some recent AT1 (INTNED last week 6.75x but UCGIM yesterday 2.8x).

  • “FINAL TERMS: KBC €750m PerpNC7 AT1 6.25%” - BBG

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