Press Release

White & Case Advises Belfius Bank on Inaugural €500 Million Tier 2 Benchmark Issue

Global law firm White & Case LLP has advised Belfius Bank SA/NV on its inaugural Tier 2 benchmark issue of €500 Million 3.125 percent Subordinated Notes due May 2026.

Belfius Bank, JP Morgan, Morgan Stanley, Société Générale and UBS acted as Joint bookrunners on the transaction. The Notes, which are listed on Euronext Brussels, are subject to statutory loss absorption and may be redeemed earlier, at the option of the issuer, upon the occurrence of a Capital Disqualification Event or a Tax Event.

The highly successful placement enables Belfius Bank to further increase its total capital ratio and contributes to the expected regulatory capital requirements (MREL).

The White & Case team which advised on the transaction was led by local partner Matthieu Duplat (Brussels) and included partners Cenzi Gargaro (Paris) and Ray Simon (New York), with support from counsel Max Turner (Paris) and associates Serkan Alhan, Roxane de Giey and Thomas Flament (all Brussels).

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