Axa Bank Belgium and BNPP price first placed synthetic euro-RMBS

By Tom Brown
01 Dec 2020

AXA Bank Belgium has become the first issuer to place a euro-denominated synthetic RMBS deal into the market, obtaining extra capital ahead of its sale to Crelan Bank.

Parent group Axa Insurance announced in October 2019 its plans to sell its Belgian banking branch to co-operative bank Crelan for €540m.

Since the announcement, Axa Bank Belgium (ABB) began exploring ways with BNP Paribas to raise capital independently ahead of the sale, reducing its reliance on its parent.

“That triggered ...

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