Belfius seeks to amend English law T2 for MREL

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By Tyler Davies
03 Mar 2021

Belfius Bank is looking to amend the terms and conditions of one of its tier twos so that it can remain eligible for the minimum requirements for own funds and eligible liabilities (MREL). The bond was issued with risk factor language under English law but will now need to be updated to reflect the UK’s departure from the EU.

The Belgian lender launched the consent solicitation process on Tuesday.

It is asking the holders of its €550m 3.125% May 2026 tier two to agree to a new clause in the terms of the notes, recognising the power of EU resolution authorities to implement a bail-in.

There would ...

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