Belfius lands triple-A ratings for imminent debut covered bond

16 Nov 2012

Fitch and Standard & Poor’s have given Belfius Bank’s mortgage covered bonds an expected AAA rating for up to €2bn of issuance from its inaugural €10bn programme, ahead of the Belgian issuer’s long-awaited debut covered deal, which is expected next week.

Belfius has mandated itself, Deutsche Bank, HSBC, Natixis and Rabobank for the first Belgian covered bond, or Pandbrieve. The joint lead managers held investor calls this week with a view to a benchmark euro deal shortly thereafter. A €1bn or larger five year deal is likely.

Both rating agencies ...

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