Belfius Bank
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◆ €1.7bn deal gets 2025 funding past the line ◆ Seven year print and 18 year social tap ◆ Bankers say market gives 'good results' and more supply inbound -
◆ Deal four times covered ◆ Walloon used as reference ◆ Higher than average tightening
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◆ Both 2025 primary debuts are mid-range senior preferred bonds ◆ Belfius offers some premium but loses more orders than Iccrea ◆ Both deals achieve same subscription ratios
