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BRUSSELS - Belgian bank Crelan SA/NV has announced a stabilisation period for its €500 million senior non-preferred bond offering, according to a press release statement issued Monday.
The 11-year non-call 10 (11NC10) bond is expected to begin its stabilisation period on September 8, 2025, with Deutsche Bank AG, Frankfurt serving as the stabilisation coordinator. The stabilisation period is scheduled to end no later than October 27, 2025.
The initial price guidance for the bond was set at around 170 basis points over mid-swaps. BBVA, Crédit Agricole CIB, Deutsche Bank, J.P. Morgan, and Santander have been appointed as stabilisation managers for the offering.
During the stabilisation period, the managers may over-allot securities or conduct transactions to support the market price of the securities at a level higher than might otherwise prevail, in accordance with applicable laws and regulations.
The bond represents a senior non-preferred debt issuance, a category of bank debt that ranks below senior preferred obligations but above subordinated debt in the event of resolution.
Crelan, one of Belgium’s retail banks, has not yet disclosed the ISIN code for the securities, which was listed as "to be confirmed" in the announcement.
The stabilisation announcement specifies that any stabilisation action may not necessarily occur and could cease at any time during the designated period.
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