White & Case LLP has advised Belfius Bank SA, Credit Agricole CIB, Deutsche Bank AG, Morgan Stanley and Societe Generale CIB, as joint lead managers, on the issuance by Belfius Bank of €750,000,000 Fixed Rate Senior Non-Preferred Notes, the first issuance by a Belgian credit institution of senior non-preferred notes under the new Belgian legal framework.

The transaction settled on September 12, 2017 and the bonds were admitted to trading on the Luxembourg Stock Exchange.

Since the adoption in Belgium of a new law in July 2017, Belgian credit institutions have been able to issue senior non-preferred notes. The law has introduced a new category of unsecured creditors in the creditor hierarchy. This new category will rank below ordinary unsecured creditors, but above creditors holding subordinated debt.

"The Belgian legislator did not await the introduction of new European laws, but took into account the European legislative proposals regarding ranking of unsecured debt instruments," said Brussels-based White & Case counsel Willem Van de Wiele. "The Belgian law is similar to French and Spanish laws in this respect, and Belfius Bank is the first issuer to launch an issue under the new legal framework, moving swiftly after the entry into force of the new law."

The White & Case team was led by local partner Hadrien Servais and counsel Willem Van de Wiele (both Brussels) and included partner Richard Pogrel (London).