UBS highlights Belfius Bank as a 'Trade of the week', citing potential credit profile improvements linked to a government sell-down of its stake. The report recommends Belfius 3.25% 2031 NPS bonds for their tightening potential.
Key Takeaways
- 1.Potential acquisition of the government's 20% stake in Belfius by major European banks could strengthen Belfius' credit profile.
- 2.UBS sees value in Belfius non-preferred senior (NPS) bonds, specifically the 3.25% bond maturing in 2031, due to potential spread compression.
Table of Contents
- Credit development: What happened?
- Investment idea: Which bonds to consider?
- Issuer description: Who is Belfius Bank?
- Bonds: Attractive CIO valuation view
- Required disclosures
- Appendix
- Risk Information
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Authors
Lidia Casini
Securities
Belfius Bank NPS 3.25% 2031
Themes
PrivatizationStrategic Bank M&A
Regions
EuropeBelgium