Ethias
Ethias announces successful pricing of Callable Dated Subordinated Notes for a total of EUR 300 million
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Ethias announces successful pricing of Callable Dated Subordinated Notes for a total of EUR 300 million
30/04/2025
16:12
Ethias SA (“Ethias”) announces the successful pricing of the Callable Dated Subordinated Notes for a total amount of EUR 300 million, maturing in 2035 (ISIN: BE6363869874). The notes will qualify as Tier 2 capital (Tier 2). This issuance was combined with a repurchase offer on Ethias’ EUR 402,700,000 Callable Dated Subordinated Notes at 5.00% maturing in 2026, still outstanding (ISIN: BE6279619330). This transaction demonstrates Ethias' desire to combine proactive capital management with an even stronger commitment to sustainable investment. The success of this operation, highlighted by a subscription reaching almost 5 times the amount of issuance, underlines the trust of the financial markets in the insurer's ability to meet its financial commitments and to select the projects it supports. This transaction is part of Ethias' capital management and reaffirms the company’s commitment to sustainable and local financing, in line with its ESG strategy.
EUR 300 million issuance in line with Ethias' Sustainability Financing Framework
This bond issuance, which is eligible as Tier 2 capital instruments, is part of Ethias' Sustainability Financing Framework, the successor to the Ethias’ Green Financing Framework. Since its first Green Bond, issued in 2023, Ethias has broadened its sustainability financing framework to include, beyond environmental projects, socially oriented investments such as accessible housing or access to essential services in the fields of health, education or financial inclusion.
This choice further underlines Ethias' commitment to society and its desire to play an active role in the transition towards a more sustainable and inclusive society.
“I'm really pleased with the success of the issuance of our new Tier 2 instrument. The numerous expressions of interest received during the book-building process – well above EUR 1 billion for a EUR 300 million investment – demonstrate Ethias' credibility in the market, its financial strength, and the relevance of its business model.
As an insurer of individuals, businesses, and local bodies, and as a responsible investor, we aim to support social, climate and economic transition through concrete action. This new issue enables us to strengthen our support to meaningful projects – such as affordable housing, sustainable mobility, and the protection of biodiversity – while reinforcing our capital structure. We want to be a change driver, at the service of all the Belgian people, so that together we can shape tomorrow’s society. “ — Philippe Lallemand, CEO of Ethias
Main issuance characteristics
Issuer: Ethias SA
Rating of the issuer: A positive outlook (Fitch Ratings)
Rating of the bonds: BBB (expected rating from Fitch Ratings)
Issuance amount: EUR 300 million
Type: Sustainability 10-year bullet Solvency II Tier 2
Maturity date: May 2035
Coupon: 4.750%
Questions?
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Serge Jacobs
Spokesperson | Public Affairs
Ethias is Belgium's 3rd largest Life and Non-Life insurer. It is recognised for its unique business model based on direct, digital and public services, the commitment of its 1,900 employees, the trust of its customers (1,180,257 Private Individuals and 43,283 clients in Public Bodies & Companies), the support of its shareholders, its over 100-year experience and its financial strength. With a solid group strategy, Ethias is constantly innovating to create value and meet the needs of tomorrow through ecosystems in areas such as health, mobility and housing. Based on its systematic "phygital" and socially responsible approach, Ethias is committed to being a partner for everyday life, beyond insurance, accessible to all.
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