Product wrap: BNPP WM tracks Euronext ESG index, Belfius cashes in on rates

EUROPE Belfius Bank collected €214m (US$230m) with Active Interest 11/2027 in Belgium. The four-year medium-term note (MTN) offers a fixed annual coupon of 3.75% during the first two years of investment. The third and fourth year, the annual coupon is equal to two-times the difference between the 30-year EUR constant maturity swap (CMS) rate and the two-year EUR CMS rate, subject to a minimum of 1.75% and a maximum of 3.75%. The product is issued on the paper of Belfius Financing Company,