Belgium’s KBC issued its inaugural covered bonds to strong investor appetite that saw orders for the €1.5 billion ($1.9 billion) deal swell to €6 billion.

The deal is the second to be issued under covered bond legislation introduced in July 2012. It follows a €1.25 billion, five-year covered bond issued by Belfius, which priced at mid-swaps plus 45 bps in late November. KBC priced its deal this week at mid swaps of 30 bps, resulting in an issue price of 99.638%, the bank said in a statement.

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