KPN raises €500M hybrid bond at 4.625% coupon
What's the deal? Dutch telecom operator KPNDealroom has a profile for this one. Try Dealroom → has issued a €500 million perpetual non-call 5.25-year subordinated bond. The company priced the hybrid bond with a coupon of 4.625% per annum until its first reset date on December 9, 2031, and will use proceeds for general corporate purposes and refinancing existing debt.
How it's structured: Rating agencies S&PDealroom has a profile for this one. Try Dealroom → and FitchDealroom has a profile for this one. Try Dealroom → will treat the bond as 50% equity and 50% debt, and it will be accounted for as equity under IFRS. It is expected to carry a BB+ rating from both agencies and will be listed on the Global Exchange Market of Euronext DublinDealroom has a profile for this one. Try Dealroom →.
Why now? KPN paired the issuance with an offer to repurchase its existing €500 million perpetual hybrid securities, which carry a first reset date on December 21, 2027. That offer expires at 17:00 CEST on September 8, 2026, unless extended.
Investor demand: The deal drew a final orderbook exceeding €2.5 billion from a broad, diversified institutional investor base. BarclaysDealroom has a profile for this one. Try Dealroom → and INGDealroom has a profile for this one. Try Dealroom → acted as joint structuring advisors, with Deutsche BankDealroom has a profile for this one. Try Dealroom →, Intesa SanpaoloDealroom has a profile for this one. Try Dealroom →, RabobankDealroom has a profile for this one. Try Dealroom →, SantanderDealroom has a profile for this one. Try Dealroom →, and SEBDealroom has a profile for this one. Try Dealroom → joining as lead managers.
The signal: The raise ranks in the 90th percentile among all-time post-IPO debt rounds for Netherlands deep tech, a sign of strong appetite for hybrid instruments that let established operators shore up their balance sheets without diluting equity.
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