Commentary & Deal Flow
CreditFlow: End of Day (Europe IG)
- Ahead of the long weekend in the UK & most of Europe (‘Whit Monday’), supply was limited to a sole dual-tranche Swiss Franc offering.
Euro IG (today)
- None.
Week-to-date volumes:
Year-to-date volumes:
Sterling IG (today)
- None.
Week-to-date volumes:
Year-to-date volumes:
Swiss Franc IG (today)
- US borrower, PPG Industries, Inc. (A3/BBB+/BBB+) - originally standing for ‘Pittsburgh Plate Glass’, is the world's second-largest supplier of paints, coatings, & specialty materials. The issuer announced dual tranche vanilla benchmarks in 4 & 8 years (both June maturities), with IPTs of SARON MS +75 to +85 & +95 to +105 respectively. Final spreads came mid of IPTs at SARON MS +80 & +100, minimum sizes of Chf160 & Chf130 were given at final spread. Final tranche sizes were Chf180m & Chf140m respectively for the 4 & 8yr.
Week-to-date volumes:
US$ Reg S (today)
- None.
Pending Deals & Mandates
Type | Issuer | Size (m) | Structure | Notes | |||
SSA | Comunidad de Madrid | € bmk | EuGB | Mandate. (12th May) | |||
SSA | Bpi France | € bmk | 5yr Secured (ESN) | Mandate. (21st May) | |||
Euro (€)
- Bpifrance ESN Master FCT, a newly set up French fonds commun de titrisation, mandated BNP Paribas & Bpifrance as co-Arrangers, BNP Paribas, Deutsche Bank & Natixis as Joint Bookrunners to arrange a series of fixed income investor calls starting on the 26th May 2026. An inaugural € European Secured Notes (“ESN”) transaction may follow, subject to market conditions.
- Still to come, having announced a mandate last Tuesday (12th May), is Comunidad de Madrid (A/A3/A). A potential € denominated EuGB bond was expected to follow investor meetings last week.
Transaction Details
PRICED: PPG Industries CHF 320m 4yr & 8yr Sr Unsec; SARON MS+80 & SARON MS+100
IGC European Market: Deal Flow - General
Issuer | Term | Coupon | Maturity | Size | Ranking | Type | Price | Yield | Spread | IPT-PXD |
|---|---|---|---|---|---|---|---|---|---|---|
PPG Industries | 4yr | 1.2175% | 03-Jun-30 | CHF 180m | Sr Unsec | Fixed | 100 | 1.2175% | SARON MS+80 | 0 |
PPG Industries | 8yr | 1.6648% | 02-Jun-34 | CHF 140m | Sr Unsec | Fixed | 100 | 1.6648% | SARON MS+100 | 0 |
Reoffer: 4yr: SARON MS+80 / 100 / 1.2175% 8yr: SARON MS+100 / 100 / 1.6648%
Spread set at: 4yr: SARON MS+80bp 8yr: SARON MS+100bp
Guidance: 4yr: SARON MS+80a 8yr: SARON MS+100a
IPTs: 4yr: SARON MS+75/85bp 8yr: SARON MS+95/105bp
- Issuer: PPG Industries, Inc. (Ticker: PPG)
- Issuer Domicile: United States of America
- Domestic / Foreign: Foreign
- Format: Public Fixed Rate Bonds
- Ranking: Senior Unsecured
- Issuer Rating: A3/BBB+/BBB+ (Moody's/S&P/Fitch)
- Expected Instrument Rating: A3/BBB+/BBB+ (Moody's/S&P/Fitch)
- Size:
- 4yr: CHF 180m
- 8yr: CHF 140m
- Payment Date: 03-Jun-26
- Maturity Date:
- 4yr: 03-Jun-30
- 8yr: 02-Jun-34
- Coupon:
- 4yr: 1.2175% p.a.
- 8yr: 1.6648% p.a. (short first)
- Lead Manager: BNP Paribas
- Listing: SIX Swiss Exchange as of 01-Jun-26
- SNB Repo eligibility: At the discretion of the SNB, expected no
- Documentation: Standalone
- Governing Law: Swiss Law
- FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
- Covenants: PP, NP
- Early Redemption: 1 Month Par Call on Tranche 1, 3 Month Par Call on Tranche 2, Clean-up Call at 85% at Par, Tax call
- Min. Denomination: CHF 5,000 and integral multiples thereof
- Sales Restrictions: USA, US Persons, EEA, UK
- Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions
- Timing: Today's business
Details correct at time of posting