Commentary & Deal Flow

• € IG supply for today totalled only €2.35bn from 4 issuers / 4 tranches (2 x FIG & 2 x SSA).
• The KfW & Land Berlin € prints were both small, unique, targeted offerings, & not your typical liquid public offerings.
• With ‘risk off’ very much the tone heading into the open, supply was always going to be selective. As it transpired, only two benchmark, liquid trades materialised, namely those from NordLB & Morgan Stanley.
• • While final pricing details for the Morgan Stanley dual-tranche have yet to be provided to the market, we understand that both £ & € tranches priced earlier - as detailed below.
• A review of today’s primary supply is as follows.
• • Corporate
  • • None
  • FIG
  • • Total IG: €2bn
    • Avg. tranche size €1bn
    • Avg. IPT to Pricing -26.5bps (unsecured)
    • Avg. cover 1.5 X *
  • SSA
  • • Total IG: €350m
    • Avg. tranche size €175m
    • Avg. IPT to Pricing -0bps
    • Avg. cover  1 X (books unavailable)

• 1 Sterling IG trade priced for a total of £1bn from 1 issuer (1 x FIG).
• 1 Swiss Franc IG trade for Chf100m from 1 issuer (1 x SSA) - covered print.
• As anticipated a prolific pipeline of deals were tabled for ‘pending’ or to be conducting investor work. An overwhelming portion of this pipeline is from the SSA space with 8 issuers announcing 10 collective tranches. Tuesday seems set to be a busy session.
• • 5 x € Corp
  • 2 x € FIG
  • 8 x € SSA
  • 1 x £ Corp
  • 2 x £ FIG
  • 2 x £ SSA
  • 1 x Chf Corp

Euro IG (today)

Corporate

• None.

FIG

• The first FIG trade to be announced today was from NordLB (exp. Issue ratings Aa2 / AA- by Moody’s & Fitch) with a €500m (wng) 5 year, senior preferred green issue. IPTs on the transaction were in the area of MS+80. Books were first called over €1.25bn (incl. €110m JLMs), rising to €1.65bn. The deal sized in line with the announcement at €500m & priced at MS+55, 25bps tighter than IPTs.
• As part of a dual currency offering (€’s & £) Morgan Stanley (exp. Issue ratings A1 / A- / A+ by Moody’s, S&P & Fitch) announced a 4NC3 fixed to floating senior unsecured benchmark offering with IPTs in the area of MS+90. Guidance came in at MS+62 - the number. No books were available & the deal sized at €1.5bn & priced at +62.

SSA

• KfW (Aaa / AAA / AAA by Moody’s, Scope & S&P) - guaranteed by the Federal Republic of Germany, announced a €100m (minimum) 18 mth, DLT (Distributed-Ledger-Technology) senior, unsecured issue. For pricing indications the re-offer was announced as a 3bps spread over KfW’s outstanding 0% December 2027 issue. The deal launched for €100m & priced early before noon at the announced terms.
• The Federal State of Berlin (Aa1 / AAA by Moody’s & Fitch) announced & priced a senior unsecured, €250m TAP (new o/s €1.75bn) of their 3.0% 15th May 2029 (re-offer 100.253 / MS flat).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

FIG

• As part of its dual currency offering (€’s & £) Morgan Stanley (exp. Issue ratings A1 / A- / A+ by Moody’s, S&P & Fitch) announced a 6.25NC5.25 fixed to floating senior unsecured benchmark offering with IPTs in the area of UKT+115. Guidance came in UKT+98, the number. No books were available & the deal sized at £1bn & priced at +98.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

SSA

• Caisse Francaise de Financement Local SA, aka CAFFIL (exp. Issue rating of Aaa by Moody’s announced a 12 year Chf100m (min) covered issue with IPTs of SARON MS+52 area. The deal priced prior to noon at the announced terms. 

Week-to-date volumes:

US$ Reg S (today)

• None.

Pending Deals & Mandates 

Euro (€)

• Monday, 8th June: Motor Oil (Hellas) Corinth Refineries S.A. mandated Citigroup, Goldman Sachs Bank Europe SE, HSBC & Morgan Stanley as Global Coordinators & Joint Active Bookrunners to arrange a series of fixed income investor calls commencing Monday 8th June. Citigroup is coordinating marketing logistics. A €400m Reg S Only 5 year senior unsecured notes offering may follow, subject to market conditions. Motor Oil is a leading energy group with a history of over 50 years, operating across key segments of the broader energy value chain, including refining & fuels marketing, electrification and the circular economy. Headquartered in Athens, Greece, the Group employs c.4,400 people & maintains a strong operational footprint both domestically & internationally.
• Monday, 8th June: Universal Music Group N.V. (exp. Issue ratings of Baa1 / BB+ by Moody’s & S&P), a global leader in music-based entertainment, mandated BNP Paribas & Crédit Agricole CIB as Global Coordinators, & together with IMI – Intesa Sanpaolo, Mediobanca, Mizuho, Morgan Stanley, Santander, & Société Générale as Active Bookrunners, to arrange a series of fixed income investor calls on Monday 8th June. Crédit Agricole CIB is coordinating logistics. A € RegS, fixed rate, senior unsecured dual-tranche bond offering comprising 4 & 10 year tenors, each €500m (wng), will follow, subject to market conditions.
• Monday, 8th June: Dassault Systèmes SE (exp. Issue rating of A by S&P), mandated BNP Paribas, Crédit Agricole CIB, MUFG & Société Générale as Global Coordinators, & BofA Securities, CIC CIB, Deutsche Bank, HSBC, ING, J.P. Morgan & Natixis, as active joint bookrunners to arrange a series of fixed income investor calls starting on Monday, June 8th. Subject to market conditions, a € benchmark Reg S Bearer, fixed-rate, senior unsecured bond offering with a 5 year maturity. New issue proceeds will be used for general corporate purposes, including the refinancing of the €900mn 0.125% notes due September 2026.
• Monday, 8th June: Alstom SA (exp. Issue ratings Ba2 by Moody’s), worldwide leader in the railway industry, creating mobility solutions that people enjoy riding & leading societies to a low carbon future, mandated, BNP Paribas, Crédit Agricole CIB, HSBC & Natixis as Global Coordinators, together with BBVA, Deutsche Bank and Société Générale as Active Bookrunners, to arrange a series of fixed income investor calls on the 8th of June. BNP Paribas is coordinating roadshow logistics. A € benchmark Reg S Bearer Category 2 inaugural EU green bond PerpNC5.25 hybrid transaction, may follow, subject to market conditions.
• Monday, 8th June: Avinor AS (exp. Issue ratings of A+ by S&P), the wholly state-owned Norwegian airport operator, mandated BNP Paribas & Danske Bank as Global Coordinators & BNP Paribas, Danske Bank, DNB Carnegie, Nordea, & SEB as Joint Bookrunners to arrange a series of fixed income investor calls on the 8th of June. Danske Bank is coordinating logistics. A €500m (wng), RegS, Bearer, 10 year senior unsecured offering is expected to follow, subject to market conditions.

• Monday, 1st June: Australian multinational general insurance & reinsurance company QBE Insurance Group Limited (A / A by S&P & Fitch), mandated Barclays, Crédit Agricole CIB, Deutsche Bank, JP Morgan & Natixis as JLMs to arrange a series of fixed-income investor meetings commencing Thursday 4th June. A potential €300m to €500m Regulation S Registered 11NC6 Tier 2 Subordinated issue may follow, subject to market conditions. The expected securities’ ratings are BBB+ (S&P) and BBB+ (Fitch).
• Monday, 8th June: UniCredit SpA (exp. Issue ratings of Aa2 by Moody’s) mandated UniCredit as Sole Global Coordinator & BBVA, BMO Capital Markets, Erste Group, ING, IMI-Intesa Sanpaolo, LBBW, Natixis, Raiffeisen Bank International, Santander, & UniCredit as Bookrunners to lead manage its forthcoming € dual-tranche July 2029 & July 2033 Benchmarks RegS Bearer, soft-bullet Obbligazioni Bancarie Garantite - European Covered Bond (Premium). The transactions will be launched and priced in the near future subject to market conditions.

• Friday, 22nd May: Bpifrance ESN Master FCT, a newly set up French fonds commun de titrisation, mandated (21st May) 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.
• Thursday, 28th May: The German State of Saxony-Anhalt (Aa1 / AAA / AAA), mandated (27th May) DekaBank as the sole lead manager for its inaugural 2-year blockchain-based digital bond issuance (crypto security under German eWpG). A € bond, issued using SWIAT blockchain technology, will follow subject to market conditions.
• Monday, 1st June: The Basque Government (exp. Issue ratings of A2 / A+ by Moody’s & Fitch) mandated Deutsche Bank & ING to arrange a series of physical fixed-income investor meetings in Amsterdam & London on Wednesday 3rd & Thursday 4th of June, respectively, with the aim to present the Basque Government’s Industrial Strategy 2030 plan & the Basque Financial Alliance, a strong public-private framework, targeting investments in industrial companies with deep local roots in the Basque Region. On Monday the 8th of June an update was provided for a new long 9 year €500m (wng) offering, maturing 31st October 2035.
• Monday, 8th June: The European Union (Aaa / AA+ / AAA) mandated Barclays (DM/B&D), BNP Paribas, BofA Securities, Santander & UBS as Joint Lead Managers for its upcoming € Fixed Rate RegS Bearer dual tranche transaction, comprising a TAP of the EU 2.5% Benchmark Oct-2030 (EU000A4EG021) & a TAP of the EU 3.625% Benchmark Dec-2040 (EU000A4EJF17). No further group. The transaction will be launched in the near future, subject to market conditions.
• Monday, 8th June: ACOSS; Agence Centrale des Organismes de Securite Sociale (rated Aa3 / A+ / A+ by Moody’s, S&P & Fitch), in charge of France’s Social Security scheme's cash operations & the financing of short & mid-term deficits, mandated BNP Paribas, Credit Agricole CIB, JP Morgan, Natixis, NatWest & Societe Generale as Joint Lead Managers for a new Euro denominated 2 year FXD social benchmark. The transaction will be launched in the near future, subject to market conditions.
• Monday, 8th June: The Asian Development Bank, ADB (Aaa / AAA / AAA), mandated BNP Paribas, Credit Agricole CIB, Deutsche Bank & JP Morgan to lead manage a new 7 year € benchmark,  fixed rate Green bond. The proceeds of the bond will be used in accordance with ADB’s Green and Blue Bond framework. The transaction is expected to be launched & priced in the near future subject to market conditions.
• Monday, 8th June: The OPEC Fund for International Development (rated AA+/AA+ by S&P & Fitch), mandated BofA Securities, Credit Agricole CIB, Deutsche Bank & Goldman Sachs Bank Europe SE to joint lead manage a €500m (wng) Reg S 5-year fixed rate transaction. The issue is expected to be launched in the near future, subject to market conditions.
• Monday, 8th June: The Republic of Italy (rated Baa2 / BBB+ / BBB+ by Moody's, S&P & Fitch), mandated BNP Paribas, BofA Securities, Goldman Sachs Bank Europe SE, JP Morgan, Morgan Stanley & Santander as Joint Lead Managers for a dual tranche transaction: benchmark tap of the 7 year BTPS 3.3% 15th June 2033 & a €5bn (wng) tap of the 30 year BTPS 4.65% 1st  October 2055. The transactions are expected to be launched in the near future subject to market conditions.

Sterling (£)

• Monday, 8th June: Sanctuary Capital PLC (exp. Issue ratings A2 / A by Moody’s & S&P), mandated Barclays, HSBC & RBC Capital Markets as Active Bookrunners to arrange a series of fixed income investor meetings commencing Monday 8th June. A £ benchmark, senior, secured, sustainable, RegS, NGN bearer offering with a 9 year maturity will follow, subject to market conditions. RBC Capital Markets is coordinating logistics.

• Monday, 8th June: The UK’s Just Group plc (exp. Issue ratings of BBB by Fitch) mandated HSBC & Morgan Stanley as Global Coordinators to the Issuer, & Barclays, HSBC, Morgan Stanley & Santander as Joint Lead Managers to arrange a series of fixed income investor calls commencing the 8th of June. A £250m (wng) 11.25NC6.25 Tier 2 transaction will follow, subject to market conditions. Just Group plc has concurrently announced an any-and-all Tender Offer for its £250m (of which £150m remains outstanding) 9.0% Guaranteed Subordinated Notes due 2026 (ISIN: XS1504958817), with HSBC & Morgan Stanley acting as Dealer Managers.
• Monday, 8th June: Starling Group Holdings Limited (exp. Issue ratings of Baa3 by Moody’s), mandated NatWest as Sole Structuring Agent to the Issuer, & Morgan Stanley & NatWest as Joint Lead Managers to arrange a series of fixed income investor calls on the 8th of June. A £150m (exp) 10.25NC5.25 Tier 2 transaction will follow subject to market conditions.

• Friday, 29th May: The United Kingdom (Aa3 / AA / AA- ), mandated Citi, Deutsche Bank, JP Morgan, Lloyds Bank Markets, & RBC CM to lead manage the syndicated re-opening of the 5.25% Treasury Gilt 2041 (ISIN code GB00BVP99897). The transaction is currently planned to take place in the week commencing 8th June 2026, subject to demand and market conditions.
• Monday, 8th June: Korea Housing Finance Corporation (exp. Issue ratings of AAA / Aaa by S&P & Moody’s), 100% government-owned entity established under the Korean Housing Finance Corporation Act (the “KHFC Act”) for the purpose of supporting the government’s housing welfare policy, mandated Crédit Agricole CIB, HSBC, Nomura & Standard Chartered Bank as Joint Bookrunners & Joint Lead Managers to arrange a global investor call on the 8th of June. A £, 3 year FRN Reg S Social Covered Bonds (ICMA Secured Social Collateral Bond), backed by Korean residential mortgages may follow in the near future, subject to market conditions.

Swiss Franc (Chf)

• Monday, 8th June: Leading beauty player L’Oréal (exp. Issue ratings of Aa1 / AA by Moody's & S&P), mandated BNP Paribas, Commerzbank & Deutsche Bank as Joint Lead Managers to arrange a fixed income investor call on the 8th of June at 14:00 CEST. An inaugural CHF-denominated dual-tranche senior bond offering with expected tenors of 6 & 10 years may follow in the near future, subject to market conditions.

US$ (Reg S)

• None.

Transaction Details

PRICED: KfW €100m 1.5yr Sr Unsec; KFW 0% 12/27+3bp

IGC European Market: Deal Flow - SSA

Reoffer: 99.939% / 2.799% (equivalent to KFW 0% 12/27 +3bps)
Benchmark: 16.6bps vs DBR 0 15-Nov-27 (@ 96.345 / 2.633%) HR 107%

Launched: 1.5yr: €100m @ KFW 0% 12/27+3bp
Guidance: 1.5yr: KFW 0% 12/27+3bp

• Issuer: Kreditanstalt fuer Wiederaufbau (KFW)
• Ratings: Aaa/AAA/AAA (Moody's/Scope/S&P, all stable)
• Issuer LEI: 549300GDPG70E3MBBU98
• Guarantor: Federal Republic of Germany
• Status: Senior, Unsecured, Unsubordinated, crypto security under German eWpG
• Format: Standalone documentation, Reg S only
• Size: €100m
• Maturity: 07-Dec-27
• Settlement: 09-Jun-26 (T+1)
• Reoffer: 99.939% / 2.799% (equivalent to KFW 0% 12/27 (mid @ 95.946 / 2.769%) +3bps)
• Coupon: 2.75% Fixed, annual act/act ICMA (short first coupon)
• Benchmark: 16.6bps vs DBR 0 15-Nov-27 (@ 96.345 / 2.633%) HR 107%
• Fee: None
• Joint Lead Managers: Bankhaus Metzler, DekaBank, DZ BANK, LBBW
• Law: German Law
• Target Market: The manufacturer target markets (MIFID II product governance) as assessed by the joint lead managers are eligible counterparties and professional (all distribution channels).
• Denoms: 100K x 100K
• ISIN/WKN: DE000A5EAGH1/ A5EAGH
• Timing: Priced. ToE 11.40 CET, FTT 12.00 CET

PRICED: Land Berlin €250m Tap 3yr Sr Unsec; MS+0

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: MS+0 / 100.253

• Issuer: Federal State of Berlin (Land Berlin)
• LEI: 529900Y6Q7R44JF7XX56
• Ticker: BERGER
• Ratings: Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Deal Size: €250m (New o/s: €1.75bn)
• Settle Date: 15-Jun-26 (T+5)
• Maturity Date: 15-May-29
• Reoffer: 100.253 / MS flat
• ISIN: DE000A351PN8
• Coupon: 3.00%, Fixed, Annual, ACT/ACT ICMA
• Law/List/Denoms: German/Berlin/1k+1k
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate).
• Lead Manager: DekaBank (sole)

PRICED: CAFFIL CHF 100m 12yr Green CB; SARON MS+52

IGC European Market: Deal Flow - SSA

Reoffer: 12yr: SARON MS+52 / 100 / 1.29%
Benchmark: 12yr: Govt. +77

Spread set at: 12yr: SARON MS+52bp
IPTs: 12yr: SARON MS+52a

• Issuer: Caisse Francaise de Financement Local (CAFFIL)
• Issuer Domicile: France
• Format: Public Fixed Rate Green Bonds
• Status: Covered Bonds (Obligations Foncieres)
• Instrument Rating (exp): Aaa (Moody's) / AAA (DBRS)
• Sustainability Rating: AA (MSCI) / Prime C (ISS ESG)
• Issue Size: CHF 100m
• Coupon: 1.29% p.a.
• Maturity: 08-Jul-38 (from 08-Jul-26)
• Issue Price: 100
• Spread/Yield: SARON MS +52.0 / YTM 1.29% / Govt. +77
• Settlement: 08-Jul-26
• ISIN / Security Number: CH1571219257 / 157121925
• Lead Manager: UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuer’s EMTN Programme, base prospectus dated 01-Jun-26
• FinSA Prospectus: Delayed Swiss prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: French
• Covenants: PP
• SIX Listing: 06-Jul-26
• Denomination: CHF 5000
• Use of Proceeds: Proceeds will be used to finance and/or refinance, in whole or in part Eligible Green Loans as defined in the Sfil Group Green, Social and Sustainability Bond Framework
• Sales Restrictions: As per the Issuer's EMTN programme

PRICED: Norddeutsche Landesbank - Girozentrale €500m 5yr Green SP; MS+55bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+55bp / 99.629 / 3.457%
Benchmark: 5yr: OBL 2 ½ 16-Apr-31 @ 98.76% / B+68.4bp / HR 101%

Final Books: €1.65bn (incl. €110m JLM) good at reoffer

Launched: 5yr: €500m @ MS+55bp - Books above €1.5bn (incl. €110m JLM)
Book Update: Books €1.25bn (incl. 110m JLMs)
IPTs: 5yr: MS+80bp area

• Issuer: Norddeutsche Landesbank - Girozentrale
• BBG Ticker: NDB
• LEI: DSNHHQ2B9X5N6OUJ1236
• Issuer Rating: Aa2 (stable) by Moody’s / AA- (stable) by Fitch
• Exp. Issue Rating: Aa2 (Moody´s), AA- (Fitch)
• ESG Rating: C "Prime" (ISS ESG), 22.0 "medium risk" (Sustainalytics), BBB (MSCI), 2 (Sustainable Fitch)
• Status of the Notes: Senior Preferred Notes, direct, unconditional, unsubordinated and unsecured liabilities of the Issuer (MREL eligible)
• Form of the Notes: Bearer Notes
• Size: €500m
• Trade Date: 08-Jun-26
• Settlement Date: 17-Jun-26 (T+7)
• Maturity Date: 17-Jun-31 (5yr)
• Interest Payment Dates: 17-Jun in each year, commencing on 17-Jun-27
• Coupon: 3.375%, Fixed, annual, Act/Act ICMA, unadjusted following
• Business Days: T2
• Reoffer Spread: MS+55bp
• Reoffer Price: 99.629%
• Reoffer Yield: 3.457%
• Benchmark: OBL 2 ½ 16-Apr-31 (DE000BU25067), Price: 98.76% (HR:101%)
• Benchmark Spread: +68.4bp
• Redemption Price: 100%
• Denoms / Listing / Law: €1,000 + €1,000 / Hanover Stock Exchange (Regulated Market)/ German
• ISIN / WKN: DE000NLB5545 / NLB554
• Clearing: Clearstream Europe
• Documentation: Under NORD/LB's €25bn Programme for the Issuance of Debt Instruments dated 08-May-26, supplemented 13-May-26.
• Selling Restrictions: As set out in the respective section “Selling Restrictions” of the Prospectus (as defined above)
• Early Redemption: At par due to taxation reasons (issuer required to pay additional amounts); an MREL Event. All subject to certain conditions, incl. the prior permission of the competent regulatory authority.
• Joint Lead Managers: ABN AMRO (B&D), BayernLB, Erste Group, IMI - Intesa Sanpaolo and NORD/LB
• Use of Proceeds: Green Bond. An amount equivalent to the net proceeds of the Green Financing Instruments is intended to be used, in whole or in part, to finance or refinance new and/or existing green assets, loans and investments ("Eligible Green Assets") in the category Green Buildings, in accordance with the Issuer’s Green Funding Framework (as amended from time to time). The Final Terms relating to any specific Series of Instruments may further specify the relevant categories and allocation of proceeds. Eligible Green Assets are required to comply with the Eligibility Criteria. See “Use of Proceeds” in the Prospectus 8 May 2026 and the Issuer’s Green Funding Framework (available on the website of the Issuer alongside the second party opinion).
• Target market: The target market for the bonds is eligible counterparties, professional clients and retail clients, each as defined in MiFID II / UK MiFIR product governance (all channels for distribution of the bonds are appropriate).
• Advertising: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, Supplements and the Final Terms, when published, will be available on: https://www.nordlb.de/unsere-leistungen/kapitalmarktportal/prospekte (German) and https://www.nordlb.com/our-products-services/capital-market-portal (English)
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the securities.
• Timing: Priced. T.O.E 15.14 CET / F.T.T 15.30 CET

• Details correct at time of posting