Commentary & Deal Flow

• European € IG primary markets took a well deserved breather today with only the limited pipeline from yesterday stepping forward. To that end supply today totaled only €1bn from 2 issuers (2 x SSA ) via 2 tranches (one being a Green issue).
• The only other active IG market was Swiss Franc, where Société Générale elected to issue a  7NC6 Senior Preferred issue for Chf205m.
• Zero IG issuance today in Sterling & Reg S $’s.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA
  • FIG
  • • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA (covered)
    • Avg. IPT to Pricing NA (unsecured)
    • Avg. cover NA
  • SSA
  • • Total IG: €1bn
    • Avg. tranche size €500m
    • Avg. IPT to Pricing -1.5bp
    • Avg. cover 1.66 X
• Pipeline: Heading into Friday the pipeline is completely clear.

Euro IG (today)

SSA

• Wirtschafts- und Infrastrukturbank Hessen (rated AA+ by S&P), explicitly, irrevocably & unconditionally guaranteed by the Federal State of Hessen, brought their anticipated 5 year, €500m (wng) transaction with guidance in the area of MS+16bp. Books were first called above €660m (inc. €135m JLMs). The deal launched & priced 1bp tighter at MS+15.
• • This is WIBanks 2nd visit to the market this year, having last priced a €500m, 10 year offering on the 21st of January.
• IDB Invest (Inter-American Investment Corporation) (exp. Issue ratings of Aaa1 / AAA / AAA by Moody’s, S&P & Fitch), brought their anticipated €500m (wng), Green 7 year issue. Guidance on the notes was in the area of MS+23. The bond was issued under IDB Invest’s Sustainable Debt Framework aligned with the Green Bond Principles & has received a second-party opinion by Vigeo Eiris. The deal launched at MS+21 on the back of a €740m book (exc. JLMs).
• This was IDB Invest’s first € denominated issue of the year, having last tapped this market almost exactly a year ago with a €500m, 7 year on the 3rd of July, 2025.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• No Supply

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)
FIG

• Société Générale S.A. (exp. Issue ratings of Baa2 / BBB / A- by Moody’s, S&P & Fitch), announced a 7NC6 senior non-preferred issue with a starting size of Chf100m. Initial indicative pricing at the start of the bookbuilding process was SARON MS+105 area. Prior to 9:00am UKT the minimum deal size was cited as Chf150m with guidance sharpened to SARON MS+103 to +105 (WPIR). The next stage rose to Chf200m when the spread was set at SARON MS+103. The deal sized at Chf205m at that +103 level - 2bps tighter than initial price talk.
• • Today’s deal is the 2nd time Soc Gen has tapped the Swissy market having last issued a Chf175m 8 year back on the 16th of February. Importantly, both deals this year have been senior non-preferred prints. The borrower avoided the Swiss market in 2024, but printed 3 senior trades in 2023.

Week-to-date volumes:

US$ Reg S (today)

• No Supply

Pending Deals & Mandates

• None

Transaction Details
PRICED: Société Générale CHF 205m 7NC6 SNP; SARON MS+103

IGC European Market: Deal Flow - General

Reoffer: 7NC6: SARON MS+103 / 100 / 1.3725%
Benchmark: 7NC6: Govt.+121

Spread set at: 7NC6: SARON MS+103bp - New min size CHF 200m
Guidance: 7NC6: SARON MS+103/105bp
IPTs: 7NC6: SARON MS+105a

• Issuer: Société Générale S.A. (Ticker: SOCGEN)
• Issuer Domicile: France
• Format: Public Fixed Rate Notes
• Status: Senior Non-Preferred
• Issuer Rating: A1 negative (Moody's) / A positive (S&P) / A+ stable (Fitch)
• Instrument Rating (exp): Baa2 (Moody's) / BBB (S&P) / A- (Fitch)
• Sustainability Rating: MSCI: AAA Sustainalytics Risk Score: 13.2 ISS ESG: C+ CDP: A
• Issue Size: CHF 205m
• Settlement Date: 15-Jul-26
• Optional Redemption Date: 15-Jul-32 (One time call date, 7NC6)
• Maturity Date: 15-Jul-33
• Coupon: 1.3725% p.a.
• Spread/Yield: SARON MS +103.0 // YTC 1.3725% // Govt.+121
• Issue Price: 100.00%
• ISIN / Security Number: CH1580409121 / 158'040'912
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuer’s Euro Medium Term Note Paris Registered Programme, as supplemented
• FinSA Prospectus: Base prospectus as supplemented recognised by SIX Exchange Reg. Only Final Terms will need to be deposited with the SIX Prospectus Office.
• Governing Law: French Law
• Covenants: PP
• SIX Listing: 13-Jul-26
• Denomination: CHF 200,000 and multiples thereof
• Sales Restrictions: As per the Euro Medium Term Note Paris Registered Programme
• Target Market: Manufacturer target market (MiFID product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Retail Restrictions: EEA & UK domiciled: Applicable Other: Subject to applicable regulations and restrictions

PRICED: IDB Invest €500m 7yr Green Sr Unsec; MS+21bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+21bp / 99.646 / 3.057%
Benchmark: 7yr: DBR 2.3 15-Feb-33 @ 97.360% / B+31.6bp / HR 105%

Final Books over €740m (incl. €25m JLM)

Launched: 7yr: €500m @ MS+21bp - Books above €650m (excl. JLM)
Guidance: 7yr: MS+23a

• Issuer: Inter-American Investment Corporation (IDB Invest)
• Ticker: IDBINV
• Issue Rating: Aa1/AAA/AAA (Moody's/S&P/Fitch)
• Format: Registered - New Safekeeping Structure (NSS), Green
• Size: €500m
• Settlement: 13-Jul-26 (T+6)
• Maturity: 13-Jul-33
• Coupon: 3.000% Fixed, Annual, Act/Act ICMA
• Spread: MS+21bp
• Reoffer Price: 99.646
• Reoffer Yield: 3.057%
• Governing Law: English
• Denominations: €1,000 and multiples thereof
• Listing: London Stock Exchange
• Documentation: Under the Issuer’s Global Debt Program dated 13-Dec-21
• ISIN: XS3436180858
• Joint Leads: BNPP, HSBC, Natixis, TD Securities (B&D)
• Target Market: Retail / Professional / Eligible Counterparties (MIFID II/UK MiFIR, all distribution channels)
• Timing: Priced / TOE 13.34 CET / FTT immediately
• Use of Proceeds: The Issuer intends to apply the net proceeds from this offer of Notes specifically for “Eligible Projects” under the “Green Project Categories”, in accordance with and as defined in the Issuer’s Sustainable Debt Framework (the “SDF”). The SDF, along with the relevant second party opinion, are available on the website of the Issuer at https://idbinvest.org/en/investors. However, such information is not incorporated in and does not form part of the Information Memorandum. Such information relating to the SDF will be updated from time to time.

Green

7yr (July 2033) @ MS+23 area

Implied Spread for fresh 7yr @ MS+22

Priced at MS+21
NIC of -1

PRICED: Wirtschafts- und Infrastrukturbank Hessen €500m 5yr Sr Unsec; MS+15bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+15bp / 99.757 / 2.928%
Benchmark: 5yr: OBL 2.5% 04-Apr-31 @ 99.365 / B+28.9bp (HR 104%)

Final Books above €920mn (incl. €135m JLM)

Launched: 5yr: €500m @ MS+15bp - Books above €710m (incl. €135m JLM)
Book Update: Books above €660m (incl. €135m JLM)
Guidance: 5yr: MS+16a

• Issuer: Wirtschafts- und Infrastrukturbank Hessen (WIBANK)
• Guarantor: Explicitly, irrevocably and unconditionally guaranteed by the Federal State of of Hesse (AA+ by S&P)
• Format: Senior Unsecured, 0% rw, ECB and PSPP eligible, LCR Level 1
• Issuer Rating: AA+ (stable) by S&P
• Size: €500m
• Coupon: 2.875% fixed, annual, Act/Act ICMA
• Maturity: 09-Jul-31
• Settlement: 09-Jul-26 (T+5)
• Reoffer: 2.928% / MS+15 bps / 99.757%
• Benchmark: OBL 2.5% 04-Apr-31, +28.9 bps @ spot 99.365% (HR 104%)
• Listing/Law/Denoms: Frankfurt / German Law / €100k+100k
• Docs: Stand alone
• ISIN: DE000A3SJZ92
• Joint Leads: BayernLB, Commerzbank, Helaba (B&D), NORD/LB, Raiffeisen Bank International
• Target Market: Eligible counterparties and professional clients only, each as defined in MiFID II (all channels for distribution of the Bonds are appropriate).
• Timing: Priced, TOE 13:54 CET / FTT 14:15 CET

5yr (July 2031) @ MS+16 area

Implied Spread for fresh 5yr @ MS+15

Priced at MS+15
NIC of 0

Details correct at time of posting