Commentary & Deal Flow

• European € IG issuance was a zero print today. In fact, this week’s supply has proved to be the lowest of the year so far. It is fair to point out that € IG issuance has nevertheless been impressive so far in 2026, with Issuers being advised by Bankers to not procrastinate when approaching the public markets. As with yesterday’s €600m John Deere transaction, Issuers are keen to pre-fund at the earliest opportunity, to minimise any potential execution risk in the coming months, due to ongoing global tensions. Today was the 4th consecutive no print Friday for the € IG sector. 
• The Sterling & Chf IG markets ensured that the lights were on for European primary debt markets, with one offering each. 
• The US$ Reg S market kept a clean sheet week, with no issuance. Today was, in fact, the 18th consecutive day of no issuance in this market. 
• 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: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing NA
  • Avg. cover NA
• Pipeline: Currently there are no €, £, Chf or Reg S $ transactions in the IG pipeline.

Talking Point

• Week 28 - ending 17 July - is the first week in the last ten with an absence of €-denominated SSA supply. The broader € IG market has shown this week that it remains very much open. The SSA community is, however, traditionally keen to front load issuance as early in the calendar year as possible; & 2026 appears to be no exception. This sector’s funding requirements are so large, versus other asset classes, that it demands a pragmatic approach to printing deals. This week’s blank issuance page points to - for no other reason -  than SSA issuers are ahead of schedule.

Euro IG (today)

• No Supply

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• ANZ Banking Group Limited (Exp. Issue ratings Aaa / AAA by Moody’s & Fitch), announced a £ benchmark 3.25 year, covered bond offering with guidance in the area of SONIA+55. Orderbook update came in at above £2bn by mid morning. Final terms were set at £1.25bn & at SONIA+50, backed up by a final book >£2.4bn. 
• • ANZ has placed a total £645m so far in 2026, but this is its first £ covered bond this year. In the public bond markets in 2026, Issuer has a single covered bond in March, $2.25bn 5 year at SOFR MS+53. 

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Nederlandse Waterschapsbank NV (Issue ratings Aaa / AAA by Moody’s & S&P) announced a Chf50m (min) tap of its Chf100m 1.2175% due 13 July 2046, issued just last month with guidance in the area of SARON MS+33. The deal was upsized to Chf70m (min) when the spread was set at SARON MS+33. Deal was priced as Chf70m at SARON MS+33 by mid morning.  
• • This is NWB Bank’s 4th Chf offering of 2026, having already placed a total of Chf450m in 3 separate transactions. The issuer has significantly increased its footprint in the Swiss market in the last couple of years, having a combined Chf490m in 2025 and 2026 (to date). For context, between 2006 and 2022, the Issuer had only sold just above Chf1bn in total. 

Week-to-date volumes:

US$ Reg S (today)

• No Supply

Pending Deals & Mandates 

• None

Transaction Details 

PRICED: Nederlandse Waterschapsbank N.V. CHF 70m 20yr Social Sr Unsec; SARON MS+33

IGC European Market: Deal Flow - SSA

Reoffer: 20yr: SARON MS+33bp / 99.23 / 1.261%
Benchmark: 20yr: Govt+66.5bp

Spread set at: 20yr: SARON MS+33bp - Books close at 10.45 am CET
IPTs: 20yr: SARON MS+33a

• Issuer: Nederlandse Waterschapsbank N.V. (BBG: NEDWBK)
• Issuer Ratings: AAA/Aaa (S&P/Moody's)
• Instrument Ratings: AAA/Aaa (S&P/Moody's)
• Format: Reopening Foreign Public Fixed Rate Social Bond
• Ranking: Senior unsecured
• Type: Social Bond
• Issue Size: CHF 70m (new total size CHF 170m)
• Coupon: 1.2175% (30/360; following unadj.)
• Tenor: 19.925 years
• Payment Date: 10-Aug-26
• Maturity: 13-Jul-46
• Issue Price: 99.230%
• Pricing: SARON MS +33.0 bps / YTM 1.261% / Govt66.5 bps
• ISIN/Valor: CH1562934807 / 156293480
• Original Valor: 157'121'928
• Lead Managers: Zürcher Kantonalbank
• Listing: SIX Swiss Exchange, as of 07-Aug-26
• SNB Repoeligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• Documentation: Off the Issuer's EUR 75,000,000,000 Debt Issuance Program dated 24-Apr-26 as supplemented from time to time
• FIDLEG/FinSA Prospectus: Prospectus will be available at a later stage in accordance with art. 51 FinSA
• Governing Law: Law of the Netherlands
• Covenants: PP, NP
• Denomination: CHF 5'000 and multiples thereof
• Selling Restrictions: As per EMTN programme. Prohibitions of sales to EEA and/or UK retail investors apply
• Use of Proceeds: The proceeds of the Notes will be utilized for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework (NWB_Bank_Social_Bond_Framework_2025.pdf)
• Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf

PRICED: Australia and New Zealand Banking Group £1.25bn 3.75yr CB; SONIA+50bp

IGC European Market: Deal Flow - General

Reoffer: 3.75yr: SONIA+50bp / 100

Final Books >£2.4bn (pre-rec)

Launched: 3.75yr: £1.25bn @ SONIA+50bp - Orderbook >£2.3bn (pre-rec)
Spread set at: 3.75yr: SONIA+50bp - Orderbook >£2.4bn (pre-rec)
Guidance: 3.75yr: SONIA+55a - Books above £2bn

• Issuer: Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (“Issuer”)
• Issuer LEI: JHE42UYNWWTJB8YTTU19
• Guarantor: Perpetual Corporate Trust Limited (ABN 99 000 341 533) in its capacity as trustee of the ANZ Residential Covered Bond Trust
• Expected Issue Rating: Aaa/AAA (Moody's/Fitch)
• Format: Reg S (TEFRA D rules apply), Bearer, Covered Bond
• Size: £1.25bn
• Trade Date: 17-Jul-26
• Issue Date: 24-Jul-26 (T+5)
• Final Maturity Date: 24-Apr-30
• Coupon: SONIA+50bps, Floating, Compounded Daily SONIA, 5 London Banking Day lag lookback period, Quarterly, ACT/365F
• Reoffer: SONIA+50bps
• Reoffer Price: 100%
• Listing/Governing Law: London Stock Exchange / English and State of Victoria
• Denominations: £100k + 1k
• ISIN/Common Code: XS3449093007 / 344909300
• Joint Lead Managers: ANZ, Barclays (B&D), BMO Markets, HSBC, Lloyds, NatWest and RBC Capital Markets
• Target Market: MiFID II and UK MiFIR product governance: Professional Clients and Eligible Counterparties only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as not available to retail investors in EEA or UK. The Issuer is not subject to MiFID II and any implementation thereof by an EU Member State or UK MiFIR and any implementation thereof by the UK. No Australian target market determination has been prepared as not available to retail investors in Australia.
• Advertisement: U.S.$30,000,000,000 ANZ Global Covered Bond Programme dated 14-May-26 (“Base Prospectus”). The prospectus and any supplements are available via: https://www.anz.com/debtinvestors/centre/covered-bonds/programmes/anz-global-emtn/ The Final Terms, when published, will also be available via the National Storage Mechanism.
• Selling Restrictions: As set out in the Base Prospectus to the ANZ Global Covered Bond programme and the Final Terms for this issuance
• Timing: ToE: 14.16 UKT / FTT 14.45 UKT

Covered bond
3.25yr (Apr 2030) @ SONIA+55a
Implied Spread for fresh 3.25yr @ SONIA+52
Priced at SONIA+50
NIC of -2

Details correct at time of posting