Commentary & Deal Flow

• European € IG issuance was quiet today, with a single print from 1 issuer (1 x Corp) by Leasys SpA which priced a €750m 4 year at MS+70. 
• The Sterling & Chf IG, as well as the US$ Reg S market saw no neither new issuance nor mandate announcements.
• Sentiment was very much risk-off today, in both European equity & bond markets, however, sentiment improved as the session evolved. Brent has slipped from the morning highs, trading just through $88, while the VIX dropped from 18.8 to 18.13.
• The Gilt curve notably sold off as the new PM took office, with the 10 year widening close to 5bps today, to yield 4.999%.
• A breakdown of today’s primary € supply is as follows.
• • Corporate
  • • Total IG: €750m
    • Avg. tranche size €750m
    • Avg. IPT to Pricing -25
    • Avg. cover 2.27 X
  • 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

• Looking back to last summer’s volumes offers a useful reference as we look to the weeks ahead. Euro supply has, in recent summers, followed a predictable arc - tentative in late July, with the week ending 25th July last year producing just €3.55bn from 5 deals, before tailing off further into the heart of August. In 2025 it was the last week of August where things began to heat up, with  €39.40bn across 44 deals & 52 tranches. A powerful reminder of just how rapidly the market can shift gears once the summer hiatus draws to a close. If 2026 follows the same seasonal script - & it likely will - issuers & investors alike should be positioned for a significant surge in supply as we move through the final days of August & into September.

Euro IG (today)

• Leasys SpA (exp. Issue rating A- by Fitch) announced a € benchmark 4 year due 27 July 2030 with IPTs in the area of MS+95. Spread was set at MS+70, with an expected size of €650m. The issue was launched with an upsize to €750m, supported by an orderbook >€1.85bn (pre rec). The final book was >€1.7bn.
• • The Issuer is not a frequent visitor to the debt capital markets, with a little above €5bn of existing public debt. Its inaugural public bond offering, a €750m issue, is maturing at the end of July 2026, priced in 2023, at MS+105. 

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)

• No Supply

Week-to-date volumes:

US$ Reg S (today)

• No Supply

Pending Deals & Mandates 

• None

Transaction Details 

PRICED: Leasys €750m 4yr Sr Unsec; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+70bp / 100 / 3.7%
Benchmark: 4yr: OBL 2.4% 18-Apr-30 #191 @ 98.53% / B+88.2bp

Final book >€1.7bn. Peak book >€1.85bn (pre rec).

Launched: 4yr: €750m @ MS+70bp - Book at Guidance >€1.85bn (pre rec)
Spread set at: 4yr: MS+70bp - Books over €1.75bn (pre-reconciliation)
IPTs: 4yr: MS+95a

• Issuer: Leasys S.p.A. (ticker: LEASYS, country: IT)
• Issuer LEI code: 5493009CCXH3RNCA7U43
• Issuer Rating: A- (stable) by Fitch
• Exp. Issue Rating: A- by Fitch
• Format: Senior, Unsecured, Reg S Bearer
• Size: €750m
• Maturity: 27-Jul-30
• Settlement: 27-Jul-26 (T+5)
• Coupon: 3.700% Fixed (Annual, Act/Act ICMA)
• Price/Yield: 100.000% / 3.700%
• Spread: MS+70bps / B+88.2bps
• Reference Sec: OBL 2.4% 18-Apr-30 #191 @ 98.53% (2.818%) HR 105%
• UoP: General corporate purposes
• Documentation: EMTN – Base prospectus dated 17-Jul-26
• Issuer Call Option: 1 month par call
• Investor Put Option: CoC at 100%
• Governing Law: English law
• Listing: Euronext Dublin Regulated Market
• Denoms: €100k + €1k
• ISIN: XS3451580735
• Global Coordinator: Crédit Agricole CIB
• Joint Bookrunners: BBVA, Citi, Crédit Agricole CIB (B&D), IMI-Intesa Sanpaolo, ING, Mediobanca and UniCredit
• Target Market: Manufacturer target market (EEA MiFID II/UK MiFIR product governance) is Professional Clients and Eligible Counterparties only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, the Supplements and the Final Terms, when published, will be available on the website of Euronext Dublin at https://www.euronext.com/en/markets/dublin
• Timing: TOE 15.29 UKT FTT 15.50 UKT / 16.50 CET

4yr (Jul 2030) @ MS+95 area

Implied Spread for fresh 4yr @ MS+57

Priced at MS+70
NIC of 13

• Details correct at time of posting