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Commentary & Deal Flow

CreditFlow: End of Day (Europe IG)

IGC European Market: Commentary - Close
  • Today was heavily punctuated by covered issuance, with 4 borrowers choosing that route in Europe today, with one more scheduled for tomorrow. Once again, European primary markets largely ignored the supposed ‘Summer lull’, € IG nearly matching yesterday's tally with €12bn, from yet again 7 issuers (1 x Corp, 4 x FIG & 2 x SSA), via 10 tranches. The total for the week-to-date in € IG primary markets is an impressive €30.75bn.
  • Sterling IG was once again hosted 2 issuers (2 x FIG) for £1.5bn from 2 tranches (1 x Covered).
  • Swiss Franc supply picked up again with Chf225m from 1 issuer via 1 tranche.
  • We had no supply in the US$ Reg S IG market.
  • The “Talking Point” today (below) is again focusing on issuance last year for the final week of August & the whole of September. Today we turn to Sterling (£) & a review of Corporate IG  supply over that period in 2025.
  • Brent crude has hardly moved today, currently trading at c.$91.88 (from $91.67, this morning).
  • European equity bourses are mildly positive, with the Dax, CAC 40 & FTSE up 0.03%, 0.12% & 0.20% respectively in a thin trading session.
  • A breakdown of today’s primary € supply is as follows.


    • Corporate
      • Total IG: €1bn
      • Avg. tranche size €500m
      • Avg. IPT to Pricing -56.25
      • Avg. cover 8.8 X
    • FIG
      • Total IG: €5.5bn
      • Avg. tranche size €786m
      • Avg. IPT to Pricing -7.8 (covered)
      • Avg. IPT to Pricing -20 (unsecured)
      • Avg. cover 3.2 X
    • SSA
      • Total IG: €5.5bn
      • Avg. tranche size €2.75bn
      • Avg. IPT to Pricing -2
      • Avg. cover 3.57 X


  • Pipeline: So far this week we have had healthy pipelines heading into Tuesday & Wednesday. With this morning's pipeline all cleared & priced today, the pipeline added only 1 fresh issue.
    • 1 x € FIG (covered)


Talking Point


  • Continuing our theme this week, looking back at last year, today we are reviewing Corporate supply in Sterling for the last week of August & the whole of September from 2025.
  • Evident from the start Sterling supply was relatively subdued this time last year, with only £2.1bn in supply, from 7 issuers, via 7 tranches. Given that we’ve almost hit those numbers for this week-to-date alone, these numbers do seem light.
  • Aside from the light volumes, the key takeaways are that ‘Utilities’ were the dominant sector, accounting for c.36% of the volume over the period, followed closely by ‘Industrials’ at 28.6% & ‘real estate’ at 23.8%. Deal sizes were on the smaller side too.

Euro IG (today)


Type

Issuer

Size (m)

Structure

Initial Pricing

Final Spd / Yield

IPT to PX

NIC (bp)

Books (m)

Cover 'X'

Corp

Sika Capital BV

€500

30NC5.75 Hybrid

5.0% to 5.125%

4.50%

-56.25

-

€3,750

7.50 X

Corp

Sika Capital BV

€500

30NC8.75 Hybrid

5.5% to 5.625%

5.00%

-56.25

-

€5,050

10.10 X


  • Sika Capital B.V. (exp. Issue rating of BBB by S&P). Following 2 days of extensive investor work, the Swiss specialty chemicals company announced its anticipated dual-tranche Hybrid offering with a €500m (wng) 30NC5.75 with IPTs of 5.0% to 5.125%, & a €500m (wng) 30NC8.75 with IPTs of 5.5% to 5.625%. Guidance was sharpened in the area of 4.625% & 5.125% (both +/- 0.125%, WPIR). Books were north of €9.5bn (split €5bn & €4.5bn respectively). Final spreads were set at 4.5% & 5.0% with the sizes already fixed at €500m per tranche. Books closed at €4.5bn & €4.6bn respectively, both pre-rec & good at guidance. Final books honed to €3.75bn for the 30NC5.75 & €5.05bn for the 30NC8.75.
    • Sika is naturally active in its domestic Swiss Franc market, & last printed to large multi-tranche offerings in Chf last year. Today’s trade, however, is the first foray into the € public markets since its €6.75bn multi-tranche deal on the 25th of April 2023. On this occasion all 3 tranches were senior unsecured, & at the time carried the same senior credit rating of A- that it still holds today from S&P. Total collective book size for that deal was €7.4bn.


Type

Issuer

Size (m)

Structure

Initial Pricing

Final Spd / Yield

IPT to PX

NIC (bp)

Books (m)

Cover 'X'

FIG

SpareBank 1 Boligkreditt AS

€1,000

7yr EuGB Covered

MS+30 area

MS+23

-7

-1

€3,300

3.30 X

FIG

Credit Agricole Home Loan SFH

€500

3yr FRN Covered

3mthEuribor +33 area

3mthEuribor +24

-9

-

€2,000

4.00 X

FIG

Credit Agricole Home Loan SFH

€1,000

3yr Fixed Covered

MS+23 area

MS+14

-9

-6

€3,900

3.90 X

FIG

Credit Agricole Home Loan SFH

€1,000

10yr Green Covered

MS+58 area

MS+52

-6

2

€2,100

2.10 X

FIG

Jyske Realkredit

€500

5yr Covered

MS+25 area

MS+17

-8

-2

€2,100

4.20 X

FIG

Mizuho Financial Group, Inc

€750

6.5NC5.5 FTF

MS+100 area

MS+80

-20

4

€1,900

2.53 X

FIG

Mizuho Financial Group, Inc

€750

11.5NC10.5 FTF

MS+125 area

MS+105

-20

7

€1,800

2.40 X


  • SpareBank 1 Boligkreditt AS (exp. Issue rating of Aaa by Moody’s), brought their first € benchmark, EuGB covered bond with guidance in the area of MS+30. Books were first called over €2.4bn (inc. €100m JLMs). Books rose to above €3.4bn (pre-rec & inc. €300m JLMs). The deal sized at €1bn, with the spread setting 7bps tighter than guidance at MS+23. Books closed above €3.4bn (inc. €300m JLM). Final books were over €3.3bn (inc. €275m JLMs). The trade sized & priced at €1bn.
    • Today’s issue is their inaugural EuGB € covered issue. No stranger to covered issues, the borrower's last such issue was on March the 16th, when it priced a €1bn, 6yr at MS+24. For context they also issued 2 public € covered issues in 2025; with a €1bn, 7yr last August at MS+35 & a €1.25bn, 4.75yr last May at MS+32.
  • Credit Agricole Home Loan SFH (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, S&P & Fitch) announced a triple tranche € covered benchmark offering, with a 3yr FRN, a 3yr fixed issue & a 10yr Green tranche. Guidance on the floater was in the area of 3mth Euribor+33, with the 3yr fixed at MS+23 area & the 10yr green issue at MS+58 area. Mid-morning an aggregate book was cited above €8bn (inc. €375m JLMs) with a skew to 3yr. Final terms were set as follows; €500m FRN at 3mth Euribor+24 (book above €2.3bn inc. €45m JLMs), €1bn 3yr fixed at MS+14 (book above €4.5bn inc. €220m JLMs), & €1bn 10yr Green at MS+52 (book above €2.5bn inc. €110m JLMs). All books were pre-rec. Final books were over €2bn for the FRN, over €3.9bn for the 3yr fixed, & over €2.1bn for the 10yr.
    • Today's triple-tranche marks the second visit to the € public markets YTD, having last printed a €1.25bn 5.5yr covered issue on the 9th of February at MS+23, which marked a 9bp tightening from guidance. Final books on the deal were over €4.4bn, with the peak book recorded as in excess of €4.9bn.
  • Jyske Realkredit A/S (exp. Issue rating of AAA by S&P), brought a €500m (wng), 5yr covered issue with guidance of MS+25 area. Books were cited as being over €2bn (inc. €175m JLMs), rising to over €2.8bn. Spread set 8bps tighter than guidance at MS+17. The deal sized & priced €500m, with final books above €2.1bn (inc. €145m JLMs), good at re-offer.
    • This is the borrower's first public offering in the euromarkets in 2026, having last brought a €750m, 7yr covered issue on the 3rd of September 2025. Pricing on that occasion was MS+37; 5bps tighter than guidance, from a final book of €1.25bn.
  • Mizuho Financial Group, Inc. (exp. Issue ratings of A1 / A- by Moody’s & Fitch) announced a dual-tranche, fixed-to-floating, senior unsecured, € benchmark offering. IPTs on a 6.5NC5.5 were MS+100 area; while the IPTs on the 11.5NC10.5 were MS+125 area. Early books were split equally at over €1.5bn for each tranche. Spreads were set at MS+80 & MS+105 respectively backed by books above €1.9bn & €1.8bn. Size was expected to be €750m for each tranche & later confirmed. The shorter tranche book had grown to €2bn. Final books were over €1.9bn for the shorter trade & over €1.8bn for the longer.
    • This is the borrower's 2nd visit to the € public markets in 2026, having last issued another dual-tranche FTF offering on the 9th of February. On this occasion it priced a €750m, 6.25NC5.25 ‘green’ issue at MS+70; & a €500m, 11.25NC10.25 at MS+98. Respective final & peak books were €1.75bn/€3.2bn & €800m/€2.3bn. 


Type

Issuer

Size (m)

Structure

Initial Pricing

Final Spd / Yield

IPT to PX

NIC (bp)

Books (m)

Cover 'X'

SSA

Land NRW

€1,500

7yr

MS+18 area

MS+16

-2

-

€6,500

4.33 X

SSA

Finland

€4,000

7yr

MS+17 area

MS+15

-2

-

€11,250

2.81 X


  • Federal State of North Rhine-Westphalia (Land NRW) (rated Aa1 / AA / AAA / AAA by Moody’s, S&P, Fitch & Scope), having mandated yesterday, brought its 7yr € benchmark, senior unsecured issue, with guidance in the area of MS+18. Guidance was set at MS+16 backed by a book above €4.4bn (inc. €150m JLM). Spread set 2bps tighter than guidance at MS+16, when books were called at over €4.4bn (inc. €150m JLMs). The deal sized at €1.5bn, with books closing at over €6.5bn (inc. €150m JLMs).
    • A prolific issuer, this is Land NRW’s 5th € benchmark, senior unsecured offering of the year. YTD they have raised €9.25bn in the public euro markets alone, from 5, 10, 15 & 30 year trades. For pricing context for today’s deal, their €3bn, 5yr in March priced at MS+12 & their €2.25bn, 10yr priced at MS+25. 
  • The Republic of Finland (rated Aa1 / AA+ / AA by Moody’s, S&P & Fitch), having mandated yesterday, brought its 7yr € benchmark transaction. Guidance on the senior unsecured trade was in the area of MS+17. Spread set 2bps tighter than guidance at MS+15, backed by a book in excess of €11.25bn (inc. €700m JLM). Spread set 2bps tighter than guidance when books were said to be in excess of €11.25bn (inc. €700m JLMs). Final books stood above €11.25bn good at reoffer (inc. €700m JLMs). The deal sized & priced at €4bn. 
    • Today’s print is the 3rd visit to the € public markets YTD, having last priced a €4bn, 10yr at MS+32 on the 9th or April; & prior to that on the 21st of January, a €3bn, 15yr at MS+47. For context the Republic brought 3 benchmark trades in 2025 for a collective €11bn.


Week-to-date volumes:

Year-to-date volumes:


Sterling IG (today)


Type

Issuer

Size (m)

Structure

Initial Pricing

Final Spd / Yield

IPT to PX

NIC (bp)

Books (m)

Cover 'X'

FIG

OCBC

£1,000

3yr FRN Covered

SONIA MS+53 area

SONIA MS+48

-5

-

£1,475

1.48 X

FIG

Macquarie Group Ltd

£500

Long 4yr

UKT +100 area

UKT +85

-15

-

£1,100

2.20 X


  • Oversea-Chinese Banking Corporation Limited (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) brought its anticipated £ Benchmark 3yr Covered FRN. Guidance on the trade was SONIA MS+53 area. Books were called at over £1.3bn (exc. JLMs). Spread was set at SONIA+48bps, with books above £1.4bn (exc. JLMs). Size was set at £1bn, with books having grown to above £1.5bn (exc. JLMs). Final books were a shade of that at over £1.475bn (exc. JLMs).
    • OCBC is an infrequent issuer in the Sterling market, having not issued in many years, however, it is a regular visitor to the € markets, having last issued a €500m, 3yr covered bond back in May of this year, pricing at MS+17, which was 6bps tighter than guidance, with a book of over €1.65bn. The borrower also issued €500m, 3yr covered issues in both 2025 & 2024.
  • Macquarie Group Ltd (exp. Issue ratings of A1 / BBB+ / A by Moody’s, S&P & Fitch) announced a senior unsecured, long 4yr (28th October 2030), with IPTs in the area of UKTY+100. The book was updated at mid day as above £950m. Spread was set at UKT+85 backed by books in excess of £1.1bn. Launch saw size set at £500m with final books in excess of £1.1bn. 
    • Macquarie has not issued in Sterling since the 24th of May 2024, when they last printed a £300m, 7yr at Gilts+230 (they were rated A3 / BBB+ at the time). As a credit they are far more active in €’s, having last priced a €650m, 5yr covered on the 11th of February at MS+27. They also issued a similar €500m, 5yr covered in 2025 at MS+95.


Week-to-date volumes:

Year-to-date volumes:


Swiss Franc IG (today)


Type

Issuer

Size (m)

Structure

Initial Pricing

Final Spd / Yield

IPT to PX

FIG

MassMutual Global Funding II

Chf 225

7yr FA-Backed

SARON MS +80 to +85

MS+85

2.5


MassMutual Global Funding II (exp. Issue ratings of Aa3 / AA+ / AA+ by Moody’s, S&P, & Fitch,) announced its anticipated 7yr senior backed by a funding agreement issued by Massachusetts Mutual Life Insurance Company. Initial minimum size on the deal was Chf100m, with price guidance of SARON MS +80 to +85. The deal increased to Chf180m when the spread set at the wide end of guidance at MS+85. Size was further raised to Chf215m. Final terms came in with size at Chf225m & that is where the deal priced.

    • Today’s trade is the first time MassMutual has tapped the Swiss Franc market since April the 20th 2023, when it priced another FA-Backed, Chf215m 5yr at MS+70. Most recently MassMutual tapped the Sterling market on July 6th, with a £450m, 7yr at Gilts +80; also FA-Backed. The borrower is an active issuer in US$’s, & last tapped the Euro market in the summer of 2025 (€700m, 7yr, FAB).


Week-to-date volumes:

US$ Reg S (today)


  • No Supply


Pending Deals & Mandates 


Type

Issuer

Size (m)

Structure

Notes

FIG

RLB Steiermark

€500 (wng)

5yr Covered

Mandate: 18th August


  • 19th August: Raiffeisen-Landesbank Steiermark AG (exp. Issue rating of Aaa by Moody’s), mandated ABN AMRO, Erste Group, Helaba, LBBW & Raiffeisen Bank International as Joint Bookrunners & CMTA AG as Co-Lead Manager for its upcoming 5yr, soft bullet, RegS Bearer €500m (wng) fixed-rate Mortgage Covered Bond transaction - European Covered Bond (Premium). The deal is expected to be ECB eligible, LCR Level 1 & it is ECBC Covered Bond Label compliant. The transaction will be launched in the near future, subject to market conditions.


Transaction Details


PRICED: Federal State of North Rhine-Westphalia €1.5bn 7yr Sr Unsec; MS+16bp

IGC European Market: Deal Flow - SSA

issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Guidance

Spread

GDNC-PXD

Federal State of North Rhine-Westphalia

7yr

3.25%

26-Aug-33

€1.5bn

Sr Unsec

Fixed

99.416

3.345%

MS+18a

MS+16

-2


Reoffer: 7yr: MS+16bp / 99.416 / 3.345%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.920 / B+24.8bp / HR 101%

Final Books in excess of €6.5bn (incl. €150m JLM)

Launched: 7yr: €1.5bn @ MS+16bp - Books above €6.0bn (pre-rec, incl. €150m JLM)
Spread set at: 7yr: MS+16bp - Books above €4.4bn (incl. €150m JLM)
Guidance: 7yr: MS+18a


  • Issuer: Federal State of North Rhine-Westphalia
  • Ticker: NRW Govt
  • Format: Senior unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
  • Issuer Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
  • Size: €1.5bn
  • Coupon: 3.25%, Fixed, Annual, ACT/ACT ICMA
  • Maturity: 26-Aug-33 (7yr)
  • Reoffer: MS+16bp / 99.416 / 3.345%
  • Benchmark: DBR 2.6 15-Aug-33 + 24.8bp (96.920) / HR 101%
  • Settlement: 26-Aug-26 (T+5)
  • Listing/Law/Denominations: Düsseldorf / German / €1k+€1k
  • ISIN: DE000NRW0QR6
  • WKN: NRW0QR
  • Joint Bookrunners: Commerzbank, Natixis, Nordea, Santander (B&D/DM), UniCredit
  • Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
  • Timing: Priced. TOE 12:37 UKT / 13:37 CET. FTT immediately.
  • Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II



PRICED: Republic of Finland €4bn 7yr Sr Unsec; MS+15bp

IGC European Market: Deal Flow - SSA

Issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Guidance

Spread

GDNC-PXD

Republic of Finland

7yr

3.3%

15-Apr-33

€4bn

Sr Unsec

Fixed

99.953

3.310%

MS+17a

MS+15

-2


Reoffer: 7yr: MS+15bp / 99.953 / 3.310%
Benchmark: 7yr: DBR 2.3% 15-Feb-33 @ 95.580 / 3.060% (HR 104%)

Final book: Above €11.25bn (incl. €700m JLM interest). Peak book: In excess of €12.25bn.

Launched: 7yr: €4bn @ MS+15bp - Books in excess of €12.25bn (incl 700m JLM interest)
Spread set at: 7yr: MS+15bp - Books in excess of €11.25bn (incl 700m JLM interest)
Guidance: 7yr: MS+17a


  • Issuer: Republic of Finland
  • Ticker: RFGB Govt
  • Rating: Aa1 stable / AA+ negative / AA stable (Moody's/S&P/Fitch)
  • Status: Senior unsecured, 0% RW, HQLA 1
  • Format: Reg S (Cat. 1), 144A eligible
  • Size: €4bn
  • Settlement Date / Issue Date: 26-Aug-26 (T+5)
  • Maturity: 15-Apr-33
  • Coupon: 3.3%, Fixed, Short first coupon
  • Day Count: ACT/ACT(ICMA)
  • Reoffer: MS+15bp / 99.953 / 3.310%
  • Benchmark: DBR 2.3% 15-Feb-33 (DE000BU2Z007) @ 95.580 / 3.060% (HR 104%)
  • Denoms: €1,000 + €1,000
  • Docs/List/Law: EMTN / Helsinki / Finnish
  • Fees: Joint Bookrunners will be paid a fee in connection to the transaction
  • ISIN: FI4000609516
  • Bookrunners: BNP Paribas / BofA Securities / Danske Bank / Deutsche Bank / J.P. Morgan (DM/B&D)
  • Timing: Priced. TOE 13:32 UKT / 14:32 CET. FTT immediately
  • Target Market: The target market for the Bonds is eligible counterparties, professionals and retail (all channels for distribution), each as defined in MiFID II/UK MiFIR



PRICED: MassMutual Global Funding II CHF 225m 7yr FA-Backed; SARON MS+85

IGC European Market: Deal Flow - General

Issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Guidance

Spread

GDNC-PXD

MassMutual Global Funding II

7yr

1.3775%

01-Sep-33

CHF 225m

FA-Backed

Fixed

100

1.3775%

SARON MS+80/85

SARON MS+85

2.5


Reoffer: 7yr: SARON MS+85 / 100 / 1.3775%
Benchmark: 7yr: Govt + 108.7bp

Launched: 7yr: CHF 225m @ SARON MS+85bp
Size Update: Min CHF 215m
Spread set at: 7yr: SARON MS+85bp
Guidance: 7yr: SARON MS+80/85bp


  • Issuer: MassMutual Global Funding II (Ticker: MASSMU)
  • Funding Agreement Provider: Massachusetts Mutual Life Insurance Company
  • Issuer Domicile: United States of America
  • Domestic / Foreign: Foreign
  • Format: Public Fixed-Rate Notes
  • Ranking: Senior Notes secured by a Funding Agreement
  • Issuer Rating: Aa3/AA+/AA+ (Moody's/S&P/Fitch)
  • Instrument Rating (exp): Aa3/AA+/AA+ (Moody's/S&P/Fitch)
  • Issue Size: CHF 225m
  • Coupon: 1.3775% p.a. (30/360, following unadj.)
  • Maturity: 7 years (01-Sep-26 to 01-Sep-33)
  • Spread/Yield: SARON MS +85.0 / YTM 1.3775% / Govt + 108.7
  • Issue Price: 100
  • ISIN / Valor: CH1600409556 / 160.040.955
  • Lead Manager(s): Deutsche Bank, BNP Paribas
  • SNB Repo-eligibility: At the discretion of the SNB, expected no
  • Documentation: Off the Issuer’s Global Debt Issuance Program, dated 18-May-26 and its Supplement
  • FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
  • Governing Law: Laws of the State of New York for the Notes / Laws of the State of Delaware for the Funding Agreement
  • Covenants: Pari Passu with the claims of policyholders of the Funding Agreement Provider (as per the Global Debt Issuance Program)
  • SIX Listing: 31-Aug-26
  • Denomination: CHF 5,000 and multiples thereof
  • Selling Restrictions: United States and US persons, United Kingdom, EEA, Japan, the Republic of France, the Netherlands, Ireland, the Federal Republic of Germany, the Republic of Italy, the Cayman Islands, Singapore and Hong Kong, in each case as further described in the Offering Memorandum
  • Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution channels), subject to applicable selling restrictions. Public Offering in Switzerland only.



PRICED: SpareBank 1 Boligkreditt €1bn 7yr EuGB CB; MS+23bp

IGC European Market: Deal Flow - General

Issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Guidance

Spread

GDNC-PXD

SpareBank 1 Boligkreditt

7yr

3.375%

26-Aug-33

€1bn

CB

Fixed

99.779

3.411%

MS+30a

MS+23

-7


Reoffer: 7yr: MS+23bp / 99.779 / 3.411%
Benchmark: 7yr: DBR 2.6 Aug-33 @ 96.944 / B+31.8 / HR 101%

7yr: Final Books above €3.3bn (incl. €275m JLM). Peak book above €3.4bn pre rec (incl. €300m JLM)

Launched: 7yr: €1bn @ MS+23bp - Books above €3.4bn pre rec (incl. €300m JLM)
Book Update: Books above €2.4bn (incl. €100m JLM interest)
Guidance: 7yr: MS+30a


  • Issuer: SpareBank 1 Boligkreditt AS (ticker: SPABOL)
  • Issuer LEI: 549300M6HRHPF3NQBP83
  • Format: European Covered Bond (Premium), EuGB, Norwegian Covered Bond backed by 100% residential Norwegian mortgages, Reg S Bearer - New Global Note (NGN) form, ECBC Covered Bond Label, LCR Level 1B and ECB repo eligible
  • Exp Ratings: Aaa (Moody's)
  • Issue size: €1bn
  • Maturity Date: 26-Aug-33, (soft bullet) 7yr
  • Settlement Date: 26-Aug-26 (T+5)
  • Coupon: 3.375%, Fixed, annual, Act/Act (ICMA)
  • Reoffer: 99.779%, yld 3.411%, MS+23bp
  • Benchmark: 31.8bp vs. DBR 2.6% Aug-33 (96.944, HR 101%)
  • Documentation: SpareBank 1 Boligkreditt AS EUR 35,000,000,000 Euro Medium Term Covered Note (Premium) Programme dated 10-Apr-26.
  • Target Market: The target market for the Bonds is eligible counterparties and professional clients, each as defined in MiFID II / UK MiFIR (all channels for distribution of the Bonds are appropriate). No PRIIPs key information document ("KID") has been prepared as not available to retail in EEA or UK.
  • Listing: Euronext Dublin
  • Clearing: Euroclear / Clearstream, Luxembourg
  • Governing Law: English and Norwegian Law for the status of the Covered Bond
  • Use of Proceeds: The Covered Bonds use the designation 'European Green Bond' or 'EuGB' in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation"). An amount equivalent to the proceeds of the Notes will be used to finance and/or refinance the Economic Activities in accordance with the European Green Bond Factsheet dated Jun-26 (the "Factsheet"), prepared by the Issuer in accordance with the EU Green Bond Regulation and aligned with the ICMA Green Bond Principles. The Factsheet and the Pre-issuance External Review are publicly available on the Issuer's website at https://spabol.sparebank1.no/green-bonds
  • EuGB Structuring Coordinators: Deutsche Bank and ING
  • Denoms: €100,000 + €1,000
  • ISIN/Common Code: XS3482718734 / 348271873
  • Joint Lead Managers: Deutsche Bank, ING, LBBW, Nordea
  • Fees: The banks will be paid a fee by the Issuer in connection to the transaction
  • Advertisement: The Prospectus, any supplements thereto, and the Final Terms (when published) will be available at: https://spabol.sparebank1.no/programme-documents
  • Timing: priced, TOE 14:15 CET, FTT 14:30 CET
  • Further information: EuGB information: https://spabol.sparebank1.no/green-bonds Investor presentation: https://spabol.sparebank1.no/coverpool/non-us-investor-presentations


Covered Green
7yr (Aug 2033) @ MS+30a

Implied Spread for fresh 7yr @ MS+24

Priced at MS+23
NIC of -1


COMPS

Ticker

Issue date

Coupon

Size (m)

Maturity date

ESG

I spread Mid

SPABOL

16.03.2026

3

1000

23.03.2032

-

20

SRBANK

18.02.2026

2.75

1000

27.02.2033

green

21

SWEDA

29.05.2026

3

1000

08.06.2033

-

22



PRICED: Jyske Realkredit €500m 5yr CB; MS+17bp

IGC European Market: Deal Flow - General

Issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Guidance

Spread

GDNC-PXD

Jyske Realkredit

5yr

3.25%

01-Oct-31

€500m

CB

Fixed

99.824

3.289%

MS+25a

MS+17

-8


Reoffer: 5yr: MS+17bp / 99.824 / 3.289%
Benchmark: 5yr: +30.7bp vs OBL 2.9 31 #194 (@99.6), HR 99%

Final Books above €2.1bn (incl. €145m JLM). Peak book above €2.8bn (incl. €175m JLM)

Launched: 5yr: €500m @ MS+17bp - Books above €2.8bn (incl. €175m JLM)
Book Update: Books above €2bn (incl. €175m JLM)
Guidance: 5yr: MS+25a


  • Issuer: Jyske Realkredit A/S (Ticker: JYKRE)
  • LEI: 529900R9HQNZRT2OXB26
  • Status of the Notes: Danish Covered Bonds (SDO (Særligt Dækkede Obligationer)) backed by Danish mortgage collateral (Capital Centre E - European Covered Bond (Premium) and ECBC Covered Bond Label compliant)
  • Format: Reg S, Bearer
  • Exp. Issue Rating: AAA (S&P)
  • Currency / Size: €500m
  • Settlement Date: 26-Aug-26 (T+5)
  • Maturity Date: 01-Oct-31 (“Soft bullet”)
  • Reoffer: MS+17bp / 99.824 / 3.289%
  • Benchmark: +30.7bp vs OBL 2.9 31 #194 (@99.6), HR 99%
  • Coupon: 3.25% p.a., fixed, annual, act/act ICMA, following, unadjusted, short first Coupon
  • Denoms/Listing/Law: EUR 100,000 + 100,000 / Nasdaq Copenhagen A/S / Danish Law
  • ISIN: DK0009420655
  • Documentation: Issuer's “Base Prospectus for the issue of Covered Bonds (SDO), Mortgage bonds (“RO”) and bonds issued pursuant to Section 15 of the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act (Section 15 Bonds).” dated 04-Jun-26, as supplemented from time to time
  • Advertisement: The Base Prospectus is available at: https://jyskerealkredit.com/funding/prospectus-and-terms/covered-bonds/base-prospectus-and-supplements
  • Manufacturer target market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.
  • Joint Lead Managers: Danske Bank (B&D), DZ BANK, Erste Group, Jyske Bank and RBC Capital Markets
  • Fees: The Banks will be paid a fee by the issuer in respect of the placement of the securities
  • Timing: TOE: 14:51 CET / FTT: 15:10 CET


Covered
5yr (Aug 2031) @ MS+25a

Implied Spread for fresh 5yr @ MS+19

Priced at MS+17
NIC of -2


COMPS

Ticker

Size

Rating (M/S/F)

Coupon

Issued

Maturity

Yrs to Mty

I-MID

JYKRE

750mn

-/AAA/-

3.00%

Jan-24

Apr-31

4.6Y

16

NDAFH

1,000mn

Aaa/-/-

2.88%

Jun-26

Jun-30

3.8Y

12

DNBNO

1,500mn

Aaa/AAA/-

2.75%

Jan-26

Jan-32

5.4Y

18

SPABOL

1,000mn

Aaa/-/-

3.00%

Mar-26

Mar-32

5.6Y

20

SWEDA

1,000mn

Aaa/AAA/-

3.00%

May-26

Jun-33

6.8Y

21



PRICED: Oversea-Chinese Banking Corp £1bn 3yr CB; SONIA+48bp

IGC European Market: Deal Flow - General

Issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Spread

GDNC-PXD

Oversea-Chinese Banking Corp

3yr

SONIA+48bp

26-Aug-29

£1bn

CB

Floating

100

SONIA+48

-5


Reoffer: 3yr: SONIA+48bp / 100

Final Books £1.475bn+ (excluding JLM interest). Peak book £1.5bn+ (excluding JLM interest)

Launched: 3yr: £1bn @ SONIA+48bp - Books £1.5bn+ (excluding JLM interest)
Spread set at: 3yr: SONIA+48bp - Books £1.4bn+ (excluding JLM interest)
Guidance: 3yr: SONIA+53a - Books £1.3bn+ (excluding JLM interest)


  • Issuer: Oversea-Chinese Banking Corp Ltd
  • LEI Number: 5493007O3QFXCPOGWK22
  • Guarantor: Red Sail Pte. Ltd
  • Ticker: OCBCSP
  • Expected Issue Rating: Aaa/AAA (Moody's/Fitch)
  • Issuer Rating: Aa1/AA-/AA- (Moody's/S&P/Fitch)
  • Type: Singapore Covered Bond backed by 100% SGD denominated Singaporean residential mortgage loans, ECBC Covered Bond Label Compliant
  • Format: Regulation S (Category 2), Registered
  • Size: £1,000,000,000
  • Tenor: 3yr, Floating Rate Notes
  • Status: Covered Bonds
  • Pricing Date: 19-Aug-26
  • Issue Date: 26-Aug-26 (T+5)
  • Maturity: 26-Aug-29 (soft bullet)
  • Coupon: SONIA+48bps, Floating, Compounded Daily SONIA, 5 day observation lag, Quarterly, ACT/365F
  • Reoffer price: 100
  • Documentation: Issued under the Issuer’s U.S.$10,000,000,000 Global Covered Bond Programme dated 25-Mar-26, as supplemented
  • Listing/Governing Law: Singapore Exchange Securities Trading Limited (“SGX-ST”)/English Law
  • Denominations: £100k + 1k
  • ISIN: XS3481584657/348158465
  • Joint Lead Managers: Barclays, HSBC, Lloyds (B&D), OCBC, RBC Capital Markets, and TD Securities
  • MiFID II / UK MiFIR Target Market: Professional investors and ECPs only target market (all distribution channels). No EEA PRIIPs key information document (KID)/CCI product summary has been prepared as not available to retail in EEA or UK
  • Offering Documents: The Offering Memorandum, as supplemented, is available and the final terms, when published, will also be available on the website of the www.sgx.com
  • Timing: PRICED / TOE 14:29 LDN / FTT 14:45 LDN


PRICED: Crédit Agricole Home Loan SFH €2.5bn 3yr FXD/FRN & 10yr Green CB; MS+14 / 3mE+24 / MS+52

IGC European Market: Deal Flow - General

Issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Guidance

Spread

GDNC-PXD

Crédit Agricole Home Loan SFH

3yr

3.125%

28-Aug-29

€1bn

CB

Fixed

99.73

3.221%

MS+23a

MS+14

-9

Crédit Agricole Home Loan SFH

3yr

3mE+24bp

28-Aug-29

€500m

CB

Floating

100

-

3mE+33a

3mE+24

-9

Crédit Agricole Home Loan SFH

10yr Green

3.75%

28-Aug-36

€1bn

CB

Fixed

99.648

3.793%

MS+58a

MS+52

-6


Reoffer: 3yr FXD: MS+14bp / 99.73 / 3.221% 3yr FRN: 3mE+24bp / 100 10yr Green: MS+52bp / 99.648 / 3.793%
Benchmark: 3yr FXD: OBL 2.1% 29-Apr-29 @ 98.06 / B+35bp (HR 113%) 10yr Green: DBR 3% 36-Aug-36 @ 97.9 / B+54.5bp (HR 98%)

3yr FXD: Final Books > €3.9bn (incl. €220m JLM). Peak book > €4.5bn.
3yr FRN: Final Books > €2bn (incl. €45m JLM). Peak book > €2.3bn.
10yr Green: Final Books > €2.1bn (incl. €110m JLM). Peak book > €2.5bn.

Launched:
3yr FXD: €1bn @ MS+14bp - Books above €4.5bn (pre-rec) incl. €220m JLM
3yr FRN: €500m @ 3mE+24bp - Books above €2.3bn (pre-rec) incl. €45m JLM
10yr Green: €1bn @ MS+52bp - Books above €2.5bn (pre-rec) incl. €110m JLM
Book Update: Aggregate books > €8bn (incl. €375m JLM) - skew to 3yr
Guidance: 3yr: MS+23a 3yr FRN: 3mE+33a 10yr Green: MS+58a


  • Issuer: Crédit Agricole Home Loan SFH
  • LEI: 969500C9913Z7PKUGB44
  • Type: Obligations de Financement de l'Habitat - ECB Eligible – ECBC Covered Bond Label (Premium)/CRR Compliant-10% RW
  • Exp. Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
  • Form of the Covered Bonds:
    • 3yr Fixed: Reg S Bearer Dematerialised Fixed Rate Covered Bonds
    • 3yr FRN: Reg S Bearer Dematerialised Floating Rate Covered Bonds
    • 10yr Green: Reg S Bearer Dematerialised Fixed Rate Covered Bonds
  • Issue Size:
    • 3yr FXD: €1bn
    • 3yr FRN: €500m
    • 10yr Green: €1bn
  • Maturity:
    • 3yr Fixed: 28-Aug-29 (3Y soft bullet)
    • 3yr FRN: 28-Aug-29 (3Y soft bullet)
    • 10yr Green: 28-Aug-36 (10Y soft bullet)
  • Extended Maturity Date:
    • 3yr Fixed: 28-Aug-30
    • 3yr FRN: 28-Aug-30
    • 10yr Green: 28-Aug-37
  • Settlement: 28-Aug-26 (T+7)
  • Coupon:
    • 3yr Fixed: 3.125% Fixed Annual, Act/Act ICMA
    • 3yr FRN: 3mE+24bp per annum, Floating Quarter, Act/360 (EURIBOR replacement conditions apply)
    • 10yr Green: 3.75% Fixed Annual, Act/Act ICMA
  • Reoffer:
    • 3yr Fixed: MS+14bps / 3.221% / 99.73
    • 3yr FRN: 3mE+24bps / 100
    • 10yr Green: MS+52bps / 3.793% / 99.648%
  • Benchmark:
    • 3yr Fixed: OBL 2.1% 29-Apr-29 +35bps (@98.06 - HR 113%)
    • 3yr FRN: --
    • 10yr Green: DBR 3% 36-Aug-36 +54.5 (@97.9 - HR 98%)
  • Use of Proceeds:
    • 3yr Fixed & 3yr FRN: General Corporate Purposes
    • 10yr Green: To finance and/or re-finance in whole or in part Eligible Green Assets. The Crédit Agricole Group’s Green Bond Framework dated November 2023 is available on: https://www.credit-agricole.com/en/pdfPreview/200316
  • TOE:
    • 3yr Fixed: 15.15 UKT
    • 3yr FRN: 15.15 UKT
    • 10yr Green: 15.18 UKT
  • ISIN:
    • 3yr FXD: FR001401AM72
    • 3yr FRN: FR001401AM98
    • 10yr Green: FR001401AM80
  • List/Law/Denoms: Paris / French / EUR 100k+100k
  • Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms (referred to in this Term Sheet as the "Final Terms") and the base prospectus dated 19 February 2026 and any supplement thereto, in connection with the Euro 50,000,000,000 Covered Bonds (the "Base Prospectus", together with the Final Terms, the "Covered Bonds Documentation").
  • EU MiFID II / UK MiFIR Target Market: Professional clients/ECPs-Only (each as defined according to EU MiFID II and/or in the COBS and the UK MiFIR as applicable) .
  • Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction.
  • Global Coordinator: Crédit Agricole CIB (B&D/DM)
  • Joint Bookrunners: ABN AMRO, BayernLB, BBVA, Credit Agricole CIB, Danske Bank, Erste Group and Scotiabank
  • Timing: Priced - FTT 15.40 UKT / 16.40 CET
  • Advertisement: Base Prospectus dated 19 February 2026 as supplemented is available on the following https://www.credit-agricole.com/en/finance/debt-and-ratings/wholesale-bonds-issues/ca-home-loan-sfh-covered-bonds


Covered
3yr Fix (Aug 2029) @ MS+33a

Implied Spread for fresh 3yr @ MS+20

Priced at MS+14
NIC of -6

Covered Green
10yr Fix (Aug 2036) @ MS+58a

Implied Spread for fresh 3yr @ MS+50

Priced at MS+52
NIC of +2


COMPS

Ticker

Announced

Collateral

Ratings (M/S/F)

ESG

Amount (€m)

Coupon

Maturity

I+Mid

CFF

29-Jun-26

Mortgages

Aaa/AAA/-

-

750

2.88%

Jul-29

14

CRH

07-Jan-26

Mortgages

Aaa/-/AAA

-

500

3.38%

Jan-36

48

BPCECB

07-Jan-26

Mortgages

Aaa/AAA/-

-

1,500

3.38%

Jan-36

48

CFF

05-May-26

Mortgages

Aaa/AAA/-

S

600

3.50%

May-36

48

ACASCF

03-Jun-26

Public Loans

Aaa/AAA/-

-

750

3.50%

May-36

49



PRICED: Macquarie Group £500m Long 4yr Sr Unsec; UKT+85bp

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

Price

Yield

Spread

IPT-PXD

Macquarie Group

Long 4yr

28-Oct-30

£500m

Sr Unsec

Fixed

99.585

5.369%

UKT+85

-15


Reoffer: Long 4yr: UKT+85bp / 99.585 / 5.369%
Benchmark: Long 4yr: UKT 0.375% 30-Oct-30 @ 84.640 mid / 84.625 bid (HR 108%)

Final Books £1.1bn. Peak book in excess of £1.1bn (pre-rec)

Launched: Long 4yr: £500m @ UKT+85bp - Books in excess of £1.1bn (pre-rec)
Spread set at: Long 4yr: UKT+85bp - Books in excess of £1.1bn - Books subject 12.55 UKT
Book Update: Books >£950m
IPTs: Long 4yr: UKT+100a


  • Issuer: Macquarie Group Limited
  • LEI: ACMHD8HWFMFUIQQ8Y590
  • Issuer Ratings: A1 (Stable) / BBB+ (Stable) / A (Stable) (Moody's / S&P / Fitch)
  • Exp. Instrument Ratings: A1 / BBB+ / A (Moody's / S&P / Fitch)
  • Format: Senior Unsecured, Bearer (TEFRA D), Reg S Category 2
  • Size: £500m
  • Settlement Date: 28-Aug-26 (T+7)
  • Coupon: Fixed, Annual, ACT/ACT (ICMA), unadjusted, Short first
  • Maturity Date: 28-Oct-30
  • Reoffer: Mid G+85bps / 99.585 / 5.299% s.a. / 5.369% a.
  • Benchmark: UKT 0.375% 30-Oct-30 @ 84.640 mid / 84.625 bid (HR 108%)
  • Law/Listing: New South Wales/London Stock Exchange
  • Denominations: £100k+£1k
  • Documentation: Issuer's U.S.$20bn Debt Instrument Programme dated 05-Jun-26, as supplemented from time to time
  • Use of Proceeds: General Corporate Purposes
  • Target Market: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document / CCI disclosure document has been prepared as not available to retail in the EEA or in the UK.
  • Joint Bookrunners: BNP Paribas (B&D), HSBC, Natixis, NatWest
  • ISIN: XS3482734186
  • Clearing: Euroclear / Clearstream, Luxembourg
  • Timing: ToE 15.33 UKT/ FTT 15.55 UKT
  • Advertisement: The Final Terms issued for each Tranche of PR Debt Instruments to be listed on the London Stock Exchange will be published via the Regulatory News Service of the London Stock Exchange at https://www.londonstockexchange.com/news?tab=news-explorer.The Base Prospectus and the other documents, or portions of documents, incorporated by reference as set out in the Base Prospectus are available on the internet site https://www.macquarie.com/au/en/investors/debt-investors/unsecured-funding.html.



PRICED: Mizuho Financial Group €1.5bn 6.5NC5.5 & 11.5NC10.5 Sr Unsec FXD/FRN; MS+80bp & MS+105bp

IGC European Market: Deal Flow - General

Issuer

Term

Call

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Spread

IPT-PXD

ISIN

Mizuho Financial Group

6.5NC5.5

5.5y

3.927%

25-Feb-33

€750m

Sr Unsec

Fixed to Floating

100

3.931%

MS+80

-20

XS3470748883

Mizuho Financial Group

11.5NC10.5

10.5y

4.339%

25-Feb-38

€750m

Sr Unsec

Fixed to Floating

100

4.342%

MS+105

-20

XS3470748966


Reoffer:
6.5NC5.5: MS+80bp / 100 / 3.931%
11.5NC10.5: MS+105bp / 100 / 4.342%

Benchmark:
6.5NC5.5: OBL 2.5 16-Apr-31 #193 @ 98.003 / B+97.0bp / HR 114%
11.5NC10.5: DBR 2.9 15-Feb-36 @ 97.387 / B+112.0bp / HR 104%

Tranche 1 (6.5NC5.5): Final Books >€1.9bn. Peak book >€2bn
Tranche 2 (11.5NC10.5): Final Books >€1.8bn. Peak book >€1.8bn+

Launched:
6.5NC5.5: €750m @ MS+80bp - Books >€2bn
11.5NC10.5: €750m @ MS+105bp - Books >€1.8bn+
Spread set at: 6.5NC5.5: MS+80bp - Books >€1.9bn 11.5NC10.5: MS+105bp - Books >€1.8bn
Book Update: 6.5NC5.5: Books >€1.5bn 11.5NC10.5: Books >€1.5bn
IPTs: 6.5NC5.5: MS+100a 11.5NC10.5: MS+125a


  • Issuer: Mizuho Financial Group, Inc.
  • LEI Code: 353800CI5L6DDAN5XZ33
  • Expected Security Ratings: A1 (Moody's) / A- (Fitch)
  • Format: Regulation S off EMTN Programme (Registered form)
  • Security Description: Senior Unsecured Notes
  • Size:
    • 6.5NC5.5: €750m
    • 11.5NC10.5: €750m
  • Settlement: 25-Aug-26 (T+4)
  • Maturity:
    • 6.5NC5.5: 25-Feb-33
    • 11.5NC10.5: 25-Feb-38
  • Optional Redemption:
    • 6.5NC5.5: 25-Feb-32
    • 11.5NC10.5: 25-Feb-37
  • Coupon:
    • 6.5NC5.5: 3.927%
    • 11.5NC10.5: 4.339%
  • Yield:
    • 6.5NC5.5: 3.931%
    • 11.5NC10.5: 4.342%
  • Price:
    • 6.5NC5.5: 100
    • 11.5NC10.5: 100
  • Spread:
    • 6.5NC5.5: MS+80bp
    • 11.5NC10.5: MS+105bp
  • Floating Rate Spread:
    • 6.5NC5.5: 3mEuribor +89.8bp
    • 11.5NC10.5: 3mEuribor +112.5bp
  • Coupon Type: Fixed to Float, Annual, Act/Act (ICMA) during fixed rate period. Quarterly, Act/360 during floating rate period
  • ISIN:
    • 6.5NC5.5: XS3470748883
    • 11.5NC10.5: XS3470748966
  • TOE:
    • 6.5NC5.5: 15:23 UKT / 16:23 CET
    • 11.5NC10.5: 15:31 UKT / 16:31 CET
  • FTT: 15:50 UKT / 16:50 CET
  • Minimum Denominations: €100k, plus/€1k above €100k
  • Joint Bookrunners: Mizuho (B&D), Barclays, BNP Paribas, Danske, Societe Generale
  • Listing: Luxembourg Stock Exchange (Euro MTF)
  • Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all applicable distribution channels). No EU or UK PRIIPs / KID will be prepared as not available to retail in the EEA and the UK
  • Governing Law: English law
  • Use of Proceeds: Mizuho FG intends to use the net proceeds from the issuance and sale of each series of Notes to make a loan that is intended to qualify as Internal TLAC under the Japanese TLAC Standard to Mizuho Bank, Ltd., which itself intends to utilise such funds for its general corporate purposes
  • Fees: Fees will be paid to the Joint Bookrunners on this transaction



FTF
6.5yr (Feb 2033) @ MS+100a

Implied Spread for fresh 6.5yr @ MS+76

Priced at MS+80
NIC of +4

FTF
11.5yr (Feb 2038) @ MS+125a

Implied Spread for fresh 11.5yr @ MS+98

Priced at MS+105
NIC of +7

COMPS

Ticker

Rating

Cpn

Mty & Call Date

Amt Out

I-Spread (BID)

MIZUHO

A1/-/A-

3.21

16/05/2032nc31

750m

70

MIZUHO

A1/-/A-

3.845

16/05/2037nc36

500m

91



PRICED: Sika Capital €1bn 30NC5.75 & 30NC8.75 Sub; 4.500% & 5.000%

IGC European Market: Deal Flow - General

Issuer

Term

Call

Coupon

Maturity

Size

Ranking

Type

Price

Yield

IPT-PXD

Sika Capital B.V.

30NC5.75

5.75y

4.375%

26-Aug-56

€500m

Sub

Fixed Rate Reset

99.397

4.500%

-56.25

Sika Capital B.V.

30NC8.75

8.75y

4.875%

26-Aug-56

€500m

Sub

Fixed Rate Reset

99.153

5.000%

-56.25


Reoffer: 30NC5.75: 4.500% / 99.397 30NC8.75: 5.000% / 99.153
Benchmark: 30NC5.75: DBR 1.7 08-Aug-32 @ 92.95 / 3.005% / b+149.5bps 30NC8.75: DBR 2.6 08-Aug-35 @ 95.389 / 3.199% / b+180.1bps

30NC5.75: Final Books €3.75bn. Peak book €5bn.
30NC8.75: Final Books €5.05bn. Peak book €5.05bn.

Launched:
30NC5.75: €500m @ 4.500% - Books €4.5bn (pre-rec, at guidance)
30NC8.75: €500m @ 5.000% - Books €4.6bn (pre-rec, at guidance)
Guidance: 30NC5.75: 4.625%a (+/- 0.125%, WPIR) 30NC8.75: 5.125%a (+/- 0.125%, WPIR) - Books north of €9.5bn (split €5bn and €4.5bn respectively)
IPTs: 30NC5.75: 5.000-5.125% 30NC8.75: 5.500-5.625%


  • Issuer: Sika Capital B.V.
  • Issuer LEI: 549300QW8B2Z3FSBS808
  • Guarantor: Sika AG (Ticker: SIKASW, Country: CH)
  • Guarantor LEI: 549300R3N69ECGYPU434
  • Guarantor Rating: A- (stable outlook) at S&P
  • Exp. Instrument Ratings: BBB at S&P
  • Exp. Equity Credit: Intermediate Equity Content (50%) until the First Reset Date at S&P
  • Format: Reg S (Category 2) / Bearer
  • Status and subordination of the Securities: Direct, unsecured and subordinated obligations of the Issuer, ranking (a) junior to the claims of all holders of Senior Obligations of the Issuer, (b) pari passu with the claims of holders of all Parity Obligations of the Issuer and (c) senior to the claims of holders of all Junior Obligations of the Issuer, save for exceptions provided by mandatory and/or overriding provisions of law
  • Status of the Guarantee: Direct, unsecured and subordinated obligations of the Guarantor, ranking (a) junior to the claims of all holders of Senior Obligations of the Guarantor, (b) pari passu with the claims of holders of all Parity Obligations of the Guarantor and (c) senior to the claims of holders of all Junior Obligations of the Guarantor, save for exceptions provided by mandatory and/or overriding provisions of law
  • Waiver of Set-off: Subject to applicable law, no Holder may exercise, claim or plead any right of set-off, compensation or retention in respect of any amount owed to it by the Issuer or Guarantor (as applicable) in respect of, or arising under or in connection with the Securities, the Coupons or the Guarantee and each Holder and Couponholder shall have no such rights of set-off, compensation or retention.
  • Size:
    • 30NC5.75: €500m
    • 30NC8.75: €500m
  • Reoffer:
    • 30NC5.75: 4.5000% (annual yield) / 99.397
    • 30NC8.75: 5.000% (annual yield) / 99.153
  • Benchmark:
    • 30NC5.75: DBR 1.7 08-Aug-32 @ 92.950 / 3.005% / b+149.5bps
    • 30NC8.75: DBR 2.6 08-Aug-35 @ 95.389 / 3.199% / b+180.1bps
  • Initial Margin:
    • 30NC5.75: MS+136.2bps
    • 30NC8.75: MS+176.8bps
  • MWC:
    • 30NC5.75: B+25
    • 30NC8.75: B+30
  • Pricing Date: 19-Aug-26
  • Settlement Date: 26-Aug-26 (T+5)
  • Maturity:
    • 30NC5.75: 26-Aug-56 (30 years)
    • 30NC8.75: 26-Aug-56 (30 years)
  • First Optional Par Redemption Date:
    • 30NC5.75: 26-Feb-32 (Year 5.5)
    • 30NC8.75: 26-Feb-35 (Year 8.5)
  • First Reset Date:
    • 30NC5.75: 26-May-32 (Year 5.75)
    • 30NC8.75: 26-May-35 (Year 8.75)
  • ISIN:
    • 30NC5.75: XS3476053445
    • 30NC8.75: XS3476053791
  • Common Code:
    • 30NC5.75: 347605344
    • 30NC8.75: 347605379
  • TOE:
    • 30NC5.75: 15:34 UKT / 16:34 CET
    • 30NC8.75: 15:35 / 16:35 CET
  • Optional Redemption: The Issuer may redeem all, but not some only, of the Securities on any Optional Par Redemption Date, being (i) any Business Day from (and including) the First Optional Par Redemption Date to (and including) the First Reset Date and (ii) each Interest Payment Date thereafter (other than the Interest Payment Date falling on the Maturity Date) at 100% of their principal amount together with any accrued and unpaid interest up to (but excluding) the redemption date (including any accrued but unpaid Deferred Interest)
  • Interest:
    • 30NC5.75: Fixed rate 4.375% p.a. payable annually in arrears on each Interest Payment Date until the First Reset Date (short first). Thereafter reset every 5 years to the then current 5-year Swap Rate + initial margin + relevant step-up
    • 30NC8.75: Fixed rate 4.875% p.a. payable annually in arrears on each Interest Payment Date until the First Reset Date (short first). Thereafter reset every 5 years to the then current 5-year Swap Rate + initial margin + relevant step-up
  • Interest Payment Dates: 26 May in each year, commencing 26-May-27 (short first; short last)
  • First Step-up Date:
    • 30NC5.75: 26-May-37 (Year 10.75)
    • 30NC8.75: 26-May-40 (Year 13.75)
  • First Step-up Margin: +25bps
  • Second Step-up Date:
    • 30NC5.75: 26-May-52 (Year 25.75)
    • 30NC8.75: 26-May-55 (Year 28.75)
  • Second Step-up Margin: +75bps (+100bps cumulative)
  • Optional Interest Deferral: The Issuer may, at its discretion, elect to defer all or part of any Interest Payment which is otherwise scheduled to be paid on an Interest Payment Date (except on the Maturity Date). Deferred Interest Payments are on a cash cumulative and compounding basis
  • Optional Payment of Deferred interest: Deferred Interest may be paid at the option of the Issuer in whole or in part at any time
  • Mandatory Payment of Deferred Interest: Mandatory payment of Deferred Interest, in whole but not in part, on the first to occur of the following dates: (i) the date which is 10 Business Days following the occurrence of a Compulsory Payment Event; (ii) the next scheduled Interest Payment Date if the Issuer pays interest in full on the Securities on such date; and (iii) upon redemption or repayment of the Securites “Compulsory Payment Event” means any of the following events (all as further described in the Conditions set out in the Prospectus): (a) any discretionary payment of any distribution, dividend or other payment on any Junior Obligations or Parity Obligations of the Issuer or the Guarantor by the Issuer, the Guarantor or any Subsidiary of the Issuer or the Guarantor, or (b) any discretionary redemption, purchase, repayment, cancellation, reduction or acquisition of any Junior Obligations or Parity Obligations of the Issuer or the Guarantor by the Issuer, the Guarantor or any Subsidiary of the Issuer or the Guarantor (in each case (a) and (b), subject to certain limited exceptions)
  • Special Event Redemption: Upon the occurrence of a Substantial Repurchase Event (75%), a Withholding Tax Event or a Change of Control Event at 100% Upon the occurrence of a Rating Capital Event or a Tax Deductibility Event at 101% prior to the First Optional Par Redemption Date, 100% on or after the First Optional Par Redemption Date
  • Change of Control Step-Up Margin: +500bps step-up if not redeemed following a Change of Control Event
  • Make-Whole Redemption: The Issuer may redeem all, but not some only, of the Securities on any Business Day other than an Optional Par Redemption Date at the Make-whole Redemption Amount (Make-Whole Margin Calculated as 15% of the reoffer spread to the Reference Bond, rounded up to the nearest 5bps and capped at 50bps in accordance with market convention)
  • Substitution or Variation: The Issuer may, upon the occurrence of a Rating Capital Event, a Tax Deductibility Event or a Withholding Tax Event, at any time, without the consent of the Holders or Couponholders, either (i) substitute all, but not some only, of the Securities for, or (ii) vary the terms of the Securities with the effect that the Securities remain or become, as the case may be, Qualifying Securities
  • Replacement Intention: Intention-based (non-binding) up to and including the Second Step-up Date subject to carve-out
  • Use of Proceeds: General Corporate Purposes of the Sika Group including (re)financing of bolt-on acquisitions and existing financial indebtedness
  • Global Coordinator: Citigroup (B&D)
  • Joint Bookrunners: BofA Securities, Citigroup, UBS Investment Bank
  • Clearing: Euroclear and Clearstream
  • Day Count Fraction: ACT/ACT ICMA
  • Business Days: T2, London
  • Denominations: €100,000 x €1,000
  • Listing: Notes to be admitted to the Official List and to trading on the Regulated Market of Euronext Dublin
  • Law: English law, except for (i) Status of the Securities and the Coupons and Subordination of the Securities and the Coupons which shall be governed by, and construed in accordance with, Dutch law and (ii) Guarantee which shall be governed by, and construed in accordance with, Swiss law
  • Documentation: Standalone; Preliminary Prospectus dated 17-Aug-26 and final Prospectus expected to be dated on or around 24-Aug-26
  • Selling Restrictions: Reg S, Compliance Category 2 and as stipulated in the Preliminary Prospectus EEA and UK retail investors and into, or to persons resident in, the United States, the United Kingdom, Switzerland, Canada, Singapore and elsewhere
  • Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
  • Stabilisation: Citigroup
  • MiFID II/UK MiFIR Product Governance / Target Market: MiFID II / UK MiFIR Target Market: eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) / CCI product summary has been prepared as not available to retail in the EEA or the UK.
  • Advertisement Language: The final Prospectus, when published, will be available on the website of the Euronext Dublin (https://www.euronext.com/en/markets/dublin)





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  • Details correct at time of posting