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CreditFlow € £ & Chf Supply Analysis (Europe IG)_2026-08-19.xlsx
CreditFlow Recent € £ Chf & Reg S $ Supply Table (Europe IG).xlsx
Related Deals
Related Parents
Related Issuers
by Stuart Aylward
Aug 19, 2026 11:18 AM ET
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 |
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 |
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 |
Week-to-date volumes:
Year-to-date volumes:
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 |
Week-to-date volumes:
Year-to-date volumes:
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.
Week-to-date volumes:
Type | Issuer | Size (m) | Structure | Notes | |||
FIG | RLB Steiermark | €500 (wng) | 5yr Covered | Mandate: 18th August | |||
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
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
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
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
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 |
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
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 |
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)
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
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 |
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
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
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 |
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%