• In what some had expected to be a relatively quiet mid-August week, the € IG primary markets delivered its 4th day in a row of at least €4.75bn in supply, bringing the week-to-date total to a mighty €35.5bn.
• Today was the leanest session of the week in € IG with €4.75bn, from 6 issuers (2 x Corp & 4 x FIG), via 8 tranches.
• Sterling IG saw 1 issuer (1 x FIG) price £300m from 1 tranche (1 x FA-Backed).
• Swiss Franc also witnessed 1 issuer pricing Chf125m via 1 tranche (1 x Covered).
• The full complement of currencies was active today with the US$ Reg S IG market also pricing $750m from 1 issuer via 1 tranche.
• The “Talking Point” today (below) is again focusing on issuance last year for the final week of August & the whole of September. Today we stay focused on Sterling (£) but with a review of FIG IG  supply over that period in 2025.
• Brent crude prices moved higher today, currently trading at c.$93.43 (from $91.99 this morning).
• European equity bourses have endured a largely negative session, with the Dax & the CAC 40 both lower by 0.36% & 0.45% respectively. Only the FTSE is in the green by 0.13%.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €1.5bn
    • Avg. tranche size €500m
    • Avg. IPT to Pricing -40.42
    • Avg. cover 3.23 X
  • FIG
    • Total IG: €3.25bn
    • Avg. tranche size €650m
    • Avg. IPT to Pricing -6.5 (covered)
    • Avg. IPT to Pricing -27.5 (unsecured)
    • Avg. cover 3.13 X
  • SSA
    • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA

• Pipeline: Currently there is only one transaction in the IG pipeline.
  • 1 x € SSA

Talking Point

• Continuing our theme, looking back at the last week of August & the whole of September from 2025, today we are reviewing FIG IG supply in Sterling for that period. 
• Sterling supply favored FIG versus Corporate credits, with £8.53bn from the former & only £2.1bn from the latter. 14 issuers tackled several parts of the capital stack via 15 tranches.
• Key takeaways are that covered prints dominated in terms of both the number of trades (6 of 15) & volume (£4.65, or 54.5% of supply).
• In terms of issuer nationality, domestic UK credits were the most prolific as one might expect, accounting for 38.7% of volume. Canadian issuers too delivered the second highest volume, with 38.1% of total supply for the period. £2.75bn of which were covered issues.
• FA-backed were conspicuous scouting for over 19%.

Euro IG (today)

• Swisscom Finance B.V (exp. Issue ratings of Baa2 / BBB- by Moody’s & S&P) brought a €500m (wng), Perpetual NC5.5, Hybrid, with IPTs of 4.75% to 4.875%. Books first highlighted as over €4.7bn (pre rec), with guidance revised to 4.375% area (+/- 12.5) WPIR. Books closed at €3.8bn (pre-rec, good at guidance). Final terms set at 4.25% & final books were over €2.3bn.
  • This is Swisscoms’s first hybrid offering, but their 2nd visit to the public € markets YTD, with the last offering on the 11th of May, a senior unsecured dual-tranche. The 3 & 9yr tranches were both sized at €1bn, pricing at MS+35 & MS+73 respectively, tightening in turn by -35 & -37bps from IPTs. Combined books were over €3bn. The borrower also issued 2 senior unsecured, vanilla trades totalling €1.2bn in 2025. Their core market is the Swiss Franc market. The rational for today’s deal is that hybrids receive 50% equity credit from rating agencies (Moody’s & S&P), allowing Swisscom to increase their debt levels with a reduced impact on their senior ratings of A2 / A-.
• Thales (exp. Issue rating of A- by S&P) announced a dual-tranche, senior unsecured issue. Both tranches were expected to be €500m, with a 4yr tranche carrying IPTs of MS+75 to +80. The 8yr had IPTs of MS+95 to +100. Guidance on the 4yr came in at MS +45 to +50 WPIR, with a book of over €1.95bn. 8yr guidance was MS +65 to +70 WPIR, with a book of over €1.95bn. Final terms yielded €500m at MS+45 for the 4yr with a book of over €1.65bn; while the 8yr sized at €500m at MS+65, with a book of over €1.65bn. Both books were good at the tight end of guidance.
  • This is the first time Thales has visited the public markets since October the 11th, 2023. On that occasion the borrower priced a triple tranche deal (2, 5 & 8yr) for a collective €5.4bn, of senior unsecured debt. This 2023 deal was partly M&A related - primarily for Imperva (€3.3bn) & Cobham Aerospace Coms (€1bn). UOP’s on today’s deal are cited as GCP, however, in part at least this is likely to be pre-funding to help refinance the €1.8bn, 2yr tranche of the 2023 trade that is rolling off in October.

• Raiffeisen-Landesbank Steiermark AG (exp. Issue rating of Aaa by Moody’s), announced its anticipated 5yr, soft bullet, early in the session. The €500m (wng) fixed-rate Mortgage Covered Bond came with guidance in the area of MS+27. Books were first called at over €2bn (inc. €280m JLMs), growing to over €2.6bn. Spread set & priced at MS+19; 8bps tighter than guidance. Size already set at €500m. Final books at re-offer were above €2.1bn (inc. €305m JLMs).
  • Today’s print is the first public offering by the borrower in 2026, having last priced a covered deal on September the 30th of last year. In keeping with recent years the borrower priced €500m, electing a 4.5yr print at MS+32; 6bps tighter than guidance & garnering a book of €1.25bn.
• Arkéa Public Sector SCF (exp. Issue rating of Aaa by Moody’s) brought a €500m (wng), 8yr Covered Bond with guidance in the area of MS+50. Initial books were over €1.75bn (inc. €125m JLMs), & grew to over €2bn (pre-rec & inc. €125m JLMs). Spread set at MS+44 & size firmed at €500m. Final books were above €1.7bn (inc. €125m JLMs).
  • Typically issuing 2 covered bonds a year, Arkea last priced a €750m, 10 year on the 5th of January at MS+56; 8bps tighter than guidance, with an impressive book of €3.6bn. In 2025, the borrower priced 2 €500m covered deals; a 7yr in Jan at MS+60, & a 10yr in June at MS+67.
• Skandinaviska Enskilda Banken AB (exp. Issue rating of Aaa by Moody’s) announced a € benchmark, dual-tranche, 3yr fixed & FRN, Swedish Covered Bond. The FRN came with guidance in the area of 3mth Euribor+24, while the 3yr fixed rate was in the area of MS+14. Aggregate books were first cited as above €4bn (inc. €850m JLMs), skewed towards the fixed tranche. Final terms came in at €500m at 3mth Euribor+18 for the FRN, with a book of over €1.5bn (inc. €400m JLMS); & €1bn at MS+8 for the fixed rate, with a book of over €2.8bn (inc. €450m JLMs). Final books for the floater were €1.3bn (inc. €400m JLMs), & €1.3bn for the fixed rate (inc. €450m JLMs).
  • SEB is far more prolific in the unsecured space, & a frequent visitor to the senior preferred & non-preferred space in €’s, US$’s & £. Only last week they priced a €500m, Tier 2 at MS+100. Today's covered deal is the first such deal since its €1bn, 5yr last April (29th), which they priced at MS+32; 6bps tighter than guidance.
• Raiffeisen Bank International AG (exp. Issue rating of Baa2 by Moody’s) brought a € benchmark, 10.5NC5.5, Green, Tier 2 with IPTs of MS+165 to +170. The first book update came in above €2bn (inc. €75m JLM). Initial books were over €2bn (inc. €75m JLMs). Size set at €750m, from a book of over €2.4bn (exc. JLMs). Spread set at MS+140; 27.5bps tighter than IPTs. Final books were €2.2bn, good at re-offer. The deal priced at MS+140.
  • Raiffeisen Banking Group encompasses a number of issuing entities. Today’s Bank International is a frequent visitor to the € markets, having last priced a €500m, 8yr, senior preferred fixed-to-float at MS+95; 25bps tighter than IPTs with a €1.85bn book. Today’s trade is a Tier 2, & they also issued a capital trade in January, with a €650 AT1 Perp at 6.2% (55bps tighter than IPTs with a €2.35bn book).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Northwestern Mutual Global Funding (exp. Issue ratings of Aa1 / AA+ / AAA by Moody’s, S&P & Fitch) brought an FA-Backed, 5yr, £ benchmark issue. IPTs were UKT+80 to +90. The deal launched for £300m at UKT+77, from a book of £540m (inc. £30m JLMs). Final books were over £370m (inc.£30m JLMs).
  • The US borrower last issued in Sterling on the 21st of August last year, when it priced a £400m, 5.2yr, FA-Backed trade at Gilts +70; 12.5bp tighter than IPTs, with a book of £840m. On this occasion the trade went straight to launch from IPTs.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Crédit Agricole Home Loan SFH (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, S&P & Fitch) announced a Green, fixed rate, Covered Bond. The initial minimum size was Chf100m, alongside guidance of SARON MS+45 area. Size grew to Chf115m, when spread set at MS+45. The deal was launched & priced at CHF125m. The trade priced Chf125m at MS+45.
  • CA have been busy this week, kicking off with a €1bn, 6.5yr senior non-pref fixed-to-float on Monday at MS+85; 27.5bps tighter than IPTs, with a €3bn book. Yesterday, the same entity as today (‘CA Home Loan’) priced a €2.5bn covered issue. The collective book was a mighty €8bn. For reference the 3yr FRN came in 9bps from IPTs; the 3yr fixed 14bps from IPTs & the 10yr, 6bps from IPTs.  Their last covered in Swiss Franc was back on the 5th of February, when they priced a Chf125m, 10yr, pricing at SARON MS+41; 2bps tighter than initial guidance.  

Week-to-date volumes:

US$ Reg S (today)

• Mitsui & Co Ltd (exp. Issue ratings of A3 / A by Moody’s & S&P) brought a $ benchmark, fixed rate, Reg S only, 5yr deal. IPTs on the trade were in the area of CT5+85. Books were over $1.9bn (inc. $20m JLMs). The deal sized at $750m & priced at T+53.
• * Not formally priced at the time of going to press
  • Mitsui & Co are a regular ‘one deal a year’ player, having printed a sole $500m, , 5yr, senior unsecured trade each & every year for at least the last 4 years. The last being on the 26th of August 2025, pricing at T+63. This tightened an impressive 37bps from IPTs, & drew a book of $5.86bn.

Pending Deals & Mandates

• Agence France Locale (rated A+ / A+ by S&P & Fitch), mandated Credit Agricole CIB, Deutsche Bank, NatWest, Nomura & Nordea to lead manage its upcoming Long 8yr Sustainable €500m (wng) maturing on March 20th, 2035. The transaction will be launched in the near future subject to market conditions.

Transaction Details

PRICED: Raiffeisen-Landesbank Steiermark AG €500m 5yr CB; MS+19bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+19bp / 99.646 / 3.328%
Benchmark: 5yr: DBR 0 15-Aug-31 @ 86.43 / B+35.3bp (HR: 108%)

Final Books: > €2.1bn (incl. €305m JLM). Peak book > €2.6bn (incl. €280m JLM)

Launched: 5yr: €500m @ MS+19bp - Book > €2.6bn (incl. €280m JLM)
Book Update: Book in excess of €2bn (incl. €280m JLM)
Guidance: 5yr: MS+27a

• Issuer: Raiffeisen-Landesbank Steiermark AG (Ticker: RFLBST)
• Issuer Rating: A2 (stable outlook) by Moody’s
• Issuer LEI: 529900UNUKYZ9HND3309
• Exp. Issue ratings: Aaa (Moody's)
• Issue Type: Mortgage Covered Bond (Hypothekenpfandbrief) / European Covered Bond (Premium)
• Governing Law: Austrian
• Pricing Date: 20-Aug-26
• Settlement: 27-Aug-26 (T+5)
• Maturity: 27-Aug-31 (soft bullet)
• Size: €500m
• Reoffer: MS + 19bps/ 99.646% / 3.328%
• Benchmark: DBR 0 15-Aug-31 (86.43) + 35.3bps (HR: 108%)
• Coupon: 3.25% per annum from (and including) the Issue Date to (but excluding) the Maturity Date payable annually in arrear on 27 August in each year with the first interest payable on 27-Aug-27
• Denoms/Listing: 100k + 100k / Regulated Market of the Vienna Stock Exchange
• 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
• Documentation: Under the Issuer’s base prospectus (Angebotsprogramm für Schuldverschreibungen), dated 5-May-26, as supplemented
• Joint Bookrunners: ABN AMRO, Erste Group, Helaba, LBBW and Raiffeisen Bank International (B&D)
• Co-Lead: CMTA AG
• ISIN: AT0000A3WQC0
• Fees: The banks will be paid a fee by the Issuer in relation to the transaction
• Advertisement: The base prospectus including any supplements is available at and the final terms, when published, …
• Timing: Priced, TOE 14:19 CET // FTT 14:45 CET

Covered
5yr (Aug 2031) @ MS+27a

Implied Spread for fresh 5yr @ MS+20

Priced at MS+19
NIC of -1

PRICED: Arkéa Public Sector SCF €500m 8yr CB; MS+44bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+44bp / 100 / 3.665%
Benchmark: 8yr: DBR 2.6 15-Aug-34 @ 96.06 / B+49.8bp (HR 100%)

Final Books: Above €1.7bn (incl. €125m JLM). Peak book above €2bn (pre rec, incl. €125m JLM).

Launched: 8yr: €500m @ MS+44bp - Books above €2bn (pre rec, incl. €125m JLM)
Book Update: Books above €1.75bn (incl. €125m JLM interest)
Guidance: 8yr: MS+50a

• Issuer: Arkéa Public Sector SCF
• Type: Obligations Foncieres - ECB Eligible, CRR Compliant
• Label: EU harmonisation label European Covered Bond (Premium)
• Format: Reg S Bearer
• Exp. Ratings: Aaa (Moody's)
• Size: €500m
• Maturity: 27-Aug-34
• Settlement: 27-Aug-26 (T+5)
• Coupon: 3.665% Fixed, annual, Act/Act ICMA
• Reoffer: 100, yld 3.665, MS+44bps
• Benchmark: DBR 2.6 15-Aug-34 +49.8bps. DBR @ 96.06 (HR 100%)
• List/Law/Denoms: Euronext Paris / French / €100k + 100k
• Advertisement: The Base Prospectus is available at https://www.cm-arkea.com/arkea/banque/upload/docs/application/pdf/2026-07/arkea_ps_scf_-_base_prospectus_emtn_2026_v.finale_avec_numero_dapprobation.pdf
• Target Market: Manufacturer target market (MIFID II product governance): Eligible Counterparties and Professional clients (all distribution channels). No PRIIP, no KID.
• Fees: The Banks will be paid a fee by the Issuer in respect of the transaction
• Bookrunners: Crédit Agricole CIB, Crédit Mutuel Arkea, DekaBank, DZ BANK, LBBW, Santander
• ISIN: FR001401AMG9
• Timing: PRICED, TOE 14:23, FTT 14:50

Covered
8yr (Aug 2034) @ MS+50a

Implied Spread for fresh 8yr @ MS+44

Priced at MS+44
NIC of 0

PRICED: Skandinaviska Enskilda Banken €1.5bn 3yr CB (Fixed & FRN); MS+8bp & 3mE+18bp

IGC European Market: Deal Flow - General

Reoffer: Fixed: MS+8bp / 99.865 / 3.173% FRN: 3mE+18bp / 100
Benchmark: Fixed: OBL 2.1 12-Apr-29 @ 98.07 / B+30.4 / HR 114%

Fixed: Final Books €2.5bn (incl €450m JLMs). Peak book €2.8bn.
FRN: Final Books €1.3bn (incl €400m JLMs). Peak book €1.5bn.

Launched:
Fixed: €1bn @ MS+8bp - Books €2.8bn (incl €450m JLMs)
FRN: €500m @ 3mE+18bp - Books €1.5bn (incl €400m JLMs)
Book Update: Aggregate books over €4bn (incl. €850m JLMs), skewed towards the Fixed tranche
Guidance: Fixed: MS+14a FRN: 3mE+24a

• Issuer: Skandinaviska Enskilda Banken AB (publ) (“SEB”)
• LEI: F3JS33DEI6XQ4ZBPTN86
• Issuer Credit Rating: Aa3 / AA- / AA+ (Stable / Stable / Stable) (Moody’s / S&P / Fitch)
• Exp. Issue Rating: Aaa (Moody’s)
• Status: Swedish Covered Bond
• Offering format: Reg S, NGN, Bearer form, TEFRA D (no communications with or into the U.S. or Canada)
• Trade Date: 20-Aug-26
• Settlement Date: 27-Aug-26 (T+5)
• Maturity Date: 27-Aug-29 (soft bullet)
• Extended Maturity Date: 27-Aug-30
• Tranche name:
  • Fixed
  • FRN
• Tranche size:
  • Fixed: €1bn
  • FRN: €500m
• Reoffer:
  • Fixed: 99.865% / MS+8bps / 3.173%
  • FRN: 100% / 3mE+18bps
• Ref Benchmark:
  • Fixed: +30.4bps vs OBL 2.1 12-Apr-29 #189 Corp px 98.070 - HR 114%
  • FRN: n/a
• Coupon:
  • Fixed: Fixed 3.125%, Annual, ACT/ACT (ICMA)
  • FRN: 3mEuribor+18bps, Quarterly, ACT/360 (ICMA)
• Coupon Dates:
  • Fixed: 27 August in each year, payable annually in arrear until and including the Maturity Date. Commencing on 27 August 2027
  • FRN: Quarterly on 27 November, 27 February, 27 May and 27 August each year in arrear until and including the Maturity Date. Commencing on 27 November 2026
• Coupon for Extended Maturity: 1mEuribor+18bps, Quarterly, ACT/360 (ICMA)
• Denominations: €100,000 x €1,000
• Clearing: Euroclear / Clearstream
• Law: As per programme, English and Swedish Law
• Listing: Euronext Dublin (Regulated Market)
• ISIN:
  • Fixed: XS3482637496
  • FRN: XS3484200541
• Documentation: SEB’s Global Programme for the Continuous Issuance of Medium Term Notes and Covered Bonds (the “Programme”) with information memorandum dated 12-Jun-26 (the “Information Memorandum”)
• Selling Restrictions: As per the Programme
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in respect of the placement of the Notes
• Target Market: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as not available to retail in EEA or the UK
• Joint Bookrunners: Barclays, Commerzbank, Deutsche Bank, Natixis, Nomura (B&D), SEB
• Advertisement: The Base Prospectus and the Final Terms, when published, will be available at https://sebgroup.com/investor-relations/debt-investors
• Timing:
  • Fixed: TOE: 14:51 CEST / FTT: 15:20 CEST
  • FRN: TOE: 14:53 CEST / FTT: 15:20CEST

Covered
3yr (Aug 2029) @ MS+24a

Implied Spread for fresh 8yr @ MS+20

Priced at MS+18
NIC of -2

PRICED: Raiffeisen Bank International €750m 10.5NC5.5 Green T2; MS+140bp

IGC European Market: Deal Flow - General

Reoffer: 10.5NC5.5: MS+140bp / 99.825 / 4.541%
Benchmark: 10.5NC5.5: DBR 0 15-Feb-32 @ 85.06 / B+154.4 / HR 107%

Final Books above €2.2bn. Peak book > €2.4bn (excl JLM)

Launched: 10.5NC5.5: €750m @ MS+140bp - Books > €2.4bn (excl JLM)
Book Update: Books in excess of €2bn (incl. €75m JLM)
IPTs: 10.5NC5.5: MS+165/170bp

• Issuer: Raiffeisen Bank International AG
• LEI: 9ZHRYM6F437SQJ6OUG95
• Issuer Senior Rating: A1 stable (Moody's) / A- stable (S&P)
• Expected Issue Rating: Baa2 (Moody’s)
• Status of the Notes: The Notes constitute direct, unsecured and subordinated obligations of the Issuer and shall qualify as Tier 2 Instruments pursuant to Article 63 CRR
• Legal Form: Bearer Notes
• Size: €750m
• Trade Date: 20-Aug-26
• Settlement / Interest Commencement Date: 27-Aug-26 (T+5)
• Maturity Date: 31-Mar-37
• Call Redemption Date: 31-Mar-32
• Re-offer: 99.825 / 4.541%
• Margin: MS+140bp
• Benchmark: DBR 0 15-Feb-32 @ 85.06 / B+154.4 / HR 107%
• Regulation S / TEFRA / Documentation: Reg S, TEFRA D issue under the EUR 25,000,000,000 Debt Issuance Programme of the Issuer dated 10-Apr-26 as supplemented
• Clean-Up Call: Yes, 75% or more
• Coupon: 4.5% fixed, annual, from (and including) the Interest Commencement Date to (but excluding) the Interest Adjustment Date; and for the period from (and including) the Interest Adjustment Date to (but excluding) the Maturity Date, the Rate of Interest will reset to the sum of the then prevailing Reference Swap Rate and the Margin; payable annually in arrear. No interest step-up, no incentive to redeem, Reference Swap Rate fallback provisions apply
• Coupon Dates: 31 March in each year commencing on 31-Mar-27 (short first Interest Period)
• Interest Adjustment Date: 31-Mar-32
• Final Redemption Amount: 100% of the principal amount
• Business Days: T2, Clearing System
• Use of Proceeds: The Issuer will apply an amount equivalent to the net proceeds from the issue of the Notes for financing and/or re-financing, in part or in full, new or existing Eligible Green Loans that promote climate-friendly and/or other environmental purposes in line with Eligible Categories, as further described in the Issuer's Sustainability Bond Framework
• Day Count Fraction: Actual/Actual (ICMA Rule 251)
• ISIN / Common Code: XS3480675597 / 348067559
• Joint Lead Managers: Barclays, Citi, Natixis, Raiffeisen Bank International, UBS Investment Bank, UniCredit (B&D)
• Denomination: EUR 100,000 per Note (principal amount)
• Expected Listing: Official list of the Luxembourg Stock Exchange
• Format: Classical Global Note
• Governing Law: The Notes shall be governed by German law. The provisions in § 3 of the Conditions of the Notes shall be governed by, and shall be construed exclusively in accordance with, Austrian law
• Product Governance / MIFID II and UK MiFIR: Manufacturer target market (EU MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) / CCI product summary has been prepared as not available to retail in EEA or in the UK. Negative target market: retail investors
• Timing: PRICED - TOE: 15:06 CET FTT 15:25 CET

PRICED: Northwestern Mutual Global Funding £300m 5yr FA-Backed; UKT+77bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: UKT+77bp / 100 / 5.303%
Benchmark: 5yr: UKT 0.250% 31-Jul-31 / HR 111%

Final Books > £370m (inc £30m JLMs). Peak book > £540m.

Launched: 5yr: £300m @ UKT+77bp - Books > £540m (inc £30m JLMs)
IPTs: 5yr: UKT+85/90bp

• Issuer: Northwestern Mutual Global Funding (“NWMLIC”)
• LEI: 635400LZXFVELZDVP257
• Funding Agreement Provider: The Northwestern Mutual Life Insurance Company
• Exp. Ratings (1): Aa1 (Stable) / AA+ (Stable) / AAA (Stable) (Moody's/S&P/Fitch)
• Format: Funding Agreement-Backed Notes, Reg S Category 3 (Registered)
• Tenor: 5-year
• Size: £300m
• Settlement(2): 27-Aug-26 (T+5)
• Maturity: 27-Aug-31
• Reoffer: Mid-UKT+77bps / 100.000 / 5.303% (S/A)
• Coupon: 5.303% Semi-annual, Fixed Rate, Act/Act
• Benchmark Security: UKT 0.250% due 31-Jul-31 (Mid: 81.224 | Bid: 81.204) HR 111%
• Docs: This announcement must be read in conjunction with the U.S. $20,000,000,000 Global Note Issuance Program Offering Memorandum, dated 03-Mar-26, as supplemented by the First Offering Memorandum Supplement, dated 15-May-26, the Second Offering Memorandum Supplement, dated 14-Aug-26, and the corresponding Pricing Supplement dated 20-Aug-26, when available.
• MiFID II Product Governance: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels)
• UK MiFIR Product Governance: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• EU PRIIPs / UK CCI: No EU PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail investors in the EEA or in the UK
• Expected Listing: Euronext Dublin
• Advertisement: The Offering Circular, as well as the Pricing Supplement, when published, will be available at https://live.euronext.com/en/product/bonds-detail/s153940%7C26461%7Cp1315/overview
• Governing Law: New York Law
• Denom: £100k x £1k
• UoP: To purchase relevant Funding Agreements from The Northwestern Mutual Life Insurance Company
• Bookrunners: Barc(B&D)/DB/JPM/RBCCM
• ISIN: XS3480654675
• Timing: ToE 13h49 UKT | FTT 14h05 UKT
• Sales into Canada: Yes – via exemption

PRICED: Crédit Agricole Home Loan SFH CHF 125m 8yr Green CB; SARON MS+45

IGC European Market: Deal Flow - General

Reoffer: 8yr: SARON MS+45 / 100 / 1.02%

Spread set at: 8yr: SARON MS+45bp
Guidance: 8yr: SARON MS+45a

• Issuer: Crédit Agricole Home Loan SFH
• Ticker: ACACB
• Issuer Domicile: France
• Format: Green Public Fixed Rate Covered Bonds
• Status: Covered Bonds: Direct, Unconditional, Unsubordinated and Privileged Obligations Of The Issuer And Will Rank Pari Passu Without Any Preference Among Themselves.
• Expected Instrument Rating: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Issue Size: CHF 125m
• Coupon: 1.02% p.a.
• Maturity: 8 years (04-Sep-26 until 04-Sep-34)
• Issue Price: 100.00%
• Spread/Yield: SARON MS +45.0 // YTM 1.02% // Govt.+68
• ISIN / Security Number: CH1593191112 / 159319111
• Lead Manager(s): Commerzbank, UBS, Crédit Agricole CIB (no-books)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the Euro 50,000,000,000 Covered Bond Programme of Crédit Agricole Home Loan SFH dated 19-Feb-26 as supplemented from time to time (the “Base Prospectus”, together with the Final Terms, the “Notes Documentation”).
• FinSA Prospectus: Base Prospectus dated 19-Feb-26 approved in accordance with FinSA on 24-Feb-26, as supplemented from time to time.
• Governing Law: French
• Covenants: PP, XD
• Listing: SIX on 02-Sep-26
• Denominations: CHF 5,000
• Use of Proceeds: The net proceeds will be used in accordance with the Crédit Agricole Group Green Bond Framework dated November 2023, to finance or refinance in whole or in part new or existing Eligible Green residential real estate assets in France of the 39 Credit Agricole Regional Banks and LCL included or to be included in the cover pool of Crédit Agricole Home Loan SFH.
• Target Market: The target market as defined by the manufacturer domiciled in the EEA (MIFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.
• Sales Restrictions: As per the Issuance Programme

PRICED: Swisscom Finance €500m PerpNC5.5 Sub; 4.250%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5.5: 4.250% / 99.419
Benchmark: PerpNC5.5: DBR 0 15-Feb-32 @ 85.108 / B+126.3bp

Final Books over €2.3bn. Peak book over €4.7bn.

Launched: PerpNC5.5: €500m @ 4.250% - Books closed at €3.8bn (pre rec, good at guidance)
Guidance: PerpNC5.5: 4.375%a (+/-12.5bps) WPIR (Annual Yield) - Books over €4.7bn (pre-reconciliation)
IPTs: PerpNC5.5: 4.750-4.875% Annual Yield

• Issuer: Swisscom Finance B.V. (Ticker: SCMNVX; Country: NL)
• Issuer LEI: 549300L41E8X8K71RV25
• Guarantor: Swisscom Ltd. (Country: CH)
• Guarantor LEI: 5493005SL9HHOXS3B739
• Guarantor Ratings: A2 (stable) by Moody’s / A- (stable) by S&P
• Expected Issue Ratings: Baa2 by Moody’s / BBB- by S&P
• Expected Equity Credit: Basket M (50%) from Moody's / Intermediate Equity Content (50%, until the First Reset Date) from Standard & Poor’s
• Format: RegS (Cat 2), Bearer, TEFRA D applicable
• Status of the Securities: Direct, unsecured and subordinated obligations of the Issuer, which rank pari passu and without any preference or priority among themselves. The rights and claims of the Holders and Couponholders against the Issuer in respect of or arising under the Securities and the Coupons, as applicable, will rank (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 for as long as they remain outstanding
• Status of the Guarantee: Direct, unsecured and subordinated obligations of the Guarantor, which rank pari passu and without any preference or priority among themselves. The rights and claims of the Holders and Couponholders against the Guarantor in respect of or arising under the Guarantee will rank (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 for so long as they remain outstanding
• Waiver of set-off: Subject to applicable law, no Holder or Couponholder may exercise, claim or plead any right of set-off, compensation or retention in respect of any amount owed to it by the Issuer and/or the Guarantor in respect of, or arising under or in connection with the Securities, the Coupons or the Guarantee, and each Holder and Couponholder shall, by virtue of its holding of any Security or Coupon, be deemed to have waived all such rights of set-off, compensation or retention
• Maturity / Call: Perpetual NC5.5
• Currency / Size: €500m
• Reoffer: 4.250% Annual Yield / 99.419 Price
• Initial Margin: +111.4bps
• Benchmark: DBR 0 15-Feb-32 +126.3bps @ 85.108 Price
• Settlement Date: 27-Aug-26 (T+5)
• First Reset Date: 27-Feb-32 (year 5.50)
• Maturity Date: Perpetual, no final maturity
• MWC: Bund+20bps
• 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 (27-Nov-31) to (and including) the First Reset Date and (ii) each Interest Payment Date thereafter, at 100 per cent. 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: Fixed rate of 4.125% per annum, payable annually in arrear until (but excluding) the First Reset Date; thereafter reset every 5 years to the then applicable 5-year EUR Mid-Swap Rate plus the initial margin and the relevant Coupon step-up
• Interest Payment Dates: 27 February in each year, commencing 27-Feb-27 (short first)
• First Step-up Date: 27-Feb-37 (Year 10.5)
• First Step-up Margin: + 25 bps
• Second Step-up Date: 27-Feb-52 (Year 25.5)
• Second Step-up Margin: + 75 bps (100 bps cumulative)
• Change of Control: + 500 bps step-up if not redeemed following a Change of Control Event
• Optional Interest Deferral: The Issuer may, at its discretion, elect to defer all or part of any Interest Payment on a 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: The Issuer shall pay any accrued but unpaid Deferred Interest, in whole but not in part, on the first to occur of the following dates:
  1. the date which is 10 Business Days following the occurrence of a Compulsory Payment Event (which is (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 (and in respect of both (a) and (b), subject to certain customary exceptions));
  2. the next scheduled Interest Payment Date if the Issuer pays interest in full on the Securities on such date;
  3. the date on which the Securities are redeemed, repaid (including on a winding-up) or repurchased;
• 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 (higher of: (i) par; and (ii) present value of remaining cash flows to Make-Whole Redemption Date, discounted at bunds + Make-Whole Margin
• Early Redemption Events: 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 , an Accounting 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
• Replacement Language: Intention-based (non-binding) and subject to customary carve-outs
• Use of Proceeds: The net proceeds from the issuance of the Securities will be used by the Issuer for general corporate purposes including to refinance existing indebtedness of the Group
• Day Count Fraction: ACT/ACT (ICMA)
• Denominations: €100,000 + €1,000
• Governing 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 Dutch law and (ii) Status and Subordination of the Guarantee and Set-off which shall be governed by Swiss law
• Documentation: Stand-alone documentation (Preliminary Prospectus dated 20-Aug-26)
• Listing: Luxembourg Stock Exchange (regulated market)
• Global Coordinator & Structuring Advisor: Deutsche Bank (B&D)
• Active Bookrunners: BBVA / BNP PARIBAS / BofA Securities / Deutsche Bank / UBS Investment Bank
• ISIN: XS3460850616
• Target Market/EU PRIIPs/UK CCI: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared as not available to retail in the EEA or the UK
• Selling Restrictions: The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended and may be offered and sold only outside the United States of America to Non-U.S. Persons in Offshore Transactions in reliance on Regulation S under the Securities Act and as further set out in the Preliminary Prospectus dated 20-Aug-26
• Sales into Canada: Sales into Ontario, Alberta, British Columbia only, subject to compliance with applicable law
• Advertisement: The final offering document relating to the Securities, when published, will be available on the company’s website
• TOE/FTT: 14.22 UKT / 14.45 UKT

PRICED: Thales €1bn 4yr & 8yr Sr Unsec; MS+45 & MS+65

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+45 / 99.868 / 3.536% 8yr: MS+65 / 99.329 / 3.849%
Benchmark: 4yr: DBR 0 15-Aug-30 TWIN @ 89.343 / 2.875% (DBR+66.1bps / HR: 106%) 8yr: DBR 2.6 15-Aug-34 @ 96.240 / 3.140% (DBR+70.9bps / HR: 99%)

4yr Tranche: Final Books €1.45bn. Peak book > €1.95bn
8yr Tranche: Final Books €1.1bn. Peak book > €1.95bn

Launched:
4yr: €500m @ MS+45bp - Book > €1.65bn
8yr: €500m @ MS+65bp - Book > €1.5bn
Guidance: 4yr: MS+45/50bp - Books > €1.95bn | 8yr: MS+65/70bp - Books > €1.95bn
IPTs: 4yr: MS+75/80bp | 8yr: MS+95/100bp

• Issuer: Thales
• Ticker: HOFP
• Country: FR
• Issuer LEI: 529900FNDVTQJOVVPZ19
• Issuer Ratings: A2 (stable) / A- (stable) by Moody’s/S&P
• Expected Issue Rating: A- by S&P
• Format: Senior, Unsecured, Bearer dematerialized, Reg S (Category 2)
• Pricing Date: 20-Aug-26
• Settlement: 27-Aug-26 (T+5)
• Maturity:
  • 4yr: 27-Aug-30
  • 8yr: 27-Aug-34
• Size:
  • 4yr: €500m
  • 8yr: €500m
• Reoffer:
  • 4yr: 99.868 / MS+45 / 3.536%
  • 8yr: 99.329 / MS+65 / 3.849%
• Coupon:
  • 4yr: 3.5%, Fixed, Annual, Act/Act ICMA
  • 8yr: 3.75%, Fixed, Annual, Act/Act ICMA
• Benchmark:
  • 4yr: DBR 0 15-Aug-30 TWIN @ 89.343 / 2.875% (DBR+66.1bps / HR: 106%)
  • 8yr: DBR 2.6 15-Aug-34 @ 96.240 / 3.140% (DBR+70.9bps / HR: 99%)
• MWC:
  • 4yr: B+10bps
  • 8yr: B+15bps
• Par Call:
  • 4yr: 2-month
  • 8yr: 3-month
• ISIN:
  • 4yr: FR001401AM07
  • 8yr: FR001401AM15
• TOE:
  • 4yr: 16:20 UKT
  • 8yr: 16:21 UK
• FTT: 16.45 UKT
• Docs: EMTN / Euronext Paris / French law
• Early Redemption: MWC / Clean-up call @80% / Acquisition Event Call @100.5%
• Acquisition Event Call: Applicable – If, from Settlement Date to the Acquisition Completion Date, the Issuer (i) has not completed and closed the acquisition of Exail Technologies or (ii) has publicly announced that it no longer intends to pursue the acquisition of Exail Technologies, it may redeem the Notes in whole only at 100.50 per cent. of their principal amount plus any interest accrued up to (but excluding) the date set for redemption
• Acquisition Completion Date: 31-Dec-27
• Denoms: €100k + 100k
• UoP: GCP including the financing of Exail Technologies
• Global Coordinator: Crédit Agricole CIB (B&D)
• Active Bookrunners: BNP Paribas, Crédit Agricole CIB, Deutsche Bank, J.P. Morgan, Natixis, Santander, Société Générale
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) and no UK CCI disclosure document have been prepared as not available to retail in EEA or in the UK.
• Advertisement: The Base Prospectus dated 26-May-26 and the First Supplement dated 27-Jul-26 are available at www.amf-france.org and www.thalesgroup.com and the Final Terms when published will be available at www.amf-france.org and www.thalesgroup.com

4yr (Aug 2030) @ MS+75/80

Implied Spread for fresh 4yr @ MS+45

Priced at MS+45
NIC of 0

8yr (Aug 2034) @ MS+95/100

Implied Spread for fresh 8yr @ MS+70

Priced at MS+65
NIC of -5

• To view the LIVE / REAL TIME European IG pipeline please click here.
• Details correct at time of posting