Corporate

LIVE DEALS:

• Engie (exp. Issue ratings of Baa3 / BBB- / BBB by Moody’s, S&P & Fitch) announced a € benchmark, Reg S (Cat 2), Bearer Notes, Dematerialised, Green Notes, Hybrid Perpetual NC8.3 (7th October 2034). The offering came with IPTs of 5.5% to 5.625% (annual yield).
  • The French multinational electricity & energy utility (formerly known as GDF Suez) has been active this year, having issued a senior unsecured dual-tranche for €1.6bn, comprising a 6 & 12yr on June the 24th. The trade prior to that is more relevant to today's offering. This was a triple tranche, multi-currency trade (that included a £ tranche). The 2 € tranches were Green Hybrids like today. The 1st was a €1bn, PerpNC5.25 that priced at 4.375%; 50bps tighter than IPTs from a €3.2bn book; & a €600m PerpNC8, pricing at 4.875%; 55bps tighter than IPTs from a book of €3.8bn.
• Brenntag Finance B.V. (exp. Issue rating of BBB+ by S&P), announced a €500m (wng), 7yr senior unsecured offering with IPTs of MS+130 to +135.
  • This Dutch financing vehicle is the entity that comes to market, on behalf of the German chemical & ingredients distribution company. This is their first trade this year, having last issued a €600m, 6yr on the 23rd of September last year, pricing at MS+102; 38bps tighter than IPTs from a book of €1.5bn. This deal was in fact upsized from the initially announced €500m.

MANDATED DEALS:

• 4th September: Pilgrim’s Pride Corporation (exp. Issue ratings of BBB- /BBB- by S&P & Fitch), one of the world's leading providers of poultry, retail-ready, & prepared foods, including well-recognised brands & value-added premium products, has mandated BBVA, BMO Capital Markets, Citigroup, ING, Mizuho, Rabobank, RBC Capital Markets & TD Securities as Active Joint Bookrunners to arrange a series of in-person & virtual fixed income meetings commencing on Monday, 7th September & Tuesday, 8th September. ING will be coordinating logistics. A Reg S/144A €500m (wng), Long 7-year senior unsecured bond offering due 2034 issued by co-issuers Pilgrim’s Pride Corporation & Pilgrim’s Europe Finance plc may follow, subject to market conditions. The net proceeds are intended to be used for general corporate purposes, including to fund the consideration in connection with the recently announced acquisition of Walkers Deli & Sausage Company & to pay related costs & expenses.
• 7th September: Uber Technologies, Inc.  (rated Baa1 / BBB+ / A- by Moody’s, S&P, & Fitch), mandated Goldman Sachs & Co. LLC, BNP Paribas, BofA Securities, Deutsche Bank, & Morgan Stanley as Joint Book-Running Managers to arrange a series of fixed income investor calls on Monday, September 7th & Tuesday 8th. An SEC registered, senior unsecured, € benchmark offering of 3yr, 6yr, 8yr, 12yr & 20yr fixed rate notes is expected to follow, subject to market conditions.
• 7th September: Loomis AB  (rated BBB by S&P) a leading payments, cash handling service provider & secure logistics company, mandated Nordea & Société Générale as Active Joint Bookrunners to arrange a series of fixed income investor calls on Monday 7th September. Société Générale is coordinating logistics. A 5yr €300m (exp), senior unsecured, fixed rate, Reg S notes offering is expected to follow, subject to market conditions.

FIG

LIVE DEALS:

• Nordea Mortgage Bank Plc (exp. Issue rating of Aaa by Moody’s) was first to announce on Monday with a € benchmark dual-currency, Reg S Bearer Covered issue, comprised of a €500m (wng) 3yr & a €750m (wng) 7yr, with respective guidance of 3mth Euribor +23 area & MS+27 area respectively. Mid-morning combined books were called at over €2.25bn (incl.€ 390m JLMs), skewed to the 3yr.
  • This is the 3rd Covered bond offering from Nordea in 2026, having last issued a dual-tranche 4 & 10yr on the 1st of June. The €1bn, 4yr priced at MS+14; 6bps tighter than guidance from a book of €1.6bn, & the €500m, 10yr priced at MS+30; 6bps tighter than guidance from a book of €925m. Prior to that was a €1bn, 3yr which priced at MS+11; 5bps tighter than guidance from a book of €1.4bn.
• Landesbank Baden-Württemberg (exp. Issue ratings of Aa2 / AA- / A by Moody’s, Fitch & DBRS), announced a 4yr, Public Sector Covered Bond, with guidance of MS+17 area. Books were cited first at above €1.5bn (inc. €150m JLMs).
  • Today’s print is their 3rd covered bond issue so far this year, with LBBW having last issued a €1bn 6yr on May the 19th, pricing at MS+20; 6bps tighter than guidance from a book of €2.35bn. Prior to that on the 23rd of Feb, they priced a smaller €500m, 8yr at MS+22; 5bps tighter than guidance from a €1.18bn book. 
• SR-Boligkreditt AS (exp. Issue rating of Aaa) announced a 5yr European Covered Bond with Guidance in the area of MS +23. Books were first called above €1.5bn (inc. €200m JLMs). Books were called in excess of €1.65bn (inc. €200m JLMs), when the deal was launched at €750m at MS+17.
  • This is the 2nd covered print of the year for SR-B, having last printed a €1bn, 7yr at MS+22; 8bps tighter than guidance from a book of €2.09bn. The trade prior to that was on June the 2nd 2025, when LBBW priced a €750m, 5yr covered at MS+34; 4bps tighter than guidance from a €1.3bn book.
• ING Bank N.V. (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, S&P & Fitch) brought a € benchmark dual-tranche Covered bond, consisting of an 8yr with guidance of MS+32 area; & a 12yr with guidance in the area of MS+44. Combined books first touted as being above €2.7bn (incl. €155m JLMs).
  • Their 3rd venture into the public € markets in 2026, & the 2nd covered print. The last covered pricing on the 30th of March, for €1.5bn, the 3yr priced at MS+25; 5bps tighter than guidance from a book of €2.6bn. In 2025 they printed 3 separate covered trades, for a collective €4.25bn (5yr, 7yr & 10yr).
• Shinhan Bank (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch), brought their anticipated € benchmark, 3.5yr, Reg S Green Mortgage Covered Bond transaction. Guidance on the trade was in the area of MS+26. Books first cited at over €1.7bn (inc. €265m JLMs).
  • This trade was mandated back on the 25th of August, & is their first covered trade since January 2024, when they last priced a €500m, 3yr at MS+54; 8bps tighter than guidance from a book of €2bn.
• OP Corporate Bank plc (exp. Issue ratings of Aa3 / AA- by Moody’s & S&P) brought the first unsecured trade of the day with a 7yr, senior-preferred offering with IPTs in the area of MS+85.
  • A regular visitor to the markets, this is their 4th public € offering this year. Their last 2 trades have also been senior-preferred trades; the last on May the 7th being a €500m, 5yr at MS+50; 25bps tighter than IPTs, from a €1.25bn book. Prior to that on April the 1st they priced a 2yr, €300m floater at 3mth Euribor+33.
• DekaBank Deutsche Girozentrale (exp. Issue ratings of A1 / A by Moody’s & S&P) brought a 3yr, €500m (wng), senior non-preferred offering with IPTs in the area of MS+70. Books called above €1.2bn (exc. JLMs).
  • A more frequent issuer of covered bonds, this is their first senior non-preferred since the 10th of June 2025, when they priced a €300m, 5yr at MS+90; 30bps tighter than guidance from a book of €1bn.
• Banco BPM S.p.A. (exp. Issue ratings of Baa2 / BB+ / BBB / BBB by Moody’s, S&P, Fitch & DBRS) announced a € benchmark, 6NC5, senior non-preferred, EuGB trade with IPTs in the area of MS+115.
  • They printed a €500m 11.5yr Tier 2 in June; a €1bn, 6yr covered in February & a €500m, 5yr Senior Preferred, also in February, however, this is their first senior non-preferred print since the 16th of October last year. On that occasion, they priced a €500m, 6yr Fixed-to-Floating SNP, Green bond at MS+90; 30bps tighter than IPTs from a book of €1.75bn. Note that since this trade Fitch upgraded Banco BPM’s SNP rating (in December 2025) from BBB- to today's BBB.

MANDATED DEALS:

• 7th September: Royal Bank of Canada (exp. Issue ratings of Aaaa / AAA / AAA by Moody’s, Fitch & DBRS) mandated BBVA, Commerzbank, DZ Bank, ING, LBBW, Natixis, Nordea, RBC Capital Markets (B&D), Santander, Société Générale Corporate & Investment Banking, & UniCredit as Joint Lead Managers for its upcoming € dual-tranche benchmark RegS registered fixed-rate Covered Bond offering, with expected maturities of 5yr & 10yr. The deal is expected to be launched as soon as Tuesday, 8th September, subject to market conditions.
• 7th September: Landesbank Hessen-Thueringen Girozentrale (Helaba) (exp. Issue rating of Aaa by Moody’s)  mandated Erste Group, Helaba, Lloyds, Scotiabank, Societe Generale & UniCredit as Joint Lead Managers for its upcoming 5yr € benchmark, Public Sector Pfandbrief transaction. The issue will be launched under the label European Covered Bond (Premium). The RegS Bearer transaction is expected to be launched in the near future, subject to market conditions.
• 7th September: Bayerische Landesbodenkreditanstalt (exp. Issue rating of Aaa by Moody’s), the development bank of the Free State of Bavaria, has mandated BayernLB, Helaba, NordLB, TD Securities & UniCredit to lead manage a 10yr €500m (wng) senior unsecured, RegS Bearer Social Bond transaction (0% risk weighted, LCR Level 1). The issue carries the explicit guarantee of the Free State of Bavaria (Aaa Moody`s / AAA S&P). The deal will be launched & priced in the near future, subject to market conditions.

SSA

LIVE DEALS:

• Bpifrance (exp. Issue ratings of Aa3 / A+ by Moody's & Fitch), brought its anticipated long 4yr (25th March 2031), € benchmark, Social Bond, RegS, Bearer transaction. Guidance was OAT+20 area, later revised to OAT+17 area when books were called at over €4.2bn (inc. €305m JLMs).
  • Originally mandated on the 2nd of September, the French Agency entrusted with the permanent mission of promoting the financing & development of companies operating in France (in particular of SMEs), brought its 3rd trade in 2026. The 2 prior were both Green issues. The most recent (July 6th) was a €1.5bn, 6.5yr which priced at OATs +15; 4bps tighter than original guidance, from a book of €3.1bn. The other (Feb 23rd) was a €2bn, 10yr which also coincidently priced at OATs +15; 4bps tighter than initial guidance from a massive book of €8.8bn.
• Société Nationale SNCF SA (rated A1 / A / A+ by Moody’s, S&P & Fitch) brought a £250m (wng), senior unsecured, RegS Bearer, Long 15yr (22nd October 2041), Green bond, with guidance in the area of UKT+65.
  • This is SNCF’s 2nd public € offering of 2026, with the last also being a senior unsecured Green issue back on the 10th of April. This trade was a €500m, 10yr, which priced at OAT’s+19; 3bps tighter than IPTs from a €1.6bn book. The last Sterling print from SNCF was way back in May of 2021. That was a 5.6yr, £300m trade (which matures on the 28th of December this year), which priced at Gilts +49; 1bp tighter than IPTs from a book of £500m.

MANDATED DEALS:

• 21st August: United Kingdom (Aa3 / AA / AA- by Moody’s, S&P & Fitch), mandated BofA Securities, Goldman Sachs International Bank, JPMorgan, Santander & UBS Investment Bank to lead manage the syndicated re-opening of the 5.375% Treasury Gilt 2056. The transaction is currently planned to take place in the week commencing 7th September 2026, subject to demand & market conditions.
• 7th September: NWB Bank (rated AAA / Aaa by S&P & Moody’s), mandated Danske Bank, Deutsche Bank, LBBW & UBS to joint lead manage its upcoming € benchmark, Social 5yr transaction. The proceeds of the Notes will be utilised for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework. The transaction will be launched in the near future, subject to market conditions.

• To view the LIVE / REAL TIME European IG pipeline please click here.