Corporate

LIVE DEALS:

• Electricite de France SA (exp. Issue ratings of Ba2 / BB- / BBB+ by Moody’s, S&P & Fitch) announced a € benchmark, Perpetual NC5.5 (1st call date, 14th December 2031), Green, Hybrid offering with IPTs in the area of 5.75%.
  • EDF’s last foray into the public markets was a 4-tranche Green offering on the 26th of February for a collective €2.75bn. Their last junior subordinated hybrid offering (29th Sept 2025), comparable to today’s trade, was their €1.25bn, Perp NC5.5 trade which priced to yield 4.5%; 50ps tighter than IPTs.
• Orange SA (exp. Issue ratings of Baa1 / BBB+ / BBB+ by Moody’s, S&P & Fitch) announced a € benchmark, 4-tranche offering comprising a 3yr, 6yr, 9yr & 12yr. Respective IPTs were all in a range as follows: MS+75 to +80; MS+105 to +110; MS+130 to +135; & MS+145 to +150.
  • Orange last issued a €850m PerpNC7 subordinated trade on June the 15th, however, most comparable to today’s offering was their 5-tranche deal on November 6th 2025. On that occasion they priced a collective €5bn; €750m 3yr at MS+37; €1bn 6yr at MS+70; €1.375, 9yr at MS+90; €1.375bn 12.5yr at MS+110 & €500m 20yr at MS+132. Respective books were €3.1bn, €3bn, €2.7bn, €3bn & €3.8bn. In the same order. spread tightening from IPTs was: -45.5, -32.5, -32.5, -32.5, & -40.5. Proceeds from today’s trade are just GCP & the deal is not M&A related.
• Loomis AB (exp. Issue rating of BBB by S&P) announced their anticipated 5yr, €300m (exp), senior unsecured, fixed rate, Reg S notes. IPTs on the trade were in the range of MS+120 to +125.
  • This is their first trade since their €300m 5yr senior unsecured back on the 3rd of September, 2024. That deal priced at MS+125; 35bps tighter than IPTs from a book of €1.3bn.

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.
• 8th September: Amazon.com (rated A1 / AA / AA- by Moody’s, S&P, & Fitch), mandated JP Morgan, Barclays, HSBC, & NatWest to act as Joint Book-Running Managers on a potential Sterling-denominated bond offering. An inaugural SEC-registered 3yr, 6yr, 12yr, & 19yr multi-tranche fixed-rate senior unsecured benchmark transaction may follow as early as tomorrow, subject to market conditions.

FIG

LIVE DEALS:

• Royal Bank of Canada (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, Fitch & DBRS), having mandated yesterday, brought their anticipated € dual-tranche benchmark RegS registered fixed-rate Covered Bond. Guidance on the 5yr was in the area of MS+28; with the 10yr tranche carrying guidance in the area of MS+44. Combined books first called in excess of €3bn (inc. €275m JLMs), with a slight skew to the 5yr.
• This is RBC’s first € covered issue since its €2.25bn dual-tranche from March 10th, which saw a €1bn 3yr price at MS+13; 7bps tighter than guidance from a book of €1.62bn; & a €1bn 7yr which priced at MS+30; 5bps tighter than guidance from a book of €1.35bn.
• Landesbank Hessen-Thueringen Girozentrale (Helaba) (exp. Issue rating of Aaa by Moody’s)  came with their anticipated 5yr € benchmark, Public Sector Pfandbrief transaction. The European Covered Bond (Premium), came with guidance in the area of MS+22. Books first called above €675m (inc. €175m JLMs). Spread set at MS +18.
  • Heleba last issued a public covered on January 13th, with its €1.25bn dual-tranche. The €750m 4.5yr priced at MS+15; 7bps tighter than guidance from a book of €1.2bn. The €500m, 9yr priced at MS+24; 8bps tighter than guidance with a book of €1.3bn.
• Norddeutsche Landesbank - Girozentrale (exp. Issue ratings of Aa2 / AA- by Moody’s & Fitch) announced a €500m (wng), 3yr, Senior Preferred offering with IPTs in the area of MS+60. Books above €1bn (inc. €110m JLMs).
  • NordLB’s last senior preferred offering was a €500m, 5yr on the 8th of June. The trade priced at MS+55; 25bps tighter than IPTs from a book of €1.65bn.
• Bayerische Landesbodenkreditanstalt (exp. Issue rating of Aaa by Moody’s), through their anticipated 10yr €500m (wng), senior unsecured, RegS Bearer Social Bond transaction. Guidance on the notes was in the area of MS+26. Books first called over €1bn (inc. €150m JLMs), rising to over €1.5bn (inc. €150m JLMs). Spread set at MS+24.
  • BayerLabo last issued two senior unsecured notes in 2025. A €500m, 8yr last September pricing at MS+30; 2bps tighter than guidance from a book of €897m; & a €500m 5yr from April, which priced at MS+29; 2bps tighter than guidance.
• Nykredit Realkredit A/S (exp. Issue ratings of A- / A+ by S&P & Fitch) announced a €500m (wng), 4yr, Senior Non-Preferred offering with IPTs of MS+95 to +100. Books over €2bn.
  • This is their 5th visit to the public € markets & their 3rd Senior non-preferred in a row. The last being a €750m, 7.25yr in June pricing at MS+100; 25bps tighter than IPTs from a €2bn book. Prior to that was a €750m, 5.75yr from April which priced at MS+92; 28bps tighter than IPTs from a €2.3bn book.
• Euroclear Holding SA/NV (exp. Issue ratings of AA- / AA- by S&P & Fitch), brought their expected, RegS only €600m (wng), 10yr Fixed Rate Senior Unsecured transaction. IPTs on the notes were in the area of MS+110.
  • The borrower last came to the € public markets in October 2022, with a €500m, 5yr, which priced at MS+65; 40bps tighter than IPTs from a €3.4bn book.
• The Bank of Nova Scotia (exp issue rating of Aaa / AAA / AAA by Moody’s, Fitch & DBRS), announced a dual-tranche, Covered bond. Guidance on the 3.5yr FRN was in the area of SONIA+45; while a long 6yr (15th December 2032) had guidance of SONIA MS+67 area. Combined book update came in at £2.3bn (inc. £250m JLM).
  • This is BNS’s second covered bond in £ space this year, having priced £1.25bn 5yr FRN at SONIA+58; 5bps tighter than guidance from a £1.5bn book. Issuer also sold £1.5bn, 3yr covered at SONIA+54 in September of last year; 6bps tighter than guidance from a book of £3bn.
• Bank of Montreal (exp issue rating of A2 / A- / AA- by Moody’s, S&P & Fitch), announced a long 7NC6 (maturity date of 15th December 2033), senior unsecured, Reg S, trade with IPTs in the area of UKT+110.
  • BMO is a regular issuer in the £ markets, having already placed £2.5bn so far this year, including £1bn covered 3yr FRN in April at SONIA+50, & another covered £1bn 4yr in June at MS+55; 5bps tighter than guidance from a £1.5bn book.

MANDATED DEALS:

• 8th September: Capital One Financial Corporation (exp. Issue ratings of Baa1 / BBB / A- by Moody’s, S&P, & Fitch), has asked Barclays, Deutsche Bank, Goldman Sachs & Co. LLC & Morgan Stanley, to arrange a series of fixed income investor calls for today, Tuesday, September 8th. A benchmark-sized offering of SEC-registered 6NC5 & 11NC10 € denominated senior unsecured notes may follow, subject to market conditions.
• 8th September: Kutxabank (exp. Issue ratings of Aaa / AAA by Moody’s & DBRS), has mandated BBVA, Commerzbank, HSBC Continental Europe, J.P. Morgan, Kutxabank Investment & Natixis as joint lead managers to lead manage its forthcoming € benchmark 7yr, RegS Dematerialised book-entry form (anotaciones en cuenta), hard-bullet Cédulas Hipotecarias / Mortgage Covered Bonds (European Covered Bond Premium) offering. The deal is expected to be ECB eligible, LCR Level 1, beneficial treatment under CRR Art.129 and Solvency II and is ECBC Covered Bond Label Compliant. The transaction will be launched and priced in the near future subject to market conditions. The issuer is available for 1-on-1 calls upon request.

SSA

LIVE DEALS:

• Nederlandse Waterschapsbank NV (rated Aaa / AAA by Moody’s & S&P), brought their expected € benchmark, Social 5yr transaction. Guidance on the offering was in the area of MS+12. Guidance was revised to MS+10 area, when books were called in excess of €3bn (inc. €350m JLMs).
  • NWB funds itself in € with a mix of both public & pirate deals. Its last public outing in the public € markets was in June, when it placed €1bn, 7yr at MS+19; 3bps tighter than guidance from a book of €2.6bn.
• The Asian Development Bank (ADB), (rated Aaa / AAA / AAA by Moody’s, S&P & Fitch), having mandated yesterday, brought a new long €1bn, 7yr, fixed rate, with guidance in the area of MS+15. Books were in excess of €7bn (inc. €800m JLMs). Spread set at MS+12.
  • ADB last tapped the € markets in June (9th) with a €1.25bn, 7yr which priced at MS+12; 3bps tighter than guidance from a €4.1bn book. Prior to that in January (8th) they brought a €2.5bn, 3yr which priced at MS+3; 3bps tighter than guidance from a book of €8.9bn.
• The Kingdom of Spain (rated A3 / A+ / A / A3 / AH / A by Moody’s, S&P, Fitch, DBRS & Scope), brought their anticipated €4bn (wng), Green Obligacion del Estado, long 20yr (30th July 2047). Guidance on the notes was SPGB 3.45 30th July 2043 (mid) +10 area. Order book was in excess of €82bn (inc. €3.7bn JLMs). Spread set at SPGB 3.45 2043 (mid) +7.
  • Spain's last major offering was their €13bn, 10yr back on the 27th of May, which priced at SPGB+6; 2bps tighter than guidance from a simply massive book of €138bn. Prior to that the Sovereign issued a €7bn, 30yr on the 24th of February, which they priced at SPGB+5; 3bps tighter than guidance from another monster book of €119bn.
• United Kingdom (rated Aa3 / AA / AA- by Moody’s, S&P & Fitch), brought its long awaited re-opening of the 5.375% Treasury Gilt 2056 (having mandated back on the 21st of August). Guidance was UKT 4.25% Gilt 7th December 2055 +0.75 to  +1. Orderbook first called in excess of £58bn (inc. £4bn JLMs), rising to over £78bn (inc. £4bn JLMs). Spread set at UKT 4.25% 2055 +0.75. Size was set at £4.25bn with the orderbook closed in excess of £85bn (inc. £4bn JLM). Tap size set at £4.25bn.
• Prior to today’s tap, the outstanding amount on the 56’s was £5.9bn. The Linker market has been popular with retail investors - being one of the few fixed income products available for this sector. Demand remains strong, ensuring the success of this transaction. 
• Kreditanstalt fuer Wiederaufbau (KfW) (rated Aaa / AAA / AAA by Moody's, S&P & Scope)  brought a £200m TAP  of their 1st June 2032’s. Guidance on the tap was SONIA MS +34 area. Spread was set at SONIA MS+33, with the book at £275m. Spread set at SONIA MS+33.
  • Prior to today’s tap the outstanding was £800m, & looks like an opportunistic tap to fill one or more market shorts. KfW is a proactive issuer across global debt capital  markets, having already placed in excess of £4bn in the market in 2026.  

MANDATED DEALS:

• 8th September: Agence Francaise de Developpement (rated A+ / A+ by S&P & Fitch), has mandated Barclays, BNP Paribas, Citi, J.P. Morgan, Morgan Stanley & Natixis as Joint Lead Managers for its upcoming Reg S Bearer Dematerialised short 8yr € benchmark due 25 May 2034. The issue will be launched in the near future subject to market conditions.

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