Corporate

LIVE DEALS:

• Parker-Hannifin Corporation (exp. Issue ratings of A3 / BBB+ / A- by Moody’s, S&P, & Fitch), was the first corporate to announce, with its anticipated € benchmark triple-tranche offering. The SEC-registered, senior unsecured notes came with IPTs of: 3.5yr at MS+80 area, 5.5yr at MS+100 area, & 9.5yr at MS+125 area.
  • Today's € deal follows on from their $2.44bn, senior unsecured 4-tranche deal in the US yesterday (2, 3, 5 & 7yr). Books on yesterday's print were a solid $9.9bn. UOP’s from both deals are to repay a 364-Day Credit Agreement incurred in connection with their $9.25bn acquisition of Filtration Group Corporation (FGC) which closed last month. Their last € deal was in February of last year when they priced a €700m, 5yr at MS+70; 37.5bps tighter than IPTs.
• FedEx Corporation (exp. Issue ratings of Baa2 / BBB by Moody’s & S&P), brought another SEC Registered offering. The dual-tranche senior unsecured offering came with IPTs of MS+105 area for a 4yr tranche, & MS+145 area for the 8yr.
  • FedEx is no stranger to the public € markets, however, they haven’t issued since the 23rd of July 2025, when they priced a dual-tranche €500m, 7yr at MS+113; 37bps tighter than IPTs; alongside a €350m, 12yr at MS+143; 39.5bps tighter than IPTs.
• Pilgrim’s Pride Corporation (exp. Issue ratings of BBB- / BBB- by S&P & Fitch), having mandated on Friday, brought their anticipated Reg S/144A, €500m (wng), Long 7yr (23rd January 2034), senior unsecured bond. IPTs on the issue were MS+165 to +170.
  • It has been nearly 3 years since the borrower last tapped the public bond markets. This being their $500m, 10.75yr which they priced on the 27th of September, 2023. While proceeds from today’s deal are cited as GCP, part of the debt raised will go towards their recent £141.5m acquisition of Walkers Deli & Sausage Company & associated transaction costs.
• Uber Technologies, Inc. (exp. Issue ratings of Baa1 / BBB+ / A- by Moody’s, S&P, & Fitch), was the last of the day's anticipated mult-tranche corporate deals to come. The SEC registered, senior unsecured, € benchmark came with IPTs of: 3yr at MS+75 to +180, 6yr at MS+110 to +115, 8yr at MS+130 to +135, 12yr at MS+155 to +160, & finally the 20yr at MS+200 area.
  • Similar to the PH trade above, today's € deal follows on from a UStrade yesterday. The dual-tranche $2.25bn offering was split $1bn, 5.3yr at T+60; 30bps tighter than IPTs from a book of $4.9bn; & a $1.25bn, 10yr at T+80; 30bps tighter than IPTs from an even larger book of $7.7bn. This is a debut in the € markets for Uber with proceeds cited as GCP.
• Amazon.com (exp. Issue ratings of A1 / AA / AA- by Moody’s, S&P, & Fitch), brought their anticipated inaugural SEC registered 3yr, 6yr, 12yr, & 19yr multi-tranche fixed-rate senior unsecured benchmark offering. IPTs in the above order were in the ‘area’ of; UKT+70, UKT+90, UKT+105, & UKT+110.
  • This is Amazon’s debut in the Sterling market, but not their first issue this side of the pond, having issued the record breaking €14.5bn, 8-tranche offering which garnered a peak book of €35.5bn & a final book of €27.9bn. Today's transaction continues the trend of the hyperscalers utilising the global debt markets to fund their AI infrastructure build-out. In May they also set records in the Swiss Franc market with a Chf2.82bn, 6-tranche deal.

PRICED DEALS:

• Telstra Group Limited (exp. Issue ratings of A2 / A- by Moody’s & S&P) brought a Chf150m (min), 7yr with guidance of SARON MS+60 to +65. Spread set at the wide end of the range at MS+65, & the minimum size was raised to Chf175m. Priced for Chf200m.
  • Telstra last issued in Swiss Francs on the 28th of August 2025, when it priced a Chf200m, 12yr at SARON MS+70; 2.5bps tighter than the midpoint of the initial range (yield 1.28%).

FIG

LIVE DEALS:

• Kutxabank (exp. Issue ratings of Aaa / AAA by Moody’s & DBRS), brought their anticipated hard-bullet Cédulas Hipotecarias / Mortgage Covered Bonds (European Covered Bond Premium) offering. The € benchmark came with guidance of MS+35 area. Books called above €1.7bn (inc. €150m JLMs).
  • The borrower was active in the unsecured market as recently as June 1st, when they issued a €500m, 6yr, senior preferred issue at MS+73; 24.5bps tighter than IPTs from a billion book. Their last covered trade was an 8yr on the 31st of Jan 2024, which priced for €1.3bn at MS+70.
• BNP Paribas SA (exp. Issue ratings of Baa1 / A- / A+ by Moody’s, S&P & Fitch) announced a € benchmark, 6NC5, Green, senior non-preferred, fixed to floating. IPTs on the trade were MS+115 to +120.
  • Naturally a frequent borrower, BNP’s last ‘Green’, senior non-preferred Fixed to float offering was on the 13th of January when it issued a €1.5bn, 8.25yr pricing at MS+105; 25bps tighter than IPTs from a book of €3.3bn. More recently (June 15th), they issued a senior non-preferred (non-Green issue), €1bn, 10yr at MS+100; 30bps tighter than IPTs from a €3bn book.
• Capital One Financial Corporation (exp. Issue ratings of Baa1 / BBB / A- by Moody’s, S&P, & Fitch), having mandated yesterday, brought their SEC registered 6NC5 & 11NC10 € benchmark senior unsecured issue. IPTs on the former were in the area of MS+125, & on the latter, in the area of MS+165. Combined books were over €4bn (small skew to the 11NC10).
  • A prolific issuer in the US market, CapOne has not tapped the public € markets in over 7yrs; since their €1.25bn dual-tranche back in June, 2019. No unusual UOP are stated, so the trade represents an opportunistic, diversity play.

PRICED DEALS:

• LGT Bank AG (exp. Issue ratings of A1 / A+ by Moody’s & S&P) announced a dual-tranche offering. The 5.5yr (30th March 2032) came with a minimum initial size of Chf100m with guidance of SARON MS+60 to +65. The 10yr tranche also came with Chf100m (min) with guidance of SARON MS+75 to +80. Spreads set at MS+62 & MS+77 respectively with both tranches upped to a minimum of Chf125m. When the deal priced final sizes were Chf150m & Chf200m respectively.
  • They only issue in the Swiss market & last did so on the 13th of January, when they priced a senior non-preferred (A3/A), Chf150m, 10yr at SARON MS+80; the wide end of the indicated range. Prior to that, on the 22nd of August 2025, they brought a senior preferred (Aa3/A+), Chf150m, 9yr at MS+70. Moody’s downgraded LGT from Aa3 to A1 in April of this year. 

SSA

LIVE DEALS:

• The Free and Hanseatic City of Hamburg (rated AAA by Fitch), having mandated yesterday, brought their new 6yr, € benchmark fixed rate Landesschatzanweisung. Guidance on the notes was in the area of MS+12. Books were first called in excess of €1bn (inc. €255m JLMs), pushing to €1.1bn when spread set at MS+12. The books climbed to over €1.5bn with the same JLM interest & the trade sized at €1bn.
  • This is Hamburg's 4th public offering of 2026. Their last issue, on the 23rd of June, was a €500m, 10yr which priced at MS+24; in line with guidance from a book of €970m. Prior to that they priced a €500m, 5yr at MS+10; from a book of €615m. FYI: ‘Landesschatzanweisung’ translates to a "State Treasury Bond"
• Agence Francaise de Developpement (rated A+ / A+ by S&P & Fitch), brought their anticipated short 8yr, € benchmark due 25 May 2034. The senior unsecured notes came with guidance in the area of FRTR 1.25% 25th May 2034 (mid) +25. Books were in excess of €2.6bn (inc. €750m JLMs) & spread set at OATs (mid) +23.
  • AfD last priced a €1bn, 15yr on the 8th July at OAT+19; 2bps tighter than guidance from a book of €3.7bn. Prior to that the borrower issued 2 sustainable trades; a €2bn 7.25yr in May, & a €2bn 10yr in January.  

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