Corporate

MANDATED DEALS:

• 14th September: Saab AB (rated BBB+ by S&P), a Swedish defence & security company supplying products, services & systems to customers worldwide, has mandated Citigroup, Crédit Agricole CIB, Deutsche Bank, & SEB as Joint Bookrunners to arrange a series of fixed income investor calls on Monday, September 14th & Tuesday, September 15th. Deutsche Bank is coordinating logistics. An inaugural €300m (wng), senior unsecured, Reg S Bearer, 7yr is expected to follow, subject to market conditions.
• 14th September: Hella GmbH & Co KGaA (exp. Issue ratings of Ba1 / BBB- by Moody’s & Fitch), a leading developer & manufacturer of lighting, electronic components & systems, has mandated Deutsche Bank, Helaba, LBBW & UniCredit as Joint Bookrunners to arrange a series of fixed income investor calls on the 14th & 15th September. Helaba is coordinating logistics. A €300m (wng), 4yr, Senior Unsecured, Reg S bearer bond may follow, subject to market conditions.

FIG

LIVE DEALS:

• Kookmin Bank (exp. Issue ratings of AAA / AAA by S&P & Fitch) announced a € benchmark, 4yr Sustainability Covered bond with guidance in the area of MS+28.
  • An APAC issuer (Korean), Kookmin is an active issuer in both the US$ & € markets. Their last covered issue in €’s was a €600m, 4yr in September of last year priced at MS+36; 6bps tighter than guidance from a book of €1.1bn. Traditionally they tap the covered bond market in €’s once a year.
• Achmea Bank N.V. (exp. Issue rating of AAA by S&P) announced a €500m (wng) 5yr soft bullet Covered bond with guidance in the area of MS+27. Books were announced early as over €1bn (exc. JLMs), rising to over €1.1bn (pre-rec). Spread set MS+22bps & the trade sized at €500m.
  • The borrower issued 4 € covered bonds in 2025 for a collective €2bn, with today's trade only the 2nd such issue in 2026. Their last such issue was on June the 23rd when they priced a €500m, 7yr at MS+28; 3bps tighter than guidance with a book of €650m. For context only last week they issued a €300m, 3yr, senior preferred, floating, non-syndicated private trade via DB pricing at 3mth €+50.
• Volkswagen Bank GmbH (exp. Issue ratings of A1 / BBB+ / A- by Moody’s, S&P & Fitch) was first to announce today with a € benchmark triple tranche, Senior Preferred Green bond. IPTs on the offering were: 2.5yr at MS+95 to +100; 4.5yr at MS+125 to +130; & 7.5yr at MS+160 to +165.
  • VW bank’s last issue was also a senior preferred note on the 2nd of June. It was, however, a floater. The €500m 2yr priced at 3mth €+63; 12bps tighter than guidance with a book of €1bn. They issued a triple tranche senior non-preferred for a collective €2.75bn in mid-May, & prior to that was a triple trancher Senior PReferred on the 3rd of December 2025. That deal had a 2yr €750m FRN at 3mth €+65; 20bps tighter than IPTs with a €1.8bn book; a €1bn 4yr at MS+88; 32bps tighter than IPTs from a book of €4.1bn & finally a €750m 7yr at MS+118; 32bps tighter than IPTs from a book of €3.2bn.
• RCI Banque S.A. (exp. Issue ratings of Baa1 / BBB- by Moody’s & S&P) brought a dual-tranche Senior Preferred, with a long 4yr (24th Feb 2031) with IPTs in the area of MS+140; & a long 7yr (24th Nov 2033) with IPTs in the area of MS+175.
  • Similar to VW above, their last issue was also a senior preferred in June, when they priced a €750m 5.2yr at MS+110; 30bps tighter than IPTs with a book of €2.3bn. They have issued 3 other separate Senior Preferred trades so far this year, namely; 14th April - €900m, 3.75yr at MS+85; 32.5bps tighter than IPTs with a €2.55bn book; 11th Mar - €600m, 8.5yr at MS+145; 25bps tighter than IPTs from a book of €1.4bn; & finally on the 7th of Jan they priced a €900m, 6.25yr at MS+120; 35bps tighter than IPTs from a €5.5bn book.
• Australia and New Zealand Banking Group Limited (exp. Issue ratings of A3 / A- / A- by Moody’s, S&P & Fitch) brought a € benchmark, 10.25NC5.25 Sustainable Tier 2 offering with IPTs in the area of MS+140 to +150.
  • In the public markets ANZ most recently issued 2 covered bonds in July & August for £1.25bn & €750m respectively, with their last Tier 2 offering (also a sustainable) priced on 12NC7 on May 6th for €750m at MS+125; 30bps tighter than IPTs, from a book of €2.15bn.

MANDATED DEALS:

• 14th September: American International Group, Inc. (rated Baa1 / A- / A- by Moody’s, S&P & Fitch) mandated Deutsche Bank, J.P. Morgan, BNP Paribas & Citigroup to arrange a series of fixed-income investor calls Monday, September 14th. An SEC registered 5yr & 10yr € denominated, senior unsecured notes offering may follow, subject to market conditions. J.P. Morgan is coordinating roadshow logistics.
• 14th September: Landesbank Saar (exp. Issue rating of AA- by Fitch), mandated DekaBank, DZ Bank, Erste Group, Helaba, & NordLB as Joint Lead Managers for its forthcoming 5yr €500m (wng), Senior Preferred transaction. A series of investor conference calls (German/ English) will be held starting Monday, 14th September. Erste Group will be coordinating logistics. The transaction will be launched in the near future, subject to market conditions.
• 14th September: AXA Logistics Europe Master S.C.A.(rated BBB+ by Fitch), a pan-European, open-ended, logistics real estate investment fund managed by BNP Paribas Real Estate Investment Management France, has mandated Morgan Stanley as Global Co-ordinator & Active Bookrunner, along with BNP Paribas, Crédit Agricole CIB & Natixis as Active Bookrunners, to arrange a series of fixed income investor calls on Monday 14th September. A €300m (wng) 6yr, fixed rate, senior unsecured Reg S Green bond offering may follow, subject to market conditions.

SSA

LIVE DEALS:

• CPPIB Capital Inc. (rated Aaa / AAA / AAA by Moody’s, S&P & Fitch). Guarantor: Canada Pension Plan Investment Board (CPP Investments), announced an SEC Registered long 4yr (22nd Oct 2030), £ benchmark, with guidance of SONIA MS+40 area.
  • The borrower last issued a senior unsecured trade in the public € markets with a €2bn, 10.5yr, which it priced on the 13th of January at MS+46; 2bps tighter than guidance from a massive book of €19.2bn. Since 2021 the borrower has tapped the € markets for trades of 10yrs or longer, so today's long 4yr is a break from that trend.

MANDATED DEALS:

• 11th September: The State of Baden-Wuerttemberg (rated Aaa / AA+ / AAA by Moodys, S&P & Scope) mandated Deutsche Bank & DZ Bank as Joint ESG Structuring Coordinators & BNP Paribas, Crédit Agricole CIB, Deutsche Bank, DZ Bank, LBBW & Nordea as Joint Lead Managers for its upcoming inaugural €600m (wng), 10yr, European Green Bond ‘EuGB’ LSA format. The transaction will be launched in the near future, subject to market conditions. The target market for the bonds are retail, professional & eligible counterparties, each as defined in MiFID II & UK MiFIR product governance (all channels for distribution of the Bonds are appropriate).

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