• The negative geo-political landscape at the end of last week & over the weekend, permeated into the open, with borrowers demonstrating caution, in what had otherwise been expected to be a busy session. 
• FIG dominated supply with the financial wings of VW & Renault first to step forward with senior preferred issues. 2 Covered deals, a Tier 2, & a short FRN followed. We looked set for a session without any corporate trades, with Sandoz the only issuer in the end.
• While SSA’s had been anticipated the session ended up being only the 6th Monday YTD without any  € SSA supply (2 in Apr, 1 in Jul, 2 in Aug).
• In the € IG market we had a total of €6.45bn in supply from 7 deals (1 x Corp & 6 x FIG) via 10 tranches.
• Sterling (£) was also active with £750m from 1 deal (1 x SSA) via 1 tranche. 
• There were no deals today in the Chf & US$ Reg S markets.
• Today’s “Talking Point” (below) maps the 10yr Bund against Eurozone inflation data since the beginning of the year.
• iTraxx Europe & the iTraxx Senior & Sub financial indices have all pushed notably wider to 54.617 (+3.0%), 56.921 (+2.98%) & 91.732 (+3.2%) respectively (as we print).
• Developments in the Red Sea, with Houthi rebels having seized critical choke points in the waterway, & a notable lack of any retaliatory response, kept oil prices elevated, with Brent crude holding at elevated levels, currently trading at c.$108.48 (c.$108.5 this morning).
• European equity bourses were mixed with the FTSE up 0.36%, while the Dax & the CAC 40 were both weaker by -0.67% -0.85% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €500m
    • Avg. tranche size €500m
    • Avg. IPT to Pricing -25
    • Avg. cover X 2.7
  • FIG
    • Total IG: €5.95bn
    • Avg. tranche size €661m
    • Avg. IPT to Pricing -4.5 (covered) - €1.15bn
    • Avg. IPT to Pricing -25.5 (unsecured) - €4.8bn
    • Avg. cover X 2.0
  • SSA
    • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA

• Pipeline: The European IG pipeline was cautious initially, with several trades mandated mid afternoon for a total of 10. LBBW’s EuGB issue which has investor calls taking place throughout the week concluding on Thursday.
  • 3 x € Corp
  • 4 x € FIG (1 x dual-tranche & 1 x Covered)
  • 3 x € SSA (1 x EuGB - investor calls conclude 17th)

Contact Stuart Aylward with questions or comments on stuart@creditflowresearch.com

Talking Point

• The chart below plots the 10yr Bund yield against HICP (Harmonised Index of Consumer Prices) YTD, illustrating how the re-acceleration of eurozone inflation through the course of the year has driven a material & sustained repricing of German sovereign yields.
• Through January & February both series were relatively contained, with the Bund yield in the 2.65% to 2.9% range, consistent with a backdrop in which rate cuts remained a plausible near-term scenario.
• Since the beginning of March, the 10yr Bund yield has risen by c.85bps alone, stoked by a re-igniting of inflationary fears driven by rising energy costs as the US-Iran conflict drove Brent Crude sharply higher, & with Europe a net importer of energy.
• HICP jumped from 1.9% for February to 3.3% for August, a move of 140bps in under 7 months. The Bund has tracked this closely, pushing to a fresh 18 year high today of 3.327% (2008).
• Having held rates through the early part of the year, the ECB pivoted to tightening as the inflation path proved stickier than expected. Markets are now pricing rates to stay higher-for-longer with limited near-term room for cuts. There has also been a material increase in Bund supply to fund expanded defence spending, major infrastructure upgrades & green energy transition programmes, adding further upward pressure on yields & creating one of the more challenging rate backdrops of the post-pandemic period for duration-sensitive borrowers.

Euro IG (today)

• Sandoz Finance B.V. (exp. Issue ratings of Baa2 / BBB by Moody’s & S&P), brought a €500m (wng) 12yr senior unsecured offering with IPTs in the area of MS+150. Guaranteed by Sandoz Group AG. Spread set 25bps tighter at MS+125. The trade priced for €500m at MS+125.
  • This is the borrower's first deal in 2026, having last issued a €500m, 10yr on the 17th of March, 2025. This deal priced at MS+138; 34.5bps tighter than IPTs from a book of €3.25bn.

• 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. Books over €940m (inc. €125m JLMs), & spread set at MS+24. Final terms were €650m at MS+24bps & books closed at over €950m (inc. €125m JLMs). Final books were a fraction higher at over €970m (inc. €125m JLMs).
  • 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 & priced at €500m. Final books were over €1.2bn (exc. JLMs).
  • 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. Combined Books were first reported over €5.5bn (2.5yr >€2.15bn, 4.5yr >€1.85bn, & 7.5yr >€1.5bn).
• Guidance on size & spreads came in at 2.5yr €1bn to €1.25bn (max) at MS+67; 4.5yr for €750m at MS+100; & 7.5yr for €500m at MS+135. Final terms came with a combined book of >€4.75bn (2.5yr >€1.8bn, 4.5yr >€1.6bn, 7.5yr >€1.35bn). Total deal size set at €2.5bn (2.5yr for €1.25bn at MS+67; 4.5yr for €750m at MS+100; & 7.5yr for €500m at MS+135). Final books were 2.5yr >€1.7bn, 4.5yr >€1.45bn, 7.5yr >€1.3bn. 
  • 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. The long 4yr launched for €750m at MS+115 with a book over €1.7bn; & the long 7yr launched for €500m at MS+155, with a book of over €1.2bn. Final books were >€1.55bn for the long 4yr & over €1.1bn for the long 7yr.
  • 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. Books first called as over €1.5bn. Books were cited at over €1.65bn (inc. €55m JLMs pre-rec). Final terms set for €750m at MS+120. Final books were over €1.49bn (inc. €55m JLMs).
  • 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.
• Bank of Nova Scotia (exp. Issue ratings of A2 / A- / AA- by Moody’s, S&P & Fitch) brought a senior unsecured, €300m, 2yr FRN at 3mth €+38. Club deal. 
  • BNS has issued only 1 prior syndicated, unsecured € offering in 2026. This was in the form of a dual-tranche, senior bail-in, fixed-to-floating offering, priced on August the 26th. The €1.25bn, 4NC3 priced at MS+58; 27bps tighter than IPTs from a book of €1.9bn; while the €500m, 8NC7 priced at MS+90; 25bps less than IPTs from a €1.2bn book.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• 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 trade priced for £750m at SONIA MS+39. Books closed at over £1.7bn (exc. JLMs).
  • 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.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• No issues.

Week-to-date volumes:

US$ Reg S (today)

• No issues.

Pending Deals & Mandates

Euro (€)

• 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.
• 14th September: Tornator Oyj (exp. Issue rating of Baa3 by Moody’s), a leading European forestry company specialized in sustainable forestry, mandated Danske Bank, OP Corporate Bank & SEB as Joint Bookrunners to arrange a series of fixed income investor meetings, commencing 15 September. Danske Bank is coordinating logistics. An expected €300m, Long 6yr, fixed-rate, senior secured RegS Green transaction will follow, subject to market conditions.

• 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.
• 14th September: Natixis Pfandbriefbank AG (exp. Issue rating of Aaa by Moody’s) mandated Natixis, NordLB & Raiffeisen Bank International for a 3yr (24th Sept 2029), €250m (wng) Mortgage Pfandbrief. The Pfandbriefe issued under the issuer’s Debt Issuance Programme will be part of the European Covered Bond Premium Segment & will be launched in the near future, subject to market conditions.

• 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).
• 11th September: The European Union (rated Aaa / AA+ / AAA by Moody's, S&P & Scope) mandated Barclays, Citi, Credit Agricole CIB, DZ Bank & JP Morgan (DM/B&D) as Joint Lead Managers for its upcoming € benchmark, Fixed Rate RegS Bearer dual tranche transaction, comprising a 3.5yr benchmark due 12th of March 2030, & a new 30yr benchmark due 12th of October 2056. There will be a co-lead group comprised of Commerzbank, Intesa, LBBW, KBC & Piraeus. The transaction will be launched in the near future, subject to market conditions.
• 11th September: Free Hanseatic City of Bremen (rated AAA by Fitch), mandated BayernLB, DekaBank, DZ Bank JP Morgan & LBBW to lead manage its upcoming 7yr €500m (wng) floating rate Landesschatzanweisung. The transaction will be launched in the near future, subject to market conditions.

Transaction Details

PRICED: Kookmin Bank €650m 4yr CB; MS+24bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+24bp / 99.529 / 3.754%
Benchmark: 4yr: OBL 2.2% 10/2030 @ 95.855 / B+44.9bp / HR 100%

Tranche 1 (4yr): Final Books €970m (incl. €125m JLM). Peak book > €970m (incl. €125m JLM)

Launched: 4yr: €650m @ MS+24bp - Books > €950m (incl. €125m JLM)
Spread set at: 4yr: MS+24bp - Books > €940m (incl. €125m JLM)
Guidance: 4yr: MS+28a

• Issuer: Kookmin Bank (the "Issuer")
• Issuer Ratings: Aa3 (stable) by Moody's, A+ (stable) by S&P, and A (stable) by Fitch
• Exp. Issue Ratings: AAA by S&P / AAA by Fitch
• Security Type: Statutory Covered Bond under the Korean Covered Bond Act
• Format: Reg S, Registered form, Category 2
• Issue Size: €650m
• Settlement: 21-Sep-26 (T+5)
• Maturity: 21-Sep-30, Soft Bullet
• Reoffer: MS+24bp / 99.529 / 3.754%
• Benchmark: OBL 2.2% 10/2030 @ 95.855 / B+44.9bp / HR 100%
• Coupon: 3.625% Fixed Rate, Annual Act/Act
• Terms: €100k/1k Denoms, SGX & Frankfurt Listing, English Law
• JLMs: BNP Paribas, Commerzbank, Crédit Agricole CIB* (B&D), ING, KB Securities, Societe Generale
• Co-Manager: DZ Bank
• UOP: To finance new loans or refinance existing loans that have been issued within 24 months prior to the Issue Date and which fall under the Green and Social Eligible Categories as identified in the Kookmin Bank Sustainable Financing Framework dated May 2024
• Advertisement: The Final Offering Circular, when available, will be published on the website of the Singapore Exchange https://www.sgx.com/stock-exchange/prospectus-circulars-offer-documents?prospectusType=Information%20Memorandum
• ISIN: XS3512877997
• LEI: 549300XXMOJSIW8P4769
• Timing: Priced - TOE 13.22UKT // FTT 13.40UKT / 14.40CET

Covered Sustainable
4yr (Sep 2030) @ MS+28a

Implied Spread for fresh 4yr @ MS+21
Priced at MS+24
NIC of +3

PRICED: Achmea Bank N.V. €500m 5yr CB; MS+22bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+22bp / 99.538 / 3.728%
Benchmark: 5yr: DBR 0% 15-Aug-31 DE0001102564 @ 85.22 / B+41.9bp / HR 110%

Tranche 1 (5yr): Final books > €1.2bn excl. JLM. Peak book: > €1.2bn excl. JLM

Launched: 5yr: €500m @ MS+22bp - Books > €1.1bn excl. JLM (pre-rec)
Book update: Books over €1bn (excl. JLM)
Guidance: 5yr: MS+27a

• Issuer: Achmea Bank N.V.
• LEI Code: 724500AH42V5X8BCPE49
• Guarantor: Achmea SB Covered Bond Company B.V.
• Issuer Ratings: A- (stable) S&P / A (stable) Fitch
• Instrument: Fixed Rate Soft Bullet Covered Bond
• Expected Instrument Ratings: AAA (S&P)
• Form of the Covered Bonds: New Global Note, Reg S, Bearer
• Tenor: 5-year
• Size: €500m
• Use of Proceeds: General corporate purposes
• Type: Dutch Legislative Covered Bond, European Covered Bond (Premium)
• Pricing Date: 14-Sep-26
• Settlement Date: 21-Sep-26 (T+5)
• Maturity Date: 21-Sep-31
• Extended Due for Payment Date: 21-Sep-32
• Reoffer: MS+22bp / 3.728% / 99.538
• Benchmark: DBR 0% 15-Aug-31 DE0001102564 (85.22) +41.9bp / HR 110%
• Coupon: 3.625%, Fixed rate, Actual/Actual ICMA, Following, Unadjusted
• Coupon for extended period: 1 month EURIBOR plus 0,22% per annum, Monthly, ACT/360, Adjusted, Modified following
• Interest Payment Dates: 21 September in each year, commencing 21-Sep-27, up to and including the Maturity Date, if applicable subject to the Business Day Convention
• Denominations: €100k+100k
• Business Day: Following Business Day Convention
• Redemption Price: 100% of Notional Amount
• Governing Law: Dutch Law
• ISIN: XS3512792659
• Documentation: EUR 10,000,000,000 Euro Covered Bond Programme described in the Base Prospectus dated 23-Jan-26, as supplemented on 3-Apr-26
• Leads: Barclays, BNP Paribas, DZ Bank, NatWest, Santander and Rabobank
• Listing: Euronext Amsterdam
• Selling Restrictions: As set out in the Base Prospectus and supplements
• Clearing System: Euroclear/Clearstream
• Target Market: UK MiFIR / MiFID II professionals / ECPs-only / No EEA PRIIPs or UK CCI product summary
• Advertisement: The announcement is an advertisement for the purposes of Regulation (EU) 2017/1129. The investor presentation, base prospectus and any supplements, and final terms when published, will be available on the Issuer’s website at: https://www.achmeabank.nl/en/investors/funding/soft-bullet-covered-bond
• Timing: TOE. 13.20 UKT / FTT 13.35

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

Implied Spread for fresh 5yr @ MS+19
Priced at MS+22
NIC of +3

PRICED: CPPIB Capital Inc. £750m 4yr Sr Unsec; SONIA MS+39bp

IGC European Market: Deal Flow - SSA

Reoffer: 4yr: SONIA MS+39bp / 99.74 / 5.194%
Benchmark: 4yr: UKT 0 ⅜ 22-Oct-30 (MID) @ 83.355% / B+22.3bp / HR 111%

Launched: 4yr: £750m @ SONIA MS+39bp
Guidance: 4yr: SONIA MS+40a

• Issuer: CPPIB Capital Inc. (CPPIBC)
• Guarantor: Canada Pension Plan Investment Board (CPP Investments)
• Rating: Aaa (stable) / AAA (stable) / AAA (stable) (Moody's/S&P/Fitch)
• Format: Reg S Registered
• Size: £750m
• Settle: 21-Sep-26 (T+5)
• Maturity: 22-Oct-30
• Spread: SONIA MS (A, A/365) + 39bps
• Price/Yield: 99.74% / 5.194% Annual / 5.128% Semi-Annual
• Gilt Ref: +22.3bps vs UKT 0 ⅜ 22-Oct-30 (MID) (mid @ 83.355%, HR 111%)
• Coupon: 5.125%, Annual, ACT/ACT (long first to the 22-Oct-27)
• Denoms: £250k + £1k
• Docs: Issuer's Debt Issuance Programme
• Listing: Euronext Dublin (GEM)
• Law: New York
• Tgt Mkt: Professional / Eligible Counterparties (all Distribution channels as defined under UK MiFIR / MIFID II)
• Leads: BofA / NatWest / RBC CM (B&D/DM) / TD Securities
• ISIN: XS3509679828
• Timing: Priced. TOE: 13.40 UKT. FTT immediately

PRICED: Australia and New Zealand Banking Group €750m 10.25NC5.25 Sub; MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 10.25NC5.25: MS+120bp / 100 / 4.734%
Benchmark: 10.25NC5.25: OBL 2.9 31 #194 @ 97.87 / B+137.3bp / HR 100%

10.25NC5.25: Final Books €1.49bn+ (incl. €55m JLM interest). Peak book >€1.65bn (incl. €55m JLM interest) pre-rec

Launched: 10.25NC5.25: €750m @ MS+120bp - Orderbook >€1.65bn (incl. €55m JLM interest) pre-rec
Book Update: Orderbook in excess of €1.5bn
IPTs: 10.25NC5.25: MS+140/145bp

• Issuer: Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (“ANZBGL” and “Issuer”)
• LEI: JHE42UYNWWTJB8YTTU19
• Format: Registered Form, Reg S Category 2, Fixed, Sustainable Development Goals (“SDG”) Subordinated Notes
• Status of Notes: The Subordinated Notes constitute direct, unsecured and subordinated obligations of ANZBGL ranking equally among themselves. In the event of the winding-up of ANZBGL and prior to the commencement of the winding-up of ANZBGL, the principal amount of, any interest on, and any other payments, including additional amounts, in respect of the Subordinated Notes will rank (i) behind all claims of Senior Creditors, (ii) subject to conversion or write-off of the Subordinated Notes in accordance with their terms, pari passu with Equal Ranking Securities and (iii) ahead of all Junior Ranking Securities.
• Issuer Ratings: Aa2 (Stable) / AA- (Stable) / AA- (Stable) (Moody’s / S&P / Fitch)
• Expected Issue Ratings: A3 / A- / A- (Moody’s / S&P / Fitch)
• Currency / Size: €750m
• Settlement Date: 22-Sep-26 (T+6)
• Optional Redemption Date: 22-Dec-31 (5.25-Year)
• Maturity Date: 22-Dec-36 (10.25-Year)
• Reoffer: MS+120 / 100 / 4.734% yld
• Benchmark: +137.3bps vs OBL 2.9 31 #194 (px. 97.87). HR 100%
• Rate of Interest: 4.7296% per annum payable annually in arrears on each Interest Payment Date for the period from (and including) the Issue Date up to (but excluding) the Optional Redemption Date. If the Subordinated Notes are not redeemed, purchased and cancelled, Written-off or Converted on or before the Optional Redemption Date, the interest payable annually in arrears for the period from (and including) the Optional Redemption Date to (but excluding) the Maturity Date, shall be reset to a fixed rate per annum which is equal to the Reset Interest Rate.
• Reset Interest Rate: Five-year Euro Mid-Swap Rate at 11am (Frankfurt Time) two T2 Business Days preceding the Optional Redemption Date plus the Re-Offer Spread vs. Mid-Swap. Benchmark replacement applies
• Day Count Convention: Actual/Actual (ICMA), Unadjusted
• Business Day Convention: Following
• Business Days: T2, London, New York, Sydney
• Optional Redemption: On the Optional Redemption Date, in whole but not in part, at par subject to the prior written approval of APRA. Subordinated Noteholders should not expect that APRA’s approval will be given for any redemption of the Subordinated Notes.
• Early Redemption at the option of the Issuer (Regulatory Event, for taxation reasons): The Issuer may at its option redeem all, but not some only, of the Subordinated Notes (i) if a Regulatory Event occurs or (ii) for certain taxation reasons, all subject to the prior written approval of APRA and the Issuer not expecting, on the Issue Date of the Subordinated Notes, such event to occur. Subordinated Noteholders should not expect that APRA’s approval will be given for any redemption of the Subordinated Notes.
• Conversion or Write-Off of Subordinated Notes: The Subordinated Notes issued by the Issuer are subject to mandatory Conversion, in whole or in part, into Ordinary Shares of ANZ Group Holdings Limited (ACN 659 510 791) if a Non-Viability Trigger Event occurs. If Conversion has not been effected within five Business Days after the Non-Viability Trigger Event for any reason, the Subordinated Notes will be Written-Off.
• Non-Viability Trigger Event: The earlier of (i) the issuance to the Issuer of a written determination from APRA that conversion or write-off of relevant securities is necessary because, without it, APRA considers that the Issuer would become non-viable; or (ii) a determination by APRA, notified to the Issuer in writing, that without a public sector injection of capital, or equivalent support, the Issuer would become non-viable.
• Use of Proceeds: The Subordinated Notes constitute SDG Bonds and the Issuer intends to use an amount equal to the net proceeds of the issue to finance or refinance a combination of new or existing assets which align with one or more eligible categories and/or the Issuer’s own operating or capital expenditures which align with one or more eligible categories in accordance with the Framework. See "Use of Proceeds of SDG Bonds" in the Pricing Supplement relating to the Subordinated Notes, which amends the Information Memorandum. “Framework" refers to the "ANZ SDG Bond Framework", dated Nov-24, available at https://www.anz.com/debtinvestors/centre/green-sustainability-bonds/, as the same may be updated, amended and/or replaced from time to time. Neither the Framework, nor the contents of any website referred to above are incorporated in, or form part of, the Pricing Supplement relating to the Subordinated Notes or the Information Memorandum. None of the following, amongst other things, will be an Event of Default and holders will have no recourse to ANZ: (i) a failure by the Issuer to: (a) allocate amounts equal to the net proceeds or use the proceeds of the Subordinated Notes in the manner described in the Pricing Supplement and the Framework; (b) evaluate, select and report on eligible assets, or to manage the net proceeds or procure any external review and verification of the Subordinated Notes, as described in the Pricing Supplement and/or in the Framework; (c) comply with the Framework, the United Nations' General Assembly SDGs or the 2021/2023 ICMA Documents; or (d) prepare, obtain or publish any report, assessment, opinion, assurance, certification and/or label relating to the Notes as SDG Bonds; (ii) a failure of a third party to provide any opinion, assurance or certification in connection with the Framework, the Notes or any periodic progress report and/or any such opinion, assurance or certification stating that the Issuer is not complying or fulfilling relevant criteria; (iii) revisions, amendments or withdrawals of opinions, assurances or certifications, reports or the Framework for any reason; (iv) failure of any SDG Bonds to meet investors' expectations or requirements regarding any SDGs, environmental, social and governance ("ESG") or similar label(s) or characteristic(s); or (v) any change in the performance of any eligible asset; or (vi) the SDG Bonds no longer being listed or admitted to trading; or (vii) the SDG Bonds not complying with the standards under the European Green Bond Regulation, No security interest in any eligible assets is created.
• Governing law: English law, except for the subordination, Conversion and Write-Off provisions of the Subordinated Notes which will be governed by, and construed in accordance with, the laws of the State of Victoria and the Commonwealth of Australia.
• Programme: The Issuer’s US$60,000,000,000 Euro Medium Term Note Programme (the “Programme”), as described in the Information Memorandum relating to the Programme dated 20-Nov-25, as supplemented by supplementary base prospectuses on 13-Feb-26, 1-May-26, 13-Aug-26, and by a supplementary information memorandum on 4-May-26 (together the “Information Memorandum”).
• Denoms / Listing: €100k x 1k / Application is expected to be made for the Subordinated Notes to be listed as a wholesale debt security on the Australian Securities Exchange (“ASX”) on or about the Issue Date (securities not to be quoted for trading on ASX). No Subordinated Notes in definitive form will be issued with a denomination above €199,000.
• Joint Leads: ANZ, Barclays, Crédit Agricole CIB (B&D), Deutsche Bank, HSBC, Natixis, UBS
• Target market: MiFID II / UK MiFIR Professional Clients and Eligible Counterparties only (all distribution channels permitted by applicable law). No EEA PRIIPS key information document ("KID") or UK PRIIPs KID or CCI product summary has been prepared as the securities will not be available to retail in EEA or the UK.
• Selling Restrictions: US (Reg S Category 2), UK, EEA, Australia and always as per the selling restrictions described in the Information Memorandum
• Clearing: Euroclear / Clearstream
• ISIN / Common Code: XS3507647983 / 350764798
• Timing: PRICED. TOE 14h35 UKT / FTT 15h00 UKT
• Advertisement: The Information Memorandum and any supplements thereafter are available at https://www.anz.com/debtinvestors/centre/
• SDG Bond Framework & External Verifications: Subject to applicable law, copies of the Issuer's "ANZ SDG Bond Framework" dated Nov-24 (the "Framework"), a "second party opinion" dated 1-Nov-24 from ISS Corporate Solutions, Inc. and a reasonable assurance opinion dated on or about 18-Dec-25 from Ernst & Young (subject to any applicable consent and confidentiality requirements) may be obtained by investors from the Issuer's website, at https://www.anz.com/debtinvestors/centre/. None of these documents, any other certification, report, opinion or assurance relating to the Framework and/or the Subordinated Notes, any document referred to in any of the foregoing, or the contents of any website referred to herein or therein, is or will be incorporated into, or form part of, either the Pricing Supplement relating to the Subordinated Notes or the Information Memorandum.

PRICED: Sandoz Finance B.V. €500m 12yr Sr Unsec; MS+125bp

IGC European Market: Deal Flow - General

Reoffer: 12yr: MS+125bp / 100 / 4.835%

Tranche 1 (12yr): Final Books €1.35bn

Launched: 12yr: €500m @ MS+125bp
IPTs: 12yr: MS+150a

• Issuer: Sandoz Finance B.V.
• Ticker: SDZSW
• Country: NL
• Issuer LEI: 213800DFA3WXJ7KC9R74
• Guarantor: Sandoz Group AG (Ticker: SDZSW; Country: CH)
• Guarantor LEI: 5493000JWK6XWFEUD320
• Guarantor Ratings: Baa2 (pos) / BBB (pos) (Moody's/S&P)
• Expected Issue Ratings: Baa2 / BBB (Moody's/S&P)
• Format: Reg S (Cat 1), Bearer, Senior, Unsecured, NGN
• Settlement Date: 23-Sep-26 (T+7)
• Tenor: 12yr
• Maturity Date: 23-Sep-38
• Size: €500m
• Coupon: 4.835% Fixed, Annual, Act/Act (ICMA)
• Reoffer: MS+125bp / 100 / 4.835%
• ISIN / Common Code: XS3506241630 / 350624163
• Use of Proceeds: General Corporate Purposes and/or refinancing of existing debt
• Documentation: Standalone / Swiss Law / 3m Par Call / Tax Call / MWC (Bund) / Clean-up Call (80%) / Change of Control (Put at Par)
• Listing: SIX Swiss Exchange
• First SIX Date: 23-Sep-26
• Denominations: €100k + €1k
• Selling restrictions: As set out in Sandoz’s Preliminary stand-alone Prospectus dated 14-Sep-26. TEFRA D. The Notes will be subject to US tax law requirements
• Sales into Canada: Sales into Ontario, Alberta, British Columbia only, subject to compliance with applicable law
• Joint Active Bookrunners: BofA Securities (B&D), Mizuho, SEB
• Target Market: Eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs KID as not available to retail in the UK or the EEA
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. This communication is being made available to you solely for your information and background and is not to be used as a basis for an investment decision in any securities. It is (i) not a prospectus within the meaning of the Swiss Financial Service Act and (ii) not a prospectus under any other applicable laws, or offering document, and has not been reviewed or approved by any regulatory or supervisory authority.
• Stabilization: Relevant stabilization apply, including FCA/ICMA
• Schedule: Books open, Today's business
• Hedge Deadline: 13.50 UKT / 14.50 CET
• Hedge Ratio: 112% vs DBR 1% May-38

PRICED: RCI Banque €1.25bn Long 4yr & Long 7yr SP; MS+115bp & MS+155bp

IGC European Market: Deal Flow - General

Reoffer: Long 4yr: MS+115bp / 99.705 / 4.707% Long 7yr: MS+155bp / 99.394 / 5.106%
Benchmark: Long 4yr: OBL 2.2 Oct-30 (#192) @ 95.7 / B+135.9bp Long 7yr: DBR 2.6 Aug-33 TWIN @ 94.92 / B+166.8bp

Tranche 1 (Long 4yr): Final books > €1.55bn. Peak book > €1.7bn
Tranche 2 (Long 7yr): Final books > €1.1bn. Peak book > €1.2bn

Launched:
Long 4yr: €750m @ MS+115bp - Book > €1.7bn
Long 7yr: €500m @ MS+155bp - Book > €1.2bn
IPTs: Long 4yr: MS+140a Long 7yr: MS+175a

• Issuer: RCI Banque S.A. (Ticker: RENAUL, Country: FR), operating under the commercial brand Mobilize Financial Services
• Issuer LEI: 96950001WI712W7PQG45
• Issuer Ratings: Baa1 stable /BBB- stable (Moody’s/S&P)
• Exp. Issue Ratings: Baa1/BBB- (Moody’s/S&P)
• Format of notes: Senior Preferred, Unsecured, Reg S Bearer Dematerialised Notes
• Settlement Date: 24-Sep-26 (T+8)
• Tranche:
  • Long 4yr: Long 4 years Fixed
  • Long 7yr: Long 7 years Fixed
• Maturity:
  • Long 4yr: 24-Feb-31
  • Long 7yr: 24-Nov-33
• Size:
  • Long 4yr: €750m
  • Long 7yr: €500m
• Reoffer:
  • Long 4yr: 99.705 / MS+115 / 4.707%
  • Long 7yr: 99.394 / MS+155 / 5.106%
• Coupon:
  • Long 4yr: 4.625% Fixed, short first, Ann, Act/Act
  • Long 7yr: 5% Fixed, short first, Ann, Act/Act
• Benchmark:
  • Long 4yr: OBL 2.2 Oct-30 (#192) @ 95.7 / 3.348% (OBL+135.9bps / HR:107%)
  • Long 7yr: DBR 2.6 Aug-33 TWIN @ 94.92 / 3.438% (DBR+166.8bps / HR:100%)
• ISIN Code:
  • Long 4yr: FR001401AXB7
  • Long 7yr: FR001401AXC5
• TOE:
  • Long 4yr: 15:19 UKT
  • Long 7yr: 15:21 UKT
• Documentation: EMTN / €100k+100k / Euronext-Paris / French law / 3m par call
• UoP: General Corporate Purposes
• Joint Bookrunners: Crédit Agricole CIB / IMI-Intesa Sanpaolo / Natixis (B&D) / SMBC Bank EU AG / Société Générale / UniCredit
• Target Market: EU MiFID II TARGET MARKET: Eligible counterparties and professional clients. All channels for distribution to eligible counterparties and professional clients are appropriate; and the following channels for distribution of the Notes to retail clients are appropriate - investment advice, portfolio management, non-advised sales and pure execution services, subject to the distributor’s suitability and appropriateness obligations under EU MiFID II and UK MIFIR product governance, as applicable. For the avoidance of doubt, there will be no sales to retail investors under any jurisdictions in primary market. No PRIIPs or UK PRIIPS key information document (KID) has been prepared as not a packaged product
• Advertisement: The Base Prospectus is available and the Final Terms (when published) will be available at www.amf-france.org and on the Issuer’s website (https://www.mobilize-fs.com/en/finance/debt-prospectus-and-programmes).
• FTT: 15.50 UKT

Senior Preferred

L 4yr (Feb 2031) @ MS+140a

Implied Spread for fresh L 4yr @ MS+110
Priced at MS+115
NIC of +5

Senior Preferred

L 7yr (Feb 2033) @ MS+175a

Implied Spread for fresh L 7yr @ MS+150
Priced at MS+155
NIC of +5

PRICED: Volkswagen Bank GmbH €2.5bn 2.5yr, 4.5yr & 7.5yr SP; MS+67bp, MS+100bp & MS+135bp

IGC European Market: Deal Flow - General

Reoffer: 2.5yr: MS+67bp / 99.807 / 4.217% 4.5yr: MS+100bp / 99.829 / 4.549% 7.5yr: MS+135bp / 99.912 / 4.894%

Benchmark: 2.5yr: DBR 0.5 Feb-29 @ 93.13 / B+96.5bp / HR 106% 4.5yr: DBR 0 Feb-31 @ 86.59 / B+123.5bp / HR 107% 7.5yr: DBR 2.2 Feb-34 @ 91.94 / B+144.5bp / HR 100%

Tranche 1 (2.5yr): Final books €1.7bn+. Peak book >€2.15bn

Tranche 2 (4.5yr): Final books €1.45bn+. Peak book >€1.85bn

Tranche 3 (7.5yr): Final books €1.3bn+. Peak book >€1.5bn

Launched:

2.5yr: €1.25bn @ MS+67bp - Books >€1.8bn

4.5yr: €750m @ MS+100bp - Books >€1.6bn

7.5yr: €500m @ MS+135bp - Books >€1.35bn

(Combined Books >€4.75bn)

Guidance:

2.5yr: MS+67bp - Books >€2.15bn

4.5yr: MS+100bp - Books >€1.85bn

7.5yr: MS+135bp - Books >€1.5bn

(Combined Books >€5.5bn)

IPTs:

2.5yr: MS+95/100bp

4.5yr: MS+125/130bp

7.5yr: MS+160/165bp

• Issuer: Volkswagen Bank GmbH
• Ticker: VW
• Country: DE
• Issuer LEI: 529900GJD3OQLRZCKW37
• Issuer Ratings (M/S/F): A1 (Negative) / BBB+ (Positive) / A- (Negative)
• Expected Issue Ratings (M/S/F): A1 / BBB+ / A-
• Status of the Notes: Senior Preferred, Unsecured
• Format: Reg S, Bearer Form, Green Bond, NGN, Tefra D
• Eligible Liabilities Format: Applicable (no set-off claims; no security given; no negative pledge; no events of default; recognition of EU bail-in power and acknowledgement of resolution measures; repurchase prior to maturity subject to regulatory approval)
• Pricing Date: 14-Sep-26
• Settlement Date: 21-Sep-26 (T+5)
• Tenors:
  • 2.5yr: 2.5-year
  • 4.5yr: 4.5-year
  • 7.5yr: 7.5-year
• Size:
  • 2.5yr: €1.25bn
  • 4.5yr: €750m
  • 7.5yr: €500m
• Maturity:
  • 2.5yr: 21-Mar-29
  • 4.5yr: 21-Mar-31
  • 7.5yr: 21-Mar-34
• ISIN:
  • 2.5yr: XS3508755496
  • 4.5yr: XS3508765966
  • 7.5yr: XS3508768390
• Coupon:
  • 2.5yr: 4.125% Short First, FXD, Annual, Act/Act (ICMA)
  • 4.5yr: 4.5% Short First, FXD, Annual, Act/Act (ICMA)
  • 7.5yr: 4.875% Short First, FXD, Annual, Act/Act (ICMA)
• Reoffer:
  • 2.5yr: MS + 67 / 99.807 / 4.217%
  • 4.5yr: MS + 100 / 99.829 / 4.549%
  • 7.5yr: MS + 135 / 99.912 / 4.894%
• Benchmark:
  • 2.5yr: DBR 0.5 Feb-29 (@93.13) + 96.5bp, HR 106%
  • 4.5yr: DBR 0 Feb-31 (@86.59) + 123.5bp, HR 107%
  • 7.5yr: DBR 2.2 Feb-34 (@91.94) + 144.5bp, HR 100%
• UoP: An amount equivalent to the net proceeds is intended to be used to finance and/or refinance the eligible projects defined by VWFSAG Group’s Green Finance Framework (GFF) dated Aug-26 and as further described in the Section "Use of Proceeds – Green Bonds" in the Base Prospectus. The GFF sets out the criteria under which proceeds raised under this Framework are allocated to the financing and refinancing of vehicles with zero tailpipe emissions. Such vehicles produce no CO2 or pollutant emissions from the tailpipe during the use phase. This characteristic relates to the use phase only and does not constitute a statement regarding the emissions or other environmental impacts arising over the full life cycle of the vehicle. Eligible instruments may include, but are not limited to, unsecured and secured bonds (covered or asset-backed), commercial papers, Schuldscheindarlehen, bi- and multilateral bank loans and deposits, of any status or seniority, ranking pari passu with conventional instruments of the same status and subordination and without any preferential claim, security interest or recourse to the financed assets
• GFF and SPO: The Green Finance Framework and SPO by ISS ESG are both available at the Issuer's website on:https://www.vwfs.com/en/investor-relations/volkswagen-financial-services-ag/refinancing.html#green_finance
• Denominations: €100k + €100k
• Target Market: The target market for the Notes is eligible counterparties and professional clients, each as defined in MIFID II (all channels for distribution, with appropriateness check). No EEA PRIIPs key information document (“KID”) or UK PRIIPs KID/ CCI product summary has been prepared as the Notes are not available to retail in the EEA or the United Kingdom and do not constitute packaged products or CCIs
• Selling Restrictions: As per the Debt Issuance Programme. No communications with or into the US. Sales into Canada: as per selling restrictions (sales to accredited investors and permitted clients only)
• Documentation: €50,000,000,000 Debt Issuance Programme dated 2-Sep-26
• Early Redemption: Regulatory Reasons and Taxation Reasons
• Governing Law: German Law
• Listing: Regulated market of the Luxembourg Stock Exchange
• Bookrunners: Lloyds, RBC Capital Markets (B&D), Societe Generale, UniCredit, Wells Fargo Securities
• Advertisement: The Base Prospectus and any supplements are available and the Final Terms, when published, will be available at:https://www.luxse.com/issuer/VolkswagenBank/44765
• Timing: PRICED, ToE 16.24 UKT (2.5yr), 16.23 UKT (4.5yr), 16.22 UKT (7.5yr), FTT 15-Sep-26 07:30 UKT

Senior Preferred Green

2.5yr (Mar 2029) @ MS+95-100

Implied Spread for fresh 2.5yr @ MS+58
Priced at MS+67
NIC of +9

Senior Preferred Green

4.5yr (Mar 2031) @ MS+125-130

Implied Spread for fresh 4.5yr @ MS+88
Priced at MS+100
NIC of +12

Senior Preferred Green

7.5yr (Mar 2034) @ MS+160-165

Implied Spread for fresh 7.5yr @ MS+123
Priced at MS+135
NIC of +12

PRICED: Bank of Nova Scotia €300m 2yr Sr Unsec; 3mE+38bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+38bp / 100

Launched: 2yr: €300m @ 3mE+38bp

Spread set at: 2yr: 3mE+38bp

IPTs: 2yr: 3mE+38a

• Issuer: Bank of Nova Scotia
• Ticker: BNS
• FIGI: BBG02530VV36
• ID Number: DQ7145914
• Expected Issue Ratings: A2/A-/AA- (Moody's/S&P/Fitch)
• Mkt Iss: EURO MTN
• Ctry/Reg: CA
• Size: €300m
• Ranking: Senior Unsecured
• Series: EMTn
• Coupon Type: Floating
• Cpn Freq: Quarterly
• Day Cnt: ACT/360
• Est Mat: 21-Sep-28
• List: London
• Leads: DZ, BNS

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