Corporate

LIVE DEALS:

• None.

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 coordinated logistics. Having engaged with north of 75 investors, an inaugural €300m (wng), senior unsecured, Reg S Bearer, 7yr is expected to follow, as soon as Wednesday the 16th September, 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.
• 15th September: Gas Networks Ireland (exp. Issue ratings of A1 / A+ by Moody’s & S&P) mandated Barclays, BNP Paribas, Danske Bank, NatWest, Goodbody & J&E Davy as Active Bookrunners to arrange a series of fixed income investor calls on the 15th of September. A RegS, Registered, Senior, Unsecured, 6yr, €300m (wng) offering is expected to follow, subject to market conditions.

FIG

LIVE DEALS:

• ASN Bank N.V. (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) brought a €500m (wng), 4yr Covered bond with guidance in the area of MS+23. Books first reported over €1bn (inc. €55m JLMs), rising to over €1.2bn (inc. €80m JLMs). Spread set at MS+18; 5bps tighter than guidance, but with a zero NIC.
  • This is ASN’s 3rd public offering YTD, having last priced a €500m, 6yr Senior non-preferred offering on April 17th. Most relevant to today’s offering was the trade prior (March 31st), when they priced a €500m, 7yr Covered offering at MS+33; 4bps tighter than guidance from a book of €1.48bn.
• Natixis Pfandbriefbank AG (exp. Issue rating of Aaa by Moody’s) brought their expected 3yr, €250m (wng) Mortgage Pfandbrief. The European Covered Bond came with guidance in the area of MS+23. Final spread set at MS +21, with books over €360m (inc. €75m JLMs).
  • This is the borrower's 2nd visit to the public markets in 2026. This entity only issues covered deals; the last being a €250m, 3yr on the 29th of January, which priced at MS+15; 10bps tighter than IPTs from a book of €1.1bn - that's an unusual tightening , where one would normally expect 6 to 7 bps.
• HSBC Holdings plc (exp. Issue ratings of A3 / A- / A+ by Moody’s, S&P & Fitch) were first to announce a triple tranche, senior unsecured offering. IPTs on the 4NC3 floater were 3mth €+100 area; the 6NC5 at MS+110 to +115; & the 11NC10 at MS+140 to +145. Combined books were first called as being over €6bn with a skew to the fixed legs.
  • This is HSBC’s 2nd offering into the € public markets YTD, having issued another triple tranche back on May 6th. On that occasion they priced a €1bn, 3.5NC2.5 FRN at 3mth €+75 (25bps tighter than IPTs from a €2.8bn book); €1.25bn, 5NC4, FTF at MS+75 (30bps tighter than IPTs from a book of €3.6bn), & a ¡€1.25bn 10NC9 at MS+110 (30bps tighter than IPTs from a book of €4.4bn).
• Landesbank Saar (exp. Issue rating of AA- by Fitch), brought their expected 5yr, €500m (wng), Senior Preferred transaction. IPTs on the trade were in the area of MS+85. Books were over €850m (inc. €150m JLMs).
  • SaarLB’s last issue was a €250m, 10yr covered print on the 19th of May. Prior to that, & most relevant to today’s issue, was their €300m, 4.5yr, senior preferred issue from the 28th of October, 2025 which priced at MS+60; 25bps tighter than guidance, from a book of €790m.
• AXA Logistics Europe Master S.C.A. (exp. Issue rating of BBB+ by Fitch), brought their expected €300m (wng) 6yr, fixed rate, senior unsecured Reg S Green bond. IPTs on the trade were in the area of MS+150.
  • The borrower last issue was a €500m, 5.5yr, senior unsecured, Green issue on the 5th of November last year. That trade priced at MS+100; 32.5bps tighter than IPTs.
• American International Group, Inc. (exp. Issue ratings of Baa1 / A- / A- by Moody’s, S&P & Fitch) brought their anticipated SEC registered, dual-tranche, € benchmark, senior unsecured offering. IPTs on the 5yr were in the area of MS+110; & for the 10yr in the area of MS+150.
  • AIG’s last issue in the public € markets was a 10yr €1bn issue which is set to mature on the 21st of June next year. Today's trade is in part a re-financing for this offering. Ratings at the time of this last issue were Baa1 / BBB+ / BBB+.

MANDATED DEALS:

• None.

SSA

LIVE DEALS:

• Free Hanseatic City of Bremen (rated AAA by Fitch), brought their anticipated 7yr, €500m (wng) floating rate Landesschatzanweisung. Guidance on the trade was in the area of 6mth €+14. Books were first quoted above €710m (inc. €300m JLMs). Spread set at 6mth €+14, in line with guidance, from a book of above €770m (inc. €350m JLMs).
  • This is the 3rd public offering from Bremen YTD, with the most recent a €500m, 10yr which priced at MS+24; in line with IPTs from a €590m book. Prior to that was a €500m, 20yr at MS+44; 3bps tighter than guidance from a book of €1.9bn.
• The European Union (rated Aaa / AA+ / AAA by Moody's, S&P & Scope) having mandated yesterday, brought their € benchmark, Fixed Rate RegS Bearer dual tranche transaction, comprising a €6bn (wng), 3.5yr benchmark due 12th of March 2030, & a €5bn (wng) 30yr benchmark due 12th of October 2056. Respective guidance were (in the ‘area’ of) EU 2.375% July 2029 (mid) +8; & EU 4.0% October 2055 (mid) +5. Books on the 3.5yr were first called at over €59bn (inc. €6.25bn JLMs) & spread set at +6; 2bps tighter than guidance. For the 30yr books were over €70bn (inc. €3.2bn JLMs) & spread set +3; 2bps tighter than guidance.
  • This is the EU’s 7th dual-tranche offering YTD. The most recent consisted of a €6bn 5.25yr at Govies +10; 2bps tighter than guidance from a massive €83bn book. There was also a €5bn 20.25yr that priced at Govies +6; 2bps tighter than guidance from a staggering book of €94bn.

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.