• Surging government bond yields continue.
  • 10yr Gilt at 5.40% (the highest since Jun 2007)
  • 10yr Bund at 3.54% (the highest since Sept 2008)
• The cautious mood persisted into today’s session with another day dominated by financials, in terms of the number of deals at least. An €11bn dual-tranche stole the show & skewed the supply numbers on the back of a simply staggering final book of €152bn for the European Union.
• HSBC, AIG & the EU aside, the trades that did come were relatively small, with size expectations clearly managed.
• No transparency on the books for AIG as its SEC Registered.
• None of the Corporate deals that were in the pipeline were scheduled for today, & no other corporates chose to step forward into a market where government yields & credit spreads continued to rise & widen. 
• Despite the negative underlying tone € IG priced €17.925bn in supply from 8 deals (6 x FIG & 2 x SSA) via 12 tranches.
• There was zero activity in Sterling (£), Swiss Franc & the US$ Reg S markets.
• Today’s “Talking Point” (below) maps the 10yr Gilt yields against UK CPI data since the beginning of the year.
• iTraxx Europe & the iTraxx Senior & Sub financial indices all pushed notably wider this morning, with each higher by c.3.0%, before dipping & widening out again to 54.981 (+1.33%), 57.468 (+1.66%) & 92.707 (+1.92%) respectively (as we print).
  • For context the iTraxx Europe is up 8.5% in the last 3 weeks.
• Brent Crude found a range in the early part of today, dropping over $1.5 in the run up to noon, currently trading at c.$108.56 (c.$107.56 this morning).
• European equity bourses are all lower, with the FTSE, Dax & the CAC 40 all weaker by -0.38% -0.24% & -0.45% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA
  • FIG
    • Total IG: €6.425bn
    • Avg. tranche size €714m
    • Avg. IPT to Pricing -1.33 (covered) - €750m
    • Avg. IPT to Pricing -25.86 (unsecured) - €5.675bn
    • Avg. cover X 2.76
  • SSA
    • Total IG: €11.5bn
    • Avg. tranche size €3.833bn
    • Avg. IPT to Pricing -1.33
    • Avg. cover X 9.85

• Pipeline: The European IG pipeline cleared all the deals that could have come today, with the remaining issuers still conducting investor work. 3 new trades were added in the afternoon.
  • 4 x € Corp
  • 2 x € SSA (1 x EuGB - investor calls conclude 17th)
  • 1 x Chf Corp

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

Talking Point

• The chart below plots the 10yr Gilt yield against UK CPI, YTD. The most striking feature is the c.100bp rise in yields from 4.42% to 5.41% - touching a YTD high of 5.414% today. This has occurred against a backdrop of falling rather than rising inflation, with UK CPI actually declining from 3.4% to 2.9% over the period & reaching a YTD low of 2.6% in June. The usual yield/inflation relationship has effectively inverted, pointing to other factors beyond just domestic inflation.
• Yields fell through January & into February, bottoming at 4.112% on the 27th of February in a risk-off, rate-cut-expectation environment. From early March the reversal was sharp & rapid, reflecting a structural shift in rate expectations rather than a transient blip.
• The rise in Gilt yields has been driven less by specific domestic inflation reports & more by a hawkish Bank of England unwilling to cut rates despite CPI trending lower. BofE Governor, Andrew Bailey, pivoted firmly toward a higher-for-longer stance. Surging oil prices have continued to stoke fears of a second wave of energy inflation heading into winter.
• In addition, a backdrop of elevated & growing Gilt supply to fund public spending commitments has further weighed on the market, with the combination of a stubborn central bank, renewed energy price risk, & a heavy issuance calendar pushing yields to levels that present a meaningful headwind for Sterling borrowers.

Euro IG (today)

• 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. Final books were above €1.25bn (inc. €80m JLMs).
  • 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. Combined books (pre-rec) grew to over €8.75bn. Break downs as follows: 4NC3 FRN book at €2bn, spread set DM+75, expect a size of €1bn; 6NC5 fixed book at €3.25bn, spread set MS+90, expect a size of €1.25bn; & 11NC10 fixed book at over €3.5bn, spread set at MS+120, expect a size of €1.25bn to €1.5bn (max). The latter launched at €1.5bn, with the other tranches as expected. Respective final books at re-offer were >€2bn, >€4.1bn & >€4.4bn.
  • 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), rising to over €900m (inc. €150m JLMs), when spread set at MS+62. Final books at reoffer were over €750m (inc. €140m 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. Books were in excess of €1.4bn & spread set at MS+122. Final books were over €1.7bn.
  • The borrower's 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. The 5yr sized at €625m with guidance in the area of MS+85; the 10yr sized at €500m with guidance in the area of MS+125. The deal launched with respective final spreads each 5bps tighter than guidance at  MS+80 & MS+120.
  • 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+.

• 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). Books, good at re-offer, were above €870m (inc. €350m JLMs). The deal launched & priced for €500m at 6mth €+14.
  • 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. Final books on the 3.5yr were over a whopping €72bn (inc. €6.25bn JLMs); with final books on the 30yr over €80bn (inc. €3.2bn JLMs).
  • 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.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• No issues.

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 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.

• 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 German Federal State of Mecklenburg-Western Pomerania (Land Mecklenburg-Vorpommern) (rated AAA by Fitch), mandated JP Morgan, LBBW, Nordea, NordLB & UniCredit to lead manage its upcoming 6yr, €500m (wng) Landesschatzanweisung. Launch is expected in the near future, subject to market conditions.

Swiss Franc (Chf)

• 11th September: BMW International Investment B.V. (exp. Issue rating of A2 by Moody’s), guaranteed by Bayerische Motoren Werke Aktiengesellschaft, mandated BNP Paribas & Deutsche Bank AG as Joint Bookrunners for a Chf benchmark offering. A dual-tranche transaction comprising expected tenors of 5.25yrs & 10yrs will be launched in the near future, subject to market conditions.

Transaction Details

PRICED: ASN Bank N.V. €500m 4yr CB; MS+18bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+18bp / 99.759 / 3.691%
Benchmark: 4yr: OBL 2.2 10-Oct-30 @ 95.87 / B+38.9bp / HR 100%

Tranche 1 (4yr): Final Books above €1.25bn (incl. €80m JLMs)

Launched: 4yr: €500m @ MS+18bp - Books above €1.2bn (incl. €80m JLMs)
Spread set at: 4yr: MS+18bp - Books above €1.2bn (incl. €80m JLMs)
Book update: Books over €1bn (incl. €55m JLMs)
Guidance: 4yr: MS+23a

• Issuer: ASN Bank N.V. (Ticker: ASNBNK)
• Issuer Legal Entity Identifier (LEI): 724500A1FNICHSDF2I11
• Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Size: €500m
• Reoffer: MS+18bp / yld 3.691% / px 99.759%
• Benchmark: OBL 2.2 10-Oct-30 at 95.87 / B+38.9bp / HR 100%
• Settlement Date: 23-Sep-26 (T+6)
• Maturity Date: 23-Sep-30 - 4yr soft bullet
• Extended Maturity Date: 23-Sep-31
• Coupon: Fixed 3.625%, annual in arrear, first coupon commencing on 23-Sep-27
• Coupon during Extended Maturity: Fixed 3.625%, monthly in arrear, commencing on 23-Sep-30
• Day Count Fraction until the Maturity Date: Actual/Actual (ICMA), unadjusted following
• Day Count Fraction during Extended Maturity: Actual/Actual (ICMA), unadjusted following
• Business Day Centre: T2
• ISIN: XS3512738017
• Denomination: €100k + €100k
• Listing: Luxembourg Stock Exchange
• Governing Law: Dutch Law
• Joint Bookrunners: HSBC, ING (B&D), LBBW, Natixis, and SEB
• Documentation: Issued under the ASN Bank N.V. EUR 15bn Covered Bond Programme dated 19-Dec-25, as supplemented
• Security Format: New Global Note, Reg S bearer form
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No PRIIPs key information document (KID) has been prepared. No sales to retail clients in the EEA, as defined under MiFID II
• Fees: The Joint bookrunners will be paid a fee by the Issuer in connection to the transaction
• Timing: TOE 13:39 CEST / FTT 14:10 CEST
• Advertisement: https://corporate.asnbank.nl/assets/files/jaarcijfers/ASN-Bank-1H26-Fixed-Income-Presentation.pdf?v=1786080387 / https://corporate.asnbank.nl/en/investor-relations/debt-information/programme-documentation/

Covered
4yr (Sep 2030) @ MS+23a

Implied Spread for fresh 4yr @ MS+18
Priced at MS+18
NIC of 0

PRICED: Free Hanseatic City of Bremen €500m 7yr Sr Unsec; 6mE+14bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: 6mE+14bp / 99.747

Tranche 1 (7yr): Final books above €870m (incl. €350m JLM). Peak book above €870m (incl. €350m JLM)

Launched: 7yr: €500m @ 6mE+14bp - Books above €760m (incl. €350m JLM)
Spread set at: 7yr: 6mE+14bp
Book Update: Books above €710m (incl. €300m JLM)
Guidance: 7yr: 6mE+14a

• Issuer: Free Hanseatic City of Bremen
• Ticker: BREMEN
• Format: Landesschatzanweisung (LCR 1, RW 0%) Unsecured / Reg S / Bearer
• Issuer Rating: AAA (Fitch)
• Settlement: 22-Sep-26 (T+5)
• Maturity: 22-Sep-33
• Coupon: 6mE +10 bps, semi annual, act/360 (mod. following, adjusted)
• Interest Pay Dates: Interest payments on 22-Mar & 22-Sep each year, subject to adjustment in accordance with the Business Day. First coupon on 22-Mar-27,
• Reoffer/DM: 99.747%, 6mE+14 bps
• Size: €500m
• Denoms/List/Law: €1k+1k / Hamburg / German Law
• ISIN/WKN: DE000A5ENMU5/ A5ENMU
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• JLMs: BayernLB, DekaBank (B&D), DZ Bank, J.P. Morgan and LBBW
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II
• Timing: PRICED, TOE 13:12 CET, FTT 13.20 CET

PRICED: Natixis Pfandbriefbank AG €250m 3yr CB; MS+21bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+21bp / 99.717 / 3.726%
Benchmark: 3yr: OBL#189 2.1 12-Apr-29 @ 97.18 / B+46.7bp / HR 117%

Tranche 1 (3yr): Final books at reoffer over €420m (incl. €75m JLM)

Launched: 3yr: €250m @ MS+21bp - Books in excess of €360m (incl. €75m JLM)
Spread set at: 3yr: MS+21bp
Guidance: 3yr: MS+23a

• Issuer: Natixis Pfandbriefbank AG
• LEI: 529900J6VNDBVTKV7I86
• Ratings of the Issue: Aaa (Moody's; expected)
• Form of the Issue: Hypothekenpfandbrief (Mortgage Pfandbrief); Reg S Bearer only
• Reoffer: MS+21bp at 99.717%, 3.726% and +46.7bp vs OBL#189 2.1 Apr-29 (px 97.18 -3.259%)
• Amount: €250m
• Trade Date: 15-Sep-26
• Settlement Date: 22-Sep-26 (T+5)
• Maturity Date: 24-Sep-29
• Coupon: 3.625% p.a., annually, Act/Act (ICMA), unadjusted
• Interest Payment Dates: 24 September of each year, first Interest Payment Date on 24-Sep-27, long first coupon
• Business Days: TARGET2, Following Business Day Convention
• Redemption Price: 100%
• Denomination: €100k+100k
• Listing: Munich Stock Exchange
• Governing Law: German law
• ISIN / Series: DE000A5KW3K3 / Series 42
• Joint Bookrunners: Natixis (B&D), Nord/LB, Raiffeisen Bank International
• Documentation: Debt Issuance Programme dated 1-Jun-26
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Selling restrictions: See the relevant Documentation
• Target Market: Manufacturer target market (MIFID II product governance):Eligible Counterparties and Professional Clients only
• Timing: TOE 12.54 CET / FTT 13.05 CET
• Hedge Deadline: 12.40 CET

PRICED: Landesbank Saar €500m 5yr SP; MS+62

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+62bp / 99.987 / 4.128%
Benchmark: 5yr: OBL 2.9% 10-Aug-31, DE000BU25075 @ 97.993 / B+79.4bp (HR 98%)

Tranche 1 (5yr): Final books > €750m (incl. €140m JLM). Peak book > €900m (incl. €150m JLM)

Launched: 5yr: €500m @ MS+62bp - Books > €900m (incl. €150m JLM)
Book Update: Books > €850m (incl. €150m JLM)
IPTs: 5yr: MS+85a

• Issuer: Landesbank Saar (Ticker: SAARLB)
• Issuer LEI: 52990050SU0S4QQ4Z793
• Type: Senior Preferred, Unsecured, Unsubordinated (Notes)
• Format: Reg S, Bearer dematerialised
• Exp. Issue Rating: AA- (Fitch)
• Issuer Rating: Aa2 (Moody's) and AA- (Fitch)
• ECB Eligibility: The issue is expected to be ECB eligible
• Size: €500mn
• Maturity Date: 22-Sep-31 (5y)
• Settlement Date: 22-Sep-26 (T+5)
• Coupon: 4.125% Fixed, Annual Act/Act ICMA
• Reoffer: MS+62bp / 99.987% / 4.128% p.a.
• Benchmark: OBL 2.9% 10-Aug-31, DE000BU25075 (97.993%) +79.4bp (HR: 98%)
• Target Market: The manufacturer target market MIFID II product governance is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPS key information document (KID) will be prepared as not available to retail in the EEA.
• Business Day Convention: Following, Unadjusted basis
• Business Days: T2
• Governing Law: German Law
• Redemption price: 100%
• Denomination: €100k + €100k
• Listing: Regulated Market of the Frankfurt Stock Exchange
• JLM: DekaBank, DZ Bank, Erste Group, Helaba (B&D) and Nord/LB
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• ISIN / WKN: DE000SLB9310 / SLB931
• Timing: Priced TOE: 15:05 CET, FTT: 15:20 CET
• Advertisement: This communication is an advertisement and is not a prospectus. The Final Terms (when published) are available at https://saarlb.de/investor-relations/refinanzierung-und-emissionen/

PRICED: European Union €11bn Long 3yr & 30yr Sr Unsec; EU+6 & EU+3

IGC European Market: Deal Flow - SSA

Reoffer: Long 3yr: EU+6bp / 99.629 / 3.495% 30yr: EU+3bp / 99.329 / 4.541%
EU ref: Long 3yr: EU 2.375% 12-Jul-29 @ 97.195 / HR 124% 30yr: EU 4.000% 12-Oct-55 @ 91.81 / HR 107%
Bund ref: Long 3yr: OBL 2.5 11-Oct-29 @ 99.788 / B+22.6bp 30yr: DBR 2.9 15-Aug-56 @ 82.618 / B+64.7bp

Tranche 1 (Long 3yr): Final books > €72bn (incl. €6.25bn JLM)
Tranche 2 (30yr): Final books > €80bn (incl. €3.2bn JLM)

Launched:
Long 3yr: €6bn @ EU+6bp - Books > €59bn (incl. €6.25bn JLM)
30yr: €5bn @ EU+3bp - Books > €70bn (incl. €3.2bn JLM)
Guidance: Long 3yr: EU+8a 30yr: EU+5a

• Issuer: European Union (EU)
• LEI: 529900FZRK8FGMPEOM08
• Ratings: AAA/st (Fitch) / Aaa/st (Moody's) / AA+/st (S&P) / AAA/st (Scope)
• Risk Weighting: 0%
• Format & Type: Reg S (Category 1) Bearer (TEFRA Rules apply, no communications with or into the US or Canada (excluding Ontario)), NGN
• Trade Date: 15-Sep-26
• Settlement: 22-Sep-26 (T+5)
• Tranche:
  • Long 3yr: NEW Mar-2030
  • 30yr: NEW Oct-2056
• Maturity:
  • Long 3yr: 12-Mar-30
  • 30yr: 12-Oct-56
• Tranche Size:
  • Long 3yr: €6bn
  • 30yr: €5bn
• Coupon:
  • Long 3yr: 3.375%, Fixed, short first Ann, ACT/ACT ICMA
  • 30yr: 4.5%, fixed, long first Ann, ACT/ACT ICMA
• Reoffer:
  • Long 3yr: EU 2.375% 12-Jul-29 + 6bp
  • 30yr: EU 4.000% 12-Oct-55 + 3bp
• Price/yield:
  • Long 3yr: 99.629 price / 3.495%
  • 30yr: 99.329 price / 4.541% yield
• EU ref:
  • Long 3yr: EU 2.375% 12-Jul-29 spot @ 97.195; HR 124%
  • 30yr: EU 4.000% 12-Oct-55 spot @ 91.81; HR 107%
• Bund ref:
  • Long 3yr: OBL 2.5 11-Oct-29 + 22.6bp / OBL spot @ 99.788
  • 30yr: DBR 2.9 15-Aug-56 + 64.7bp / DBR spot @ 82.618
• ISIN:
  • Long 3yr: EU000A4E0858
  • 30yr: EU000A4E0866
• Denoms: €1
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Law: Luxembourg
• Docs: In accordance with the Issuer's Debt Issuance Programme
• JLMs: Barclays, Citi, Credit Agricole CIB, DZ Bank and J.P. Morgan (DM/B&D)
• Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II/UK MiFIR
• Timing: PRICED. TOE NEW Mar-2030: 14:58 CET. TOE NEW Oct-2055: 14:58 CET. FTT: Immediately for both tranches
• Schedule: Books open, Today's business
• Hedge Ratio:
  • Long 3yr: 124% vs EU 2.375% 12-Jul-29 (EU000A4ENP68)
  • 30yr: 107% vs EU 4% 12-Oct-55 (EU000A4EG039)
• Hedge Deadline: 13:45 UKT / 14:45 CET

PRICED: HSBC Holdings plc €3.75bn 4NC3 Floating & 6NC5 & 11NC10 Fixed to Floating Sr Unsec; 3mE+75bp & MS+90bp & MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 4NC3: 3mE+75bp / 100 6NC5: MS+90bp / 100 / 4.431% 11NC10: MS+120bp / 100 / 4.777%
Benchmark: 6NC5: OBL 2.9 10-Aug-31 @ 97.81 / B+105.7bp, HR 97% 11NC10: DBR 3 15-Aug-36 @ 95.44 / B+122.5bp, HR 97%

Tranche 1 (4NC3): Final book at reoffer >€2.0bn. Peak book >€2.0bn
Tranche 2 (6NC5): Final book at reoffer >€4.1bn. Peak book >€4.1bn
Tranche 3 (11NC10): Final book at reoffer >€4.4bn. Peak book >€4.4bn

Launched:
4NC3: €1bn @ DM+75bp
6NC5: €1.25bn @ MS+90bp
11NC10: €1.5bn @ MS+120bp
Spread set at:
4NC3: DM+75bp - Orderbook at €2bn, Expect €1bn
6NC5: MS+90bp - Orderbook at €3.25bn, Expect €1.25bn
11NC10: MS+120bp - Orderbook >€3.50bn, Expect €1.25-1.50bn (max)
Book Update: Combined books >€6bn (skew fxd legs)
IPTs: 4NC3: 3mE+100a 6NC5: MS+110/115a 11NC10: MS+140/145a

• Issuer: HSBC Holdings plc
• LEI: MLU0ZO3ML4LN2LL2TL39
• Issuer Rating: A3 / A- / A+ (Moody's/S&P/Fitch)
• Expected Issue Rating: A3 / A- / A+ (Moody's/S&P/Fitch)
• Status of the Notes: Senior, Unsecured
• Format of the Notes: New Global Note (NGN), Reg S Category 2, in bearer form, TEFRA D
• Currency: Euros ("EUR")
• Pricing Date: 15-Sep-26
• Issue Date: 22-Sep-26 (T+5)
• Tenor:
  • 4NC3: 4NC3
  • 6NC5: 6NC5
  • 11NC10: 11NC10
• Maturity Date:
  • 4NC3: Interest Payment Date falling on or nearest to 22-Sep-30
  • 6NC5: Interest Payment Date falling on or nearest to 22-Sep-32
  • 11NC10: Interest Payment Date falling on or nearest to 22-Sep-37
• Par Call Date:
  • 4NC3: 22-Sep-29
  • 6NC5: 22-Sep-31
  • 11NC10: 22-Sep-36
• Size:
  • 4NC3: EUR 1.0bn
  • 6NC5: EUR 1.25bn
  • 11NC10: EUR 1.5bn
• Coupon:
  • 4NC3: 3mE+75bp per annum; Payable Quarterly in arrear
  • 6NC5: Fixed Rate Period: 4.431%; Payable Annually in arrear (until the Par Call Date) Floating Rate Period: 3mE+98.7bp per annum; Payable Quarterly in arrear
  • 11NC10: Fixed Rate Period: 4.777%; Payable Annually in arrear (until the Par Call Date) Floating Rate Period: 3mE+125.9bp per annum; Payable Quarterly in arrear
• Reoffer:
  • 4NC3: 3mE+75bp / 100
  • 6NC5: €MS+90bp / 100 / 4.431%
  • 11NC10: €MS+120bp / 100 / 4.777%
• BMK Spread:
  • 4NC3: --
  • 6NC5: OBL 2.9 10-Aug-31 @ (97.81) +105.7bp, HR 97%
  • 11NC10: DBR 3 15-Aug-36 @ (95.44) +122.5bp, HR 97%
• MWC Spread:
  • 4NC3: --
  • 6NC5: 20bp
  • 11NC10: 20bp
• ToE:
  • 4NC3: 14.46ukt
  • 6NC5: 14.44ukt
  • 11NC10: 14.41ukt
• Interest Payment Dates:
  • 4NC3: 22-Mar, 22-Jun, 22-Sep and 22-Dec in each year commencing on 22-Dec-26
  • 6NC5: Fixed Rate Period: 22-Sep in each year commencing on 22-Sep-27 and continuing up until and including the Par Call Date; Floating Rate Period: 22-Dec-31, 22-Mar-32, 22-Jun-32 and 22-Sep-32
  • 11NC10: Fixed Rate Period: 22-Sep in each year commencing on 22-Sep-27 and continuing up until and including the Par Call Date; Floating Rate Period: 22-Dec-36, 22-Mar-37, 22-Jun-37 and 22-Sep-37
• Day Count Basis:
  • 4NC3: Actual/360
  • 6NC5: Fixed Rate Period: Actual/Actual (ICMA); Floating Rate Period: Actual/360
  • 11NC10: Fixed Rate Period: Actual/Actual (ICMA); Floating Rate Period: Actual/360
• Business Day Convention:
  • 4NC3: Modified Following, adjusted
  • 6NC5: Fixed Rate Period: Following, unadjusted; Floating Rate Period: Modified Following, adjusted
  • 11NC10: Fixed Rate Period: Following, unadjusted; Floating Rate Period: Modified Following, adjusted
• Business Days:
  • 4NC3: London, T2
  • 6NC5: London, T2
  • 11NC10: London, T2
• Issuer Call Options:
  • 4NC3: One time Issuer Call at 100% of the principal amount, exercisable on the Par Call Date in whole but not in part, subject to any Relevant Supervisory Consent
  • 6NC5: One time Issuer Call at 100% of the principal amount, exercisable on the Par Call Date in whole but not in part, and Make-Whole Call at any time (in whole or in part) in the period beginning on (and including) 22-Mar-27 (six months following the Issue Date) to (but excluding) the Par Call Date, in each case subject to any Relevant Supervisory Consent
  • 11NC10: One time Issuer Call at 100% of the principal amount, exercisable on the Par Call Date in whole but not in part, and Make-Whole Call at any time (in whole or in part) in the period beginning on (and including) 22-Mar-27 (six months following the Issue Date) to (but excluding) the Par Call Date, in each case subject to any Relevant Supervisory Consent
• Loss Absorption Disqualification Event Redemption: Following the occurrence of a Loss Absorption Disqualification Event, the Issuer may, at its option, redeem all, but not some only, of the Notes at a redemption price equal to 100% of their principal amount, plus any accrued and unpaid interest to (but excluding) the applicable redemption date, subject to any Relevant Supervisory Consent
• Tax Event Redemption: The Issuer may redeem all, but not some only, of the Notes upon the occurrence of certain tax events, subject to any Relevant Supervisory Consent. The redemption price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption
• EU MiFID and UK MiFIR professionals/ECPs-only: Manufacturer target market (EU MiFID and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels)
• No PRIIPs or UK PRIIPs KID/CCI Product Summary:
  • 4NC3: --
  • 6NC5: No PRIIPs or UK PRIIPs key information document (KID)/CCI product summary has been prepared as not available to retail in EEA or in the UK
  • 11NC10: No PRIIPs or UK PRIIPs key information document (KID)/CCI product summary has been prepared as not available to retail in EEA or in the UK
• Governing Law: English Law
• Clearing Systems: Euroclear / Clearstream
• Listing: London Stock Exchange regulated market and FCA Official List
• Denominations: EUR100k + EUR1k
• Documentation: Issued off the Issuer’s Debt Issuance Programme Base Prospectus dated 30-Mar-26, as supplemented on 05-May-26 and 04-Aug-26 (together, the “Base Prospectus”)
• Use of Proceeds: The Issuer intends to use the net proceeds from the sale of the Notes for general corporate purposes
• Sole Global Coordinator: HSBC
• Joint Lead Managers: HSBC (B&D), BayernLB, Crédit Agricole CIB, IMI - Intesa Sanpaolo, KBC and Nordea
• ISIN:
  • 4NC3: XS3504856603
  • 6NC5: XS3504856868
  • 11NC10: XS3504857080
• Timing: FTT: 15.10ukt

Senior Unsecured

NC3yr (Sep 2029) @ 3mth €+100a

Implied Spread for fresh NC3yr @ 3mth€+65
Priced at 3mth€+75
NIC of +10

Senior Unsecured

NC5yr (Sep 2031) @ MS+110/115

Implied Spread for fresh NC5yr @ MS+80
Priced at MS+90
NIC of +10

Senior Unsecured

NC10yr (Sep 2036) @ MS+140/145

Implied Spread for fresh NC10yr @ MS+110
Priced at MS+120
NIC of +10

PRICED: American International Group €1.125bn 5yr & 10yr Sr Unsec; MS+80bp & MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+80bp / 99.66 / 4.373% 10yr: MS+120bp / 99.797 / 4.833%

Tranche 1 (5yr): HR 109% vs DBR 0 15-Aug-31 TWIN. Hedge deadline 15.00 UKT
Tranche 2 (10yr): HR 97% vs DBR 3 15-Aug-36. Hedge deadline 15.00 UKT

Launched:
5yr: €625m @ MS+80bp - Orderbook closed
10yr: €500m @ MS+120bp - Orderbook closed
Spread set at: 5yr: MS+80bp 10yr: MS+120bp
Guidance: 5yr: MS+85a 10yr: MS+125a
IPTs: 5yr: MS+110a 10yr: MS+150a

• Issuer: American International Group
• LEI: ODVCVCQG2BP6VHV36M30
• Expected Ratings: Baa1/A-/A- (Moody's/S&P/Fitch)
• Format: SEC Registered
• Ranking: Senior Unsecured
• Total Size:
  • 5yr: €625m
  • 10yr: €500m
• Tenor:
  • 5yr: 5-year
  • 10yr: 10-year
• Coupon:
  • 5yr: 4.25%
  • 10yr: 4.75%
• Cpn Freq: S/A
• Day Cnt: ISMA-30/360
• Maturity Date:
  • 5yr: 24-Sep-31
  • 10yr: 24-Sep-36
• Settlement Date: 24-Sep-26 (T+7)
• Optional Redemption:
  • 5yr: Make Whole Call / 1-month Par Call
  • 10yr: Make Whole Call / 3-month Par Call
• Reoffer:
  • 5yr: MS+80bp / 99.66 / 4.373%
  • 10yr: MS+120bp / 99.797 / 4.833%
• Benchmark:
  • 5yr: DBR 0 15-Aug-31 TWIN
  • 10yr: DBR 3 15-Aug-36
• Hedge Ratio (HR):
  • 5yr: 109%
  • 10yr: 97%
• Hedge Deadline: 15.00 UKT
• Bookrunner(s): Active: DB (B&D), JPM, BNPP, Citi
• Use of Proceeds: General corporate purposes, which may include the repayment of €821mm outstanding principal amount of AIG’s 1.875% Notes due Jun-27 at maturity
• Denominations: €100,000 x €1,000
• Marketing:
  • 5yr: Link: https://dealroadshow.finsight.com
  • 10yr: Entry Code: AIG2026 Direct Link: https://dealroadshow.finsight.com/e/AIG2026
• Expected Listing: Global Exchange Market of Euronext Dublin
• Governing Law: State of New York
• Selling Restrictions: As set out in the Preliminary Prospectus Supplement
• MiFID II Target Market and PRIIPs Regulation: MiFID II professionals / ECPs-only / No EU PRIIPs KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) document has been prepared as not available to retail in the EEA.
• UK MiFIR and FCA Product Disclosure Sourcebook (DISC): UK MiFIR professionals / ECPs-only / No DISC disclosure document – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No DISC disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the UK.
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply.
• ISIN / Common Code:
  • 5yr: XS3512900211 / 351290021
  • 10yr: XS3512902340 / 351290234
• Timing: Today's business
• Books Subject: 12:20 UKT

PRICED: AXA Logistics Europe Master S.C.A. €300m 6yr Sr Unsec; MS+122bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+122bp / 99.386 / 4.745%
Benchmark: 6yr: DBR 1.7% 15-Aug-32 @ 91.23 / B+138.4bp

Tranche 1 (6yr): Final book >€1.7bn

Launched: 6yr: €300m @ MS+122bp - Books in excess of €1.4bn
IPTs: 6yr: MS+150a

• Issuer: AXA Logistics Europe Master S.C.A.
• Ticker: AXALEM
• Country: LU
• Issuer LEI: 213800IWFTNKN5BPH814
• Issuer Rating: BBB+ (stable outlook) by Fitch
• Exp. Issue Rating: A- by Fitch
• Rating Split: Issuer: BBB+ (Fitch), Issue: A- (Fitch)
• Form of Notes: Senior Unsecured, Green Bond, Reg S Bearer dematerialized, Cat 2
• Pricing Date: 15-Sep-26
• Settlement Date: 22-Sep-26 (T+5)
• Issue Type: 6-year Fixed
• Maturity Date: 22-Sep-32
• Size: €300m
• Reoffer: MS+122bps / 4.745% / 99.386
• Reference Benchmark: 138.4bps vs DBR 1.7% 15-Aug-32 (@91.23 / 3.361%) HR: 102%
• MWC: B+25bps
• Coupon: 4.625%, Fixed (Annual), ACT/ACT (ICMA)
• Business Days: T2
• Use of Proceeds: An amount equal to the net proceeds of the issue of the Notes will be applied towards financing and/or refinancing Eligible Green Projects, as further described in the Issuer’s Green Finance Framework (as amended from time to time). Refer to Base Listing Particulars for further information.
• Early Redemption: Tax Call (Par) / Issuer Residual Call (75%) / MWC (Bund) / 3-month Par Call
• Put Options: Change of Control Put (Par) / Asset Sale Put (Par)
• Documentation: The Issuer’s Base Listing Particulars in relation to its EMTN Programme dated 03-Nov-25, as supplemented by the first supplement dated 31-Aug-26, and the second supplement dated 07-Sep-26 (“Base Listing Particulars”). Capitalised terms used in this document and not defined herein, shall have the same meaning as those terms are used in the Base Listing Particulars
• Financial Covenants: Debt incurrence permitted when: (1) Net Debt / Total Assets ≤ 60% (2) Secured Debt / Total Assets ≤ 40% (3) Consolidated Coverage Ratio ≥ 1.5x (4) Unencumbered Assets Test ≥ 150%
• Other Covenants: Restrictions on Transfers, Sales or Disposals to Affiliate Investment Vehicle; provision of financial information; negative pledge; Payment Restrictions in respect of Subordinated Obligations
• Denominations: €100k + €1k
• Listing: Euronext Dublin – Global Exchange Market (Unregulated market)
• ISIN: XS3506252678
• Governing Law: English law
• Sole Global Co-Ordinator, and Active Bookrunner: Morgan Stanley (B&D)
• Active Joint Bookrunners: BNP Paribas, Crédit Agricole CIB and Natixis
• Target Market and PRIIPs: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs Key Information Document (“KID”) or UK PRIIPs (KID) / CCI product summary has been prepared as not available to retail in the EEA or in the UK
• Offer and Sales Restrictions: As set out in the Base Listing Particulars
• Clearing Systems: Euroclear and Clearstream, Luxembourg
• Stabilisation: Relevant stabilisation regulations including FCA/ICMA will apply
• Timing: TOE: 15.41 UKT / FTT: 16:05 UKT
• To view the LIVE / REAL TIME European IG pipeline please click here.
• Details correct at time of posting