Corporate

LIVE DEALS:

• Tornator Oyj (exp. Issue rating of Baa3 by Moody’s), brought their anticipated €300m (wng), Long 6yr (23rd January 2033), fixed-rate, senior secured RegS Green transaction. IPTs were MS+130 to +135.
  • Tornator Oyj is a major Finnish / European forest management company, specializing in sustainable forestry, & is one of the largest private forest owners in Europe. It hasn’t tapped the public bond markets since the 10th of October 2024, when it issued a €300m, 7yr at MS+140; 32.5bps tighter than IPTs from a €1bn book. The Moody’s rating was the same then as it is now & like today this 2023 deal was a senior secured Green bond.
• Saab AB (exp. Issue rating of  BBB+ by S&P), brought their anticipated inaugural €300m (wng), senior unsecured, Reg S Bearer, 7yr. IPTs on the notes were in the area of MS+110.
  • SAAB’s automotive division went bankrupt in 2011, following its sale in 2000 to GM, however, Sweden’s SAAB AB continued as a major aerospace, defence  & security company. It is this entity that is set to issue its inaugural public € offering today.
• Gas Networks Ireland (exp. Issue ratings of A1 / A+ by Moody’s & S&P) announced their expected RegS, Registered, Senior, Unsecured, 6yr, €300m (wng). IPTs on the deal were MS+100 to +105.
  • Moody’s assigned an A1 rating on the 25th of August this year. The borrower has not tapped the public markets since the 5th of September 2024, when it was rated A2 (was A+ by S&P which it still is today). This last trade was a €300m, 6yr which priced at MS+85; 35bps tighter than IPTs from a billion book.
• Henkel US Finance, LLC (exp. Issue rating of A2 by Moody’s) - guaranteed by Henkel AG & Co KGaA (A2/A), announced a senior unsecured, Reg S Bearer, dual-tranche 3yr  & 7yr with both tranches for €500m (wng). IPTs on the 3yr were in the range of MS+70 to +75; while the 7yr had IPTs in the area of MS+110.
  • Henkel is a frequent visitor to the public € bond markets & this is their 2nd offering YTD. It is, however, the first issuance in €’s by the US Finance entity. The group's last public trade was a dual-tranche senior unsecured offering on the 27th of May. This deal was comprised of a €600m 2yr FRN at 3mth €+35; 22.5bps tighter than IPTs from a book of €815m; & a €900m 5yr priced at MS+65; 35bps tighter than IPTs from a book of €2.45bn.
• Hella GmbH & Co KGaA (exp. Issue ratings of Ba1 / BBB- by Moody’s & Fitch), brought its anticipated €300m (wng), 4yr, Senior Unsecured, Reg S bearer bond. IPTs on the trade were for a yield in the range of 5.0% to 5.625%.
  • Aside from very small private trades, Hella (a leading developer & manufacturer of lighting, electronic components & systems) last came to the public € markets on the 27th of August, 2019. This €500m, 7.5yr is due to mature on January 26th 2027, so this offering is in part a refinancing exercise for this outstanding issue. When Hella issued this trade it was a solid IG credit, rated Baa1. It has since been downgraded to Baa3 in August 2023, & to Ba1 on the 16th of December 2024.
• MMS Holding USA Inc. (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P) - guaranteed by Publicis Groupe S.A. - brought a €500m (exp), 4yr senior unsecured Reg S offering with IPTs in the area of MS+100.
  • Not the first time a US division of Publicis Groupe has tapped the € markets (MMS USA Finance Inc in 2019), yet the first by this specific entity. Publicic Groupe’s last foray into the public markets was a dual-tranche offering on the 4th of June last year, when they priced a €600m 4yr at MS+78; 37bps tighter than IPTs; & a €650m yr at MS+105; 40bps tighter than IPTs. Both those tranches were bought most by Asset Managers with the UK & Ireland  buyer base the most prolific, followed by France (on both tranches).
• BMW International Investment B.V. (exp. Issue ratings of A2 / A by Moody’s & S&P), guaranteed by Bayerische Motoren Werke Aktiengesellschaft, brought their anticipated dual-currency, Chf benchmark. Both tranches started with  minimum size of Chf each, with guidance on the 5.25yr at SARON MS+80 to +85; & guidance on the 10yr at SARON MS+100 to +105. Sizes were upped to Chf175m & Chf125m respectively, when spreads set (in the same order) at MS+83 & MS+105. The next update only referred to the shorter tranche which was upped to a new minimum size of Chf275m.
  • Since its last public € trade the borrower has tapped the public Sterling markets once in 2026, & both the Sterling (x 2) & SEK (x 2) markets. The last € print was a dual-tranche on the 15th of January 2025, which saw a €750m, 8yr price at MS+10532.5bps tighter than IPTs from a €2bn book; & a €1bn 4.5yr price at at MS+75; 35bps tighter than IPTs from a book of €2.8bn.

MANDATED DEALS:

• None

FIG

LIVE DEALS:

• Commerzbank Aktiengesellschaft (exp. Issue ratings of Baa1 / BBB by Moody’s & S&P) brought a new Senior Non-Preferred, € benchmark 4NC3, Reg S, Fixed to Floating offering with IPTs in the area of MS+95.
  • This is their 9th benchmark public € offering of 2026, their 6th unsecured, & their 4th senior non-preferred. Their last SNP was a €750m 7NC6 FTF on the 28th of May which priced at MS+97; 28bps tighter than IPTs from a book of €2.2bn. Prior to that was a €500m 6NC5 FTF which priced at MS+75; 10bps tighter than IPTs from a book of €3.95bn.

PRICED DEALS:

• Crédit Agricole S.A. (exp. Issue ratings of A3 / A- / A+ by Moody’s, S&P & Fitch) brought a 8NC7 senior non-preferred offering, which sized at Chf170m & priced at SARON MS+110.
  • A frequent issuer in the Swiss market this is their 3rd public offering of 2026. The last trade was a Chf160m 10NC5 Tier 2 print which priced at SARON MS+128. Prior to that was a Chf235m 10yr senior-preferred on the 8th of January which priced at SARON MS+84. Their last senior non-preferred (like today), was on the 1st of September last year when they priced a Chf125m 6NC5 at SARON MS+105.

MANDATED DEALS:

• None.

SSA

LIVE DEALS:

• Federal State of Mecklenburg-Vorpommern (rated AAA by Fitch), brought their anticipated 6yr, €500m (wng) Landesschatzanweisung. Guidance on the trade was in the area of MS+12 & that’s where the spread set; at MS+12. Final books were above €540m (inc. €200m JLMs).
  • Today’s deal is the 2nd public offering of 2026, having last issued a €500m, 8yr on the 21st of January. On this occasion the borrower priced at MS+20; in line with guidance from a book size of €900m. For context the borrower issued only 1 trade in 2025 (€500m 10yr) & 2 trades in 2024 (€500m 9yr & €500m 8yr).

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).
• 16th September: Watercare Services Limited (exp. Issue rating of Aa3 by Moody’s), mandated Citi, HSBC, MUFG & Société Générale as Joint Lead Managers to arrange a series of fixed income investor meetings commencing on 17th of September. Citi is coordinating logistics for Amsterdam, Frankfurt & London, Société Générale is coordinating logistics for Paris. An inaugural 7yr € benchmark, fixed rate, senior secured Reg S transaction may follow, subject to market conditions. 

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