• In stark contrast to the last 2 days we had a corporate heavy session today with 6 borrowers stepping forward, though volumes were light with all tranches sized between €300m to €500m.
• Government bonds staged a well received & long overdue rally, with Gilts the clear outperformer.
  • 10yr Gilt at 5.312% (7.3bps tighter on the day)
• All eyes on the Fed after the close with a 25bp rate hike still the well held consensus.
• Deal flow was more prominent than volume with € IG pricing only €3.95bn in supply from 8 deals (6 x Corp, 1 x FIG & 1 x SSA) via 9 tranches.
  • The lightest active days volume since the 17th of August (€3.5bn)
• The Swiss Franc market was also busy again, having been silent for the last week, with Chf580m of fresh supply from 2 deals (1 x Corp dual-tranche & 1 x FIG) via 3 tranches.
• There was zero activity in both the Sterling (£) & US$ Reg S markets.
• Today’s “Talking Point” (below) takes a look at historical activity (c.last 3yrs) in € IG primary, the day after an Fed announcement.
• iTraxx Europe & the iTraxx Senior & Sub financial indices were all lower as the overall mood lightened slightly. Currently trading at 53.811 (-1.94%), 56.202 (-2.01%) & 90.339 (-2.35%) respectively (as we print).
• Brent Crude has been trading in a tight range today, heading gradually lower, currently trading at c.$106.27 (c.$108.1 this morning).
• European equity bourses are all in the green with the FTSE, Dax & the CAC 40 all higher on the day, up by 0.30%, 0.47% & 0.58% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €2.7bn
    • Avg. tranche size €386m
    • Avg. IPT to Pricing -28.68
    • Avg. cover X 4.32
  • FIG
    • Total IG: €750m
    • Avg. tranche size €750m
    • Avg. IPT to Pricing NA (covered) - €0
    • Avg. IPT to Pricing -25 (unsecured) - €750m
    • Avg. cover X 4.32
  • SSA
    • Total IG: €500m
    • Avg. tranche size €500m
    • Avg. IPT to Pricing 0
    • Avg. cover X 1.08

• Pipeline: The European IG pipeline cleared all it could with only 2 SSA trades pending - neither slated for tomorrow.
  • 2 x € SSA (1 x EuGB)

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

Talking Point

• The table below takes a look at the last c.3yrs of € IG supply the day after the Fed delivers its decisions on rates as it is set to do later today.
• Two-thirds of post-Fed windows see at least one deal price. A 66.67% overall hit rate across 21 Fed meeting days makes the day after a Fed decision a reliably active window for € IG issuance; issuers treat post-Fed clarity as constructive, regardless of the decision's direction.
• FIG dominates both volume & frequency. €21.5bn (57% of total issuance) across 9 active days, the most prolific sector post-Fed. Its average deal size on active days (c.€2.39bn) also beats Corporate supply (c.€1.64bn), pointing to larger, more concentrated FIG transactions when the sector does access the market.
• SSA is largely absent from post-Fed windows. Just a 19.05% hit rate & €3.05bn across only 4 active days: SSA issuers clearly prefer to avoid pricing right after Fed meetings, likely reflecting rate-volatility sensitivity & a preference for calmer conditions before locking in long-dated funding.
• Multi-sector days are rare but telling (e.g. Jan 29, 2026; Sep 18, 2025; Feb 1, 2024). They cluster around meetings where the outcome was broadly anticipated. The takeaway: certainty of outcome, not the direction of the decision, is the primary driver of post-Fed issuance activity.

Euro IG (today)

• 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. The deal launched & priced for €300m at MS+105, from a book above €950m (exc. JLMs).
  • 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. Books were above €2.3bn, allowing guidance to come 30bps tighter, in the area of MS+80. Books rose to over €2.4bn (good at guidance), with the trade launching & priced for €300mn at MS+73. Final books were above €1.8bn.
  • 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. Books were first called c.€1bn (pre-rec) & spread set at MS+75. Books close at >€1bn & the deal priced €300m at MS+75. 
  • 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. The deal launched the 3yr at MS+42 from a book over €1.7bn & the 7yr at MS+78 from a book over €2.6bn. Final books on the 3yr were over €1.9bn, & over €2.9bn for the 7yr.
  • 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%. The deal launched for €300m at 5.25% (annual yield).
  • 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. Books were first called above €2.45bn (pre-rec) & the size set at €500m in line with expectations. Guidance came in at MS+65 to +70 (WPIR). At launch books were above €2.1bn at the tight end of guidance (pre-rec). Size already set at €500m & the spread set & priced at MS+65. Final books were above €1.9bn.
  • 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).

• 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. Books were called above €2.85bn (exc. JLMs) & the deal sized at €750m with the spread setting at MS+70; offering investors a NIC of 6bps. Final books good at re-offer were €3.15bn (exc. JLMs).
  • 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.

• 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). It priced €500m at MS+12.
  • 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).

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)

• 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. At pricing final sizes were Chf285m for the 31’s & Chf125m for the 36’s.
  • 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.

• 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.

Week-to-date volumes:

US$ Reg S (today)

• No issues.

Pending Deals & Mandates

• 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. 

Transaction Details

PRICED: Crédit Agricole S.A. CHF 170m 8NC7 Social SNP; SARON MS+110bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: SARON MS+110bp / 100 / 1.8325%
Benchmark: 8NC7: Govt.+132bp

Launched: 8NC7: CHF 170m @ SARON MS+110bp

• Issuer: Crédit Agricole S.A. (Ticker: ACAFP)
• Issuer Domicile: France
• Format: Public Fixed-Rate Reset Bonds
• Status: Senior Non-Preferred Notes
• Issuer Rating: A1 (stable, Moody's) / A+ (stable, S&P) / AA- (stable, Fitch)
• Instrument Rating (exp): A3 (Moody's) / A- (S&P) / A+ (Fitch)
• Structure: 8NC7
• Settlement Date: 23-Sep-26
• Optional Call/Reset Date: 23-Sep-33
• Maturity Date: 23-Sep-34
• Issue Size (in mm): CHF 170mm
• Coupon: 1.8325% p.a. until the Optional Redemption Date. Thereafter the sum of 1y CHF SARON MS and the initial spread margin of 110bps
• Issue Price: 100
• Spread/Yield: SARON MS +110.0 // YTC 1.8325% // Govt.+132
• ISIN / Security Number: CH1598620123 / 159862012
• Lead Manager(s): UBS (JLB), CACIB (JLNB)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: The terms set out in herein are subject entirely to the terms and conditions set forth in the final terms (the “Final Terms”) dated on or about the Issue Date in connection with the Euro Medium Term Note Programme of Crédit Agricole S.A dated 2-Apr-26 as supplemented from time to time
• FinSA Prospectus: The Base prospectus and supplements thereto have been filed with SIX for automatic acceptance pursuant to article 54(2) of the FinSA
• Governing Law: French
• Covenants: PP
• SIX Listing: 22-Sep-26
• Denomination: CHF 100000
• Use of Proceeds: To finance and/or re-finance in whole or in part Eligible Social Assets of Credit Agricole Group and its subsidiaries. The Crédit Agricole Group’s Social Financing Framework is available on: https://www.credit-agricole.com/en/finance/debt-and-ratings#
• Target Market: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties, and professional clients and retail clients (Switzerland only) type of clients(all distribution channels). Prohibition of Sales to EEA/UK Retail Investors restrictions apply.
• Sales Restrictions: As per the Programme
• Retail Restrictions: EEA & UK domiciled: Applicable Other: Subject to applicable regulations and restrictions

PRICED: Federal State of Mecklenburg-Vorpommern €500m 6yr Sr Unsec; MS+12bp

IGC European Market: Deal Flow - SSA

Reoffer: 6yr: MS+12bp / 99.878 / 3.648%
Benchmark: 6yr: DBR 1.7% Aug-32 @ 91.24 / B+28.9bp / HR 106%

6yr: Final Books above €540m (incl. €200m JLM interest)

Launched: 6yr: €500m @ MS+12bp
Guidance: 6yr: MS+12a

• Issuer: Federal State of Mecklenburg-Vorpommern
• BBG Ticker: MECVOR Govt <GO>
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Issuer Rating: AAA (Fitch)
• Size: €500m
• Coupon: 3.625% annual, ACT/ACT ICMA
• Settlement: 23-Sep-26 (T+5)
• Maturity: 23-Sep-32 (6y)
• Reoffe: MS +12 bps / 99.878 / 3.648
• Spread vs: DBR 1.7% Aug-32+28.9 bp (cash 91.24 / HR 106%)
• Law/List/Denom: German / Frankfurt / 1k+1k
• ISIN/WKN: DE000A5GS6X1 / A5GS6X
• Bookrunners: J.P. Morgan, LBBW, Nordea, NORD/LB & UniCredit (B&D)
• Fees: The banks will be paid a fee in relation to this transaction
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II
• Timing: Priced, toe 12.16pm CET / ftt 12.30pm CET

PRICED: BMW International Investment B.V. CHF 285m & CHF 125m 5.25yr & 10yr Sr Unsec; SARON MS+83 & SARON MS+105

IGC European Market: Deal Flow - General

Reoffer: 5.25yr: SARON MS+83 / 100 / 1.4781% 10yr: SARON MS+105 / 100 / 1.845%
Benchmark: 5.25yr: Govt + 99.6bp 10yr: Govt + 127bp

Launched: 5.25yr: CHF 285m @ SARON MS+83 10yr: CHF 125m @ SARON MS+105
Size Update: 5.25yr: Min. CHF 275m
Spread set at: 5.25yr: SARON MS+83bp 10yr: SARON MS+105bp
Guidance: 5.25yr: SARON MS+80/85bp 10yr: SARON MS+100/105bp

• Issuer: BMW International Investment B.V. (Ticker: BMW)
• Guarantor: Bayerische Motoren Werke Aktiengesellschaft
• Guarantor Domicile: Germany
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior, unsecured
• Guarantor Rating: Moody's: A2 (neg.), S&P: A (neg.)
• Instrument Rating (exp): Moody's: A2, S&P: A
• Issue Size:
  • 5.25yr: CHF 285mm
  • 10yr: CHF 125mm
• Coupon:
  • 5.25yr: 1.4777% p.a. (30/360, following unadj.) (Short first coupon)
  • 10yr: 1.845% p.a. (30/360, following unadj.)
• Maturity:
  • 5.25yr: 5 years 90 days (23-Sep-26 to 23-Dec-31)
  • 10yr: 10 years (23-Sep-26 to 23-Sep-36)
• Spread/Yield:
  • 5.25yr: SARON MS +83.0 // YTM 1.4781% // Govt + 99.6
  • 10yr: SARON MS +105.0 // YTM 1.845% // Govt + 127.0
• Issue Price:
  • 5.25yr: 100%
  • 10yr: 100%
• ISIN / Valor:
  • 5.25yr: CH1609602839 / 160 960 283
  • 10yr: CH1609602847 / 160 960 284
• Lead Manager(s): Deutsche Bank, BNP Paribas
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Issued off BMW Group’s EUR 50bn EMTN Programme dated as of 8-May-26 and supplemented on 24-Jun-26 and 8-Sep-26.
• FinSA Prospectus: Base prospectus is deposited with and recognised by the SIX Prospectus Office. Final terms available in accordance with Art. 45 FinSA.
• Governing Law: German law
• Covenants: PP, NP
• SIX Listing: 23-Sep-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: As set out in the Issuer's EUR 50bn EMTN Programme dated as of 8-May-26 and supplemented on 24-Jun-26 and 8-Sep-26, except for Switzerland (no communications with the U.S., sales into Canada as per notice comprised in Base Prospectus).
• Target Market: As defined by the manufacturer domiciled in the EEA (MIFID II): Eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.

PRICED: Tornator Oyj €300m Long 6yr Snr Sec; MS+105bp

IGC European Market: Deal Flow - General

Reoffer: Long 6yr: MS+105bp / 99.644% / 4.570%
Benchmark: Long 6yr: DBR 2.5 Nov-32 @ 95.205% / B+119.6bp / HR 101%

Tranche (Long 6yr): Final Books above €950m (excl JLM)

Launched: Long 6yr: €300m @ MS+105bp - Books above €950m (excl JLM)
IPTs: 6yr: MS+130/135bp

• Issuer: Tornator Oyj
• LEI: 743700HAOL35VNKK1711
• Issuer Senior Secured Rating: Baa3 (stable) by Moody's
• Issue Rating (exp.): Baa3 by Moody's
• Status: Senior Secured (pari passu with secured bank loans and bonds), Green, Reg S
• Amount: €300 million
• Settlement: 23-Sep-26
• Maturity: 23-Jan-33 (Long 6 years)
• Coupon: 4.500%, FXD, Annual, Act/Act (ICMA), short first
• Reoffer: 99.644% / MS+105bp / 4.570%
• Benchmark: DBR 2.5 Nov-32 @ 95.205% / B+119.6bp / HR 101%
• Use of Proceeds: The proceeds will be used to refinance Tornator's existing indebtedness, including to redeem the €350m 1.250% Notes due 14-Oct-26 (ISIN: FI4000442108). An amount equivalent to the net proceeds of the Notes will be used for financing and/or refinancing of Eligible Green Assets in accordance with the Issuer's Green Finance Framework.
• Optional Redemption: 3-month par call (100%), Make-Whole Call B+20 and Clean-up call at par (75%)
• Covenants: Asset disposal restrictions, insurances, information undertakings, Change of control (investor put at 100%), Cross-default (cross-acceleration, non-payment), Loan to Security Asset Value <70% (maintenance), Enforcement of Transaction Security
• Documentation: Standalone
• Governing Law: Finnish Law
• Listing: Nasdaq Helsinki
• Denominations: €100,000 + €100,000
• Clearing: Euroclear Nordics
• ISIN: FI4000609631
• Joint Bookrunners: Danske Bank, OP Corporate Bank (B&D) and SEB
• Noteholders' Agent: Nordic Trustee
• Target Market: Target market (MIFID II product governance) is eligible counterparties and professional clients (all distribution channels). No PRIIPs KID will be produced as not deemed within scope.
• Advertisement: The Prospectus, when published, will be available on the website of the Issuer and at the FIN-FSA's website at: https://www.finanssivalvonta.fi/en/registers/register-of-prospectuses/
• Timing: Priced / TOE: 14:57 CEST / FTT: 15:15 CEST

PRICED: Commerzbank Aktiengesellschaft €750m 4NC3 SNP FXD/FRN; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 4NC3: MS+70bp / 99.771 / 4.208%

Benchmark: 4NC3: OBL 2.100% 12-Apr-29 @ 97.175 / B+94.5bp / HR 116%

Final Books: €3.15bn at reoffer (excl. JLM)

Launched: 4NC3: €750m @ MS+70bp - Books above €2.85bn (excl. JLM)

IPTs: 4NC3: MS+95a

• Issuer: Commerzbank Aktiengesellschaft [Ticker CMZB]
• LEI: 851WYGNLUQLFZBSYGB56
• Issuer Credit Ratings: A2 (stable) by Moody's / A (stable) by S&P
• Exp. Issue Rating: Baa1 by Moody's / BBB by S&P
• Format: Reg S
• Status of the Notes: Non-Preferred Senior Notes (eligible liabilities (MREL))
• Size: €750m
• Settlement: 24-Sep-26 (T+6)
• Reset/Call Redemption Date: 24-Sep-29
• Maturity: Interest Payment Date falling on or around 24-Sep-30
• Reoffer: MS+70 / 99.771 / 4.208%
• Benchmark: OBL 2.100% 12-Apr-29 at 97.175 / B+94.5 / HR 116%
• Coupon: 4.125%, fixed, Annual, ACT/ACT, ICMA following unadjusted until Reset Date, then Act/360, modified following adjusted
• Coupon Reset: If the Notes are not redeemed on the Call Redemption Date: 3-month Euribor plus 70bps p.a., payable quarterly in arrears on each Interest Payment Date from and including the Reset Date until the Maturity Date
• Early Redemption: Early Redemption, in whole but not in part at the Option of the Issuer, for Regulatory Reasons, for Reasons of Taxation and for Minimal Outstanding Aggregate Principal Amount, at par, subject to the Conditions to Redemption and Repurchase being fulfilled, all as set out in the Base Prospectus
• Early Redemption at the Option of the Issuer: Subject to the Conditions to Redemption and Repurchase being fulfilled, the Issuer may, on giving not less than 5 and not more than 60 days' prior notice to the Noteholders, redeem all, but not only some, of the outstanding Notes on the Call Redemption Date
• Early Redemption for Minimal Outstanding Amount (Clean-up Call): Subject to the Conditions to Redemption and Repurchase being fulfilled, the Issuer may, at any time on giving not less than 30 and not more than 60 days' prior notice to the Noteholders, redeem in whole, but not only some, of the outstanding Notes, if at any time 75% or more of the aggregate principal amount of the Notes originally issued have been redeemed or repurchased by the Issuer and cancelled
• Denoms/Law: €100k + €100k / German
• Docs: EUR 90bn Medium Term Note Programme;Securities Note dated 22-May-26 and Registration Document dated 22-May-26, supplemented on 21-Aug-26 (together, “the Base Prospectus”)
• Selling Restrictions: U.S. (Reg. S Cat. 2, TEFRA D), U.K., EEA, Italy, Switzerland, Japan, Hong Kong, Singapore, Taiwan, Australia, Canada and general, as further set out in the Base Prospectus
• Listing: Frankfurt Stock Exchange, Regulated Market
• ISIN/WKN: DE000CZ46C68 / CZ46C6
• Global Coordinator: Commerzbank (B&D)
• Bookrunners: Commerzbank, CIBC Capital Markets, Deutsche Bank & RBC Capital Markets
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Timing: TOE 15:14 CET / FTT 15:30 CET
• Target Market: The manufacturer target market (MIFID II) product governance is professional investors and eligible counterparties (all distribution channels)
• Advertisement & Links: The Securities Note is available and the Final Terms, when published, will be available at:https://investor-relations.commerzbank.com/debt-holders-information/emtn-programme/The Registration Document is available at:https://investor-relations.commerzbank.com/debt-holders-information/registration-document

Senior Non-Preferred FTF
NC3yr (Sep 2029) @ MS+95a
Implied Spread for fresh NC3yr @ MS+64
Priced at MS+70
NIC of +6

PRICED: Gas Networks Ireland €300m 6yr Sr Unsec; MS+75bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+75bp / 99.922 / 4.265%
Benchmark: 6yr: DBR 1.700% due 15-Aug-32 (91.280 bid) + 91.4bp | HR 104%

6yr: Final Books closed above €1bn

Launched: 6yr: €300m @ MS+75bp - Books ~€1bn (pre-rec)
IPTs: 6yr: MS+100/105bp

• Issuer: Gas Networks Ireland (Ticker: BOGAEI, Country: IE)
• Issuer LEI: 54930043FTE0M50CGG56
• Issuer Ratings: A1 (stable) / A+ (positive) (Moody's / S&P)
• Expected Issue Ratings: A1 / A+ (Moody's / S&P)
• Format: Senior Unsecured, Reg S, Registered, NSS
• Size: €300m
• Settlement: 23-Sep-26 (T+5)
• Maturity: 23-Sep-32 (6-year)
• Re-offer: MS+75bps | 99.922 | 4.265%
• Benchmark Bund: DBR 1.700% due 15-Aug-32 (91.280 bid) + 91.4bps | HR 104%
• Coupon: 4.25% Fixed, Annual, ACT/ACT (ICMA)
• Documentation: EMTN Programme Offering Circular, Euronext Dublin (Global Exchange Market), English Law
• Denominations: €100k + €1k
• Investor Put: Change of Control Put and Regulatory Event Put applicable
• Issuer Call: Make Whole Call (B+15), 3-month Par Call, Clean-up call (80%) at par, as per Offering Circular
• Use of Proceeds: General Corporate Purposes, including refinancing of existing debt
• Target Market: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs Regulation key information document or DISC/CCI Regulations disclosure document has been prepared as the Notes are not available to retail investors in the EEA or the UK
• ISIN: XS3512893929
• Clearing: Euroclear / Clearstream, Luxembourg
• Active Bookrunners: Barclays (B&D), BNP Paribas, Danske Bank, NatWest, Goodbody, Davy
• Selling Restrictions: As set out in the Offering Circular, Reg S, TEFRA not applicable, no sales to EEA or UK Retail
• Marketing: https://dealroadshow.finsight.com / Entry code GNI26
• Timing: ToE 14h13 UKT | FTT 14h35 UKT
• Advertisement: The EMTN Programme Offering Circular, and the Final Terms, when published, will be available on the Euronext Dublin website https://live.euronext.com/en/product/bonds-detail/s102167%7C22235%7Cp900/overview

PRICED: Saab AB €300m 7yr Sr Unsec; MS+73bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+73bp / 99.982 / 4.253%
Benchmark: 7yr: DBR 2.6% 15-Aug-33 @ 95.065 / B+83.9bp

Tranche 1 (7yr): Final Books above €1.8bn. Peak book above €2.4bn

Launched: 7yr: €300m @ MS+73bp - Books above €2.4bn (good at guidance)
Guidance: 7yr: MS+80a - Books above €2.3bn
IPTs: 7yr: MS+110a

• Issuer: Saab AB (Ticker: SAABAB)
• Issuer LEI: 549300ZHO4JCQQI13M69
• Issuer Rating: BBB+, stable outlook by S&P
• Expected Issue Rating: BBB+ by S&P
• Status: Senior Unsecured
• Format: Reg S, Bearer, New Global Note
• Settlement: 23-Sep-26 (T+5)
• Tranche: 7-year
• Maturity: 23-Sep-33
• Size: €300m
• Reoffer: MS+73bp / 99.982 / 4.253%
• BMK: DBR 2.6% 15-Aug-33 @ 95.065 / 3.414% / B+83.9bp (HR: 101%)
• Coupon: 4.25% Fixed Annual Actual/Actual (ICMA)
• Par Call: 3m par call
• ISIN: XS3515071101
• UoP: General corporate purposes
• Listing: Euronext Dublin (Global Exchange Market)
• Docs/Denoms: EMTN / 100k+1k / COC / MWC at B+15bps / Clean-up Call (at 75%) / Tax Call
• Governing Law: English Law
• Selling Restrictions: As per Offering Circular (Reg. S Compliance Category 2; TEFRA D)
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or in the UK.
• Joint Bookrunners: Citi, Crédit Agricole CIB (B&D), Deutsche Bank, SEB
• Investor Presentation: URL:www.netroadshow.com
  Entry Code: Century2026 (not case-sensitive)
  Direct Link:www.netroadshow.com/nrs/home/#!/?show=7deb9934(Recommended)
• Books Subject: 13:00 CET
• Hedge Deadline: 15:45 CET
• Timing: TOE: 15:52 CET / 14:52 UKT; FTT: 16:15 CET / 15:15 UKT

PRICED: HELLA GmbH & Co KGaA €300m 4yr Sr Unsec; 5.250%

IGC European Market: Deal Flow - General

Reoffer: 4yr: 5.250% / 100
Benchmark: 4yr: DBR 0 15-Aug-30 @ 88.18 / B+197.8bp

Launched: 4yr: €300m @ 5.250%
IPTs: 4yr: 5.500 - 5.625%

• Issuer: HELLA GmbH & Co KGaA
• Ticker: HELLA
• Country: DE
• Issuer LEI: 529900PLX4ADJFWIY024
• Issuer Ratings: Moody's Ba1 (stable) / Fitch: BBB- (stable)
• Exp. Issue Ratings: Moody's Ba1 / Fitch: BBB-
• Format: Senior, Unsecured, Unsubordinated, Bearer
• Trade Date: 16-Sep-26
• Settlement Date: 23-Sep-26 (T+5)
• Maturity: 23-Sep-30
• Currency / Size: €300m
• Ranking: Senior Unsecured
• Reoffer: 100 / 5.25% / MS+173.7bp
• Coupon: 5.25% Fixed (Annual, Act/Act, ICMA)
• Benchmark: 197.8 bp vs. DBR 0 15-Aug-30 (@ 88.18 / 3.272 %); HR 106 %
• Make-whole Call: B + 30 bp
• ISIN: XS3516171447
• Documentation: Preliminary Prospectus dated 14-Sep-26 / German Law / CoC (Put at Par) / 2m Par Call / Tax Call / Make-whole Call
• Listing: EuroMTF / Non-regulated Market of the Luxembourg Stock Exchange
• Denomination: €100k x 100k
• Use of Proceeds: The net proceeds will be used for general corporate purposes, including refinancing of existing debt.
• Joint Bookrunner: Deutsche Bank, Helaba, LBBW (B&D), UniCredit
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) will be prepared.
• Marketing:
  • URL: https://dealroadshow.finsight.com
  • Entry Code: HELLA2026
  • Direct Link: https://dealroadshow.finsight.com/e/HELLA2026
• Selling Restrictions: As per the Preliminary Prospectus dated 14-Sep-26
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA apply
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus, when published, will be available at: https://www.luxse.com
• Books Subject: 12.45 UKT
• Hedges: No hedges
• ToE: 16:26 CEST / 15:26 UKT
• FTT: 16:45 CEST / 15:45 UKT

PRICED: MMS USA Holding Inc. €500m 4yr Sr Unsec; MS+65bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+65bp / 99.877 / 4.159%
Benchmark: 4yr: DBR 0% Aug-30 TWIN @ 88.16 / B+88.1bp

4yr: Final books above €1.9bn. Peak book above €2.45bn (pre-reconciliation)

Launched: 4yr: €500m @ MS+65bp - Books above €2.1bn at tight end of guidance (pre-rec)
Spread set at: 4yr: MS+65bp
Guidance: 4yr: MS+65/70bp (WPIR) - Books above €2.45bn (pre-rec)
IPTs: 4yr: MS+100a

• Issuer: MMS USA Holding Inc. (Ticker: PUBFP, Country: US)
• Issuer LEI: 5493006U67P2Y34N2G08
• Guarantor: Publicis Groupe S.A. (Ticker: PUBFP, Country: FR)
• Guarantor LEI: 2138004KW8BV57III342
• Guarantor Ratings: Baa1 (stable outlook) by Moody's / BBB+ (stable outlook) by S&P
• Exp. Issue Ratings: Baa1 by Moody's / BBB+ by S&P
• Format: Senior Unsecured Reg S (Cat2), Bearer, Dematerialized Notes
• Settlement Date: 23-Sep-26 (T+5)
• Maturity Date: 23-Sep-30 (4-year)
• Size: €500m
• Reoffer: MS+65 / 4.159% / 99.877
• Benchmark: DBR 0% Aug-30 TWIN (DE0001102507) + 88.1 (Px 88.16). HR 108
• Coupon: 4.125% Fixed, Annual, Act/Act, ICMA
• Par-Call: 1-month
• ISIN: FR001401B2N0
• Use of Proceeds: For the financing of the acquisition of LiveRamp.
• Documentation: EMTN Programme / Euronext Paris / French Law / Clean-up Call (75%) / Make-Whole Call (B+15) / Change of Control (Put)
• Denominations: €100k+100k
• Global Coordinator: Citi (B&D)
• Active Bookrunners: BNP Paribas, BofA Securities, Citi, HSBC, Lloyds
• Target market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or CCI Product Summary has been prepared as not available to retail in EEA or in the UK
• Advertisement: The EMTN Base Prospectus dated 24-Jul-26 is available and the Final Terms, when published, will be available on the website of Publicis Groupe S.A. and of the French Autorité des marchés financiers (www.amf-france.org).
• Timing: Priced. TOE 15:31 UKT. FTT 16:00 UKT

PRICED: Henkel US Finance €1bn 3yr & 7yr Sr Unsec; MS+42bp & MS+78bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+42bp / 99.886 / 3.916% 7yr: MS+78bp / 99.762 / 4.29%
Benchmark: 3yr: DBR 0 Aug-29 @ 91.177 / B+68.7bp / HR 108% 7yr: DBR 2.6 Aug-33 @ 95.14 / B+88.9bp / HR 101%

Tranche 1 (3yr): Final books > €1.9bn
Tranche 2 (7yr): Final books > €2.9bn

Launched:
3yr: €500m @ MS+42bp - Books > €1.7bn (pre rec)
7yr: €500m @ MS+78bp - Books > €2.6bn (pre rec)
IPTs: 3yr: MS+70/75bp 7yr: MS+110a

• Issuer: Henkel US Finance, LLC (Delaware, United States)
• Issuer LEI: 529900BAJAMQND12XH49
• Guarantor: Henkel AG & Co KGaA, (Düsseldorf, Germany)
• Guarantor LEI: 549300VZCL1HTH4O4Y49
• Guarantor Rating: Moody's: A2 (Stable outlook), S&P: A (Stable outlook)
• Expected Issue Rating: A2 by Moody's
• Status / Form of the Notes: Senior, Unsecured, Reg S Bearer Notes, Permanent Classical Global Note, intended to be ECB eligible
• Trade Date: 16-Sep-26
• Settlement Date: 23-Sep-26 (T+5)
• Tenor:
  • 3yr: 3-Year
  • 7yr: 7-Year
• Maturity Date:
  • 3yr: 23-Sep-29
  • 7yr: 23-Sep-33
• Currency / Size:
  • 3yr: €500m
  • 7yr: €500m
• Reoffer:
  • 3yr: MS+42bps / 99.886 / 3.916%
  • 7yr: MS+78bps / 99.762 / 4.29%
• Benchmark:
  • 3yr: DBR 0 Aug-29 (@91.177 / 3.229%) +68.7bps | HR 108%
  • 7yr: DBR 2.6 Aug-33 (@95.14 / 3.401%) +88.9bps | HR 101%
• Par Call:
  • 3yr: 1m
  • 7yr: 3m
• ISIN:
  • 3yr: DE000A4E0VR6
  • 7yr: DE000A4E0VS4
• Coupon:
  • 3yr: 3.875% Fixed, Annual
  • 7yr: 4.25% Fixed, Annual
• Day Count: Actual/Actual (ICMA)
• Early Redemption:
  • 3yr: MWC (B+15bps), Clean-Up-Call (80%), Tax Call
  • 7yr: MWC (B+15bps), Clean-Up-Call (80%), Tax Call
• Documentation: Reg S, Stand-alone documentation, preliminary prospectus to be dated 16-Sep-26, final prospectus to be dated 21-Sep-26, German law
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Denomination: 100k + 100k
• Use of Proceeds: The net proceeds from the issuance of the Notes will be used for financing the business (including acquisitions) of the Henkel Group
• Joint Bookrunners: BNP Paribas, Commerzbank, Deutsche Bank, Société Générale (B&D)
• Selling Restrictions: Reg S (Cat 2). United States, EEA, United Kingdom, Switzerland, Republic of Singapore and Canada as more fully set out in the Prospectus relating to the Notes. No sales to retail accounts
• Target Market: The manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels for eligible counterparties and professional clients). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared
• Advertisement: (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com)
• Timing: Priced. TOE: 15.49 UKT (3Y), 15.52 UKT (7Y) | FTT 16.15 UKT

3yr (Sep 2029) @ MS+70-75
Implied Spread for fresh 3yr @ MS+45
Priced at MS+42
NIC of -3

7yr (Sep 2033) @ MS+110a
Implied Spread for fresh 7yr @ MS+80
Priced at MS+78
NIC of -2

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• Details correct at time of posting