Corporate

LIVE DEALS:

• None

PRICED DEALS:

• Heidelberg Materials (exp. Issue ratings of BBB by S&P) brought a €300m (exp) 2yr Senior unsecured FRN. IPTs were not published & spread set at 3mth€+45.
  • With only 2 leads on the trade today's deal is more of a club deal / private trade. Their last  public offering was a dual-tranche back on the 19th of May when they priced a €900m 3.25yr at MS+58; 32bps tighter than IPTs from a book of €2.8bn; & a €600m 9.25yr at MS+110; 30bps tighter than IPTs with a book of €1.85bn.

MANDATED DEALS:

• None

FIG

LIVE DEALS:

• Credit Agricole S.A., (exp. Issue ratings of Baa3 / BBB- / BBB by Moody’s, S&P & Fitch) brought Perpetual Non-Call 5 yr Fixed Rate Resettable Additional Tier 1 Notes.  IPTs on the issue were in the area of 7.0% (on a quarterly basis equiv. to 7.186% annualised).
  • Credit Agricole Assurances SA (as an insurance company) has issued 2 ‘Restricted’ Tier 1 issues over the last 2 years, whereas Credit Agricole SA (as a bank) last issued an AT1 trade back on the 13th of February last year. On this occasion they priced a €1.5bn PerpNC10 at 5.875%; 50bps tighter than IPTs from a large €7bn book. Coupons on this trade were also paid on a quarterly basis - as they were on their AT1 in 2023.   
• Banque Fédérative du Crédit Mutuel (exp. Issue ratings of A3 / A- / A+ by Moody’s, S&P & Fitch) brought a dual-tranche Senior Non-Preferred, € benchmark 4NC3 & 8NC7, Reg S issue. IPTs were MS+100 area & MS+150 area respectively. Collective books first called in excess of €5.75bn (exc. JLMs).
  • BFCM is a prolific borrower who has also been active in the public Sterling & Swiss Franc markets YTD. Their last € trade was a €750m 11NC6 Tier 2 print on the 21st of August, with a €750m 7yr Green senior preferred trade prior to that on the 29th of June. Relevant to this trade is their €1.25bn 9NC8 senior non-preferred issue on the 19th of May which priced at MS+108; 29.5bps tighter than IPTs from a book of €3.1bn.
• Danske Bank A/S (exp. Issue ratings of A3 / A- / A+ by Moody’s, S&P & Fitch) announced a € benchmark 5NC4 Senior Non-Preferred issue with IPTs in the area of MS+95bps. Books above €1.5bn.
  • Danske’s last senior non-preferred trade was on the 25th of November last year when they priced a €750m 8NC7 Green issue at MS+95; 22.5bps tighter than IPTs from a €1.25bn book. The one prior to that was on the 23rd of September 2025, with a €750m 3yr FRN at 3mth €+50; 25bps tighter than IPTs with a book of €1.65bn.
• Toyota Motor Credit Corporation (exp. Issue ratings A1 / A+ / A+ by Moody’s, S&P & Fitch) announced a 6.5yr senior unsecured offering with IPTs of MS+105 to +110.
  • This is TMCC’s 2nd visit to the public € markets YTD, having last priced a €800m 6.25yr at MS+62; 38bps tighter than IPTs from a book of €1.85bn. There were no issues in 2025 & only 1 in 2024 - a €1bn 7yr at MS+85; 32.5bps tighter than IPTs from a €3.4bn book.
• Bank of Ireland Group plc (exp. Issue ratings of Baa1 / BBB by Moody’s & Fitch) announced a € benchmark, 10.5NC5.5 fixed rate subordinated Tier 2 offering with IPTs of MS+160 area. Books built quickly to over €2bn.
  • This is their 3rd public € offering YTD, but their 1st Tier 2 print since the 2nd of May last year. On that occasion they priced a €500m 10.25NC5.25 at MS+185; 35bps tighter than IPTs from a book of €3.4bn.

MANDATED DEALS:

• None

SSA

LIVE DEALS:

• None

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.