• Gilts & Bunds staged a much needed rally after a prolonged sell-off in recent sessions.
• Pressures on oil & indices eased slightly amid a lack of bad news, rather than the presence of anything particularly good.
• In the primary markets financial credits were conspicuous by their absence, (despite 3 existing covered trades in the pipeline).
• € IG priced €7.65bn from 7 deals (4 x Corp & 3 x SSA) via 10 tranches.
• Sterling (£) was active again pricing £750m from 1 deal (1 x SSA) via 1 tranche.
• Further activity in Swiss Franc delivered Chf125m via 1 deal (1 x SSA) via 1 tranche.
• There was no activity yet again in the US$ Reg S market.
• Today’s “Talking Point” (below) looks at the iTraxx Europe, Senior & Sub Financials spreads YTD, covering their relevance, composition, & roll dynamics.
• iTraxx Europe & the iTraxx Senior & Sub financial indices all widened in the afternoon session, currently trading at 62.834 (+0.85%), 68.742 (+1.94%) & 113.133 (+1.70%) respectively (as we print).
• Vix Index is trading moderately tighter, backing out in the afternoon, now at 16.05 (16.07 this morning)
• Brent Crude price retreated from recent highs, currently trading at c.$104.48 (c.$107.27 this morning).
• European equity bourses were mixed with the FTSE & CAC 40 both lower by -0.34% & -0.35% respectively, while the Dax was up by +0.22%.
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €4.15bn
  • Avg. tranche size €593m
  • Avg. IPT to Pricing -27.93
  • Avg. cover 3.13 X
• FIG
  • Total IG: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing NA (covered) - €0
  • Avg. IPT to Pricing NA (unsecured) - €0
  • Avg. cover  NA
• SSA
  • Total IG: €3.5bn
  • Avg. tranche size €1.167bn
  • Avg. IPT to Pricing -2.33
  • Avg. cover 2.12 X

• Pipeline: The European IG pipeline cleared out most trades with the covered issues remaining in the wings. 
  • 2 x € Corp (1 x Hybrid)
  • 3 x € FIG (3 x Covered & 1 x Green)
  • 2 x € SSA (1 x Sustainable)

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

Talking Point

• Today we look at the relevance, composition & roll dynamics of the iTraxx Europe, iTraxx Senior Financials & iTraxx Sub Financials CDS, along with their movements YTD).
• iTraxx Europe Main is the benchmark European IG credit index, referencing 125 equally-weighted names, 95 non-financial corporates & 30 financials, across sectors including autos, telecos, energy & industrials. It's the most liquid & widely traded European credit index, used for hedging IG corporate credit risk & expressing macro credit views, trading on a standard 5yr tenor with a fixed coupon.
• iTraxx Senior Financials equally weights CDS on 30 European banks & insurers (20 banks, 10 insurers), referencing senior non-preferred obligations (& Snr Pref where there is no SNP), & is the key gauge of perceived credit risk in European bank & insurance senior debt.
• iTraxx Sub Financials references the same 30 institutions as the Senior index, but on their subordinated (Tier 2) obligations, capturing the extra risk premium for holding junior capital in European financials.
• iTraxx indices roll semi-annually, in March & September, with the new series becoming the on-the-run contract. The most recent roll was Series 46, on the 21st of September. At each roll, constituents are refreshed for ratings migrations.
• The 27th of March marked the defining risk event of the year. All 3 indices hit their simultaneous YTD wides on the same day, reflecting a sharp, correlated risk-off move across corporate & financial credit. The recovery since has been meaningful but incomplete, with all 3 indices still 18% to 23% wider than year-open levels.

Euro IG (today)

• Stedin Holding N.V. (exp. Rating of A- by S&P), a Dutch regulated electricity & gas grid operator, brought their expected Green 12yr € benchmark, senior unsecured, fixed-rate, Reg S bond. IPTs on the notes were in the area of MS+130. Books were above €2bn & spread was revised to MS+100 area (+/-2 WPIR) & size set at €500m. Books above €1.9bn (pre-rec & good at guidance). Spread set at MS+98. Books tightened to over €1.7bn good at re-offer.
  • Stedin have previously issued twice this year, both Green issues. The first on January the 14th was a €500m, Perp NC10 Hybrid offering. More relevant to today’s trade was their €500m 7yr senior unsecured print on the 20th of May which priced at MS+70 (32.5bps tighter than IPTs from a book of €1.4bn). They issued 2 senior unsecured trades in 2025, both for €500ml a 7 & 12yr.
• Bertelsmann SE & Co KGaA (exp. Issue ratings of Baa2 / BBB by Moody’s & S&P), announced their expected € benchmark dual-tranche, RegS, bearer offering, consisting of 5yr & 9yr senior unsecured notes. IPTs on the 5yr were in the area of MS+130; while IPTs on the 9yr were in the area of MS+170. Combined books were first called over €5.5bn (€3.2bn & €2.3bn respectively). Guidance for the 5yr came in at MS+100 area (+/- 2 WPIR); & the 9yr at MS+140 (+/- 2 WPIR). Combined books were over €6.2bn (split >€3.4bn & >€2.8bn respectively), pre-rec & good at the tight-end of guidance. The trades launched in turn for €750m at MS+98 & €500m at MS+138. Combined final books were over €6.1bn (split >€3.3bn & >€2.8bn respectively).
  • Today’s trade is their second public € offering YTD, having last issued a €750m 8.5yr trade on the 20th of January. This deal priced at MS+107 (33bps tighter than IPTs from a book of €2bn). Bertelsmann only issued the 1 trade last year in October, a €750m 8yr at MS+100 (35bps tighter than IPTS from a book of €2.5bn).
• Deutsche Telekom AG (rated A3 / A- / A- by Moody’s, S&P & Fitch) announced a triple-tranche, senior, unsecured, Reg S, Bearer issue. A long-4yr came with IPTs of MS+70 to +75; an 8yr with IPTs of MS+100 to +105; & a 12yr with IPTs of MS+120 to +125. Initial combined books were in excess of €5bn, split >€2.1bn, >€1.6bn & >€1.35bn respectively (at IPTs, pre-rec). Final Terms for the long 4yr were €750m at MS+43; the 8yr €650m at MS+75; & the 12yr €500m at MS+95. Final books in turn were >€1.8bn, >€1.5bn & >€1.15bn. The total deal sized at €1.9bn.
  • This is DT’s 2nd public € offering YTD, having last issued a dual-tranche on the 20th of April. Both tranches were for €750m, with a 7yr pricing at MS+55 )30bps tighter than IPTs from a book of €1.39bn). A 12yr priced at MS+85 (30bps tighter than IPTs from a book of €1.35bn). For context T-Mobile USA Inc (part of the group) issued a €2.5bn triple tranche on the 12th of Feb.
• SES (exp. Issue ratings of Ba1 / BBB- by Moody’s & Fitch), a global satellite communications provider, brought its anticipated €500m (exp) fixed rate, Reg S (Cat 2) senior unsecured 4.5yr. IPTs were in the area of MS+ 225 (which equated to a yield of c.5.89% at the announcement). The trade launched for €500m at MS+210, when books were over €975m. Books sharpened to over €745m at allocations.
  • SES last issued a dual-tranche offering on the 17th of June last year, guaranteed by SES Americom Inc, to finance its acquisition of Intelsat. The M&A driven trade comprised of a €500m 5yr which priced at MS+190 (55bps tighter than IPTs from a book of €3bn); & a €500m 8yr which priced at MS+248 (37bps tighter than IPTs from a book of €2.5bn). Proceed from today's deal, in addition to GCP, will be used for the cash tender offer for its outstanding €500m fixed rate notes issued in 2019.

• Japan Bank for International Cooperation - JBIC (exp. Issue ratings of A1 / A+ by Moody’s & S&P), guaranteed by Japan, announced their anticipated € benchmark 7yr fixed rate SEC-registered global bond offering. Guidance on the issue was in the area of MS+40. Book announced as in excess of €2.4bn (inc. €150m JLMs). Spread set at MS+39. The trade launched for €1.5bn at MS+39. Books closed in excess of €2.4bn (inc. €150m JLMs).
  • JBIC last issued a €2.5bn 5yr on the 15th of April. The trade priced at MS+32 (3bps tighter than guidance from a book of €4.7bn). They just issued the one trade in 2025; a £350m 5yr at MS_61 (2bps tighter than guidance from a book of £570m). Both trades were SEC Registered, senior unsecured offerings.
• TenneT Netherlands B.V. (exp. issue ratings of Aaa / AAA by Moody’s & S&P), brought their anticipated fixed rate, Reg S, Registered, 0% RW, HQLA Level 1, Green, € benchmark 5yr. Guidance on the notes were in the area of MS+6. Spread set at MS+3 & launched & priced for €1.5bn when books were above €3.8bn (inc. €225m JLMs). Final books at reoffer were €3.4bn (inc. €225m JLMs).
  • Tennet was in the market earlier this month with a dual-tranche Green offering like today’s trade. The deal consisted of a €1.5bn 7yr priced at MS+15 (3bps tighter than guidance from a book of €7.9bn); & a €1bn 15yr priced at MS+37 (3bps tighter than guidance from a book of €10bn).
• Instituto de Crédito Oficialenne - ICO (exp issue ratings of A3 / A+ / A / A+ by Moody’s, S&P, Fitch & Scope), explicitly guaranteed by the Kingdom of Spain, brought their anticipated RegS €500m (wng) Social Bond. Guidance on the issue was in the area of SPGB 3.1% 30th July 2031 (mid) +9. Books were first called in excess of €1.1bn & guidance was revised to SPGB +7 area. Books rose to in excess of €1.25bn & spread set at SPGB +6.
  • This is ICO’s 2nd public € offering YTD, having last issued a €500m 5.5yr Green bond on May 12th which priced at SPGB+4 (5bps tighter than guidance from a book of €3.3bn). Their last Social bond, like today's, was on the 28th of October last year when they priced a €500m 4.5yr at SPGB+5 (4bps tighter than guidance).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Asian Development Bank (rated Aaa / AAA / AAA by Moody's, S&P & Fitch). Announced a Global (SEC Exempt), £ benchmark, 3yr FRN. The deal announced with spread set at SONIA DM+25. Books were called in excess of £950m & deal size was refined to £750m (min). Deal size set at £750m, with final books closing in excess of £1bn.
  • This is the 3rd public £ print by the ADB YTD. The last being a £500m 6yr FRN which priced at SONIA+33 (1bp tighter than guidance from a book of £840m). Prior to that they priced a £1.75bn 5.5yr fixed rate trade at MS+41 (1bp tighter than guidance from a book of £5.2bn). For context ADB has tapped the public € market 3 times YTD. All so far have been senior unsecured fixed rate trades, with the last 2 being a €1.25bn 7.25yr earlier this month at MS+12 & a €1.25bn 7yr in June also at MS+12. On the 8th of Jan they brought a 3yr €2.5bn trade which priced at MS+3 (3bps tighter than guidance from a large book of €8.9bn).

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• The Republic of Finland (exp. Issue ratings of Aa1 / AA+ / AA by Moody’s, S&P & Fitch), brought their expected Chf benchmark, 10yr offering. Initial minimum size was announced as Chf100m with price talk at SARON MS+21 to +23. Spread set at the wide end of that range at MS+23. A new minimum size of Chf125m was announced & it priced on those terms.
  • This is their 4th visit to the public € markets in 2026, having last priced a €4bn 7yr on the 19th of August at MS+15 (2bps tighter than guidance from a book of €11.25bn). More relevant to today’s trade was their €4bn, 10yr on the 9th of April, which priced ar MS+32 (2bs tighter than guidance from a book of €12.9bn).

Week-to-date volumes:

US$ Reg S (today)

• No issues

Pending Deals & Mandates

Euro (€)

• 28th September: Remy Cointreau (exp. Issue rating of Ba2 by Moody’s), a French family-owned group specialised in the global Wine & Spirits market with a portfolio of exceptional brands, which include Rémy Martin & Louis XIII cognacs & Cointreau liqueur, has mandated, BNP Paribas & Société Générale as Global Coordinators, together with Crédit Agricole CIB & HSBC as Active Bookrunners, to arrange a series of fixed income investor calls on Monday the 28th September & Tuesday the 29th September. An inaugural €250m (wng), Reg S Bearer, Hybrid PNC5 Bond offering may follow subject to market conditions. 
• 29th September: AusNet Services Holdings Pty Limited (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P), mandated Barclays, BNP Paribas, Goldman Sachs International & HSBC to arrange a series of fixed income investor meetings commencing Wednesday the 30th September. A € benchmark 10.5yr, Reg S senior unsecured transaction may follow, subject to market conditions. AusNet is an Australian diversified energy infrastructure business that owns & operates the primary regulated Victorian electricity transmission network, as well as an electricity distribution network in eastern Victoria & a gas distribution network in western Victoria.

• 21st September: Evangelische Bank eG (exp. Issue rating of AAA by S&P), mandated Commerzbank, DZ Bank & NordLB as Joint Lead Managers for its upcoming €250m (wng) sub-benchmark inaugural Mortgage Covered Bond (Hypothekenpfandbrief) with a 5 to 7yr maturity. The deal is expected to be launched in the near future, subject to market conditions.
• 21st September: Banque et Caisse d’Epargne de l’Etat, Luxembourg (aka Spuerkeess) (exp. Issue rating of Aaa by Moody’s), mandated Belfius as Global Coordinator & Belfius, Deutsche Bank, LBBW & Natixis as Joint Lead Managers to arrange a series of fixed income investor meetings & calls commencing on the 28th of September. BCEE is also available for meetings at the European Covered Bond Congress in Seville. An inaugural 7yr Green €500m (wng) Covered Bond transaction is expected to follow as early as Wednesday, subject to market conditions. European Covered Bond (Premium), ECBC Covered Bond label compliant, RegS bearer. Early IOI’s around the low 30’s.
• 21st September: Fairstone Bank of Canada (exp. Issue ratings of Aa1 / AA by Moody’s & DBRS), mandated RBC Capital Markets as Arranger & Sole Structuring Advisor, & BMO Capital Markets, DZ Bank, LBBW, Natixis & RBC Capital Markets as Joint Active Bookrunners for an inaugural 3yr € benchmark soft-bullet Covered Bond. The Covered Bonds are backed by Canadian residential mortgages. This is the borrower's debut covered bond.

• 28th September: The Principality of Andorra (exp. Issue rating of A- by S&P), mandated Citi, Crédit Agricole CIB & Santander to lead manage its upcoming short to intermediate dated €500m (wng) Sustainable Benchmark RegS fixed rate senior unsecured bond transaction. A series of fixed income investor calls will be held virtually on the 28th & 29th of September. The deal may follow in the near future subject to market conditions.
• 29th September: Finnvera (TBA), Finland's Export Credit & SME Financing Agency, mandated Credit Agricole CIB, DZ Bank, Nordea & TD Securities to lead manage its forthcoming €1bn (wng) 5yr fixed-rate RegS Bearer transaction, due 7 October 2031. The transaction will be launched off the issuer's EMTN programme which is unconditionally and irrevocably guaranteed by the Republic of Finland & rated Aa1 / AA by Moody's & Fitch. The issue will be launched in the near future, subject to market conditions.

Transaction Details

PRICED: The Republic of Finland CHF 125m 10yr Sr Unsec; SARON MS+23bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: SARON MS+23bp / 100 / 1.1%
Benchmark: 10yr: Govt + 47.5bp

Launched: 10yr: CHF 125m @ SARON MS+23bp
Spread set at: 10yr: SARON MS+23bp
Guidance: 10yr: SARON MS+21/23bp

• Issuer: The Republic of Finland (Ticker: FINL)
• Issuer Domicile: Finland
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Issuer Rating: Moody's: Aa1 (stable), S&P: AA+ (negative), Fitch: AA (stable)
• Instrument Rating (exp): S&P: AA+
• Issue Size: CHF 125mm
• Coupon: 1.1% p.a. (30/360, following unadj.)
• Maturity: 10 years (28-Oct-26 to 28-Oct-36)
• Spread/Yield: SARON MS +23.0 // YTM 1.1% // Govt + 47.5
• Issue Price: 100%
• ISIN / Valor: CH1613989875 / 161.398.987
• Lead Manager(s): Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Under The Republic of Finland’s Euro 20,000,000,000 Euro Medium Term Note Programme dated 20-Nov-23, as supplemented
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: English law
• Covenants: PP
• SIX Listing: 26-Oct-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: In accordance with selling restrictions of the issuer’s EMTN Programme (in particular, USA and US persons, United Kingdom and Japan).
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.

PRICED: TenneT Netherlands B.V. €1.5bn 5yr Sr Unsec; MS+3bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+3bp / 99.91 / 3.645% Benchmark: 5yr: OBL 2.9 08-Oct-31 @ 97.714 / B+24.6bp

5yr: Final Books €3.4bn (incl. €225m JLM). Peak book above €3.8bn (incl. €225m JLM interests)

Launched: 5yr: €1.5bn @ MS+3bp - Books above €3.8bn (incl. €225m JLM interests)

Spread set at: 5yr: MS+3bp

Guidance: 5yr: MS+6a

• Issuer: TenneT Netherlands B.V. (TENNNL)
• LEI: 724500N24X9VLIRO3K10
• Exp. Issue Rating: Aaa / AAA (Moody’s / S&P)
• Status: Senior unsecured, unsubordinated, explicitly, unconditionally and irrevocably guaranteed by the State of the Netherlands
• Format: 0% RW, HQLA Level 1, Registered Notes, NSS, Reg S, Category 1
• Size: €1.5bn
• Settlement: 06-Oct-26 (T+5)
• Tranche: 5-year
• Maturity: 06-Oct-31
• Coupon: 3.625% Fixed, Annual, ACT/ACT (ICMA)
• Reoffer: MS + 3bps | 99.91 | 3.645%
• Benchmark: OBL 2.9 08-Oct-31(97.714) + 24.6bps
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Denoms: €100k+€1k
• ISIN / Common Code: XS3524267419 / 352426741
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK disclosure document required by DISC
• Docs: Issuer's EMTN Programme
• UOP: An amount equivalent to the net proceeds from the issue of the notes will be used to finance, refinance and/or invest in Eligible Green Investments, as set out in the Issuer’s Green Financing Framework dated 05-Dec-25
• Global Coordinators: Deutsche Bank, Santander
• Bookrunners: Commerzbank, Deutsche Bank (B&D), NatWest, Rabobank, Santander, SMBC
• Advertisement: The Prospectus, any supplements thereto, and the Final Terms (when published) will be available at:https://www.tennet.eu/nl-en/about-tennet/investor-relations/debt-information/emtn-programme
• Green Finance Framework & SPO:https://www.tennet.eu/nl-en/about-tennet/investor-relations/debt-information/green-financing
• Investor Presentation:https://www.tennet.eu/nl-en/about-tennet/investor-relations/investor-presentation
• State Guarantee:https://www.tennet.eu/nl-en/state-guarantee
• Timing: TOE 13.18 CET / FTT Immediately

PRICED: Asian Development Bank £750m 3yr Sr Unsec FRN; SONIA DM+25bp

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: SONIA DM+25bp / 102.108

Launched: 3yr: £750m @ SONIA DM+25bp - Final books closed in excess of £1bn+
Book Update: Books in excess of £950m+
Spread set at: 3yr: SONIA DM+25bp

• Issuer: Asian Development Bank
• Ticker: ASIA
• Rating: Aaa/AAA/AAA (all stable) (Moody's/S&P/Fitch)
• Format: Global (SEC Exempt)
• Size: £750m
• Settle: 08-Oct-26 (T+7)
• Maturity: 05-Oct-29
• Spread: SONIA DM+25bp
• Coupon: SONIA+100, Daily Compounded SONIA, 5 day observation period shift, Quarterly, Act/365F, short first
• Re-offer: 102.108
• Denoms: £1k + £1k
• Docs: Issuer's Global Debt Programme
• Listing: Luxembourg
• Law: English Law
• Tgt Mkt: Manufacturer target market (MiFID II and UK MiFIR product governance) as determined by the Lead Managers is eligible counterparties and professional clients (all distribution channels)
• Leads: NatWest, Santander, TD (B&D)
• ISIN: XS3528345211
• Schedule: Books open, Today's business
• Books to close: 11.30am London
• TOE: 13.10 UKT, FTT immediately

PRICED: ICO €500m Short 5yr Social Sr Unsec; SPGB+6bp

IGC European Market: Deal Flow - SSA

Reoffer: Short 5yr: SPGB+6bp / 99.849 / 3.687%
Benchmark: Short 5yr: SPGB 3.100% 30-Jul-31 / 3.627%

Launched: Short 5yr: €500m @ SPGB+6bp - Books in excess of €1.25bn
Rev Guidance: Short 5yr: SPGB+7a - Books in excess of €1.1bn
Guidance: Short 5yr: SPGB+9a

• Issuer: ICO (Instituto de Crédito Oficial)
• Issue Rating: A+(stb)/A+(stb)/A(stb)/A3(stb) (S&P/Scope/Fitch/Moody's)
• Status: Explicitly guaranteed by Kingdom of Spain - 0% RW
• Format: Senior Unsecured, Social Bond
• UoP: An amount equal to the net proceeds will be allocated to eligible projects in accordance with ICO’s Social Bond Framework (Oct-25).
• Distribution: Reg S Bearer, TEFRA C
• Size: €500m
• Maturity: 30-Jul-31
• Settlement: 06-Oct-26 (T+5)
• Coupon: 3.65% Fixed, Annual, ACT/ACT, short first on 30-Jul-27
• Re-offer: 99.849 / 3.687% yld / SPGB 3.100% 30-Jul-31 +6bps
• Ref Bond: SPGB 3.100% 30-Jul-31 - 3.627%
• Denoms: €1k+€1k
• Listing/Law: AIAF / English Law / ECB-eligibility expected
• Docs: Issuer’s GMTN Programme
• Bookrunners: BofA / Citi (B&D) / CACIB / Santander
• Coleads: Helaba / Natixis
• ISIN: XS3526683621
• Timing: ToE: 14:52 (CET) / 13:52 (UKT), FTT Immediately
• Target Markets: Professionals and eligible counterparties (All channels for distribution), each as defined in MIFID II

PRICED: Stedin Holding €500m 12yr Green; MS+98bp

IGC European Market: Deal Flow - General

Reoffer: 12yr: MS+98bp / 99.477 / 4.683%
Benchmark: 12yr: DBR 1 15-May-38 @ 74.76 / B+96.9bp / HR 114%

12yr: Final Books in excess of €1.7bn at reoffer. Peak book above €2bn (pre-rec, good at guidance)
Hedge Ratio: 114% vs DBR 1 15-May-38
Hedge Deadline: 14.30 UKT / 15.30 CET
Launched: 12yr: €500m @ MS+98bp - Books above €1.9bn (pre-rec, good at guidance)
Spread set at: 12yr: MS+98bp
Guidance: 12yr: MS+100a (+/-2 WPIR)
IPTs: 12yr: MS+130a

• Issuer: Stedin Holding N.V.
• Ticker: STEDIN
• Country: NL
• Issuer LEI: 724500R5IP6TFKTNRU48
• Issuer Rating: A-, stable outlook (S&P)
• Expected Issue Rating: A- (S&P)
• Format: Senior, Unsecured, Reg S Bearer, New Global Note, Green
• Pricing date: 29-Sep-26
• Settlement: 06-Oct-26 (T+5)
• Currency & size: €500m
• Tenor: 12yr
• Maturity: 06-Oct-38
• Reoffer: MS+98bp // 99.477 // 4.683%
• Benchmark: DBR 1 15-May-38 + 96.9bp / HR 114% / DBR at 74.76
• Coupon: 4.625% Fixed; Annual; Actual/Actual (ICMA)
• ISIN: XS3524258426
• Common Code: 352425842
• Early Redemption: Tax Call at Par; MWC B+15bps; 3m Par Call; Clean-up Call (75%) at Par;
• Documentation: To be documented under the Issuer’s EUR 8bn EMTN Programme dated 10-Sep-26
• Denominations: €100,000 x €1,000
• Listing: Euronext Amsterdam
• Law: Dutch Law
• Marketing: URL: https://dealroadshow.finsight.comEntry Code: STEDIN26Direct Link: https://dealroadshow.finsight.com/e/STEDIN26
• Use of Proceeds: To finance and/or refinance, in whole or in part, Eligible Green Assets as outlined in the Issuer’s Green Finance Framework dated Sep-25
• Joint Active Bookrunners: ABN AMRO, ING, Rabobank (B&D), SEB
• Selling Restrictions: As per the Issuer’s EUR 8bn Euro Medium Term Note Programme dated 10-Sep-26 (Reg S Cat. 2; TEFRA D, EEA (no sales to retail), United Kingdom (no sales to retail), Japan, The Netherlands)
• Target Market: Manufacturer target market (MIFID II/UK MiFIR productgovernance) is eligible counterparties and professional investorsonly (all distribution channels). No EU PRIIPs key informationdocument (KID) or UK PRIIPs CCI product summary has beenprepared as the notes will not be made available to retailinvestors in the EEA or the UK
• Advertisement: The Base Prospectus dated 10-Sep-26, is available on the website of the AFM (https://www.afm.nl). The Final Terms, when available, will be published on the Issuer’s website at https://www.stedingroep.nl/eng/investor-relations. The Green Finance Framework and Second Party Opinion are also available on https://www.stedingroep.nl/eng/investor-relations. Neither the Green Finance Framework nor the Second Party Opinion form part of the Offering Materials
• Timing: Priced TOE 15:35 CET / 14:35 UKT // FTT 16:00 CET / 15:00 UKT

12yr (Oct 2038) @ MS+130a
Implied Spread for fresh 12yr @ MS+95
Priced at MS+98
NIC of +3

PRICED: SES €500m 4.5yr Sr Unsec; MS+210

IGC European Market: Deal Flow - General

Reoffer: 4.5yr: MS+210bp / 99.667 / 5.721%
Benchmark: 4.5yr: DBR 2.4 15-Nov-30 @ 96.26 / B+233.5bp

Tranche 1 (4.5yr): Final Books > €745m. Peak book > €975m

Launched: 4.5yr: €500m @ MS+210bp - Books > €975m
IPTs: 4.5yr: MS+225a

• Issuer: SES (Ticker: SESGFP, Country: LU)
• Guarantor: SES Americom, Inc.
• Issuer/Guarantor LEI: 5493008JPA4HYMH1HX51 / 529900CXBBQLCMXKBJ24
• Issuer Ratings: Ba1 (stable) by Moody's / BBB- (stable) by Fitch
• Expected Issue Rating: Ba1 by Moody's / BBB- by Fitch
• Format: Senior, unsecured, Reg S (Cat 2), Registered, NSS
• Settlement: 06-Oct-26 (T+5)
• Currency / Size: €500m
• Maturity: 4.5 yr (06-Apr-31)
• Re-offer: MS+210bp / 99.667 / 5.721%
• Reference Benchmark: 233.5bp vs vs DBR 2.4 15-Nov-30 @ 96.26 / 3.386% (HR: 104%)
• MWC: B+35bp
• Coupon: 5.625% Fixed, Annual, short first coupon, Act/Act ICMA, Following, unadjusted
• ISIN: ISIN: XS3526679868
• Documentation: Issued under the EMTN Programme dated 10-Apr-26 as supplemented by the prospectus supplement dated 23-Sep-26 (together, the "Prospectus")
• Governing Law: English law
• Early Redemption: 3m Par Call / Tax Call / Clean-up Call (75%) / MWC / CoC
• Denomination: € 100k+1k
• Listing: Luxembourg Stock Exchange, regulated market
• Selling Restrictions: The United States, the EEA (including France and the Republic of Italy), the United Kingdom, Switzerland, Canada, Japan and Singapore. See "Subscription and Sale" of the Prospectus. Category 2 offering restrictions have been implemented for the purposes of Regulation S under the Securities Act.
• UoP: The net proceeds from the issue of the Notes will be applied by the Issuer towards the cash tender offer for its outstanding € 500,000,000 fixed rate notes issued in 2019 (ISIN XS2075811781), which the Issuer has launched concurrently with the issue of the Notes. Any remaining net proceeds will be used for the general corporate purposes of the Group, including the refinancing of other existing indebtedness.
• Clearing System: Euroclear/Clearstream, Luxembourg
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document or UK disclosure document has been prepared as the Notes are not available to retail investors in EEA or the United Kingdom.
• Joint Global Coordinators: BNP Paribas (B&D), ING, LBBW, Mizuho
• Joint Bookrunners: BNP Paribas, Commerzbank, Goldman Sachs International, ING, IMI-Intesa Sanpaolo, KBC, LBBW, Mizuho
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129. It is not a prospectus. The Prospectus is, and the Final Terms, when published, will be, available on the website of the Luxembourg Stock Exchange at: www.luxse.com.
• Marketing: DealRoadshow+Voice-over:FINAL LINK: https://dealroadshow.finsight.com/login/investor/e/SES2026(Recommended)ORVisit https://dealroadshow.finsight.com/enter the entry code: SES2026 (not case-sensitive)
• Timing: TOE 14:51 UKT | FTT 15:30 UKT

4.5yr (Mar 2031) @ MS+225a
Implied Spread for fresh 4.5yr @ MS+200
Priced at MS+210
NIC of +10

ALLOCATIONS OUT: Japan Bank for International Cooperation €1.5bn 7yr Sr Unsec; MS+39bp

IGC European Market: Deal Flow - SSA

Tranche 1 (7yr): Peak book in excess of €2.4bn (incl. €150m JLM interest)

Launched: 7yr: €1.5bn @ MS+39bp - Book closed in excess of €2.4bn (incl. €150m JLM interest)
Spread set at: 7yr: MS+39bp - Book currently in excess of €2.4bn (incl. €150m JLM interest)
Guidance: 7yr: MS+40a

• Issuer: Japan Bank for International Cooperation ("JBIC")
• Issuer LEI: 549300TJ3QFYVCTSCJ29
• Guarantor: Unconditionally and irrevocably guaranteed by Japan
• Expected Ratings: A1 (Moody's, stable) / A+ (S&P, stable)
• Format: SEC-Registered Global
• Settlement: 8-Oct-26 (T+7)
• Maturity: 7-Oct-33
• Size: €1.5bn
• Coupon: Fixed, Annual Act/Act ICMA, short first coupon on 7-Oct-27
• List/Gov Law: Luxembourg Euro MTF (Application made) / NY Law
• Denoms: €100k x €1k
• ECB Eligibility: The notes are intended to be held in a manner that would allow eligibility as collateral for Eurosystem intra-day credit and monetary policy operations.
• Active Books: Daiwa/Barc/CACIB/JPM
• B&D / DM: Barc
• Target Market: Eligible counterparties and professional clients only (all distribution channels), No EEA PRIIPs KID (key information document)or UK CCI product summary required by DISC has been prepared as not available to retail investors in the EEA or in the UK
• Sales into Canada: Yes
• Sales into Italy: Yes
• ISIN: XS3508788315
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Schedule: Books Open, Today's business
• Books Subject: 12:00 LDN / 13:00 CET
• Benchmark: DBR 2.6 15-Aug-33 / HR 103%
• Hedge Deadline: 15:20 LDN / 16:20 CET

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• Details correct at time of posting