• ‘Monthly € IG Review’ published - access in IG Stats section on www.creditflowresearch.com
• Further rally in Gilts & Bunds today, with early market optimism tapering off in the afternoon.
• Only €10.65bn of € IG supply week-to-date, vs forecasts of €25.26bn.
• Total € IG supply for September reached €160.43bn, making it the 3rd most active month YTD, after May’s €194.2bn & January’s €281.1bn.
  • June just beaten into 4th with €160.34
  • €1.352 trillion YTD
• € IG priced €3bn from 5 deals (1 x Corp, 2 x FIG & 2 x SSA) via 5 tranches.
• No issuance today in either the Sterling (£), Swiss Franc or US$ Reg S markets.
• Today’s “Talking Point” (below) looks at € IG supply in September, covering sector volumes, FIG capital structure ranking.
• iTraxx Europe & the iTraxx Senior & Sub financial indices were mixed with iTraxx Europe at 62.686 (-0.10%) & the Senior & Sub wider at 69.214 (+0.84%) & 114.175 (+1.07%) respectively (as we print).
• Vix Index trading down slightly, now at 15.92 (16.04 this morning)
• Brent Crude price trading close to where it began the session, currently at c.$103.71 (c.$103.15 this morning).
• European equity bourses were all lower with the FTSE, Dax & the CAC 40 lower by -0.15%, -0.60% & -0.85% respectively.
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €250m
  • Avg. tranche size €250m
  • Avg. IPT to Pricing -37.5
  • Avg. cover 2.78 X
• FIG
  • Total IG: €1.25bn
  • Avg. tranche size €625m
  • Avg. IPT to Pricing NA -7 (covered) - €500m
  • Avg. IPT to Pricing NA -17.5 (unsecured) - €750m
  • Avg. cover 2.97 X
• SSA
  • Total IG: €1.5bn
  • Avg. tranche size €750m
  • Avg. IPT to Pricing -4
  • Avg. cover 2 X

• Pipeline:  The European IG pipeline. 
  • 1 x € Corp
  • 3 x € FIG (3 x Covered)
  • 2 x € SSA
  • 1 x £ SSA (1 x Blue Bond)

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

Talking Point

• Today we look at € IG issuance for September, broken down by sector & by FIG capital structure ranking.
• FIG dominated, printing €63.65bn across 75 deals, or 39.7% of total volume; ahead of SSA at €54.9bn (34.2%) & Corp at €41.875bn (26.1%). Across all sectors, the month totalled €160.4bn from 149 deals & 189 tranches.
• Covered bonds anchored FIG issuance, accounting for 35.4% at €22.55bn across 28 deals, reflecting investor demand for high-quality secured paper.
• MREL/TLAC-eligible & subordinated instruments formed a meaningful secondary theme. Senior Non-Preferred (€11.325bn), Senior Bail-In (€0.5bn), Tier 2 (€4.35bn) & AT1/RT1 (€3.5bn) together totalled roughly €19.7bn, around 31% of FIG volume.
• SSA punched above its weight on deal size, averaging roughly €1.83bn per deal versus €848m for FIG & €951m for Corp.
• Senior Secured & FA-Backed FIG supply was entirely absent this month, suggesting issuers found covered bonds & senior unsecured formats sufficiently attractive without needing to tap asset-backed structures, keeping balance sheets unencumbered.
• September's composition reflects a market in good health, with investors absorbing senior, subordinated & hybrid paper simultaneously across a heavy bank-led calendar, with SSA’s anchoring supply.

Euro IG (today)

• Remy Cointreau (exp. Issue rating of Ba2 by Moody’s), brought their expected inaugural €250m (wng), Reg S Bearer, Hybrid PNC5 Bond. IPTs were in the yield range of 7.0% to 7.25% (ann). Books were over €1.3bn & the deal launched & priced for €250m at an annual yield of 6.75%. Final books were over €695m.
  • This is the borrower's inaugural public bond issue, having predominantly raised debt previously in the private markets back in 2023 in smaller size. They also issued a € FRN last year, though size & details are not available.

• Banque et Caisse d’Epargne de l’Etat, Luxembourg - (aka Spuerkees) (exp. Issue rating of Aaa by Moody’s), brought their anticipated inaugural 7yr Green €500m (wng) Covered Bond transaction. Guidance on the notes was in the area of MS+38. Orderbooks were above €1.5bn (inc. €75m JLMs), rising to over €1.8b. The deal launched & priced for €500m at MS+31. Final books were above €1.8bn (inc. €75m JLMs).
  • Their last public € offering was back on the 13th of November last year when they priced a €500m 6yr senior non-preferred trade at MS+90 (22bps tighter than IPTs from a book of €1.05bn). Today’s deal is BCEE’s first public € covered offering.
• La Banque Postale (exp. Issue ratings of Baa2 / BBB / A- by Moody’s, S&P & Fitch) brought a € benchmark, 4NC3 fixed-to-float, Senior Non-Preferred offering with IPTs of MS+120 to +125. Books were first called above €1bn (exc. JLMs), rising to over €1.6bn (pre-rec). The deal launched for €750m at MS+105. Final books were over €1.75bn (exc. JLMs).
  • Today’s trade is their 2nd visit to the public € markets YTD, having last priced a €650m 8NC7, Fixed-to-Float, Senior Non-Preferred at MS+112 (23 bps tighter than IPTs from a book of €1.275bn). Prior to that in November was the identical format but for a €500m 7NC6, which priced at MS+115 (22.5bps tighter than IPTs from a book of €1.19bn).

• The Principality of Andorra (exp. Issue rating of A- by S&P), announced their expected €500m (wng) Sustainable Benchmark RegS fixed rate senior unsecured bond transaction. Guidance on the deal was in the area of MS+40. Spread set at MS+32, from a book above €1.3bn. The deal priced 8bps tighter than guidance.
  • The Principality has not issued in the public bond markets since February 2024, when it last priced a €500m, 5yr at MS+71 (4bps tighter than Guidance from a book of €1.1bn). This deal was also a Sustainable print, however, ratings of the senior unsecured issue at the time were Baa2 / BBB / BBB+ by Moody’s, S&P & Fitch).
• Finnvera (rated Aa1 / AA by Moody’s & S&P), Finland's Export Credit & SME Financing Agency, announced their anticipated €1bn (wng) 5yr fixed-rate RegS Bearer transaction, due 7 October 2031. The transaction is unconditionally & irrevocably guaranteed by the Republic of Finland. Guidance on the notes was in the area of MS+8. Books were first called over €1bn (exc. JLMs) & the trade launched for €1bn at MS+8. Final books in excess of €1.4bn (exc. JLMs).
  • Finnvera last came to the market with a €1bn 5yr on the 22nd of October last year. That trade priced at MS+19 (3bps tighter than guidance, from a book of €3.4bn). They are an active borrower in the US$ market, most recently pricing a $1bn 5yr in May at SOFR MS+33 (4bps tighter than IPTs from a book of $3.2bn).

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 (€)

• 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: 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.
• 30th September: Equitable Bank (exp. Issue rating of Aa1 / AA+ by Moody’s & Fitch), mandated Barclays, Commerzbank, DZ Bank AG, Erste Group, LBBW, Scotiabank & TD Securities as Joint Lead Managers to manage its forthcoming €500m (wng) Dec 2029, RegS registered Covered bond transaction. The issue will be launched in the near future, subject to market conditions.

• 30th September: LfA Foerderbank Bayern (rated Aaa / AAA by Moody's & Scope), guaranteed by the Free State of Bavaria, mandated Commerzbank, DekaBank, DZ Bank & Helaba to lead manage its upcoming 7yr €500m (wng). The deal will be launched in the near future, subject to market conditions. The issuer is available for investor calls upon request.
• 30th September: The Federal State of Schleswig-Holstein (rated AAA by Fitch), mandated CACIB, Deutsche Bank, DZ Bank, JP Morgan & NordLB to lead manage its upcoming € benchmark, fixed rate Landesschatzanweisung with a maturity date of 9th of October 2034 (8yr). The deal will be launched in the near future subject to market conditions.

Sterling (£)

• 30th September: Bazalgette Finance plc (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P), mandated CIBC Capital Markets, Lloyds & RBC Capital Markets as Active Bookrunners to arrange a series of fixed income investor calls on the 30th of September. CIBC Capital Markets is coordinating logistics. A £250m (wng), 10yr, senior secured Blue Bond is expected to follow, subject to market conditions. The issuance will be in line with the Issuer’s Sustainable Finance Framework 2025, which is aligned to the ICMA Green Bond Principles & ICMA Practitioner’s Guide “Bonds to Finance the Sustainable Blue Economy”.

Transaction Details

PRICED: Finnvera €1bn 5yr Sr Unsec; MS+8bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+8bp / 99.753 / 3.68%
Benchmark: 5yr: OBL #194 2.9 10-Aug-31 @ 97.81 / B+30.2bp

Final Books: Final books in excess of €1.4bn excl. JLM
Launched: 5yr: €1bn @ MS+8bp - Books over €1bn (excl. JLM)
Guidance: 5yr: MS+8a

• Issuer: Finnvera (FINNVE) (Finland's Export Credit and SME Financing Agency and guaranteed by the Republic of Finland)
• Issuer rating: Aa1/AA (Stable/Stable - Moody's/Fitch)
• Format: Reg S Bearer
• Size: €1bn
• Maturity: 7-Oct-31 (5Y)
• Settlement: 7-Oct-26 (T+5)
• Coupon: 3.625% Fixed, Ann, ACT/ACT ICMA
• Reoffer: MS+8bp / 99.753% / 3.680%
• Benchmark: +30.2bps vs OBL #194 (97.81 / 3.378%)
• Governing Law: English
• Listing: Nasdaq Helsinki
• Denoms: €100k / €1k
• ISIN: XS3528428009
• Docs: Issuer's EMTN Programme
• Target Market: Eligible counterparties and professional clients only (all distribution channels)
• Leads: CACIB (DM/B&D) / DZ Bank / Nordea / TD Securities
• Fees: A fee will be paid in connection to the transaction
• Timing: TOE 13.09 LDN / 14.09 CET. FTT Immediately

PRICED: Banque et Caisse d’Epargne de l’Etat, Luxembourg (Spuerkeess) €500m 7yr CB; MS+31bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+31bp / 99.735 / 3.919%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 94.892 / B+47.2bp / HR 103%

Tranche 1 (7yr): Final Books above €1.8bn. Peak book above €1.8bn (incl. €75m JLM)

Launched: 7yr: €500m @ MS+31bp - Orderbooks above €1.8bn (incl. €75m JLM)
Book Update: Orderbooks above €1.5bn (incl. €75m JLM interest)
Guidance: 7yr: MS+38a

• Issuer: Banque et Caisse d’Epargne de l’Etat, Luxembourg (“BCEE” / “Spuerkeess”)
• Issuer LEI: R7CQUF1DQM73HUTV1078
• Issuer Ratings: Aa3 (stable) by Moody’s, AA+ (stable) by S&P, AA (stable) by Scope
• Exp. Issue Rating: Aaa by Moody’s
• Status of Notes: Covered Bond, Reg S Bearer
• Label: European Covered Bond (Premium), ECBC Covered Bond label compliant
• Issue Size: €500m
• Reoffer: MS+31bps /yld 3.919% / px 99.735%
• Benchmark: DBR 2.6 15-Aug-33 at 94.892 / B+47.2bps HR 103%
• Coupon: 3.875% p.a., fixed, annual, act/act ICMA
• Settlement: 07-Oct-26 (T+5)
• Maturity: 07-Oct-33
• Denominations: €100k + 100k
• Listing: Luxembourg Stock Exchange
• Governing Law: Luxembourg Law
• ISIN: LU3524476929
• Documentation: Issued under the BCEE Luxembourg Mortgage Covered Bond Programme’s Base Prospectus dated 06-Jul-26 and the Final Terms of the Notes
• UOP: An amount equivalent to the net proceeds will be used to finance or refinance, in whole or in part, Eligible Green Assets as described in the Issuer’s Green Bond Framework dated September 2024 which consists of residential mortgage loans and commercial real estate financing for buildings that belong to the top 15% most energy efficient buildings in Luxembourg.
• Target Market: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs KID as not available to the retail in the UK and EEA.
• PRIIPs: No EU or UK PRIIPs key information document (KID) has been prepared as the notes will not be made available to retail investors in the EEA or the UK.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus.
• Joint Lead Managers: Belfius, Deutsche Bank, LBBW, Natixis (B&D)
• Timing: TOE 14:32 CET / FTT 14:55 CET

PRICED: Rémy Cointreau €250m PerpNC5 Sub; 6.750%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5: 6.750% / 100
Benchmark: PerpNC5: DBR 0% Aug-31 / B+340.5bp

PerpNC5: Final books > €695m. Peak book >€1.3bn

Launched: PerpNC5: €250m @ 6.750% - Books >€1.3bn
Book Update: Orderbooks >€850mil pre rec
IPTs: PerpNC5: 7.000-7.250% (annual yield)

• Issuer: Rémy Cointreau SA (Ticker: RCOFP ; Country: FR)
• Issuer LEI: 5493004V6A3Z027YT216
• Issuer Ratings: Baa3 (Negative) by Moody's
• Expected Issue Ratings: Ba2 by Moody's
• Expected Equity Credit: Basket M (50%) by Moody's
• Format: Reg S, Bearer Notes, Cat 1, Dematerialised
• Status: Direct, unconditional, unsecured and deeply subordinated obligations of the Issuer, ranking (i) pari passu among themselves and pari passu with all other present and future Parity Securities of the Issuer, (ii) subordinated to present and future prêts participatifs granted to, and titres participatifs issued by, the Issuer, Ordinary Subordinated Obligations, Unsubordinated Obligations of, or issued by, the Issuer and (iii) in priority to any Junior Securities
• Maturity / Call: Perpetual NC5
• Currency / Size: €250m
• Re-offer: 6.750% (annual yield) / 100
• Reference Benchmark: DBR 0% Aug-31 +340.5bp
• Initial Credit Spread: 315.7bp
• MWC: B+50bp
• Pricing Date: 30-Sep-26
• Settlement Date: 7-Oct-26 (T+5)
• First Call Date: 7-Jul-31 (3 months prior to the First Reset Date)
• First Reset Date: 7-Oct-31 (Year 5)
• Step-up Date: 7-Oct-36 (Year 10)
• Optional Redemption: On any day in the period commencing on (and including) the First Call Date and ending on (and including) the First Reset Date (3-month par call); and on any Interest Payment Date after the First Reset Date
• Interest: Fixed rate of 6.750% per annum, payable annually in arrear until the First Reset Date; thereafter reset every 5 years to the then applicable 5-year EUR Mid-Swap Rate plus the initial margin and the relevant Coupon step-up
• Coupon step-up: 100bps at the Step-Up Date
• Day Count Fraction: ACT/ACT (ICMA)
• Deferral of Interest: At the Issuer's sole discretion in whole or in part; cumulative and compounding (cash settled)
• Arrears of Interest: Arrears of Interest may at the option of the Issuer be paid in whole or in part at any time on the earliest of:
  1. the 10th Business Day following a Mandatory Payment Event,
  2. the next scheduled Interest Payment Date in respect of which the Issuer does not elect to defer all of the interest accrued in respect of the relevant Interest Period,
  3. the date on which the Notes are redeemed, or
  4. the date upon which a judgment is made for the judicial liquidation of the Issuer (liquidation judiciaire), or in the event of a transfer of the whole of the business of the Issuer (cession totale de l'entreprise) subsequent to the opening of a judicial recovery procedure (redressement judiciaire) or in the event of the voluntary dissolution of the Issuer or if the Issuer is liquidated for any other reason (and in all cases listed above, other than pursuant to a consolidation, amalgamation or merger or other reorganization outside the context of an insolvency whereby the surviving entity assumes all obligations of the Issuer under the Notes)
• Make-whole Redemption: Make-Whole Redemption option in whole (but not in part) at the Make-Whole Redemption Amount at any time other than:
  1. during the period from (and including) the First Call Date until (and including) the First Reset Date;
  2. on any Interest Payment Date on or after the First Reset Date
• Optional Redemption: The Issuer will have the right to redeem all of the Notes (but not some only) at the principal amount (together with accrued interest and Arrears of Interest (including any Additional Interest Amounts thereon)) on:
  1. any day in the period commencing on (and including) the First Call Date and ending on (and including) the First Reset Date;
  2. and on any Interest Payment Date after the First Reset Date
• Special Redemption Events: At any time upon:
  in each case together with accrued interest to (but excluding) the early redemption, and any outstanding Arrears of Interest (including any Additional Interest Amounts thereon)
  1. a Substantial Repurchase Event (≥75%), a Gross-Up Event, a Withholding Tax Event, or a Change of Control Event (CoC step-up of 500bps if the Issuer does not elect to redeem the Notes) at the principal amount; and
  2. an Accounting Event, an Equity Credit Rating Event or a Tax Deductibility Event at 101% of the principal amount until (but excluding) the First Call Date, at the principal amount thereafter
• Mandatory Payment Event: At any time upon:
  1. A dividend or any other distribution or payment was validly resolved on, declared, paid or made in respect of any Junior Securities or Parity Securities, subject to carve-outs set out in the Information Memorandum
  2. the Issuer or any Subsidiary of the Issuer, has repurchased, purchased, redeemed or otherwise acquired any Junior Securities, subject to carve-outs set out in the Information Memorandum
  3. the Issuer or any Subsidiary of the Issuer, has repurchased, purchased, redeemed or otherwise acquired any Parity Securities or any Notes, subject to carve-outs set out in the Information Memorandum
• Use of Proceeds: The Issuer intends to use the net proceeds for general corporate purposes, which may include the refinancing of existing indebtedness of the Issuer.
• Denominations: €100k+€100k
• Governing law: French Law
• Documentation: Standalone
• Listing: Euro MTF
• Global Coordinators: BNP Paribas (B&D) / Société Générale
• Joint Bookrunners: Crédit Agricole CIB / HSBC
• ISIN: FR001401B551
• Marketing: URL: http://www.netroadshow.com Entry Code: River2026 Direct Link: http://www.netroadshow.com/nrs/home/#!/?show=29b5069a
• Target Market: Eligible Counterparties and Professional investors only (all distribution channels). No PRIIPs key information document (KID) and disclosure document required by FCA Product Disclosure Sourcebook have been prepared as not available to retail in EEA or in the UK
• Selling Restrictions: As per Preliminary Information Memorandum dated 28-Sep-26
• Timing: TOE 13:34 UKT | FTT 14:00 UKT

PRICED: La Banque Postale €750m 4NC3 SNP; MS+105bp

IGC European Market: Deal Flow - General

Reoffer: 4NC3: MS+105bp / 99.665 / 4.622%
Benchmark: 4NC3: OBL 2.5 Oct-29 @ 97.78 / B+133.9bp / HR 98%

4NC3: Final Books in excess of €1.75bn (excl. JLM). Peak book in excess of €1.75bn (pre-rec)

Launched: 4NC3: €750m @ MS+105bp - Orderbook in excess of €1.6bn pre-rec
Book Update: Books above €1bn excl JLM
IPTs: 4NC3: MS+120/125bp

• Issuer: La Banque Postale
• Issuer LEI: 96950066U5XAAIRCPA78
• Issuer Ratings: A2 (Moody's, Stable) / A (S&P, Stable) / A (Fitch, Stable)
• Expected Issue Ratings: Baa2 (Moody's, Stable) / BBB (S&P, Stable) / A- (Fitch, Watch Negative)
• Format: Senior Non-Preferred, Reg S category 2, Bearer Dematerialized deemed Registered (au porteur)
• Use of Proceeds: General Corporate Purposes
• Launch Date: 30-Sep-26
• Settlement Date: 8-Oct-26 (T+6)
• Tranche: 4NC3 FXD-to-FRN
• Maturity Date: 8-Oct-30
• Optional Redemption Date: 8-Oct-29 at par
• Size: €750m
• Reoffer: MS+105bp / 99.665 / 4.622%
• Benchmark: OBL 2.5 Oct-29 @ 97.78 / B+133.9bp / HR 98%
• Coupon: Fixed Annual, Actual/Actual. From the Issue Date to the Optional Redemption Date (excluded): 4.5% fixed rate, payable annually. From the Optional Redemption Date (included) to the Maturity Date: if not called on Optional Redemption Date: floating rate based on the 3-month EURIBOR plus 105 basis points, payable quarterly
• Waiver of Set-Off: No holder may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such holder. Each holder shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities.
• Clean-up Call: Applicable, if, 75 per cent. or more in nominal amount of the Notes hitherto issued have been redeemed or purchased and cancelled
• Bail-in powers: In the event that the Autorité de contrôle prudentiel et de résolution (and/or any other authority entitled to exercise or participate in the exercise of the bail-in power from time to time) exercises write down and conversion powers in respect of the Notes in accordance with Article 48 of the BRRD II or any successor requirement, the principal amount of the Notes shall be written down on a permanent basis or converted to instruments qualifying as common equity tier 1 instruments in accordance with applicable MREL/TLAC Requirements.
• Denominations: €100k+100k
• Listing: Euronext Paris
• Governing Law: French law
• Documentation: Issued off the La Banque Postale's €20,000,000,000 Euro Medium Term Note Programme Base Prospectus dated 23-Apr-26, as supplemented on 19-May-26, 4-Aug-26 and 23-Sep-26.
• Advertisement: Base Prospectus dated 23-Apr-26 and its supplements are available on Base prospectus and supplements - La Banque Postale. Final Terms will be available on https://www.labanquepostale.com/en/investors/dette/bonds-and-final-terms.html
• Joint Lead Managers: BNP Paribas, Crédit Agricole CIB, La Banque Postale, Morgan Stanley (B&D), Natixis, UBS
• ISIN: FR001401BBR7
• Business Days: T2
• Target Market: EU MiFID product governance - Eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or the UK. No sales to retail clients in the EEA or the UK
• TOE: 15:26 CET
• FTT: 15:50 CET

Senior Non-Preferred FTF
NC3yr (Oct 2039) @ MS+120-125
Implied Spread for fresh NC3yr @ MS+93
Priced at MS+105
NIC of +12

PRICED: Principality of Andorra €500m 3yr Sust Sr Unsec; MS+32bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+32bp / 99.958 / 3.890%
Benchmark: 3yr: OBL 2.5 10-Nov-29 #190 @ 97.76 / B+60.0bp

3yr: Peak book above €1.3bn

Launched: 3yr: €500m @ SPGB+32bp - Books above €1.3bn
Spread set at: 3yr: SPGB+32bp
Revised Guidance: 3yr: MS+35a - Books above €1.2bn
Guidance: 3yr: MS+40a

• Issuer: Principality of Andorra (Ticker: ANDRRA)
• Issuer Ratings: Baa1/A-/A- (Pos/Pos/Sta) by Moody's/S&P/Fitch
• Exp. Issue Ratings: A- by S&P
• Format: Reg S, Bearer
• Ranking: Senior Unsecured
• Size: €500m
• Settlement: 07-Oct-26 (T+5)
• Maturity: 07-Oct-29
• Coupon: 3.875%, Fixed, Annual, Act/Act
• Reoffer: 99.958% / 3.890% / MS+32bps
• Benchmark: +60.0bps vs OBL 2.5 10-Nov-29 #190 (97.76%)
• Docs/Listing: EMTN/Luxembourg
• Gov Law: Luxembourg Law
• Min Denoms: €100k + €100k
• Use of Proceeds: According to the Principality of Andorra Green, Social and Sustainability Framework
• Sole ESG Structuring Advisor: CACIB
• Bookrunners: Citi (B&D) / CACIB / Santander
• Timing: Priced. TOE 16.26 CET / FTT immediately
• ISIN: XS3528380986
• Target Market: The target market for the Bonds is professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II
• Advertisement: The final prospectus, when published, will be available at [http://www.bourse.lu]

• To view the LIVE / REAL TIME European IG pipeline please click here.
• Details correct at time of posting