Corporate

LIVE DEALS:

• Amprion GmbH (exp. Issue ratings of Baa2 / A- by Moody’s & Fitch) announced a dual-tranche € benchmark, Green issue with a 6yr & 10yr tranche. The unsecured, Reg S, Bearer notes carried respective IPTs in the area of MS+120 & MS+155.
  • All recent trades by Amprion have been green issues, with their last a €1bn, dual-tranche subordinated offering on the 20th of April. Their last senior print was a triple tranche on the 7th of January when they priced a €700m 5yr @ MS+65 (-37.5bps tighter than IPTS from a €2.1bn book); a €1bn 12yr @ MS+110 (35bps tighter than IPTs from a €3.5bn book); & a €900m 20yr @ MS+140 (35bps tighter than IPTs from a €3.8bn book). Amprion is one of Germany's 4 main electricity transmission system operators, responsible for managing, maintaining, & expanding a high-voltage power grid that transports electricity across western & southern Germany.

MANDATED DEALS:

• 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.
• 5th October: DFMG Holding GmbH (exp. Issue ratings of BBB- / BBB by Fitch & Kroll), the leading tower infrastructure operator in Germany & Austria, mandated BNP Paribas, BBVA & Crédit Agricole CIB as Joint Active Bookrunners to arrange a series of fixed income investor calls on Monday 5th & Tuesday 6th October. BNP Paribas is coordinating logistics. A debut € benchmark Reg S, bearer, fixed-rate, senior secured dual-tranche bond offering, consisting of long 4yr & 7yr, will follow, subject to market conditions.

FIG
LIVE DEALS:

• Evangelische Bank eG (exp. Issue rating of AAA by S&P), brought their anticipated € offering. Having previously stated a 5 to 7yr maturity they opted to bring a 6yr, €250m (wng) sub-benchmark inaugural Mortgage Covered Bond (Hypothekenpfandbrief). Guidance on the notes was in the area of MS+35. Books were first called above €300m (inc. €50m JLMs). The deal launched for €250m at MS+32, with the book over €325m (inc. €50m JLMs).
  • The borrower is a German cooperative bank used to only issuing very small illiquid debt deals in the domestic market (eg: €40m or less). Today’s trade represents their inaugural Mortgage Covered Bond (Hypothekenpfandbrief). They have issued traditional mortgage Pfandbrief bonds before, but again all small & domestic.

MANDATED DEALS:

• 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.

SSA

LIVE DEALS:

• Landeskreditbank Baden Wuerttemberg – Foerderbank [aka: L-Bank] (rated Aaa / AA+ / AAA by Moody's, S&P & Fitch). Guarantor: Explicitly & unconditionally guaranteed by the German Federal State of Baden-Wuerttemberg, announced a £ benchmark with a maturity of 31st July 2031. The Reg S, Bearer, senior unsecured offering was announced with spread set at SONIA MS+40 (equivalent to UKT 0.25% 31st July 2031 +22.5 at announcement).
  • This is L-Banks’ 3rd £ trade YTD, having last priced a £500m 3yr FRN at SONIA MS+32 (in line with guidance from a £550m book). Prior to that they brought a £650m 4.5yr at MS+37 (in line with guidance from a book of £750m).

MANDATED DEALS:

• 1st October: The Federal State of Saxony-Anhalt (rated Aa1 by Moody’s & Fitch), mandated BayernLB, CACIB, DZ Bank, ING, JP Morgan, NatWest & NordLB to lead manage its upcoming €500m (wng) inaugural Green, fixed rate Landesschatzanweisung with a medium term maturity. DZ Bank & NatWest are Joint Stability Coordinators The deal will be launched in the near future subject to market conditions.

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