Corporate

LIVE DEALS:

• Air Liquide Finance (exp. Issue ratings of A2 / A / A by Moody’s, S&P & Scope), brought a new triple tranche senior unsecured, Reg S, Bearer offering. The 2yr FRN was announced as being €300m (exp), with IPTs of 3mth+60 area. The 5yr € benchmark came with IPTs of MS+100 to +105; while a 10yr € benchmark had IPTs in the area of MS+135.
  • Air Liquid last came to market in October last year with a 4-tranche offering for a collective €2.15bn. A €400m, 2yr FRN priced at 3mth €+23 (22bps tighter than IPTs from a €1.7bn book); a €500m, 4yr at MS+38 (34.5bps tighter than IPTs from a €2.3bn book); a €500m 7.5yr at MS+63 (33bps tighter than IPTs from a book of €1.7bn); & finally a €750m 12yr at MS+8037.5bps tighter than IPTs from a book of €1.8bn).

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:

• ABN Amro Bank N.V. (exp. issue ratings of Aaa / AAA by Moody’s & Fitch), guarantor ABN Amro Covered Bond Company B.V., brought a fresh 3yr Dutch Covered Bond, Global Note, Reg S, Bearer. Guidance was in the area of MS+18. Book update came in mid morning at over €1.5bn (exc. JLM). Final terms were set with a size of €1.5bn & spread at MS+14, with books in excess of €2.05bn (pre-rec, exc. JLM). 
  • ABN last issued a covered bond on the 8th of April when they priced a €1.5bn, 5.25yr at MS+23 (5bps tighter than guidance from a book of €2.2bn). Prior to that we have to go back to September the 25th of last year when they priced a €1.5bn 4yr at MS+19 (6bps tighter than guidance from a book of €1.5bn).
• Mediobanca – Banca di Credito Finanziario S.p.A. (exp. Issue rating of AA+ by Fitch) brought a fresh €500m (exp) 3yr Obbligazione Bancaria Garantita Europea (Premium) - European Covered Bond (Premium), Reg S, Bearer note. Guidance on the notes was in the area of MS+35. Book update came in midmorning above €1bn. 
  • Their last Covered bond was on the 17th of June when they priced a €500m 6.25yr at MS+38 (6bps tighter than guidance from a book of €1.3bn). Prior to that was a €750m 6.25yr offering on the 18th of November last year. That deal priced at MS+45 (7bps tighter than guidance from a book of €3.1bn).
• Digital Euro Finco, LLC (exp. Issue ratings of Baa1 / BBB+ / BBB by Mooy’s, S&P & Fitch). Fully & unconditionally guaranteed by Digital Realty Trust, Inc. & Digital Realty Trust, LP. Announced a new senior unsecured, Reg S, 10yr € benchmark Green bond with IPTs in the area of MS+200.
  • This is their first public € offering in 2026, having last priced a €1.4bn dual-tranche Green offering on the 12th of November last year. Then the €600m 7.25yr priced at MS+125 (35bps tighter than IPTs from a book of €3.2bn); & a €800m 12yr which priced at MS+155 (35bps tighter than IPTs from a book of €2.7bn).

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:

• The State of NRW (rated Aa1 / AA / AAA / AAA by Moody’s, S&P, Fitch & Scope) brought their anticipated 10yr € benchmark fixed rate, RegS trade. Guidance on the offering was in the area of MS+28. Books were first called above €1.7bn (inc. €75m JLMs). Spread was set at MS+26, supported by an orderbook in excess of €2.35bn (inc. €140m JLM). Final terms were set with issue size confirmed as €1.25bn, with books closed in excess of €2.5bn (inc. €155m JLM). 
  • Also active in US$, £ & Chf, NRW last tapped the public € markets on the 19th of August with a €1.5bn 7yr at MS+16 (2bps tighter than guidance from a book of €6.5bn). Prior to that they priced a 10yr (like today’s trade) on the 28th of April for €2.25bn, however, this was a Sustainability Linked offering. The trade priced at MS+25 (2bps tighter than guidance from a book of €5.2bn). Their remaining public € offerings YTD were €3bn dual tranche in March for 5 & 15yrs. In January they priced a €1bn 30yr. 

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.
• 6th October: His Majesty’s Treasury (HMT) of United Kingdom has mandated Barclays, HSBC, Lloyds, Morgan Stanley, NatWest & RBC for its Digital Gilt Instrument (DIGIT) pilot issuance following a competitive procurement process. The transaction is expected to take place by Q1 2027. This follows the appointment of HSBC as the Distributed Ledger Technology (DLT) supplier in February, & the announcement in July that HSBC & LSEG have signed a memorandum of understanding to deliver a bilateral Digital Securities Deposit link.  

• To view the LIVE / REAL TIME European IG pipeline please click here.