• Solid switch in market sentiment to ‘risk-on’.
• Cautious start this morning with a covered trade & NRW the first to emerge in what was a cautious start.
• The session morphed into a rally in European Government bonds, most notably in OAT’s, which staged a recovery across the curve.
• Oil fell meaningfully below $100 & the iTraxx credit indices staged a strong retracement, with the Sun index tightening by nearly 6.0% (see below).
• € IG delivered only €6.5bn from 5 deals (1 x Corp, 3 x FIG & 1 x SSA) & via 7 tranches.
• Outside of €’s primary was quiet with zero issuance in Sterling (£), Swiss Franc & US$ Reg S.
• Today’s “Talking Point” (below) looks at € IG primary supply over the last 4 weeks, compared to both Supply Survey forecasts & comparable supply in 2025.
• iTraxx Europe & the iTraxx Senior & Sub financial indices were significantly tighter, currently at 61.427 (-4.52%), 68.425 (-4.58%) & 112.596 (-5.94%) respectively (as we print).
• Vix Index traded slightly tighter over the session, now at 15.39 (15.52 this morning).
• Brent Crude fell back through $100 per barrel, currently at c.$98.37 (c.$100.78 this morning).
• European equity bourses were all in the green with the FTSE, Dax & CAC 40 up by 0.23%, +0.79% & +0.24% respectively.
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €2bn
  • Avg. tranche size €667m
  • Avg. IPT to Pricing -34.17
  • Avg. cover 5.73 X
• FIG
  • Total IG: €3.25bn
  • Avg. tranche size €1.083bn
  • Avg. IPT to Pricing -4.5 (covered) €2.25bn 
  • Avg. IPT to Pricing -35 (unsecured)  €1bn
  • Avg. cover 2.19 X
• SSA
  • Total IG: €1.25bn
  • Avg. tranche size €1.25bn
  • Avg. IPT to Pricing -2
  • Avg. cover 2.0 X

• Pipeline:  The European IG pipeline is as follows. 
  • 2 x € Corp (1 x dual-tranche debut)
  • 2 x € FIG (2 x Covered)
  • 3 x € SSA
  • 1 x £ SSA

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

Talking Point

• € IG primary issuance has fallen short of expectations over the past two weeks, missing dealer surveys by a wide margin & pointing to a deterioration in market conditions rather than just a seasonal softness.
• Volumes have fallen notably since Week 38. After tracking roughly in line with 2025 & CreditFlows’ Supply Survey expectations through Weeks 37 & 38 (€37.53bn & €35.7bn respectively), issuance dropped to €12.15bn in Week 39, & €8.25bn in Week 40, down 33% & 69% year-on-year.
• The market is underperforming dealer expectations. Week 39 came in at €12.15bn vs. a €25.3bn survey, a 52% miss. Week 40 is tracking at €8.25bn vs. €13.51bn surveyed, a 39% miss. Syndicate desks & borrowers have had to respond quickly to market volatility, at a time when both credit & swap spreads widened & the government bond sell-off made predicting issuance volumes especially hard to call.
• The sharp drop in Weeks 39 & 40 lines up directly with a broad European government bond selloff. French OAT spreads blew out, with contagion spreading into Belgian & Italian debt, stoking concern over a repeat of the eurozone debt crisis. OAT / Bund spreads widened materially, as the euro touched a 17-month low, & the ECB signalled it was watching the situation closely. In this environment, IG corporate issuers have had little incentive to print, as new issue concessions would have been punitive.
• The supply situation has been compounded as Corporates have entered the reporting season, with no survey respondents expecting issuance to top €40bn equivalent this week - far from it. Earnings blackout periods prevent many IG issuers from accessing markets, structurally shrinking the available issuer pool in early October regardless of broader conditions; this year, that seasonal constraint is being amplified by the macro backdrop.

Euro IG (today)

• 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. Combined books came in at north of €12.2bn (split >€1.6bn, >€4.9bn, & >€5.6bn respectively). Guidance was as follows: 2yr FRN at 3mth€+40 area (size set at €400m), 5yr at MS+70 area (size set at €750m), & the 10yr at MS+100 area (size set at €850m). Final terms saw spreads set across the curve at 3mth€+35, MS+65 & MS+95, with corresponding books closed at €1.5bn, €5.4bn & €6.2bn, pre-rec & good at guidance. Final books were >€1.3bn, >€5.15bn & over >€6bn respectively - a collective €12.5bn. 
  • 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).

• 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. JLMs). The trade launched for €1.5bn at MS+14, with books in excess of €2.05bn (pre-rec, exc. JLMs). Final book closed at over €2bn, good at reoffer. 
  • 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. Final terms were set for €750m (upsized from an expected €500m) at MS+30, with books above €1.2bn (pre-rec, inc. €25m JLMs). Final book closed above €1bn (exc. JLMs). 
  • 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. Guidance came in by mid day at MS+170 area, backed by an impressive book of over €5bn (pre-rec). Final terms saw size set at €1bn & spread set at MS+165; backed up with book over €4.9bn (at guidance, pre-rec). Final books closed above €3.9bn.
  • 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).

• 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 JLMs). Final terms were set with issue size confirmed as €1.25bn, with books closed in excess of €2.5bn (inc. €155m JLMs). 
  • 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. 

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.
• 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.

• 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.

• 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 Sustainability Coordinators The deal will be launched in the near future subject to market conditions.
• 6th October: The City of Dortmund, mandated DekaBank & UniCredit to lead manage its upcoming €150m (min) 7yr Stadtanleihe. The issue will be 0% risk weighted, LCR Level !.  The deal will be launched in the near future subject to market conditions.

Sterling (£)

• 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.  

Transaction Details

PRICED: State of North Rhine-Westphalia €1.25bn 10yr Sr Unsec; MS+26bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+26bp / 99.484 / 3.813%
Benchmark: 10yr: DBR 3 15-Aug-36 @ 96.187 / B+35.1bp / HR 102%

Tranche 1 (10yr): Peak book in excess of €2.5bn (incl. €155m JLM)

Launched: 10yr: €1.25bn @ MS+26bp - Books closed in excess of €2.5bn (incl. €155m JLM)
Spread set at: 10yr: MS+26bp - Books in excess of €2.35bn (incl. €140m JLM)
Book Update: Books above €1.7bn (incl. €75m JLM interest)
Guidance: 10yr: MS+28a

• Issuer: State of North Rhine-Westphalia
• Ticker: NRW
• Format: Senior unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
• Issuer Rating: Aa1 / AA / AAA / AAA (Moody's / S&P / Fitch / Scope)
• Size: €1.25bn
• Coupon: 3.750%, Fixed, annual, ACT/ACT ICMA
• Maturity: 13-Oct-36 (10yr)
• Settlement: 13-Oct-26 (T+5)
• Reoffer: MS+26bp / 99.484 / 3.813%
• Benchmark: 35.1bp vs DBR 3 15-Aug-36 @ 96.187 / HR 102%
• List/Law/Denoms: Düsseldorf / German / € 1k+1k
• ISIN/WKN: DE000NRW0Q07 / NRW0Q0
• JLM: BayernLB / DZ Bank (B&D) / HSBC / LBBW / Rabobank
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Timing: Priced. TOE 12:04 UKT / 13:04 CET. FTT immediately
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II

PRICED: Mediobanca €750m 3yr CB; MS+30bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+30bp / 99.693 / 3.735%
Benchmark: 3yr: OBL 2.5% Oct-29 #190 +57bps (@98.12 - HR 100%)

3yr: Final Books above €1bn (excl JLM). Peak book above €1.2bn (pre-rec, incl. €25m JLM)

Launched: 3yr: €750m @ MS+30bp - Books above €1.2bn (pre-rec, incl. €25m JLM)
Book Update: Books above €1bn
Guidance: 3yr: MS+35a

• Issuer: Mediobanca – Banca di Credito Finanziario S.p.A.
• Issuer's LEI Code: PSNL19R2RXX5U3QWHI44
• OBG Guarantor: Mediobanca Covered Bond S.r.l.
• Nominal Amount: €750m
• Status of the Notes: Obbligazione Bancaria Garantita Europea (Premium) - European Covered Bond (Premium)
• Form of the Notes: Reg S Bearer, Dematerialized form
• Eligibility: ECB Eligible, LCR Level 1, beneficial treatment under CRR Art.129 & Solvency II & ECBC Covered Bond Label compliant
• Issuer Rating: Baa3 (pos) / BBB (pos) / BBB- (watch pos) by Moody's / S&P / Fitch
• Expected Issue Rating: AA+ (Fitch)
• Tenor: 3-year, Soft Bullet with 12 months extension period if applicable
• Pricing Date: 06-Oct-26
• Settlement Date: 13-Oct-26 (T+5)
• Maturity Date: 13-Oct-29
• Reoffer: MS+30bps / PX 99.693 / Yld 3.735%
• Benchmark: OBL 2.5% Oct-29 #190 +57bps (@98.12 - HR 100%)
• Coupon: 3.625%, per annum, payable annually in arrears
• Fixed Rate Business day convention: Actual/Actual (ICMA), following
• Floating Rate Provision: Applicable in respect of the extension of the relevant Maturity Date if payment on the Final Redemption Amount is deferred pursuant to Condition 8(b) (Extension of maturity)
• Floating margin: 3 month Euribor +30bps Act/360, following
• Global Coordinator: Mediobanca
• Joint Bookrunners: BofA Securities, Commerzbank, Crédit Agricole CIB, Erste Group, Mediobanca, Santander, Société Générale and UniCredit (B&D)
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• ISIN: IT0005734477
• Denomination: €100,000 and integral multiples of €1,000 in excess thereof
• Listing: Luxembourg Stock Exchange's Regulated Market
• Settlement: Euronext Securities Milan (Monte Titoli)
• Documentation: Issued off the Issuer's Euro 10 billion Covered Bond Programme dated 16-Mar-26 (and supplemented on 13-May-26 and 16-Jun-26)
• Governing Law: Italian
• MiFID / UK MiFIR Target market: Manufacturers target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional investors 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 the EEA or in the UK
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, any applicable Supplements and the Final Terms, when published, will be available at: https://www.luxse.com
• Timing: PRICED - TOE 13.06 UKT // FTT 13.20 UKT / 14.20 CET

Covered
3yr (Oct 2029) @ MS+35a
Implied Spread for fresh 3yr @ MS+28
Priced at MS+30
NIC of +2

PRICED: ABN AMRO Bank N.V. €1.5bn 3yr CB; MS+14bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+14bp / 99.779 / 3.579%
Benchmark: 3yr: OBL 2½ 10-Nov-29 #190 (DE000BU25034) @ 98.14 / B+42.1bp / HR 100%

Tranche (3yr): Final Books good at re-offer > €2bn. Peak book above €2.05bn (pre-rec, excl. JLM)

Launched: 3yr: €1.5bn @ MS+14bp - Books in excess of €2.05bn (pre-rec, excl. JLM)
Spread set at: 3yr: MS+14bp
Book Update: Books over €1.5bn (exc. JLM)
Guidance: 3yr: MS+18a

• Issuer Name: ABN AMRO Bank N.V. ("Issuer") (ticker: "ABNANV")
• LEI: BFXS5XCH7N0Y05NIXW11
• Guarantor: ABN AMRO Covered Bond Company B.V.
• Issuer Ratings: A (Positive) / A1 (Stable) / AA- (Stable) from S&P / Moody's / Fitch
• Instrument: Fixed Rate Soft Bullet Covered Bond
• Expected Instrument Ratings: Aaa / AAA by Moody's / Fitch
• Format: New Global Note, Reg S, Bearer
• Type: Dutch Legislative Covered Bond, European Covered Bond (Premium) Collateral 100% Prime Dutch residential mortgages
• Tenor: 3-year
• Size: €1.5bn
• Pricing Date: 6-Oct-26
• Settlement Date: 15-Oct-26 (T+7)
• Maturity Date: 15-Oct-29
• Extended Due for Payment Date: 15-Oct-30
• Coupon: 3.500% Fixed rate, Actual/Actual ICMA, Following, Unadjusted
• Coupon Payment Dates: Annually in arrear, commencing on 15-Oct-27
• Coupon During Extension Period: 1-month EURIBOR plus 14bps per annum payable monthly in arrear, using day count fraction Act/360, T2, Adjusted, Modified following
• Reoffer: MS+14bp / 99.779 / 3.579%
• Benchmark Spread: OBL 2½ 10-Nov-29 #190 DE000BU25034 +42.1bps. OBL @98.14. HR 100%
• Status of the Notes: The Covered Bonds issued from time to time in accordance with the Programme will constitute unsecured and unsubordinated obligations of the Issuer, guaranteed by ABN AMRO Covered Bond Company B.V., and will rank pari passu without any preference among themselves and at least pari passu with all other present and future unsecured and unsubordinated obligations of the Issuer, save for any obligations preferred by a mandatory operation of applicable law
• Redemption Price: 100% of Notional Amount
• Documentation: ABN AMRO Bank N.V. Covered Bond Programme, guaranteed as to payments and interest by ABN AMRO Covered Bond Company B.V.; Base Prospectus consisting of the Securities Notes dated 21-Aug-26 and Registration Document dated 2-Jun-26, as both supplemented from time to time. The Base Prospectus and supplements are available on the Issuer's website: www.abnamro.com/programmedocs The Final Terms, when published, will be available on the Issuer's website: www.abnamro.com/bonds
• Governing Law: Dutch Law
• Listing / Denominations: Euronext Dublin / €100,000 + €100,000
• Clearing System: Euroclear/Clearstream
• Use of Proceeds: General Corporate Purposes
• Selling Restrictions: As set out in the Base Prospectus and supplements
• Target Market: Eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK disclosure document required by DISC has been prepared as not available to retail in the EEA or in the UK.
• ISIN: XS3532747329
• Joint Bookrunners: ABN AMRO (B&D), BNP Paribas, Crédit Agricole CIB, Deutsche Bank AG, DZ Bank AG, Nord/LB
• Timing: Priced // TOE: 14.47 CET / 13.47 UKT // FTT: 15:15 CET

Covered
3yr (Oct 2029) @ MS+18a
Implied Spread for fresh 3yr @ MS+12
Priced at MS+14
NIC of +2

PRICED: Digital Euro Finco, LLC €1bn 10yr Sr Unsec; MS+165bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+165bp / 99.289 / 5.218%
Benchmark: 10yr: DBR 3 15-Aug-36 @ 96.05 / B+173.9bp / HR 95%

Tranche 1 (10yr Green): Final Books above €3.9bn. Peak book over €5bn (pre rec)

Launched: 10yr: €1bn @ MS+165bp - Books over €4.9bn (at guidance, pre rec), Books closed
Guidance: 10yr: MS+170a - Books over €5bn (pre rec)
IPTs: 10yr: MS+200a

• Issuer: Digital Euro Finco, LLC
• Guarantors: Fully and unconditionally guaranteed by Digital Realty Trust, Inc. (Ticker: DLR / Country: US) and Digital Realty Trust, LP.
• LEI: 635400OUEAPTXSW3SC91
• Current Issuer Ratings: Baa1 / BBB+ / BBB (Stable/Stable/Stable) (M/S/F)
• Expected Issue Ratings:* Baa1 / BBB+ / BBB (M/S/F)
• Format: Senior Unsecured Notes; RegS
• Size: EUR 1bn
• Ranking: Senior Unsecured
• Active Bookrunners: BBVA / BNPP / DB (B&D)
• Tranche: 10-year
• Settlement: 09-Oct-26 (T+3)
• Maturity: 09-Oct-36
• Reoffer: MS+165bps / 99.289 / 5.218%
• Benchmark: DBR 3 15-Aug-36 +173.9 (@96.05) / HR 95%
• Coupon: 5.125% Fixed, Annual, ACT/ACT (ICMA)
• MWC: Yes (B+30)
• Par Call: Yes, 3-months
• ISIN: XS3535900149
• Docs: Reg S Standalone / New York Law
• Denominations: €100,000 x €1,000
• Covenants:
  • Total Indebtedness to Total Assets ≤ 60%
  • Secured Indebtedness to Total Assets ≤ 40%
  • Consolidated EBITDA to Interest Expense ≥ 1.50x
  • Unencumbered Assets to Unsecured Indebtedness ≥ 150%**
• Listings: Irish Stock Exchange, as Euronext Dublin (GEM) Expected
• Clearing: Euroclear and Clearstream, Luxembourg
• UoP: Eligible Green Projects
• Marketing: Link: https://dealroadshow.finsight.com | Entry Code: DLREUR2026
• Sales into Canada: Yes, via exemption
• Timing: Today's business
• TOE/FTT: 14.46 UKT / 15.00 UKT
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK

10yr (Oct 2036) @ MS+200a
Implied Spread for fresh 10yr @ MS+170
Priced at MS+165
NIC of -5

PRICED: Air Liquide Finance €2bn 2yr, 5yr & 10yr Sr Unsec; 3mE+35bp, MS+65bp & MS+95bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+35bp / 100 5yr: MS+65bp / 99.463 / 4.121% 10yr: MS+95bp / 99.858 / 4.518%
Benchmark: 5yr: OBL 2.9 08-Oct-31 @ 98.340 / B+86bp 10yr: DBR 3 15-Aug-36 @ 96.000 / B+103.3bp

Combined Books: closed at c.€12.5bn
Tranche 1 (2yr): Final Books >€1.30bn. Peak book €1.6bn+
Tranche 2 (5yr): Final Books >€5.15bn. Peak book €5.4bn+ pre-rec
Tranche 3 (10yr): Final Books at c.€6bn. Peak book €6.2bn+ pre-rec

Launched:
2yr: €400m @ 3mE+35bp - Books closed at €1.5bn+ pre-rec, good at guidance
5yr: €750m @ MS+65bp - Books closed at €5.4bn+ pre-rec, good at guidance
10yr: €850m @ MS+95bp - Books closed at €6.2bn+ pre-rec, good at guidance
Size set at: 2yr: €400m 5yr: €750m 10yr: €850m
Guidance: 2yr: 3mE+40a 5yr: MS+70a 10yr: MS+100a - Combined books north of €12.2bn (split €1.6bn+ / €4.9bn+ / €5.6bn+ respectively)
IPTs: 2yr: 3mE+60a 5yr: MS+100/105bp 10yr: MS+135a

• Issuer: Air Liquide Finance
• Ticker: AIFP
• Country: FR
• Issuer LEI: 549300YGXL5Z3R14K812
• Guarantor: L’Air Liquide S.A.
• Guarantor LEI: 969500MMPQVHK671GT54
• Guarantor Ratings: A2/A/A by Moody's/S&P/Scope (all stable)
• Exp Issue Ratings: A2/A/A by Moody's/S&P/Scope
• Format: Senior Unsecured, Reg S (Cat 2) Bearer Dematerialized Notes
• Active Bookrunners: Barclays (B&D), BBVA, BofA Securities, CIC CIB, Citi, HSBC, IMI-Intesa Sanpaolo
• Settlement Date: 13-Oct-26 (T+5)
• Tenor:
  • 2yr: 2-Year FRN
  • 5yr: 5-Year Fixed
  • 10yr: 10-Year Fixed
• Maturity Date:
  • 2yr: 13-Oct-28
  • 5yr: 13-Oct-31
  • 10yr: 13-Oct-36
• Size:
  • 2yr: €400m
  • 5yr: €750m
  • 10yr: €850m
• Re-offer:
  • 2yr: 3mE+35 # / 100
  • 5yr: MS+65 # / 4.121% / 99.463
  • 10yr: MS+95 # / 4.518% / 99.858
• Coupon:
  • 2yr: 3mE+35 Quarterly ACT/360
  • 5yr: 4% Annually ACT/ACT (ICMA)
  • 10yr: 4.5% Annually ACT/ACT (ICMA)
• Par Call:
  • 5yr: 3-month
  • 10yr: 3-month
• Make Whole Call:
  • 5yr: Yes (vs Bund) - B+15
  • 10yr: Yes (vs Bund) - B+15
• Clean-up Call:
  • 5yr: Yes (75%)
  • 10yr: Yes (75%)
• Redemption Price:
  • 2yr: 100%
  • 5yr: 100%
  • 10yr: 100%
• ISIN:
  • 2yr: FR001401BIN1
  • 5yr: FR001401BIO9
  • 10yr: FR001401BIP6
• Benchmark References:
  • 5yr: OBL 2.9 08-Oct-31 (98.340 bid) +86bps | HR 98%
  • 10yr: DBR 3 15-Aug-36 (96.000 bid) + 103.3bps | HR 98%
• Documentation: €15bn EMTN programme base prospectus dated 21-May-26 (as supplemented on 18-Jun-26 and on 05-Oct-26) / Luxembourg Stock Exchange (Regulated Market) / French Law / Change of control
• Denominations: €100k+100k
• Use of Proceeds: General Corporate Purposes
• Clearing System: Euroclear France, Clearstream
• Target Market: The manufacturer target market (MiFID II and UK MiFIR product governance as applicable) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs or UK PRIIPs key information document (“KID”) has been prepared as the Notes are not available to retail in EEA or the United Kingdom
• Advertisement Language: The Base Prospectus and its Supplements along with the final Terms, when published, will be available on the website of the Air Liquide Group (www.airliquide.com) and on the Luxembourg Stock Exchange website (http://www.luxse.com)
• Selling Restrictions: As per EMTN Programme Prospectus
• Timing:
  • 2yr: 15h49 UKT
  • 5yr: 15h49 UKT
  • 10yr: 15h51 UKT
• FTT: 16h20 UKT / 17h20 CET

2yr (Oct 2028) @ 3mE+60
Implied Spread for fresh 2yr @ 3mE+25
Priced at 3mE+35
NIC of +10

5yr (Oct 2031) @ MS+100-105
Implied Spread for fresh 5yr @ MS+65
Priced at MS+65
NIC of 0

10yr (Oct 2036) @ MS+135a
Implied Spread for fresh 9yr @ MS+90
Priced at MS+95
NIC of +5

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