Corporate

LIVE DEALS:

• Grand City Properties S.A. (exp. Issue rating of BBB by S&P) brought a senior unsecured, €500m, Bearer 2NC1 FRN via a sole lead. There were financial / leverage covenants on the notes. Guidance on the issue was 3mth € +100.
  • GCP is incorporated in Luxembourg, & is a subsidiary of ‘Aroundtown SA’, one of Europe’s largest commercial & residential real estate groups. GCP’s core business is real estate investment, repositioning & management; predominantly in Germany & also in the UK. Their last public € print was on the 24th of April, when they priced a €600m, PerpNC5.25 junior subordinated, hybrid, fixed-rate reset offering which priced to yield 5.8% (32.5bps in from IPTs). Their last senior offering like today’s was in July 2024 when they brought a €500m 5yr at MS+195 (40bps tighter than IPTs from a book of €3.6bn)

MANDATED DEALS:

• 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 as soon as Thursday 7th, subject to market conditions. Investor calls concluded Tuesday with c.70 investors engaged. Balance of feedback centred around MS+low-mid-100s (L-4yr) & MS+mid-high-100s (7yr).
• 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.

FIG
LIVE DEALS:

• Equitable Bank (exp. Issue rating of Aa1 / AA+ by Moody’s & Fitch), announced their expected €500m (wng) Dec 2029, RegS registered Covered bond transaction. Guidance on the issue was in the area of MS+38.
  • Last present on the 12th of June last year with a €500m 3.3yr Covered Bond which priced at MS+45, in line with guidance from a book of €650m.
• Deutsche Bank Aktiengesellschaft (exp. Issue ratings of Baa1 / BBB / A- by Moody’s, S&P & Fitch) announced a Senior Non-Preferred, Green short 6NC5 (4th August 2032 / 2031). IPTs on the notes were in the area of UKT 0.25% 31st July 2031 +135. Book first called in excess of £1.5bn.
  • DB last issued in the public Sterling market back on the 18th of February last year, when they priced a £500m 4yr, Senior Non-Preferred at UKT+120 (20bps tighter than IPTs, from a book of £1.45bn). Prior to that one has to go back to February 2023 for the next £ trade - a £750m 8yr.

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.

SSA

LIVE DEALS:

• The Free State of Saxony (rated AAA by S&P) brought their anticipated LSA (Landesschatzanweisung), senior unsecured €500m (wng) 7yr. Guidance on the notes was in the area of MS+14 (equiv. to DBR June 2033 + c.35 at time of announcement). Books in excess of €435m (inc. €75m JLMs). Spread set at MS+17. Final books were above €395m (inc. €75m JLMs) good at re-offer.
  • This is their first public offering in €’s YTD, having last priced a €500m 7yr at MS+28 on the 4th of September last year (in line with guidance). In addition to that the State issued a further 3 times in 2025, each for €500m (7, 8, & 10yr).
• Nordic Investment Bank (rated Aaa / AAA by Moody’s & S&P) announced a Senior, Unsecured, RegS Bearer, £200m (wng) TAP of their existing £300m FRN dated 21st December 2029.
  • This is a tap of their most recent £ trade priced on the 18th of September. The original £300m, senior unsecured 3.25yr trade priced at SONIA +25 (1bp tighter than Guidance from a book of £1bn). For context NIB issued a further trade in 2026, pricing a £500m 3.5yr in February at SONIA MS+30 (1bp tighter than guidance from a book of £1.25bn).

MANDATED DEALS:

• 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 1. 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.
• 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.

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