Corporate

LIVE DEALS:

• DFMG Holding GmbH (exp. Issue ratings of BBB- / BBB by Fitch & Kroll), having concluded their investor work on Tuesday, brought their anticipated debut € benchmark Reg S, bearer, fixed-rate, senior secured dual-tranche bond offering, consisting of long 4yr (15th May 2031) & 7yr. IPTs on the Long 4yr were in the area of MS+170; & in the area of MS+200 for the 7yr.
  • Today’s deal is a true debut to the public bond markets, in any currency. DFMG Holding GmbH is the holding company for Deutsche Funkturm (DFMG Deutsche Funkturm GmbH), Germany’s primary passive telecommunications infrastructure provider. The entity issuing today manages, acquires, builds, & leases passive mobile infrastructure (primarily telecommunication towers, rooftop antenna masts, & small cells). It provides tower access & infrastructure services to major mobile network operators like Deutsche Telekom, Vodafone, Telefónica (O2), & 1&1.

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.

FIG

LIVE DEALS:

• No Supply

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 Federal State of Lower-Saxony (rated AAA by Fitch), brought its expected € benchmark, 8yr (13th Oct 2034), LSA (Landesschatzanweisung), senior unsecured trade. Guidance on the notes was in the area of MS+22. Books first called above €750m (inc. €100m JLMs), rising to above €800m (inc. €125m JLMs). Spread set at MS+22. The trade launched for €1bn when books were above €1.14bn (inc. €125m JLMs).
  • Only a little over 2 weeks ago they brought a €500m 10yr FRN which they priced at 6mth €+21 (in line with guidance). On the fixed rate side we go back to March the 11th when they priced a €1bn 3yr at MS+5 (in line with guidance, from a book of €1.6bn). In 2026 they also printed a €1bn 8yr in February & a €3bn dual-tranche (8yr & 5.25yr) on the 5th of January. Books on the January trade were impressive at €7.4bn & €10.3bn respectively.
• The International Development Association - IDA (rated Aaa / AAA by Moody’s & S&P), having mandated yesterday, brought their anticipated 30yr, fixed rate, € benchmark Sustainable Development Bond (SEC exempt). Guidance on the trade was in the area of MS+82. Books were first cited as over €1bn (exc. JLMs). Spread set at MS+80 & the deal launched for €1bn.
  • This is the IDA’s 2nd visit to the public € markets YTD, having last priced a €2bn 15yr Sustainable trade on the 13th of May at MS+42 (2bps tighter than guidance from a book of €5bn). Prior to that they brought a €2bn 25yr trade in October 2025 at MS+84 (2bps tighter than guidance from a book of €2.9bn).

MANDATED DEALS:

• 7th October: The Grand Duchy of Luxembourg (rated Aaa / AAA / AAA by Moody’s, S&P & Fitch), mandated Barclays, BCEE, BGL BNP Paribas, Citi & Credit Agricole CIB as Joint Lead Managers to arrange a series of virtual fixed-income investor calls in relation to its upcoming Inaugural 10yr, € benchmark fixed rate Digitally Native Securities. The Digitally Native Securities will be issued on a distributed ledger technology (DLT) platform operated by LuxCSD S.A. (D7 DLT Platform). The Digitally Native Securities are also eligible for clearance & settlement though Clearstream Banking & Euroclear Bank SA/NV. The transaction is expected to be launched & priced in the near future, subject to market conditions. RegS Bearer, CAC, FCA/ICMA stabilisation.
• 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.