• Despite the geo-political turmoil going into today’s session the primary markets were surprisingly sanguine & receptive to fresh supply.
• 3 of the deals in the pipeline cleared & the EU provided clarity on their dual-tranche (see below).
• European equities were up, as was oil. Govies were mixed with no seismic moves, though OAT yields 5yrs & out were c.2.5 to 0.5bps wider.
• Credit indices & spreads were largely flat to a fraction wider
• € IG delivered €2.77bn from 6 deals (2 x Corp, 2 x FIG & 2 x SSA) via 6 tranches.
  • 10.86% of our ‘Supply Survey’ Forecast of €25.5bn.
  • Avg. deal size today was relatively small given the number of deals at €462m.
  • Book multiples were solid, with the Danfoss trade 6 X oversubscribed.
• Sterling (£) priced £300m from 1 deal (1 x FIG) via 1 tranche.
  • Standard Life’s Tier 2 was 6 X oversubscribed.
• There was no supply in either the Swiss Franc or US$ Reg S markets.
• Today’s “Talking Point” (below) looks at € IG SSA primary issuance YTD, covering volumes, deal counts, & final book dynamics.
• iTraxx Europe & the iTraxx Senior & Sub financial indices were flat to a fraction wider today, currently at 63.251 (+0.49%), 71.138 (+0.76%) & 119.05 (+1.42%) respectively (as we print & % △ on the day).
• Vix Index is wider on the day, now at 15.3 (14.84 this morning).
• Brent Crude continued to rise, currently at c.$106.91 (c.$104.05 this morning).
• European equity bourses were all in the green with the FTSE, the Dax & CAC 40 up by +0.76%, +0.76%, & +0.31% respectively.
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €1.12bn
  • Avg. tranche size €560m
  • Avg. IPT to Pricing -33.75
  • Avg. cover 4.77 x  
• FIG
  • Total IG: €950m
  • Avg. tranche size €475m
  • Avg. IPT to Pricing -5 (covered) €750m
  • Avg. IPT to Pricing 0 (unsecured) €200m
  • Avg. cover 2.13 x 
• SSA
  • Total IG: €700m
  • Avg. tranche size €350m
  • Avg. IPT to Pricing -1.5
  • Avg. cover 1.93 x

• Pipeline:  The European IG pipeline is as follows. 
  • 1 x € FIG (1 x Covered)
  • 2 x € SSA (1 x Digital Native Security & 1 x EU dual-tranche)
    • The European Union: 15yr & TAP of Oct 33. Expect a combined €9 to €12bn.

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

Talking Point

• Today we look at € IG SSA primary issuance YTD, covering volumes, deal counts, & final book dynamics.
• SSA issuance was heavily front-loaded into the opening weeks of the year. Weeks 1 to 3 (9th to 23rd Jan) together brought €140bn across 34 deals, with Week 1 (€60.75bn, 12 deals) & Week 2 (€48bn, 14 deals) ranking among the busiest of 2026. Supply has since narrowed considerably, with Week 39 printing just €6.5bn (7 deals) & Week 40 only €3.75bn (4 deals), the thinnest stretch since the zero supply in Week 31.
• The bookbuilding data points to a steady drop in investor demand, alongside the volume slowdown, which added execution risk for issuers. This is flagged as a central driver of the recent pullback, compounded by the choppy rate environment.
• Risk-off positioning & French political/fiscal strain have shaped recent sentiment. Reports point to money rotating into core government bonds rather than SSA paper, with swap spreads said to be widening as investors draw a firmer distinction between core sovereign & agency/supranational risk.
• A more technical explanation is that funding targets are largely done for the year. Having already placed €577.3bn YTD against programmes set out in advance, most large SSA borrowers have probably hit or nearly hit their 2026 goals, leaving mainly opportunistic, residual deals that are naturally less prevalent in a shaky market.

Euro IG (today)

• AusNet Services Holdings Pty Limited (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P), brought their anticipated (mandated 29th of Sept) €500m (exp), 10.5yr (21st April 2037), Reg S senior unsecured transaction. IPTs were in the area of MS+150. Books were reported north of €2.75bn (pre-rec). Guidance was in the area of MS+120 & the deal was increased, sizing at €620m. Books grew to above €2.7bn (pre-rec, good at guidance). The deal launched & priced for €620m at MS+117 (33bps tighter than IPTs). Books were north of €2.2bn.
  • AusNet last came to the public € markets on the 28th of April 2025, when they priced a €500m, 10yr at MS+130 (40bps tighter than IPTs). Ratings are unchanged since that issue. 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.
• Danfoss A/S (exp. Issue rating of Baa1 by Moody’s) brought a 5.5yr, senior unsecured, Reg S, Bearer, €500m (wng) issue. IPTs on the trade were MS+120 to +125. Books came in over €2.95bn & the deal launched & priced for €500m at MS+88. The final book was over €3bn.
  • Having not issued in the public € markets since 2023, Danfoss tapped the market on the 25th of March with a €700m 7.25yr senior unsecured trade pricing at MS+95 (40bps tighter than IPTs from a book of €2.5bn). Danfoss is a Danish multinational engineering company that manufactures energy-efficient heating, cooling, power electronics, & hydraulic components used in building systems, industrial machinery, & electrification.

• Landesbank Baden-Württemberg (exp. Issue rating of Aaa by Moody’s) announced a € benchmark      Hypothekenpfandbrief (Mortgage Pfandbrief), EU harmonisation label European Covered Bond (Premium). Books were above €1.3bn (inc. €200m JLMs), rising to over €1.6bn (inc. €225m JLMs). The deal launched & priced for €750m at MS+7.
  • This is the 4th Covered bond by LBBW in 2026, the last being a €1bn 4yr which priced at MS+11 (6bps tighter than guidance from a €1.65bn book), this last trade had no green credentials. Their €1bn 6yr covered trade on May the 19th was, however, a Green issue, which priced at MS+20 (6bps tighter than guidance from a book of €2.35bn). Lastly they brought a €500m 8yr covered on the 23rd of February at MS+22 (5bps tighter than guidance from a book of €1.18bn).
• Klepierre SA (issue rated A- by S&P) tapped their existing €400m, senior unsecured 12th May 2028 FRN, for an additional €200m, bringing the total outstanding to €600m. The sole-led tap priced at 3mth €+62.
  • Prior to this tap, which priced today, the only other trade YTD was a €500m 8yr on the 25th of August which priced at MS+85 (30bps tighter than IPTs from a book of €1.15bn). Today’s tapped trade originally came to market on the 29th of April last year. Paris based Klépierre SA is a major European REIT that specializes in the ownership, development, & management of shopping centers across continental Europe.

• The Federal State of Saxony-Anhalt (rated Aa1 by Moody’s & Fitch), brought their expected €500m (wng) inaugural Green, fixed rate senior, unsecured Landesschatzanweisung (LSA) offering. Guidance on the trade was in the area of MS+13. Books were in excess of €535m (inc. €65m JLMs) when spread set at MS+13. Final Books in excess of €1.2bn (inc. €150m JLMs). The trade launched & priced for €500m at MS+13.
  • This is their 3rd meaningful (>€100m) public senior unsecured € offering YTD, having last priced a  €500m 2yr on May 19th at MS-1 (1bp tighter than guidance from a €1bn book). Before that was a €1bn 10yr on the 27th of January that priced at MS+25 (2bps tighter than guidance from a €4bn book).
• The City of Dortmund (unrated) brought their anticipated €150m (min) 7yr Stadtanleihe (municipal, ‘city’ bond), senior unsecured offering. The issue is 0% risk weighted, LCR Level 1. Guidance on the trade was in the area of MS+53. Books were first called above €360m (exc. JLMs), rising to over €370m (exc. JLMs). Spread set at MS+50 & the issue was upped by €50m to €200m. Books closed in excess of €290m (exc. JLMs). Final books were the same, good at re-offer. The deal priced for €200m at MS+50.
  • This is Dortmund’s second issue this year, having printed a €200m 9yr which priced at MS+49 (4bps tighter than guidance from a book of €445m). This trade was announced as €150m (min) & was upped by €50m. They only priced the one trade in 2025; a €150m, 7yr at MS+65 (5bps tighter than guidance, from a book of €390m). They are not a frequent borrower, hence they don’t feel the need for a rating as their targeted educated investors know full well that they are a solid sub-sovereign IG credit. Were they to be issuing in greater size & greater frequency then credit ratings would likely be required.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Standard Life plc (exp. Issue rating of BBB+ by Fitch) announced a £300m (wng) fixed rate 30NC10, Tier 2 offering with IPTs of UKT+240 area. Books were first cited at over £1.5bn, increasing to over £2.5bn, when guidance came in at Gilt 4.875% July 2036 +210 area. Books grew to over £2.8bn at guidance, with the deal launching for £300m at Gilt 4.875% July 2036 +200 (40bps tighter than IPTs). Final books were over £1.5bn at final terms.
  • The borrower last tapped the markets with a £350m PerpNC8 restricted Tier 1 trade on the 14th of July. Most relevant to today’s trade was their 30NC10 Tier 2 offering back on the 28th of November 2023, which priced at Gilts+365 (30bps tighter than IPTs from a book of £1.75bn). For reference the coupon on this 2023 deal was 7.75% to yield 7.855%.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• No issues.

Year-to-date volumes:

US$ Reg S (today)

• No issues.

Pending Deals & Mandates

Euro (€)

• 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. The investor roadshow concluded with consensus feedback in range fair value flat/small bps inaugural premium to EQB. c.50 investors involved through the marketing process. An inaugural 3yr Covered Bond may follow as early as this week.

• 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.
  • A digitally native securities is a bond, issued, & managed directly on a blockchain or distributed ledger from inception, rather than existing first as a physical certificate & then tokenized latterly. By incorporating smart contracts into their core design, such bonds automate dividend distributions, compliance checks, & settlement, offering near-instant clearing, enhanced transparency, & continuous 24/7 trading without relying on legacy clearinghouses or paper registries.
• 12th October: The European Union (rated Aaa / AA+ / AAA / AAA by Moody's, S&P, Fitch & Scope) mandated BofA Securities, Goldman Sachs Bank Europe SE (DM/B&D), LBBW, Morgan Stanley & Santander as Joint Lead Managers for its upcoming € benchmark, Fixed Rate RegS Bearer dual tranche transaction, comprising a TAP of the EU 3.125% benchmark October 2033 (EU000A4EUY43) & a new 15yr benchmark due 12th of December 2041. No further group. The transaction will be launched in the near future, subject to market conditions.

Transaction Details

PRICED: Standard Life £300m 30NC10 T2; UKT+200bp

IGC European Market: Deal Flow - General

Reoffer: 30NC10: UKT+200bp / 99.554 / 7.439%
Benchmark: 30NC10: UKT 4.875% Jul-36 @ 95.755 / B+200bp / HR 95%

Tranche 1 (30NC10): Final books over £1.5bn at Final Terms. Peak book over £2.8bn

Launched: 30NC10: £300m @ G+200bp - Books over £2.8bn
Spread set at: 30NC10: G+200bp
Guidance: 30NC10: G+210a - Books over £2.5bn
Book Update: Books £1.5bn+
IPTs: 30NC10: UKT+240a

• Issuer: Standard Life plc
• Ticker: SDLF
• Instrument: Dated Tier 2 Fixed Rate Reset Notes (the “Notes”)
• Long Term Issuer Default Rating: A+ (Fitch)
• Expected Issue Rating: BBB+ (Fitch)
• Status and Subordination: Direct, unsecured and subordinated obligations of the Issuer, ranking pari passu and without any preference among themselves. Junior to the claims of Senior Creditors of the Issuer (including holders of Senior Notes and Tier 3 Notes) in an Issuer Winding-Up, as further described in the Documentation
• Issue Amount: GBP 300,000,000
• Pricing Date: 12-Oct-26
• Settlement Date: 19-Oct-26 (T+5)
• Maturity: 19-Oct-56, subject to customary restrictions as described in the Documentation
• Optional Redemption: Any date from and including 19-Apr-36 to and including 19-Oct-36, and each interest payment date thereafter, subject to customary restrictions as described in the Documentation
• First Reset Date: 19-Oct-36
• Reoffer Price: 99.554 / 7.439%
• Benchmark: UKT 4.875% Jul-36 + 200bp / spot: 95.755 (mid) / 95% hr
• Interest: 7.375% per annum, to (but excluding) the First Reset Date, payable semi-annually in arrear on 19-Apr and 19-Oct, commencing 19-Apr-27. Interest resets on the First Reset Date and every 5 years thereafter to the sum of the Benchmark Gilt Rate (5-year) plus the Reset Margin (being the Reoffer Spread plus Step-Up (100bps)), payable semi-annually in arrear
• Optional Interest Deferral: Applicable, as described in the Documentation
• Early Redemption Events: Tax Event, Capital Disqualification Event, Ratings Methodology Event and Clean-up Call Option (75% threshold), all subject to and as described in the Documentation
• Substitution or Variation: At any time upon a Tax Event, Capital Disqualification Event or Ratings Methodology Event, all subject to and as described in the Documentation
• Denominations: GBP 100k + GBP 1k
• Use of Proceeds: The net proceeds of the issue of the Notes will be used to fund the general commercial activities of the Group, which may include (without limitation) financing the Aegon UK Acquisition
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as not available to retail in the EEA or the UK.
• Selling Restrictions: Reg S, Category 2, U.S., EEA, UK, France, Republic of Italy, Hong Kong, Singapore, Canada and Switzerland, as more fully described in the Documentation. No sales to retail investors. FCA/ICMA stabilisation applies.
• Governing Law: English law
• Listing: International Securities Market (exchange regulated market of the London Stock Exchange)
• Day Count / Business Days: Act/Act (ICMA), Following, Unadjusted
• ISIN / Common Code: XS3536402327 / 353640232
• LEI: 2138001P49OLAEU33T68
• Form of Securities: Registered
• Documentation: Offering Circular dated 17-Jul-26 relating to the Issuer’s £5,000,000,000 Euro Medium Term Note Programme as supplemented by the supplemental Offering Circular dated 10-Sep-26
• Joint Lead Managers: BNP Paribas, BofA Securities, Citigroup (B&D), Santander
• Timing: TOE 14:24 Ldn / FTT 14:45 Ldn
• Fees: The Joint Lead Managers will be paid a fee in connection with this transaction. Details of the fee may be available to investors upon request
• Advertisement: The Documentation and the Pricing Supplement for the Notes (when prepared) will be available on the website of the Issuer at https://www.standardlifeplc.com/investors/debt-holdings-credit-ratings

PRICED: City of Dortmund €200m 7yr Sr Unsec; MS+50bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+50bp / 99.442 / 3.993%

Benchmark: DBR 2.6 15-Aug-33 @ 95.61 / +66.5bp

Final Books: Final books above €290m (excl. JLM). Peak book above €370m (excl. JLM)

Launched: 7yr: €200m @ MS+50bp - Books closed in excess of €295m (excl. JLM)

Spread set at: 7yr: MS+50bp - Books above €370mn (excl. JLM)

Book Update: Books above €360mn (excl. JLM)

Guidance: 7yr: MS+53a

• Issuer: City of Dortmund
• LEI: 529900JF2PLIO3XZM472
• Ticker: DRTMND
• Format: Inhaberschuldverschreibung, standalone (senior, unsecured), CRD IV/CRR RW 0% and LCR Level 1
• Rating: Not rated
• Size: €200m
• Maturity: 21-Oct-33 (7y)
• Settlement: 21-Oct-26 (T+7)
• Coupon: 3.9%, fixed, annual, Act/Act ICMA
• Reoffer: MS+50bp / 99.442 / 3.993%
• Benchmark: DBR 2.6 15-Aug-33 @ 95.61 / +66.5bp
• Listing/Denoms: Duesseldorf / €1k + €1k
• Fees: The banks will be paid a fee in relation to this transaction
• Target Market: The manufacturer target market (MIFID II product governance) for the bonds is retail, professional and eligible counterparties, each as defined in MiFID II (all channels for distribution of the bonds are appropriate).
• ISIN: DE000A5GS545
• Bookrunners: DekaBank, UniCredit (B&D)
• Timing: Priced / TOE 13.28 CET / FTT immediately

PRICED: State of Saxony-Anhalt €500m 5yr Green Sr Unsec; MS+13bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+13bp / 99.572 / 3.595%
Benchmark: 5yr: OBL 2.9% 10-Aug-31 @ 98.40 / B+34.6bp / HR 100%

5yr: Final books over €1.2bn (incl. €150m JLM interest)

Launched: 5yr: €500m @ MS+13bp - Books in excess of €535m (incl. €65m JLM interest)
Guidance: 5yr: MS+13a

• Issuer: State of Saxony-Anhalt (Sachsen-Anhalt)
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Status: Senior, Unsecured, Unsubordinated, Landesschatzanweisung
• Risk Weighting: 0%
• Size: €500m
• Maturity: 20-Oct-31 (5yr)
• Settlement: 20-Oct-26 (T+6)
• Coupon: 3.50% Fixed, annual, act/act ICMA
• Reoffer: MS+13bp / 99.572% / 3.595% p.a.
• Benchmark: OBL 2.9% 10-Aug-31 @ 98.40% / B+34.6bp / HR 100%
• Law/List/Denoms: German Law / Frankfurt / 1k
• Joint Leads: BayernLB, Crédit Agricole CIB, DZ Bank, ING and NatWest (B&D)
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all distribution channels)
• ISIN/WKN/Series: DE000A5GS7Z4 / A5GS7Z / 41
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Use of Proceeds: The net proceeds will be used by the Issuer for eligible green state expenditures which meet the requirements of the "Sustainable Bond Framework State of Saxony-Anhalt" and are in accordance with the Green Project Information Addendum (all available on the website of the Ministry of Finance).
• Timing: Priced TOE: 14:22 CET / 13:22 LDN, FTT immediately

PRICED: Landesbank Baden-Württemberg €750m 2yr CB; MS+7bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: MS+7bp / 99.8 / 3.48%
Benchmark: 2yr: BKO 2.7 13-Sep-28 @ 99.235 / B+37.1bp / HR 104%

Tranche 1 (2yr): Final books >€1.6bn (incl. €225m JLM interest). Peak book >€1.6bn (incl. €225m JLM)

Launched: 2yr: €750m @ MS+7bp - Books > €1.6bn (incl. €225m JLM)
Book Update: Orderbooks above €1.3bn incl. €200m JLM interest
Guidance: 2yr: MS+12a

• Issuer: Landesbank Baden-Württemberg
• Ticker: LBBW
• LEI: B81CK4ESI35472RHJ606
• Issuer Rating: Aa2, stable (Moody's) / AA-, stable (Fitch) / A (high), stable (DBRS)
• Issue Rating: Aaa (Moody's)
• Status: Mortgage Covered Bond (Hypothekenpfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Format: Reg S, Bearer
• Settlement: 23-Oct-26, T+9
• Maturity: 23-Oct-28 (2Y)
• Issue Size: EUR 750 million
• Coupon: 3.375%, Fixed, Annual, Act/Act ICMA
• Reoffer: 99.80%, yld 3.48%, MS+7bps
• Spread vs. Bmk: 37.1bps over BKO 2.7 13-Sep-28 (@99.235%), HR 104%
• Denominations: EUR 1k + EUR 1k
• Listing/Law: Stuttgart Stock Exchange / German Law
• ISIN/WKN/Series: DE000LB2EQY7 / LB2EQY
• Clearing: Clearstream
• Joint Bookrunners: DZ Bank, ING, LBBW (B&D), NatWest, NORD/LB, Societe Generale
• MIFID II/MIFIR: Manufacturer target market (MiFID II/MiFIR product governance) is eligible counterparties, professional clients (all distribution channels). No PRIIPs KID.
• Use of Proceeds: General corporate purposes
• Documentation: Issuer's EUR 50bn Programme for the Issuance of Debt Securities, dated 23-Apr-26, as supplemented from time to time. Available on https://www.lbbw.de/group/news-and-service/investor-relations/issuing-programs/issuing-programmes_ac9nogyp1w_e.html and Final Terms, when available on https://www.lbbw-markets.de
• Timing: Priced, TOE 15:15 CET, FTT 15:30 CET

PRICED: Danfoss A/S €500m 5.5yr Sr Unsec; MS+88bp

IGC European Market: Deal Flow - General

Reoffer: 5.5yr: MS+88bp / 99.49 / 4.361%
Benchmark: 5.5yr: DBR 0 15-Feb-32 @ 84.26 / B+110.2bp / HR 110%

Tranche 1 (5.5yr): Final Book > €3.0bn. Peak book above €3.0bn

Launched: 5.5yr: €500m @ MS+88bp - Books above €2.95bn
IPTs: 5.5yr: MS+120/125

• Issuer: Danfoss A/S (Ticker: DNFSDC, Country: DK)
• Issuer LEI: 5493007I2KABJNYPD639
• Issuer Ratings: Baa1 (stable outlook) by Moody’s, BBB (stable outlook) by S&P
• Expected Issue Rating: Baa1 by Moody’s
• Status / Format: Senior Unsecured / Reg S, Bearer, New Global Note
• Settlement Date: 19-Oct-26 (T+5)
• Maturity Date: 19-Apr-32 (5.5-Year)
• Size: €500m
• Reoffer: MS+88bp / 99.49 / 4.361%
• Coupon: 4.25% Fixed, Annual, Act/Act (ICMA), Short First Coupon
• Reference Benchmark: 110.2bp vs. DBR 0 15-Feb-32 (@ 84.26) / HR 110%
• ISIN / Common Code: XS3536404612 / 353640461
• Change of Control Put: Yes, at Par
• Redemption Options: 3m Par Call, Clean-up Call (75%) at Par, MWC B+20bp
• Special Redemption Option Call: Yes, in whole & optional @ 101%
• Special Redemption Event: A Special Redemption Event shall be deemed to have occurred if the Group: (i) has not completed and closed the acquisition of the Acquisition Target by 30-Apr-27 (the “Special Redemption Longstop Date”); or (ii) has published an announcement that it no longer intends to pursue the acquisition of the Acquisition Target
• Docs / Denoms: EMTN, LuxSE (Euro MTF market), English Law / €100k + €1k
• Use of Proceeds: General corporate purposes including financing the acquisition by the Group of Alfagomma (“the Acquisition Target”) and related costs
• Clearing: Euroclear and Clearstream
• Business Days: T2
• Business Day Convention: Unmodified Following, Unadjusted
• Selling Restrictions: As per the EMTN Programme (Reg. S Compliance Category 2; TEFRA D), including the United States of America, the EEA, the Kingdom of Denmark, The Netherlands, the United Kingdom, Belgium, Japan, Singapore, Switzerland, and Canada
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared as the Notes are not available to retail in the EEA or the UK.
• Joint Bookrunners: BNP Paribas, Citi, Danske Bank, J.P. Morgan (B&D), Nordea
• Timing: TOE: 15.02 CET // FTT: 15.30 CET

PRICED: AusNet Services Holdings Pty Ltd €620m 10.5yr Sr Unsec; MS+117bp

IGC European Market: Deal Flow - General

Reoffer: 10.5yr: MS+117bp / 100 / 4.744%
Benchmark: 10.5yr: DBR 4 4-Jan-37 @ 104.31 / B+125.4bp (HR: 93%)

Tranche 1 (10.5yr): Final Books north of €2.2bn. Peak book north of €2.75bn (pre-rec)

Launched: 10.5yr: €620m @ MS+117bp - Books north of €2.7bn (pre-rec at guidance)
Spread set at: 10.5yr: MS+117bp
Guidance: 10.5yr: MS+120a - Books north of €2.75bn (pre-rec)
IPTs: 10.5yr: MS+150a

• Issuer: AusNet Services Holdings Pty Ltd (Ticker: "ANVAU", Country: AU)
• LEI: TTMIG9TE1S0X3ZPDHD61
• Guarantors: AusNet Gas Services Pty Ltd (ABN 43 086 015 036); AusNet Asset Services Pty Ltd (ABN 27 075 826 881); AusNet Electricity Services Pty Ltd (ABN 91 064 651 118); AusNet Transmission Group Pty Ltd (ABN 78 079 798 173) together with any Subsidiary of AusNet appointed from time to time
• Issuer Ratings: Baa1 (Stable) Moody's / BBB+ (Stable) S&P
• Expected Issue Ratings: Baa1 Moody's / BBB+ S&P
• Format: Guaranteed Senior Unsecured, Reg S (Cat 1) Bearer Notes, TEFRA D
• Size: €620m
• Tenor: 10.5 years
• Pricing Date: 12-Oct-26
• Settlement Date: 21-Oct-26 (T+7)
• Maturity Date: 21-Apr-37
• Reoffer: MS+117bp / 100 / 4.744%
• Coupon: 4.7407% Fixed (Annual, Act/Act ICMA), subject to short first coupon
• Benchmark: 125.4bps vs DBR 4 4-Jan-37 @ 104.31 / 3.49% (HR: 93%)
• Par Call: 3-month
• Make-Whole Call: Yes (B+20bps)
• Redemption Amount: 100%
• Cross Default: Applicable, refer to T&Cs
• Negative Pledge: Applicable, refer to T&Cs
• Other: CoC Put @ 100% / Tax Call / English Law
• Listing: Australian Securities Exchange
• ISIN: XS3496787642
• Common Code: 349678764
• Documentation: Offering Circular dated 24-Sep-26 and the Amended and Restated Trust Deed dated 5-Jun-23 for the Issuer’s US$8bn Medium Term Note Programme
• Denominations: €100k + €1k
• Use of Proceeds: To repay existing debt and for general corporate purposes
• Clearing System: Euroclear, Clearstream
• Target Market: MiFID II/UK MiFIR professionals/ECPs-only/No PRIIPs KID/UK CCI disclosure document - Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document ("KID") and/or UK CCI disclosure document has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As per the Offering Circular. Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law.
• Joint Lead Managers: Barclays (B&D) / BNP Paribas / Goldman Sachs International / HSBC
• TOE/ FTT: TOE: 2.33pm UKT / FTT: 15:00UKT

PRVT PLACEMENT PRICED: Klepierre €200m 12/28 TAP Sr Unsec; 3mE+62bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+62bp / 100

• Issuer: Klepierre SA
• FIGI: BBG01TRH9LQ4
• ISIN: FR001400ZFK4
• Size: €200m (TAP of existing deal, takes new total to €600m)
• Mkt Iss: EURO MTN
• Ctry/Reg: FR
• Currency: €
• Rank: Senior Unsecured
• Series: emtn
• Coupon: 3mE+62 (3.095%)
• Type: Floating
• Formula: QUARTLY EURIBOR +62.000
• Day Cnt: ACT/360
• Iss Price: 100
• Maturity: 05-Dec-28
• Lead: Deutsche Bank

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

Details correct at time of posting