• Strong rally in European Govies.
  • Bund, OAT’s & Gilt curves all flatter
  • Bund, OAT’s & Gilt yields all 8bps+ lower 7yrs & out
• Both € & £ swap curves flattened
  • € swap spreads 1 to 1.5bps tighter
  • £ swap spreads 1.5 to 4bps tighter
• Primary was subdued today, with 3 of the 4 IG trades from FIG borrowers.
• The relatively light supply this week (€10bn EU aside) has been in line with modest expectations.
• Solid sovereign supply today: Spain (€5bn), France (€12bn OATs), & Ireland (€1.25bn tap) in medium tenors.
• Credit indices & spreads widened throughout the day. Significantly wider since Sept 1st: 
  • 5yr iTraxx Europe +24.3%
  • 5yr iTraxx Senior Financials +32.2%
  • 5yr iTraxx Subordinated Financials +36.9%
• UK GDP for Aug came in at +0.1% MoM, beating the forecast of -0.1%. The 3mth rolling rate also beat at +0.7% (vs. expectations of +0.5%), driven by a surge in manufacturing & industrial production.
  • Reinforces rate hike expectations by the BofE in 3 weeks (93.1% probability)
  • Paradoxically, like Treasuries yesterday, Gilts rallied hard today, pumped by a global swing out of equities into Govies.
• € IG priced €1.05bn from 3 deals (2 x FIG & 1 x SSA) via 3 tranches.
  • €24.42bn WTD - 95.76% of our ‘Supply Survey’ Forecast of €25.5bn.
  • Second day this week with no corporate supply (Tues).
  • Solid book for Jyske Bank (A+) 6NC5 Snr Pref - €2.9bn 5.8 X
• Sterling (£) delivered a small TAP of £100m from 1 deal (1 x FIG) via 1 tranche.
• No supply once again in either Swiss Franc or US$ Reg S markets.
• Today’s “Talking Point” (below) looks at US$ Reg S primary issuance YTD.
• iTraxx 5yr Europe & the iTraxx Senior & Sub financial indices nudged wider today, currently at 64.453 (+1.79%), 72.087 (+1.12%) & 121.348 (+1.44%) respectively (as we print & % △ on the day).
• Vix Index is also wider on the day, now at 17.41 (16.87 this morning).
  • The index has only breached 17.8 once since the end of July.
• Brent Crude prices remain elevated, albeit less mercurial, currently at c.$105.28 (c.$104.77 this morning).
  • Brent has been trading in the 100 to 109 range for the last month.
• European equity bourses paired back their early optimism & are currently mixed with the FTSE & CAC 40 both up by +0.85% & +0.26% respectively, while the Dax is down by -0.22.
  • YTD: FTSE ↑8.91%, Dax ↑3.07% & CAC 40 ↓3.14%
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing
  • Avg. cover
• FIG
  • Total IG: €650m
  • Avg. tranche size €325m
  • Avg. IPT to Pricing (covered) €0
  • Avg. IPT to Pricing -27.5 (unsecured) €650m
  • Avg. cover 3.57 X
• SSA
  • Total IG: €400m
  • Avg. tranche size €400m
  • Avg. IPT to Pricing -4
  • Avg. cover 3.13 X

• Pipeline:  The European IG pipeline is as follows. 
  • No deals.

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

Talking Point

• Having not seen a Reg S US$ deal since the 1st of September we take a look at IG supply YTD.
• H1 carried the vast bulk of supply YTD, with H2 notably quiet.
  • Our lens does not include CEEMEA or Asia, with notable exceptions such as KEXIM, AfDB & ADB.
• The first 6 mths produced $24.5bn across 26 deals, averaging roughly $4.1bn a month. Since July, the format has managed only $5.75bn across 5 deals, a run-rate of only c.$1.4bn a month, a 65% drop in monthly pace.
• We have gone over 6 weeks without a deal.
• January alone ($6.95bn, 5 deals) outissued the entire July to October stretch combined ($5.75bn, 5 deals). The slide from May's $5.3bn peak down to October's complete blank illustrates the drop off.
• Never say never, but the window looks closed for the rest of the year, with November & December typically quiet for primary as it is.
• Full-year volume is tracking at $30.25bn across 31 deals.

Euro IG (today)

• Jyske Bank A/S (exp. Issue rating of A+ by S&P) brought a €500m (wng) 6NC5 Senior Preferred, Reg S  offering with IPTs in the area of MS+105. Books were first called over €1.5bn, rising to over €3bn (pre-rec). The deal launched for €500m at MS+75; 30bps tighter than IPTs & offering investors a NIC of 5bps. Final books closed over €2.9bn.
  • This is their second unsecured public € offering this year, also being a regular visitor to the Covered markets. Their last unsecured deal was on the 22nd of April when they priced a €500m, 6.25NC5.25, fixed-to-float, senior non-preferred Green bond at MS+90 (30bps tighter than IPTs from a €3.3bn book). Their last prior Senior Preferred was in October 2024, when they printed a €500m, 4.5NC3.5 at MS+70 (30bps tighter than IPTs from a €1.4bn book).
• Kommunalkredit Austria AG (rated BBB- by S&P & exp. Issue rating of B+ by S&P), brought their anticipated €150m PerpNC5.5, Additional Tier 1 transaction. IPTs were a yield of 9.25%. The deal came with a semi-annual coupon of 9.0% to price at par. Books were first called at ~€300m (inc. €25m JLMs). Final books at re-offer were above €200m (inc. €25m JLMs).
  • This is the borrower's first benchmark AT1 offering. It last issued a €500m 6yr covered in April of this year, & a €500m 6yr Senior Preferred in May of last year. Typically they issue 1 or 2 public offerings each year, with today's trade a rare offering.

• Tokyo Metropolitan Government (rated A+ by S&P), brought their anticipated senior unsecured fixed rate 5yr (22nd October 2031), €400m (exp) Reg S, Resilience Bond. The issue meets the criteria for Certification under the Climate Bonds Resilience Taxonomy of the Climate Bonds Initiative. Guidance on the offering was in the area of MS+43. Books were announced in excess of €900m (exc. JLMs) & guidance was revised to MS+41 area. Books grew in excess of €1.2bn (exc. JLMs) & the deal launched for €400m at MS+39. Final books closed over €1.25bn (exc. JLMs).
  • Today’s deal marks a very regular pattern of issuance for the borrower, having printed on the 16th of October both last year & in 2024. The 2025 deal was a €300m 5yr at MS+40 (6bps tighter than guidance from a €2.2bn book). The 2024 deal was also a €300m 5yr, then pricing at MS+41 (2bps tighter than guidance from a far smaller €530m book). Very exacting terms & regularity punctuate this borrower's issuance strategy.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• PRS Finance plc (rated Aa3 by Moody’s), guaranteed by The Secretary of State for Housing, Communities & Local Government, announced a £100m TAP of their 10th December 2030 FRN, with a coupon of SONIA+52. Guidance on the TAP was in the area of Discount Margin SONIA+53 on a YTM basis. The deal launched & priced at SONIA+48 (YTM). Books were in excess of £350m (exc. JLMs). 
  • £78m will be sold & £21.9m will be retained (taking the total outstanding to £538.8m of which £73.013m is retained. The original deal came on the 5th of December last year for £250m (8bps tighter than guidance), & was first tapped on May 19th of this year for £189m. This is the borrowers first & only FRN, typically issuing 8 to 15yr fixed rate Sterling trades historically.

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

• No issues.

Transaction Details

PRICED: PRS Finance £100m 4yr Snr Sec; SONIA+48bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: SONIA+48bp / 100.152

Launched: 4yr: £100m @ SONIA+48bp - Books in excess of £350m (excl. JLM)

Spread set at: 4yr: SONIA+48bp

Guidance: 4yr: SONIA+53a

• Issuer: PRS Finance plc
• Issuer LEI: 2138002JNX4ZKQI8OU17
• Guarantor: The Secretary of State for Housing, Communities and Local Government
• Issue Rating: Aa3 (Moody's)
• Tap Amount: £100,000,000 of which £78,100,000 will be sold and £21,900,000 will be retained (taking the total issuance size to £538,800,000, of which £73,013,000 is retained)
• Accrued Interest on £78.1m: 40 days accrued interest of £364,420.15 in respect of the period from and including 10-Sep-26 up to but excluding the Settlement Date
• Pricing Date (T): 15-Oct-26
• Settlement Date: 20-Oct-26 (T+3)
• Maturity Date: 10-Dec-30, hard bullet
• Coupon: Floating, Compounded Daily SONIA, 17 London Business Days Lag, Quarterly, Act/365
• Quoted Margin: SONIA + 52 bps
• Reoffer DM spread: Discount Margin SONIA + 48bps on YTM basis
• Reoffer price: 100.152
• Early Optional Redemption: From (and including) 10-Dec-25 to (and excluding) 10-Dec-26: 102%; From (and including) 10-Dec-26 to (and excluding) 10-Dec-27: 101%; Thereafter to maturity: Par
• Listing: London Stock Exchange (Main Market)
• Governing Law: English Law
• Joint Lead Managers: Barclays, NatWest (B&D), RBC Capital Markets
• Documentation: Issuer’s £3,500,000,000 Guaranteed Secured Bond Programme dated 17-Jun-25
• Form of Bonds: Guaranteed, Senior, Secured, Bearer, NGN, Reg S Temporary Global Bond exchangeable for a Permanent Global Bond
• Denomination: £100k + £1k
• Permanent ISIN: XS3248351564
• Temporary ISIN: XS3542774685 (fungible after 40 days)
• Timing: Priced, ToE 12.27 LDN. FTT Immediately
• Programme Memorandum: This communication is an advertisement. The Programme Memorandum dated 17-Jun-25 is available onhttp://www.rns-pdf.londonstockexchange.com/rns/4228N_1-2025-6-18.pdf

PRICED: Jyske Bank €500m 6NC5 SP; MS+75bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+75bp / 99.973 / 4.131%
Benchmark: 6NC5: OBL 2.9% Oct-31s #194 (HR: 98%) @ 98.82 / B+97.5bp

Tranche 1 (6NC5): Final books closed €2.9bn+. Peak book €3bn+ (pre-rec)

Launched: 6NC5: €500m @ MS+75bp - Books €3bn+ (pre-rec)
Book Update: Books €1.5bn+
IPTs: 6NC5: MS+105a

• Issuer: Jyske Bank A/S (Ticker: JYBC)
• LEI: 3M5E1GQGKL17HI6CPN30
• Issuer ratings: A+ (Stable) by S&P
• Exp. issue ratings: A+ by S&P. A securities rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time, and each rating should be evaluated independently of any other rating
• Status of the Notes: Preferred Senior
• Format: Reg S, Registered
• TEFRA Certification: TEFRA Not Applicable
• Launch Date: 15-Oct-26
• Trade Date/Interest Commencement Date: 21-Oct-26 (T+4)
• Maturity Date: 21-Oct-32
• Optional Redemption Date/Reset Date: 21-Oct-31
• Re-offer: MS+75bp / 99.973 / 4.131%
• Issue Size: €500m
• Coupon: 4.125% Fixed Rate Reset, Annually, Act/Act ICMA
• Fixed Reset Rate of Interest: 1 Year MS + Margin, per annum. Interest will be calculated on the basis of Actual/Actual
• Benchmark: OBL 2.9% Oct-31s #194 (HR: 98%) @ 98.82 / B+97.5bp
• Interest Payment Dates: From (and including) the Interest Commencement Date to (but excluding) the Optional Redemption Date, interest on the Notes will accrue at the Initial Rate of Interest and will be payable annually in arrear on 21-Oct in each year from (and including) 21-Oct-27, up to (and including) the Optional Redemption Date. From (and including) the Optional Redemption Date to (but excluding) the Maturity Date, interest on the Notes will accrue at the relevant Fixed Reset Rate of Interest and will be payable annually in arrear on 21-Oct-32
• Day Count Fraction: Act/Act ICMA
• Business Day Convention: Following, Unadjusted
• Early Redemption For Taxation Reasons: For tax reasons as per Condition 8(b)(A) subject to Condition 8(l)
• Events of Default: No Events of Default, limited Enforcement Events as described in the Prospectus
• MREL Substitution/Variation Option: Applicable as per Condition 8(k) subject to Condition 8(l)
• MREL Disqualification Event Redemption Option: Applicable as per Condition 8(d) subject to Condition 8(l)
• Waiver Set-off: No Noteholder shall be entitled to exercise any right of set-off or counterclaim in respect of the Notes
• Statutory Loss Absorption: Each Noteholder acknowledges that the Notes may be subject to Danish Statutory Loss Absorption Powers
• Denominations: €100k + €1k
• Listing: Euronext Dublin (regulated)
• Clearing: Euroclear / Clearstream
• Governing Law: Danish law
• Call Option: The Issuer may redeem the Notes in whole on the Optional Redemption Date as per Condition 8(e)(subject to Condition 8(I))
• Documentation: EUR 10,000,000,000 Euro Medium Term Note Programme Base Prospectus dated 21-Apr-26 (the Base Prospectus)
• Selling Restrictions: As per the Base Prospectus
• MIFID Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is Professional Clients and Eligible Counterparties only (all distribution channels). No EU PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as the Notes are not available to retail in EEA or in UK
• Use of Proceeds: General banking and other corporate purposes
• Bookrunners: BofA Securities, Deutsche Bank, Erste Group, Jyske Bank, Morgan Stanley (B&D), Nordea
• ISIN: XS3547741606
• Advertisement: The Prospectus is available and the Final Terms, when published, will be available on the website of Euronext Dublin at: https://live.euronext.com/en/product/bonds-detail/24198/overview
• Timing: Priced // TOE: 15:30 CET // FTT: 16:00 CET

Senior Preferred
NC5yr (Oct 2031) @ MS+105a
Implied Spread for fresh NC5yr @ MS+80
Priced at MS+75
NIC of -5

PRICED: Kommunalkredit Austria AG €150m PerpNC5.5 AT1; 9%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5.5: 9% / 100

Tranche 1 (PerpNC5.5): Final books at re-offer above €200m (incl. €25m JLM interest). Peak book around €300m (including JLM interest)

Launched: PerpNC5.5: €150m @ 9% - Books around €300m (including JLM interest)
IPTs: PerpNC5.5: 9.25%

• Issuer: Kommunalkredit Austria AG
• BBG Ticker: KA Corp <GO>
• Legal Entity Identifier ("LEI") of the Issuer: 549300IEVCBWVV97WC81
• Notes: EUR 150,000,000 Perpetual Fixed-to-Fixed Reset Rate Additional Tier 1 Notes of 2026 with a First Reset Date on 15-May-32
• Status of the Notes / Subordination: The Notes shall qualify as AT1 Instruments and constitute direct, unsecured and subordinated obligations of the Issuer. In the event of insolvency proceedings (reguläres Insolvenzverfahren) (bankruptcy proceedings (Konkursverfahren)) or the liquidation of the Issuer, the obligations of the Issuer under the Notes will rank: (a) junior to all present or future: (i) unsubordinated instruments or obligations of the Issuer (including, but not limited to, claims against the Issuer under its non-preferred senior debt instruments within the meaning of § 131 (3) BaSAG); (ii) Tier 2 Instruments and instruments or obligations of the Issuer, if any, which rank pari passu with or senior to Tier 2 Instruments; (iii) instruments or obligations of the Issuer that do not result from own funds items of the Issuer; and (iv) other instruments or obligations of the Issuer, if any, ranking or expressed to rank subordinated to any unsubordinated instruments or obligations of the Issuer (other than instruments or obligations ranking or expressed to rank pari passu with or subordinated to the Notes); (b) pari passu: (i) among themselves; (ii) with all other present or future AT1 Instruments; and (iii) with all other present or future instruments or obligations of the Issuer ranking or expressed to rank pari passu with AT1 Instruments; and (c) senior to all present or future: (i) ordinary shares of the Issuer and any other CET 1 Instruments; and (ii) other subordinated instruments or obligations of the Issuer ranking or expressed to rank: (A) subordinated to the obligations of the Issuer under the Notes; or (B) pari passu with the ordinary shares of the Issuer and any other CET 1 Instruments.
• Form: Bearer, modifiable global note (the "Global Note") without coupons pursuant to § 24 (b) of the Austrian Securities Deposit Act, as amended.
• Issuer Rating: BBB- / Stable / A-3 by S&P
• Expected Rating of the Notes: B+ by S&P
• Issue Tenor: PerpNC5.5
• Currency: Euro (EUR)
• Principal Amount: EUR 150,000,000
• Pricing Date: 15-Oct-26
• Settlement: 22-Oct-26 (T+5)
• Margin: 580.9bps
• Interpolated Mid-Swap: 3.390%
• Reoffer: 9.000% s.a. cpn / 8.997% s.a. yld / 9.199% a. yld / 100
• Rate of Distributions: The Notes shall bear distributions: (i) at the fixed rate of 9.000% per annum on the Current Principal Amount from (and including) 22-Oct-26 to (but excluding) 15-May-32 (the "First Reset Date"); and (ii) thereafter, at the Reset Rate of 5-year Mid-Swap + 580.9bps from and including the First Reset Date. The Calculation Agent will determine the relevant Reference Rate for each Reset Date on the relevant Reset Determination Date.
• Distribution Payment Dates: Distributions will be paid semi-annually in arrear on 15 May and 15 November in each year, commencing on 15-May-27 (long-first coupon)
• Business Days / Convention: T2, Vienna, Following Business Day Convention, unadjusted, Act/Act (ICMA)
• Possibility of statutory resolution measures: The Resolution Authority may write down, convert, or apply other resolution tools, including deferral, transfer, amendment of the terms or cancellation
• Cancellation of Distributions: The Issuer, at its full discretion, may, at all times cancel, in whole or in part, any payment of distributions on the Notes scheduled to be paid on any Distribution Payment Date for an unlimited period and on a non-cumulative basis. Without prejudice to such full discretion of the Issuer, any payment of distributions on any Distribution Payment Date (and any Additional Amounts thereon) shall be excluded and cancelled mandatorily and automatically: (i) if the Issuer is insolvent or the payment of the relevant amount would result in the insolvency of the Issuer; or (ii) to the extent that the distribution and any Additional Amounts thereon together with any additional Relevant Distributions would exceed the available Distributable Items; or (iii) if and to the extent that the Competent Authority orders that all or part of the relevant distribution payment be cancelled; or (iv) if and to the extent another prohibition or restriction of distributions, or of such distribution when aggregated with any other Relevant Distributions, is imposed by the Applicable Supervisory Regulations or the Competent Authority or any other restriction to make distributions exists under Applicable Supervisory Regulations, including but not limited to any limit resulting from any Maximum Distributable Amount and M-MDA/L-MDA as applicable, at the Issuer and/or the KA Regulatory Group level
• Trigger Event and Write-Down: If, at any time, it has been determined that (i) the Group CET 1 Capital Ratio; and/or (ii) the Issuer CET 1 Capital Ratio is lower than 5.125%, unpaid distributions accrued on the Current Principal Amount to but excluding the Write-Down Effective Date will be cancelled and the Issuer will (without the need for consent of Holders) reduce the Current Principal Amount of each Note by the relevant Write-Down Amount with effect from the Write-Down Effective Date. Write-down pro rata with other Loss Absorbing Instruments, in the amount needed to restore each of the Group and Issuer CET1 ratios to the trigger level, to a floor of EUR 0.01 per Note, and possibly on more than one occasion.
• Write-Up: The Issuer may, at its sole discretion, write up the Current Principal Amount in whole or in part up to a maximum of the Original Principal Amount, provided that a positive Consolidated Profit and a positive Unconsolidated Profit have been recorded for each of the Issuer and the KA Regulatory Group, and subject to certain limitations.
• Optional Redemption Date: The Issuer may in its sole discretion redeem the Notes (in whole but not in part) at the Redemption Amount together with accrued distributions, if any, on: (i) each Business Day during the period from and including 15-Nov-31 to but excluding the First Reset Date; and (ii) the First Reset Date; and (iii) each Distribution Payment Date following the First Reset Date, subject to not less than [15] nor more than [45] Business Days’ prior notice to the Holders.
• Optional Redemption for Reasons of Taxation: The Notes may be redeemed, in whole but not in part, at the option and in the sole discretion of the Issuer, at their Redemption Amount, together with distributions accrued to the date fixed for redemption, if there is a change in the applicable tax treatment of the Notes, subject to certain conditions
• Optional Redemption for Regulatory Reasons: The Notes may be redeemed, in whole but not in part, at the option and in the sole discretion of the Issuer, at their Redemption Amount, together with distributions accrued to (but excluding) the date fixed for redemption, if there is a change in the regulatory classification of the Notes that would be likely to result in their exclusion in whole or in part from own funds under the CRR or their reclassification as a lower quality form of own funds than on the issue date, subject to certain exclusions relating, among other things, to Write-Downs and the treatment of the Notes in the consolidated own funds of the KA Regulatory Group under Articles 81 to 88 CRR, and subject to certain other conditions
• Optional Redemption for Reasons of Minimal Outstanding Aggregate Principal Amount: The Issuer may redeem the Notes, in whole but not in part, at their Redemption Amount, together with distributions (if any) accrued to the date fixed for redemption, if at any time the number of Notes outstanding (calculated by dividing the aggregate Current Principal Amount of the Notes outstanding and held by persons other than the Issuer and its subsidiaries by the Current Principal Amount) has fallen to 25% or less of the number of Notes of this series originally issued, subject to certain conditions
• Waiver of set-off: Applicable
• Governing Law: Austrian law
• ISIN / Common Code / WKN: AT0000A3XKU3 / 353100238 / A4E1XM
• Joint Lead Managers: ABN AMRO, Morgan Stanley (B&D)
• Clearing and Settlement: OeKB CSD GmbH, Strauchgasse 1-3, 1010 Vienna, Austria
• Listing and Admission to Trading: Application has been or will be made to the Vienna Stock Exchange for the Notes to be admitted to trading on the MTF market of the Vienna Stock Exchange. The MTF market of the Vienna Stock Exchange is not a regulated market for the purposes of MiFID II.
• Denominations: EUR 200,000 and integral multiples of EUR 200,000 in excess thereof
• Language of Documentation: English
• Documentation: Preliminary Offering Memorandum dated 14-Oct-26; Final Offering Memorandum expected to be dated 20-Oct-26
• Use of Proceeds: Refinancing of the outstanding EUR 62.8m 2021 AT1 notes, for which Article 78 permission has been received, and general corporate purposes including strengthening the Tier 1 capital base
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs key information document (KID) or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as not available to retail in EEA or the United Kingdom.
• Selling Restrictions: There are restrictions on the offering, sale and delivery of the Notes in the EEA or the United Kingdom. See "Subscription and Sale of Notes" set out in the Offering Memorandum.
• Risk Factors: For a discussion of certain risk factors relating to the Issuer and the Notes that prospective investors should carefully consider prior to making an investment in the Notes, see "Risk Factors" set out in the Offering Memorandum.
• TOE / FTT: 15-Oct-26 at 16:03 CET / 16:20 CET

PRICED: Tokyo Metropolitan Government €400m 5yr Sr Unsec; MS+39bp

IGC APAC Market: Deal Flow - SSAIGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+39bp / 99.866 / 3.78%
Benchmark: 5yr: OBL 2.9 10-Aug-31 @ 98.776 / B+61.4bp

Tranche 1 (5yr): Final books > €1.25bn (excl. JLM). Peak book > €1.25bn (excl. JLM).

Launched: 5yr: €400m @ MS+39bp - Books in excess of €1.2bn (excl. JLM)
Revised guidance: 5yr: MS+41a - Books in excess of €900m (excl. JLM)
Guidance: 5yr: MS+43a

• Issuer: Tokyo Metropolitan Government (TOKYO)
• Ranking: Senior Unsecured
• Issuer Ratings: A+ (stable, Stand-Alone Credit Profile: aa+) by S&P
• Issue Size: €400m
• Coupon: 3.750% Fixed, Annual, Act/Act-ICMA
• Final spread: MS+39bp
• Reoffer: 99.866 / 3.780%
• Govt ref: +61.4bps vs OBL 2.9 10-Aug-31 (HR 99% - 98.776 / 3.166%)
• Settlement: 22-Oct-26 (T+5)
• Maturity: 22-Oct-31 (5 years)
• Format: Reg S Resilience Bond
• Listing: The Main Market and Sustainable Market of the London Stock Exchange and the TOKYO PRO-BOND Market of the Tokyo Stock Exchange
• Governing Law: English
• Denoms: €100k + €1k
• Sales into Italy: Yes
• Sales into Canada: Yes
• ISIN: XS3524494583
• Bookrunners: Barclays / CACIB (Structuring Coordinator) / Morgan Stanley (B&D) / Daiwa
• Target Market: EU MiFID and UK MiFIR Professionals/Eligible Counterparties
• Use of proceeds: The net proceeds of the issue of the Bonds will be used to fund existing and future Eligible Projects in accordance with the Metropolis' Resilience Bond Framework.
• ECB repo eligible: The Bonds are intended to be eligible for the Eurosystem credit operations (ECB repo eligible).
• Timing: PRICED. TOE: 15:18 LDN / 16:18 CET – FTT immediately

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

Details correct at time of posting