• FIG issuance dominated € IG supply today (94% of vol. & 5 of 6 trades).
• Reverse Yankee prints from both Wells Fargo (€2.75bn) & Citi (€2.75bn) Hold Co’s came to the public € markets with senior TLAC eligible structures in favour of challenging domestic new issue markets & volatile Treasuries.
  • 2 to 10yr € / US$ basis is currently negative & therefore favourable to US issuers swapping back to US$’s (c.5bps at 3yrs &c.6bps at 7yrs).
  • Combined with tighter spreads, the € markets are offering a cheaper all-in cost of funding.
  • Europe is experiencing its own volatility, but comparatively less than the US, where more deals have stood down today.
  • BofA opted for a rare Friday print to get its $8bn trade away & Morgan Stanley issued a $3bn into a volatile session on Wednesday with elevated new issue concessions.
• European Govie’s sold off with yields up.
  • Bund & OAT curves steepened, while the Gilt curve flattened
  • Turmoil in France saw OAT yields widen significantly c.8.5 to 12bps across the curve.
  • CPI on Wednesday & an impending rate hike (93.7% prob) saw Gilt yields widen by c.4.5 to 6bps 
• € swap curve steepened & £ swap curve flattened
  • € swap spreads 2 to 3bps wider
  • £ swap spreads 2 to 3.5bps wider
• € IG priced €7.75bn from 6 deals (1 x Corp & 5 x FIG) via 8 tranches.
  • 41.2% of our ‘Supply Survey’ forecast of €18.83bn.
  • IPTs managed well with avg. IPT to pricing (unsecured) FIG issuance at -27.6bp
  • Book multiples a little under pressure avg. only 2.1 X for today’s FIG offerings.
• Sterling (£) delivered £500m from 1 deal (1 x SSA) via 1 tranche.
• No supply today in either Swiss Franc or US$ Reg S markets.
• Today’s “Talking Point” (below) looks at € IG Corporate issuance for the 2025 period from now through to the end of the year.
• iTraxx 5yr Europe & the iTraxx Senior & Sub financial indices are all wider today, currently at 64.718 (+1.19%), 72.381 (+1.24%) & 121.598 (+1.55%) respectively (as we print & % △ on the day).
• Vix Index is lower since the open yet remains at an 11 week high, now at 17.72 (19.99 this morning).
  • YTD avg. 18.09, 6mth avg. 16.74
• Brent Crude prices remain elevated, pushing higher throughout the session, currently at c.$108.16 (c.$107.78 this morning).
• European equity bourses are deeply in the red today with the FTSE, Dax & CAC 40 down by -1.39%, -1.58% & -1.53% respectively.
  • YTD: FTSE ↑8.05%, Dax ↑2.97% & CAC 40 ↓3.86%
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €500m
  • Avg. tranche size €500m
  • Avg. IPT to Pricing -35.5
  • Avg. cover 6.4 X
• FIG
  • Total IG: €7.25bn
  • Avg. tranche size €1.036bn
  • Avg. IPT to Pricing -4 (covered) €500m
  • Avg. IPT to Pricing -27.58 (unsecured) €6.75bn
  • Avg. cover 2.1 X
• SSA
  • Total IG: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing NA
  • Avg. cover NA

• Pipeline:  The European IG pipeline is as follows. 
  • 2 x € Corp
  • 4 x FIG (1 x Subordinated, 1 x Covered & 1 x Snr Preferred)
  • 2 x € SSA (1 x LSA & 1 x Inaugural Green Oct 23rd earliest)

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

Talking Point

• Today we look at € IG Corporate issuance for the 2025 period from now through to the end of the year (weeks 42 to 51).
• The window was narrow and front-loaded. The week of 7th Nov alone brought €33.5bn (44%) of the 10-week total. By early December the market had largely shut, with the final 2 weeks printing nothing. Issuers missing November typically face a choice: wait for January, or accept thin, costly liquidity.
• Duration dominated. Roughly two-thirds of tranches priced at 7yrs+, with 10-20yr & 20yr+ each ~23% of volume, reflecting investor demand for yield extension & issuers locking in long-dated funding. Sub-5yr paper was just ~15%.
• Communication Services skewed the sector mix. It took 27% of volume from 11 deals, with Health Care at 16.3%. Industrials, with 11 deals, took only 9%.
• ESG supply was thin with just 9.9% of total volume, split between Green/EuGB (93.4%) & Sustainable (6.6%).
• Implication for 2026: mid-October now sits where last year's final sprint began. This year has been choppier, trailing consensus with a strong ‘risk-off’ tone building in recent weeks, against a backdrop of earnings blackouts & rate volatility. Even so, primary in Europe remains remarkably resilient & we are still running ~10% ahead of 2025 volumes.

Euro IG (today)

• Eurogrid GmbH (exp. Issue rating of BBB by S&P) announced a €500m (wng) 8yr, senior, unsecured, Reg S, Bearer, Green bond with IPTs of MS+130 to +135. Books were over €3.3bn & the deal launched & priced for €500m at MS+97 (NIC of 2bps). Final books were over €3.2bn.
  • This is their 2nd public € offering YTD, having last priced a €500m, 12yr, EuGB on the 4th of August at MS+108 (34.5bps tighter than IPTs from a book of €2.7bn, with a NIC of -1). Prior to that Eurogrid came with a €1.1bn, dual tranche Green offering on the 6th of October 2025. A €500m 4yr priced at MS+58 (39.5bps tighter than IPTs from a €1.95bn) & a €600m 15yr priced at MS+128 (44.5bps tighter than IPTs from a €2.35bn book).

• Bayerische Landesbank (exp. Issue rating of Aaa by Moody’s) brought a €500m (wng), Reg S, Bearer, 3.5yr (26th April 2030 - short first coupon), Mortgage Covered Bond (Hypothekenpfandbrief). Guidance on the notes came in the area of MS+16. Books were above €1bn (inc. €165m JLMs) & the deal launched for €500m at MS+12 (4bps tighter than IPTs offering investors a NIC of 3bps). Final books were above €1.18bn (pre-rec, inc. €210m JLMs).
  • Today’s deal represents Balaba’s 4th covered deal of 2026, having last priced a €750m 4yr on the 24th of August at MS+10 (5bps tiger than guidance from a €1.25bn book & a NIC of -1). Prior to that on the 15th of June they priced a €500m 3yr at MS+77 (6bps tighter than guidance from a book of €1.27bn). Their first covered of the year came back on the 22nd of January when they priced a €750m 8.25yr at MS+23 (7bps tighter than guidance from a €1.69bn book).
• Wells Fargo & Company (exp. Issue ratings of A1 / A- / A+ / AA by Moody’s, S&P, Fitch & DBRS) was first to hit the screens this morning with an SEC Registered € benchmark, Senior Hold Co, dual-tranche offering. A 4NC3 Fixed to Floating tranche came with IPTs of MS+90 to +95, while an 8NC7 Fixed to Floating had IPTs in the area of MS+125. Combined books above €5bn (small skew to the 4NC3). Combined books grew to €7.2bn (split €4.3bn for the 4NC3 & €2.9bn for the 8NC7). Spreads set at MS+67 & MS+100 respectively, offering investors NIC’s in turn of +3 & +7bps. The 4NC3 launched for €1.75bn at MS+67 with a book of €3.7bn; & the 8NC7 launched for €1bn at MS+100 from a book of €2.5bn (that’s a combined books at Final Terms of €6.2bn).
  • This is Wells Fargo’s first foray into the public € markets TYD, having last brought a €2.75bn, dual tranche offering on the 16th of July 2025. In that deal they priced a €1.75bn 4NC3 FTF at MS+68 (32bps tighter than IPTs from a €3.1bn); while a €1bn 11NC10 priced at MS+120 (30bps tighter than IPTs from a €2.1bn book). In terms of demand the most interest for the 4NC3 came from the UK & Ireland (30%), with the Nordic region & the Dutch taking an additional 28%. The 11NC10 found favour with the French (38%), while Germany, Austria & Switzerland took a combined 23%. Asset managers took the lion's share of both deals (76% of the 4NC3 & 60% of the 11NC10).
• Belfius Bank SA/NV (exp. Issue rating of Baa3 by Moody’s - issuer ratings of A1 / A / A- by Moody’s S&P & Fitch) brought a €500m (wng) Perpetual NC6.5 (26th Apr 2033) Additional Tier 1 offering. IPTs on the trade were in the area of a semi-annual yield of 7.125%. Books first called above €1.5bn. The deal launched & priced for €500mn at 6.75%, when books were above €1.75bn. Final books settled above €1.15bn.
  • Their last AT1 print was back on the 28th of October 2024, when they priced a €500m PerpNC7 with a semi-annual coupon of 6.125%, having originally gone out with IPTs in the area of 6.5%. At the time the deal carried both Moody’s & S&P ratings (Baa3 - like today & BB+). Books on this trade were €1bn, with peak books recorded at €1.5bn.
• Norddeutsche Landesbank - Girozentrale (exp. Issue ratings of Aa2 / AA- by Moody´s & Fitch) brought a €500m (exp) 5.5yr (28th April 2032) Senior Preferred offering with IPTs of MS+95 to +100. Books were first called above €1bn (exc. JLMs). Size increased to €750m & the deal launched at MS+70, with books above €1.65bn (inc. €90m JLMs). The trade offered investors a NIC of 5bps. Final books were above €1.25bn (inc. €90m JLMs) good at re-offer.
  • A prolific issuer NordLB most recent trade was also a senior preferred. The €500m 3yr issue priced at MS+38 (22bps tighter than IPTs from a book of €935m & a NIC of +8). The unsecured trade prior to that was also a senior preferred print, but a Green trade. This €500m 5yr priced at MS+55 (25bps tighter than IPTs from a €1.65bn book).
• Citigroup Inc. (rated A3 / BBB+ / A by Moody’s, S&P & Fitch) brought a dual-tranche € benchmark, Senior Hold Co, senior unsecured offering. The 4NC3 Fixed to Floating offering (the same as the Wells Fargo tranche announced earlier) came with IPTs in the area of MS+95. The 7NC6 Fixed to Floating had IPTs in the area of MS+125. The deal is an SEC Registered self-led trade. Spreads on both tranches set 25bps tighter than IPTs at MS+70 & MS+100 respectively. Books not disclosed.
  • Today’s deal is Citi’s first print in the public € markets in 2026. 2025 saw them bring two dual-tranche offerings & a single subordinated tranche for a collective €6.15bn. The most recent was a €2.75bn dual-tranche almost exactly a year ago, on the 15th of October, when they priced a €1.25bn 5yr at MS+73 (32bps tighter than IPTs) & a €1.5bn 9yr at MS+103 (32bps tighter than IPTs).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• European Investment Bank (rated Aaa / AAA / AAA / AAA by Moody’s, S&P, Fitch & Scope) brought a £500m (wng), senior, unsecured, RegS Bearer, 6yr Sustainable (SAB) offering. Guidance on the notes was SONIA MS+36 area (indicatively UKT 4.25% 06/07/32 + 9.5). Books were over £1.45bn (exc. JLMs) & the trade launched & priced for £500m at SONIA MS +35. Final books closed in excess of £1.5bn (inc. £50m JLMs).
  • This is the EIB’s 3rd public offering in the Sterling market this year, but their first fixed rate deal. Their last trade was a £1.5bn 6yr on the 15th of April. The deal was also a Sustainable trade, but an FRN which priced at SONIA +35 (1bp tighter than guidance from a £4bn book). The other was on January the 12th when they priced a 4yr FRN for £1bn at SONIA+33 from a £6.9bn book.

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

Euros (€)

• 19th October: National Gas Transmission plc (exp. Issue ratings of Baa1 / A- by Moody’s & Fitch), mandated BNP Paribas (B&D), HSBC, IMI - Intesa Sanpaolo, & Mizuho as Active Bookrunners to arrange a series of fixed income investor calls commencing Monday 19th Oct. A single-tranche, € benchmark, RegS bearer, fixed rate, senior, unsecured bond offering with a long 5yr tenor is expected to follow, subject to market conditions.

• 19th October: Gek Terna S.A. (rated Baa3 / BBB- by Moody’s & S&P), the vertically integrated leading infrastructure group in Greece, owning & operating critical concessions in the country, mandated BNP Paribas S.A., JP Morgan S.E. & Mediobanca – Banca di Credito Finanziario S.p.A as Joint Global Coordinators & Joint Bookrunners along with AXIA, Deutsche Bank, Eurobank S.A., Goldman Sachs Bank Europe SE, HSBC, Morgan Stanley, National Bank of Greece, Piraeus Bank S.A. & Optima bank S.A. as Joint Bookrunners to arrange a series of fixed income investor calls starting on Monday the 19th October.

• 19th October: Marsh & McLennan Companies, Inc. (rated A3 / A- / A- by Moody’s, S&P & Fitch) mandated BofA Securities, Deutsche Bank, Barclays, & HSBC to arrange a series of fixed-income investor calls, Monday, October 19th. An SEC registered Long 5yr & 10yr € benchmark, fixed rate, senior unsecured offering may follow, subject to market conditions.

• 19th October: Sumitomo Life Insurance Company (exp. Issue ratings of A- / A- by S&P & Fitch) mandated JP Morgan, BofA Securities, Goldman Sachs, SMBC Nikko & BNP Paribas to arrange a series of fixed income investor conference calls commencing Monday the 19th October. JP Morgan will be coordinating logistics. A potential € benchmark, Reg S, Fixed to fixed, step-up 30NC10 callable subordinated bond offering will follow, subject to market conditions.

• 19th October: Wüstenrot Bausparkasse AG (exp. Issue rating of AAA by S&P) mandated Commerzbank, Erste Group, LBBW, NordLB & Société Générale as Joint Lead Managers for its upcoming €500mn (wng) Mortgage Covered Bond (Hypothekenpfandbrief) with a long 8yr tenor (Jan 2035). The notes are labelled European Covered Bond (Premium). The transaction will follow in the near future, subject to market conditions.

• 19th October: Raiffeisenlandesbank Niederösterreich-Wien AG (exp. Issue rating of A2 by Moody’s) mandated BayernLB, ING, Morgan Stanley, Raiffeisen Bank International (B&D), Société Générale & UniCredit as Joint Bookrunners for its, Reg S Bearer, Senior Preferred, fixed rate, €500m (wng) Bond with a 4yr maturity, subject to market conditions.

• 16th October: The Free and Hanseatic City of Hamburg (rated AAA / AAA by Fitch & Scope) mandated DZ Bank as ESG Structuring Coordinator & Crédit Agricole CIB, Danske Bank, DekaBank, Deutsche Bank & DZ Bank as Joint Lead Managers for its upcoming inaugural €500m (wng) 10yr Green senior unsecured offering in LSA format. The transaction will be launched in the near future, subject to market conditions & after extensive investor calls taking place between Monday the 19th of October & Thursday the 22nd of October.

Transaction Details

PRICED: European Investment Bank £500m 6yr Sr Unsec; MS+35bp

IGC European Market: Deal Flow - SSA

Reoffer: 6yr: MS+35bp / 99.914 / 5.142%

Benchmark: 6yr: UKT 4 1/4 06-Jul-32 @ 96.357 / B+7.9bp / HR 109%

Tranche 1 (6yr): Final books closed in excess of £1.5bn (incl. £50m JLM)

Launched: 6yr: £500m @ MS+35bp - Books over £1.45bn (excl. JLM)

Spread set at: 6yr: MS+35bp - Books over £1.45bn (excl. JLM)

Guidance: 6yr: MS+36a

• Issuer: European Investment Bank (Ticker: EIB)
• Ratings: Aaa / AAA / AAA / AAA (Moody's/S&P/Fitch/Scope, all stable)
• Format: Senior, Unsecured, Reg S Bearer
• Size: £500m
• Settlement: 28-Oct-26 (T+7)
• Maturity: 28-Oct-32 (6Y)
• Reoffer: SONIA MS (A, A/365) + 35 bps / 99.914% / 5.142% A / 5.078% SA
• Reference: +7.90 bps vs. UKT 4 1/4 06-Jul-32 (96.357 mid / 96.337 bid / HR 109%)
• Coupon: 5.125%, Fixed, Annual, Act/Act
• Denominations: 1k + 1k
• Docs: EMTN Programme
• Listing: Luxembourg
• Leads: BMO (B&D/DM) / HSBC / TD
• ISIN: EU000A4E1WF6
• Target Market: The manufacturer target markets (MiFID II and UK MiFIR product governance) as assessed by the lead managers are Retail / Professional / Eligible Counterparties (all distribution channels)
• Timing: Priced. TOE: 12:19 UKT. FTT immediately
• UOP: The proceeds of the Bond will be allocated to EIB's lending to activities contributing to sustainability objectives in line with evolving EU sustainable finance legislation. Pending disbursements, the proceeds will be invested in money market instruments.

PRICED: Bayerische Landesbank €500m 3.5yr CB; MS+12bp

IGC European Market: Deal Flow - General

Reoffer: 3.5yr: MS+12bp / 99.798 / 3.567%
Hedge Ref: 3.5yr: OBL 2.40% 18-Apr-30 (DE000BU25042) @ 97.452 / B+38.7bp, HR 101%

Final Books: Above €1.18bn pre-recon (incl. €210m JLM interest)

Launched: 3.5yr: €500m @ MS+12bp - Final books above €1.18bn pre-recon (incl. €210m JLM interest)
Spread set at: 3.5yr: MS+12bp - Orderbook above €1bn (incl. €165m JLM-Interest)
Guidance: 3.5yr: MS+16a

• Issuer: Bayerische Landesbank
• Ticker: BYLAN
• LEI: VDYMYTQGZZ6DU0912C88
• Issue Type: Mortgage Covered Bond (Hypothekenpfandbrief), European Covered Bond label (Premium)
• Exp. Issue Rating: Aaa (Moody's)
• Format: Reg S, Bearer
• Issue Size: €500mn
• Coupon: 3.500%, annual, act/act ICMA, unadjusted following
• Settlement: 26-Oct-26 (T+5)
• Maturity: 26-Apr-30 -short first coupon-
• Reoffer: MS+12bp / 99.798% / 3.567%
• Hedge Ref: OBL 2.40% 18-Apr-30 (DE000BU25042) @ 97.452% +38.7bp, HR 101%
• Denominations: €1k+1k
• Listing/Law: Munich / German
• Documentation: Under Issuer’s €60bn Debt Issuance Programme – Base Prospectus dated 12-May-26, last supplemented 17-Sep-26 (the “DIP Prospectus”) and related documentation
• Joint Bookrunners: ABN AMRO, BayernLB(B&D), DZ Bank, HSBC, KBC Bank, Natixis
• MiFID II: The manufacturer target market is eligible counterparties, professional clients and retail clients (all distribution channels)
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities
• ISIN/WKN: DE000BYL0R59 / BYL0R5
• Timing: Priced, TOE 14:51 CET, FTT 15:00 CET
• Advertisement: The prospectus is available at https://www.bayernlb.de/internet/de/blb/resp/meta_7/ueber_uns_1/investor_relations_5/refinanzierung_1/2026_prospekte/dip_2026_05/dip_2026_05.jsp

Covered
3.5yr (Apr 2030) @ MS+16a
Implied Spread for fresh 3.5yr @ MS+9
Priced at MS+12
NIC of +3

PRICED: Norddeutsche Landesbank - Girozentrale €750m 5.5yr SP; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 5.5yr: MS+70bp / 99.847 / 4.161%
Benchmark: 5.5yr: DBR 0 15-Feb-32 @ 84.43 / B+92.9bp

Tranche 1 (5.5yr): Final books above €1.25bn (incl. €90m JLM) good at reoffer. Peak book above €1.65bn (incl. €90m JLM)

Launched: 5.5yr: €750m @ MS+70bp - Books above €1.65bn (incl. €90m JLM)
IPTs: 5.5yr: MS+95/100bp

• Issuer: Norddeutsche Landesbank - Girozentrale
• BBG Ticker: NDB
• LEI: DSNHHQ2B9X5N6OUJ1236
• Issuer Rating: Aa2 (stable) by Moody's / AA- (stable) by Fitch)
• Exp. Issue Rating: Aa2 (Moody's), AA- (Fitch)
• Status of the Notes: Senior Preferred Notes, direct, unconditional, unsubordinated and unsecured liabilities of the Issuer (MREL eligible)
• Form of the Notes: Bearer Notes
• Use of Proceeds: General financing purposes of the Issuer
• Size: €750m
• Trade Date: 19-Oct-26
• Settlement Date: 28-Oct-26 (T+7)
• Maturity Date: 28-Apr-32 (5.5yr)
• Interest Payment Dates: 28 April in each year, commencing on 28-Apr-27
• Coupon: 4.125%, Fixed, annual, Act/Act ICMA, unadjusted following, Short first
• Business Days: T2
• Reoffer Spread: MS+70bp
• Reoffer Price: 99.847%
• Reoffer Yield: 4.161%
• Benchmark: +92.9bp vs DBR 0 15-Feb-32 (DE0001102580), Price: 84.43%, HR:111%
• Redemption Price: 100%
• Denoms / Listing / Law: €1,000 + €1,000 / Hanover Stock Exchange (Regulated Market) / German
• ISIN / WKN: DE000NLB6TG1 / NLB6TG
• Clearing: Clearstream Europe
• Documentation: Under NORD/LB's €25bn Programme for the Issuance of Debt Instruments dated 08-May-26, supplemented 13-May-26 and 31-Aug-26.
• Selling Restrictions: As set out in the respective section “Selling Restrictions” of the Prospectus (as defined above)
• Early Redemption: At par due to taxation reasons (issuer required to pay additional amounts); an MREL Event. All subject to certain conditions, incl. the prior permission of the competent regulatory authority.
• Joint Lead Managers: Barclays, BofA Securities, Deutsche Bank (B&D), DZ Bank, IMI-Intesa Sanpaolo and NORD/LB
• Target Market: The target market for the bonds is eligible counterparties, professional clients and retail clients, each as defined in MiFID II / UK MiFIR product governance (all channels for distribution of the bonds are appropriate).
• Advertising: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, Supplements and the Final Terms, when published, will be available on: https://www.nordlb.de/unsere-leistungen/kapitalmarktportal (German) and https://www.nordlb.com/our-products-services/capital-market-portal (English)
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the securities.
• Timing: Priced. T.O.E 14.57 CET / F.T.T 15.15 CET

Senior Preferred
5.5yr (Apr 2032) @ MS+95-100

Implied Spread for fresh 5.5yr @ MS+65
Priced at MS+70
NIC of +5

PRICED: Belfius Bank SA/NV €500m PerpNC6.5 AT1; 6.750%

IGC European Market: Deal Flow - General

Reoffer: PerpNC6.5: 6.750% / 100

Tranche 1 (PerpNC6.5): Final Books above €1.15bn. Peak book above €1.75bn

Launched: PerpNC6.5: €500m @ 6.750% - Books above €1.75bn
Book Update: Books above €1.5bn
IPTs: PerpNC6.5: 7.125%

• Issuer: Belfius Bank SA/NV
• LEI: A5GWLFH3KM7YV2SFQL84
• Securities: Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Callable Securities
• Form: Reg S dematerialized book entry in the records of the NBB-SSS
• Issuer Ratings: A1 Stable / A Stable / A- Stable by Moody’s / S&P / Fitch
• Exp. Issue Rating: Baa3 by Moody’s
• Settlement Date: 26-Oct-26 (T+5)
• Tenor: Perpetual NC 6.5-year
• First Reset Date: 26-Apr-33
• Currency / Size: €500m
• Reoffer: 100 (par), 6.750% yield (6.864% on an annual basis)
• Status: Direct, unconditional, unsecured, unguaranteed and deeply subordinated obligations of the Issuer, ranking junior to all unsubordinated creditors and to holders of subordinated indebtedness (including Tier 2 Capital Instruments), and senior only to rights and claims of holders of any class of share capital of the Issuer and any obligation that ranks, or is expressed to rank, junior to the Issuer’s obligations under the Securities
• Rate of Interest: Fixed rate of 6.750% p.a. until the First Reset Date, then resets at the First Reset Date and every 5 years thereafter at the prevailing 5-year mid-swap rate plus the Margin (no step-up). Payable semi-annually in arrears. Act/Act ICMA following unadjusted
• Reference Mid-Swap Rate: 3.474%
• Margin: 339.0bps per annum
• Coupon Payment Dates: 26 April and 26 October in each year, from (and including) 26-Apr-27
• Optional Cancellation of Interest: The Issuer may decide, in its sole and absolute discretion, at any time on or before the scheduled payment date to cancel any payment of interest on any interest payment date on a non-cumulative basis
• Mandatory Cancellation of Interest: Mandatory cancellation on a non-cumulative basis if and to the extent: (a) insufficient Distributable Items; (b) distributions exceeding the Maximum Distributable Amount on a solo or consolidated basis; (c) distributions have been limited or suspended by the Relevant Resolution Authority as exceeding MREL-Maximum Distributable Amount on a consolidated basis; or (d) the Competent Authority orders the Issuer to cancel the payment of interest
• Issuer Call Option: In whole but not in part on any day falling in the 6-month period prior to (and including) the First Reset Date, and every Interest Payment Date thereafter, at their Prevailing Principal Amount together with any accrued but unpaid interest (excluding interest which has been cancelled), subject to prior regulatory approval and Conditions to Redemption and Purchase. The Issuer may in any case also redeem the Securities if their Prevailing Principal Amount is lower than the Original Principal Amount at such time
• Other Redemption Options: In whole but not in part upon the occurrence of a Regulatory Event, a MREL/TLAC Disqualification Event, a Tax Deductibility Event or a Tax Gross-up Event, or if 75% or more of the aggregate Original Principal Amount of the Securities has been purchased by the Issuer or by others for the Issuer’s account and cancelled, at the Prevailing Principal Amount together with any accrued but unpaid interest (excluding interest which has been cancelled) and any additional amounts payable under Condition 8, subject to prior regulatory approval and Condition 5.7 (Conditions to Redemption and Purchase)
• Substitution / Variation: If a Special Event (Regulatory Event, MREL/TLAC Disqualification Event, Alignment Event, Tax Deductibility Event or Tax Gross-up Event) has occurred and is continuing, the Issuer may at its option, without any requirement for the consent or approval of the holders, substitute all or vary the terms of all of the Securities so that they become or remain Qualifying Securities, subject, amongst others to the prior approval of the Competent Authority and/or the Relevant Resolution Authority (if required) and provided the new terms are not materially less favourable to holders
• Trigger Event: At any time, upon either the Solo CET1 Ratio or the Consolidated CET1 Ratio falling below 5.125%
• Principal Write-Down: Upon the occurrence of a Trigger Event, the Issuer shall (i) irrevocably cancel all interest accrued on each Security up to (and including) the Trigger Event Write-down Date and (ii) irrevocably reduce the then Prevailing Principal Amount of the Securities by the relevant Write-down Amount pro rata and concurrently with the write-down or conversion into equity of the then prevailing principal amount of any other Loss Absorbing Instruments
• Principal Write-up: Subject to compliance with the Applicable Banking Regulations, if both a positive Solo Net Profit and a positive Consolidated Net Profit are recorded at any time while the Prevailing Principal Amount is less than the Original Principal Amount, the Issuer may, at its full discretion and subject to the Maximum Distributable Amount, the MREL-Maximum Distributable Amount and the Maximum Write-up Amount not being exceeded and no Trigger Event having occurred and being continuing, increase the Prevailing Principal Amount of the Securities up to a maximum of its Original Principal Amount on a pro rata basis with any Discretionary Temporary Write-down Instruments capable of being written up in accordance with their terms
• Documentation: Preliminary Prospectus dated 19-Oct-26, final Prospectus approval expected on 22-Oct-26
• Use of Proceeds: The net proceeds of the issue of the Securities will be used by the Issuer for its general corporate purposes
• Sole Global Coordinator: Citi (B&D)
• Joint Lead Managers: Belfius, Citi, Goldman Sachs International, J.P. Morgan, Natixis, UBS
• Listing: Official List of Luxembourg Stock Exchange
• Clearing: The Securities may be held only by, and transferred only to, Eligible Investors holding their securities in an exempt securities account (X-account) that has been opened with a financial institution that is a direct or indirect participant in the NBB-SSS
• Governing Law: Belgian law
• Contractual recognition of powers under the BRRD: Each holder acknowledges and accepts to be bound by the exercise of Statutory Loss Absorption Powers by the Relevant Resolution Authority
• Denominations: €200,000 + €200,000
• ISIN: BE6378159212
• Common Code: 355056562
• Target market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only. No EEA PRIIPs key information document or UK disclosure document required under DISC has been prepared, as the Securities are not available to retail investors in the EEA or the UK (as defined in COBS 3.4)
• Selling Restrictions / Applic. TEFRA: The Securities may be offered and sold only outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. Among other things, UK, Italian and Belgian selling restrictions apply – see “Subscription and Sale” section of the Preliminary Prospectus. TEFRA not applicable
• Timing: TOE: 15:23 CET / 14:23 UKT // FTT: 15:45 CET / 14:45 UKT

PRICED: Wells Fargo & Company €2.75bn 4NC3 FXD/FRN & 8NC7 FXD/FRN Sr Unsec; MS+67bp & MS+100bp

IGC European Market: Deal Flow - General

Reoffer: 4NC3: MS+67bp / 100 / 4.124% 8NC7: MS+100bp / 100 / 4.496%
Benchmark: 4NC3: OBL 2.5 29 #190 @ 98.145 / B+96.1bp / HR 100% 8NC7: DBR 2.6 15-Aug-33 @ 95.590 / B+116.3bp / HR 101%

Tranche 1 (4NC3): Final books €3.6bn. Peak book €4.3bn
Tranche 2 (8NC7): Final books €2.1bn. Peak book €2.9bn

Launched:
4NC3: €1.75bn @ MS+67bp - Books €3.7bn
8NC7: €1bn @ MS+100bp - Books €2.5bn
Spread set at: 4NC3: MS+67bp - Books €4.3bn 8NC7: MS+100bp - Books €2.9bn
Book Update: Combined Books > €5bn (small skew to the 4nc3)
IPTs: 4NC3: MS+90/95bp 8NC7: MS+125a

• Issuer: Wells Fargo & Company (the “Issuer”)
• Issuer LEI: PBLD0EJDB5FWOLXP3B76
• Status of the Notes: Senior, direct, general, unconditional, unsubordinated and unsecured obligations of the Issuer
• Form of Notes: Registered, NSS, Reg S only
• Issuer Rating: A1/A-/A+/AA (low) (Moody's/S&P/Fitch/DBRS)
• Expected Rating of the Issue: A1/A-/A+/AA (low) (Moody's/S&P/Fitch/DBRS)
• Tranche:
  • 4NC3: 4NC3 Fxd-to-FRN
  • 8NC7: 8NC7 Fxd-to-FRN
• Size:
  • 4NC3: €1.75bn
  • 8NC7: €1bn
• Settlement Date: 26-Oct-26 (T+5 business days)
• Maturity Date:
  • 4NC3: 26-Oct-30
  • 8NC7: 26-Oct-34
• Optional Redemption:
  • 4NC3: First Issuer Par Call on 26-Oct-29
  • 8NC7: First Issuer Par call on 26-Oct-33
• Par Calls:
  • 4NC3: Additional Par Call: 1 month(s) prior to maturity
  • 8NC7: Additional Par Call: 2 month(s) prior to maturity
• Make Whole Call: Make Whole Call: from and including 2-Nov-27 to but excluding 26-Oct-33
• Tax Redemption Call: Tax Redemption Call
• Events of Default: As per the Prospectus (Senior Notes)
• Business Days: London, New York, T2
• Reoffer:
  • 4NC3: MS+67bp / 100 / 4.124%
  • 8NC7: MS+100bp / 100 / 4.496%
• Benchmark:
  • 4NC3: OBL 2.5 29 #190 (98.145 bid) + 96.1bp / HR 100%
  • 8NC7: DBR 2.6 15-Aug-33 (95.590 bid) + 116.3bp / HR 101%
• Coupon:
  • 4NC3: 4.124% per annum fixed rate, payable annually in arrear and accruing from, and including, the Settlement Date to, but excluding, the Fixed Rate End Date.
  • 8NC7: 4.496% per annum fixed rate, payable annually in arrear and accruing from, and including, the Settlement Date to, but excluding, the Fixed Rate End Date.
• Interest Payment Dates:
  • 4NC3: 26-Oct in each year up to and including the Fixed Rate End Date. The first Interest Payment Date will fall on 26-Oct-27
  • 8NC7: 26-Oct in each year up to and including the Fixed Rate End Date. The first Interest Payment Date will fall on 26-Oct-27
• Make Whole Reference Bond and Spread:
  • 4NC3: B+15bp
  • 8NC7: B+20bp
• Day Count Fraction: Actual / Actual (ICMA)
• Business Day Convention: Following, unadjusted
• Documentation: US$50,000,000,000 Euro Medium Term Note Programme (the “Programme”),
• For reference, the base prospectus of the Programme dated 8-Apr-26 (the “Prospectus”) can be found at: Publication of a Prospectus - 13:52:37 23-Apr-26 - FH03 News article | London Stock Exchange
• Governing Law: New York
• Selling Restrictions: Reg S, Cat 2 and as otherwise set forth in the Prospectus. Prohibition of sales to EEA and United Kingdom retail investors.
• Denominations: €100k + 1k
• Listing: The Main Market of the London Stock Exchange plc
• Target Market: Manufacturer target market (EU MiFID and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Settlement/Clearing: Euroclear/Clearstream
• ISIN:
  • 4NC3: XS3546741060
  • 8NC7: XS3546741490
• Stabilisation: ICMA/FCA stabilisation applies
• Taxation: As per the Prospectus
• Joint Bookrunners: Barclays, BBVA, ING, IMI - Intesa Sanpaolo, Natixis, Santander, Société Générale, Standard Chartered Bank, UniCredit, Wells Fargo Securities (B&D)
• Use of Proceeds: The Issuer intends to use the net proceeds from the sale of the Notes for general corporate purposes.
• Advertisement: This is an advertisement for the purposes of Regulation (EU) 2017/1129 as it forms part of United Kingdom law. The Prospectus has been published and the Final Terms (when available) will be published on the website of the London Stock Exchange plc through its regulatory information service (http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html)
• Timing: 4NC3 TOE 16.19 UKT / 17.19 CET / FTT 16.50 UKT / 17.50 CET / 8NC7 TOE 16.18 UKT / 17.18 CET / FTT 16.50 UKT / 17.50 CET

Fixed to Floating

4NC3yr (Oct 2029) @ MS+90/95

Implied Spread for fresh NC3yr @ MS+64
Priced at MS+67
NIC of +3

8NC7yr (Oct 2033) @ MS+125a

Implied Spread for fresh NC7yr @ MS+93
Priced at MS+100
NIC of +7

PRICED: Citigroup Inc. €2.75bn 4NC3 & 7NC6 Sr Unsec; MS+70bp & MS+100bp

IGC European Market: Deal Flow - General

***Corrects Spread and IPT-PXD

Reoffer: 4NC3: MS+70bp / 100 / 4.135% 7NC6: MS+100bp / 100 / 4.462%
Benchmark: 4NC3: OBL 2 ½ 11-Oct-29 @ B+97.7bp 7NC6: DBR 1.7 15-Aug-32 @ B+121bp

Launched: 4NC3: €1.5bn @ MS+70bp 7NC6: €1.25bn @ MS+100bp
IPTs: 4NC3: MS+95a 7NC6: MS+125a

• Issuer: Citigroup Inc.
• LEI: 6SHGI4ZSSLCXXQSBB395
• Ratings: A3/BBB+/A (Stable/Stable/Positive)
• Ranking: Senior Unsecured
• Format/Listing: SEC-registered / Luxembourg
• Size:
  • 4NC3: €1.5bn
  • 7NC6: €1.25bn
• Trade Date: 19-Oct-26
• Settlement: 26-Oct-26 (T+5)
• Tenor:
  • 4NC3: 4NC3 FXD-FRN
  • 7NC6: 7NC6 FXD-FRN
• Optional Redemption:
  • 4NC3: 26-Oct-29
  • 7NC6: 26-Oct-32
• Maturity:
  • 4NC3: 26-Oct-30
  • 7NC6: 26-Oct-33
• Make Whole Call:
  • 4NC3: From 26-Apr-27 to 26-Oct-29
  • 7NC6: From 26-Apr-27 to 26-Oct-32
• Par Call:
  • 4NC3: From 26-Sep-30 to 26-Oct-30
  • 7NC6: From 26-Sep-33 to 26-Oct-33
• Reoffer:
  • 4NC3: MS+70bp / 100 / 4.135%
  • 7NC6: MS+100bp / 100 / 4.462%
• Benchmark:
  • 4NC3: OBL 2 ½ 11-Oct-29 @ B+97.7bp
  • 7NC6: DBR 1.7 15-Aug-32 @ B+121bp
• Coupon:
  • 4NC3: 4.135% (Fixed, Annual, Act/Act (ICMA))
  • 7NC6: 4.462% (Fixed, Annual, Act/Act (ICMA))
• Coupon after Opt Red.: Floating, Quarterly, Act/360
• Denominations: €100k + €1k
• Documentation: Issuer’s Registration Statement on Form S-3 No. 333-293732 filed with the U.S. Securities and Exchange Commission
• Selling Restrictions: As per the Preliminary Prospectus Supplement. No Sales into Italy, Belgium, Sweden, Slovakia, Poland, and Liechtenstein.
• Target Market: Manufacturer target market (MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs Key Information Document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK.
• Governing Law: State of New York
• Bookrunner: Citigroup
• ISIN:
  • 4NC3: XS3548789844
  • 7NC6: XS3548578718
• Schedule: Books open, today's business

PRICED: Eurogrid GmbH €500m 8yr EuGB Sr Unsec; MS+97

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+97bp / 100 / 4.48%
Benchmark: 8yr: DBR 2.6% 15-Aug-34 @ 94.73 / B+110.3bp / HR 101%

8yr: Final Books €3.2bn+. Peak book €3.3bn+

Launched: 8yr: €500m @ MS+97bp - Books €3.3 bn+
IPTs: 8yr: MS+130/135bp

• Issuer: Eurogrid GmbH (Ticker: EUROGR, Country: Germany)
• Issuer LEI: 967600Q53854Z2NBCC81
• Issuer Ratings: BBB (stable outlook) by S&P and Baa2 unsolicited (stable outlook) by Moody's
• Expected Issue Ratings: BBB by S&P
• Guarantors: 50Hertz Transmission GmbH (LEI: 529900N6V96MBOIRXV55) and 50Hertz Offshore GmbH (LEI: 8755005LVIN8ES5KAA34)
• Format: Senior, Unsecured European Green Bond, Reg S CAT2 Bearer NGN (TEFRA D)
• Settlement: 29-Oct-26 (T+8)
• Tenor: 8-years
• Size: €500m
• Maturity: 29-Oct-34
• Coupon: 4.48%, Fixed (Annual, Act/Act ICMA)
• Reoffer: MS+97bp
• Price / yield: 100 / 4.48%
• Bund ref: +110.3bps vs DBR 2.6% 15-Aug-34 (bid @ 94.73; HR: 101%)
• ISIN: XS3542776037
• Par Call: 3 months
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Documentation: DIP as per 13-May-26 and supplemented on 31-Jul-26 / German Law / Clean-up Call (80%) / MWC (B + 20 bps) / Tax Call
• Denomination: €100,000 x €100,000
• Selling Restrictions: Regulation S and as set out in Eurogrid's Debt Issuance Programme dated 13-May-26 and supplemented on 31-Jul-26 (U.S., EEA, UK, Japan, Singapore and Canada)
• UOP: The Notes are designated as "European Green Bond" or "EuGB" in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council. An amount equivalent to the gross proceeds of the issuance of Notes will be applied to finance, refinance and/or invest in eligible activities in line with Eurogrid's European Green Bond Factsheet (included in Eurogrid's Green Financing Framework) dated Sep-25. The European Green Bond Factsheet along with the pre-issuance review by Sustainable Fitch are available on the Issuer's website at: https://www.eurogrid.com/en-us/Investor-Relations/Green-Financing
• Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). For the avoidance of doubt, there will be no sales to retail investors under any jurisdiction in primary market. No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Joint Bookrunners: Crédit Agricole CIB, NatWest, SocGen, UniCredit (B&D)
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplements and the final terms, when published, will be available at https://www.luxse.com/programme/Programme-Eurogrid/14143
• Timing: PRICED. TOE:16:35 CET. FTT: 17:15 CET
• Books Subject: 11.55 UKT 12.55 CET
• Hedge Deadline: 15.25 UKT / 16.25 CET
• Disclaimer: None of the Joint Bookrunners makes any representation, warranty or undertaking, express or implied, as to whether the securities will satisfy any present or future investor expectations or requirements with respect to environmental, sustainability or green criteria. None of the Joint Lead Managers is responsible for any assessment of the eligibility criteria, any verification of whether the eligible green projects meet the eligibility criteria, or the monitoring of the use of proceeds. The Green Financing Framework does not form part of the Base Prospectus or the Final Terms.

EuGB 

8yr (Oct 2034) @ MS+130/135

Implied Spread for fresh 8yr @ MS+95
Priced at MS+97
NIC of +2

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Details correct at time of posting