• iTraxx indices & credit spreads hit 6mth highs before pulling back in the afternoon.
• Brent also hit at 5 mth high, before tightening by close to $4
• OAT’s had continued their heavy sell-off, before a swift turn around in the afternoon session.
  • 10yr OAT got within 3bps of 5.0%, a rate not seen in over 24yrs (June 2002).
  • Trading back at 4.889%
• Bunds & Gilts both rallied with notable curve flattening
  • UK CPI out tomorrow. Probability of BofE rate hike on the 5th now 94.5% 
• € swap curve flattened by 3bp, as did the £ swap curve by 7.5bps
  • € swap spreads c.1bp tighter the short end & c.0.5bp wider beyond 10yrs
  • £ swap spreads c.0.5bp tighter at the short end & c.1bp wider 5yrs & out
• € IG delivered €5.2bn from 9 deals (3 x Corp, 5 x FIG & 1 x SSA) via 10 tranches.
  • €12.95bn WTD or 68.8% of our ‘Supply Survey’ forecast of €18.83bn.
  • FIG issuance dominated € IG supply again today (61.5% of vol. & 5 of 9 trades).
    • Covereds: both trades tightened from IPTs to pricing by 5bps / Avg. books 2.08 X
    • UnSec: IPTs to pricing -21.13bps / Avg. books very low at 1.43 X
  • Borrowers had expected weak book multiples & that’s what they received with some of the lowest covers seen all year
    • RLB Noe-Wien 1.2 X => Books “at” not ‘above’ €600m
    • National Gas Transmission 1.28 X
    • Marsh & McLennan 1.33 X on both tranches
  • Unsecured NIC’s in the 5 to 15bp range.
• Swiss Franc priced Chf170m from 1 deal (1 x Corp) via 1 tranche.
  • Re-opening of the non-domestic Corporate market (1st since 28th Sept).
• Zero prints in either the Sterling (£) or US$ Reg S markets.
• Today’s “Talking Point” (below) looks at € IG FIG issuance for the 2025 period from now through to the end of the year.
• Meta results scheduled for tomorrow, potential multi-tranche € & US$ mandate thereafter.
• iTraxx 5yr Europe & the iTraxx Senior & Sub financial indices are are currently mixed at 64.895 (-0.01%), 72.729 (+0.15%) & 122.225 (+0.13%) respectively (as we print & % △ on the day).
  • 6 mth highs hit this morning: 5yr Europe (7th Apr), SnrFin (1st Apr) & SubFin (1st Apr)
• Vix Index is lower yet still at elevated levels above the 6mth avg. at 17.74(18.44 this morning).
  • YTD avg. 18.08, 6mth avg. 16.74
• Brent Crude pushed through $110 & onwards, currently at c.$106.76 (c.$110.2 this morning).
  • Highest level in 5 mths hit this morning (18th May)
• European equity bourses are mixed with the FTSE & CAC 40 down by -0.23% & -0.10% respectively, with the Dax up by +0.21%.
  • YTD: FTSE ↑8.14%, Dax ↑3.6% & CAC 40 ↓3.55%
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €1.5bn
  • Avg. tranche size €500m
  • Avg. IPT to Pricing -26.83
  • Avg. cover 2.47 X
• FIG
  • Total IG: €3.2bn
  • Avg. tranche size €533m
  • Avg. IPT to Pricing -5 (covered) €1bn
  • Avg. IPT to Pricing -21.13 (unsecured) €2.2bn
  • Avg. cover 1.64 X
• SSA
  • Total IG: €500m
  • Avg. tranche size €500m
  • Avg. IPT to Pricing -2
  • Avg. cover 7.3 X

• Pipeline:  The European IG pipeline is as follows. 
  • 2 x € Corp (1 x dual-tranche Hybrid)
  • 3 x € FIG (1 x Subordinated & 2 x Covered)
  • 2 x € SSA (1 x Inaugural Green Oct 23rd earliest & 1 x LSA)
  • 1 x £ FIG

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

Talking Point

• Having looked at Corporates yesterday, today we look at € IG FIG issuance for the 2025 period from now through to the end of the year (weeks 42 to 51).
• Weeks 44 to 47 produced €42.85bn across 57 deals (~65% of the 8-week total). Weeks 48 to 49 (1st 2 weeks of Dec) dropped sharply to €4.9bn & €4.8bn, & thereafter effectively shut.
• As for maturities, the 5 to 10yr belly dominated supply. The 5 to 7yr bucket alone made up 30.8% of tranches, the largest single segment, in line with wider covered trends (5 to 6yr reportedly ~44% of YTD supply through October).
• ESG looks structurally embedded. Green/EuGB took 91.8% of ESG supply & 38.3% of total € FIG volume; Social/SDG added 3.4%. Sustainable & SLB formats printed nothing.
• Covered geography skewed away from core Europe. France (24.8%) & Netherlands (22.5%) led named jurisdictions, but "Other" took 41.4%. Germany printed just €500m (4.5%); UK, Spain & Canada were absent over the period.
• Bottom line: 2025's final 10 weeks ran at record pace within a familiar seasonal shape, heavy November & a fast December shutdown, with 2 dead weeks at year-end. Total € FIG issuance finished ~16.3% ahead of 2024.
• Implication for end-2026 (geo-politics aside): the setup looks constructive. Covered gross issuance is projected near €170bn in 2026 on higher redemptions; green €FIG supply is expected to keep growing. The seasonal rhythm itself looks likely to repeat, pointing to another front-loaded, green-heavy, belly-focused Q4.

Euro IG (today)

• National Gas Transmission plc (exp. Issue ratings of Baa1 / A- by Moody’s & Fitch), brought their anticipated Reg S bearer, long 5yr (27th Mar 2032), €500m (exp), senior unsecured bond offering, IPTs were MS+115 to +120. Books were north of €1.6bn (pre-rec) & the deal launched for €500m at MS+87. Books at allocations were north of €640m.
  • They last issued a £300m 9yr on the 28th of January last year, priced at Gilts +105 (25bps tighter than IPTs from a book of £1.65bn). Prior to that was back in March of 2023 when National Gas issued a dual tranche £ & €: £250m 12yr priced at Gilts +208 (27bps tighter than IPTs from a £1.5bn book). The €550m 7yr priced at MS+130 (30bps tighter than IPTs from a book of €2.85bn).
• Logicor Financing S.à r.l. (exp. Issue rating of BBB) brought a €500m (exp), Senior Unsecured, Reg S, 6.3yr (27th Jan 2033). IPTs on the trade were in the area of MS+195. The deal launched for €500m at MS+175 when books were over €1.2bn. Final books were in excess of €815m (exc. JLMs).
  • This is their first public bond offering since July of last year when they priced a €500m 7yr senior unsecured offering at MS+148 (42bps tighter than IPTs from a €2.15bn book). In 2024 they issued two public € trades for a combined €1.15bn, both senior unsecured prints at 5yrs & 4.5yrs.
• Orano SA (exp. Issue rating of BBB by S&P) brought a €500m (exp), senior unsecured, Reg S (CAT 2), Bearer, 7yr issue, with IPTs in the area of MS+170. Books were over €2.1bn (pre-rec) & the deal launched for €500m at MS+140; 30bps tighter than IPTs & offering investors a NIC of 5bps.
  • Orano is a French nuclear fuel-cycle group that operates across the full uranium & nuclear fuel cycle, including mining, enrichment & recycling. Their most recent public € offering was back on the 5th of March 2024 when they priced a €500m 5NC4 senior unsecured deal at MS+145. Prior to that they issued another €500m deal in November 2022.

• Wüstenrot Bausparkasse AG (exp. Issue rating of AAA by S&P) brought their anticipated 8yr, €500m (wng) Mortgage Covered Bond (Hypothekenpfandbrief). The notes are labelled European Covered Bond (Premium). Guidance was in the area of MS+39. Books were first cited as being above €1bn (exc. JLMs). The deal launched for €500m at MS+34 when books were above €1.2bn (inc. €55m JLMs). The trade offered investors a NIC of 4bps. Final books, good at re-offer, were above €925m (inc. €45m JLMs).
  • ‘Wuestenrot’ last priced a covered trade back on the 27th January with a €500m 8yr at MS+27 (7bps tighter than guidance from a book of €1.4bn). Prior to that was the 23rd of September last year when they priced a €500m 8yr covered at MS+38 (5bps tighter than guidance from a book of €1.1bn).
• Deutsche Pfandbriefbank (exp. Issue rating of Aa1 by Moody’s) announced a €500m (wng) 3yr Covered Bond CB with guidance in the area of MS+40. Books first said to be over €1bn (inc. €180m JLMs). Books were over €1.25bn (inc. €200m JLMs) & the deal launched for €500m at MS+35; 6bps tighter than guidance & offering a NIC of 6bps. Final books at re-offer were over €1.15bn (inc. €200m JLMs).
  • This is their 4th public € issue YTD, & their 3rd Covered issue. Their last covered print was a €500m 4yr on the 1st of June which priced at MS+35 (5bps tighter than guidance from a €1.1bn book). Prior to that, on the 22nd of January, they brought a €500m 4yr at MS+40 (7bps tighter than guidance from a book of €2.85bn).
• Zürcher Kantonalbank (exp. Issue rating of AAA by S&P) guaranteed by the Canton of Zurich (State Guarantee), brought a €500m (wng), 5.5yr (27th Apr 2032) senior unsecured, Reg S offering. Guidance for the deal was in the area of MS+60. Books in excess of €1bn (inc. €50m JLMs), rising to over €1.1bn (inc. €110m JLMs). The deal launched for €500m at MS+48; 12bps tighter than guidance, but still offering a NIC of 8bps. Final order books were in excess of €925m (inc. €85m JLMs).
  • Naturally, they are a regular visitor to the domestic Swiss market, however, they are also a regular issuer in the public € markets, with today’s deal their 4th € trade in 2026. Their last such trade was a €500m, 6NC5 senior bail-in offering. Relevant to days trade are their two senior unsecured prints; a €500m 3yr in May at MS+25 (13bps tighter than guidance from a €1.2bn book), & a €500m 5yr in January at MS+42 (13bps tighter than guidance from a €1.65bn book).
• Raiffeisenlandesbank Niederösterreich-Wien AG (exp. Issue rating of A2 by Moody’s) brought their anticipated €500m (wng), Senior Preferred, RegS Bearer offering with IPTs in the area of MS+120 to +125. Books were above €750m (inc. €15m JLMs) & the trade launched for €500m at MS+110. The deal offered a NIC of 10bps. Final books, good at re-offer, at €600m (exc. JLMs).
• Their last public offering was also a senior preferred trade on the 29th of January. The €500m 6NC5 Green FTF bond priced at MS+93 (32bps tighter than IPTs from a €2.35bn book). They only issued one trade in 2025, which was a €500m 3yr covered deal, which garnered a book of €1.5bn).
• Marsh & McLennan Companies, Inc. (exp. Issue ratings A3 / A- / A- by Moody’s, S&P & Fitch) brought their anticipated, SEC registered, dual-tranche, with a Long 5yr (15th Mar 2032) & a 10yr € benchmark, fixed rate, senior unsecured trade. Respective IPTs were in the area of MS+110, & MS+150 area. Combined books first called over €2.5bn. Both tranches sized at €600m with spreads setting at MS+80 for the 5.5yr & MS+120 for the 10yr; each offering a NIC of 5bps. At launch books were disclosed as €600m for each tranch for a cover of 1.33 X each.
  • Their last € offering was a dual-tranche in March 2019; then rated Baa1 / A- by Moody’s & S&P). They priced a €550m 7.5yr at MS+100 (40bps tighter than IPTs) & a €550m 11yr at MS+130 (40bps tighter than IPT). Part of the proceeds from this deal went towards McLennan’s acquisition of Jardine Lloyd Thompson Group plc.

• The German Federal State of Hesse (rated AA+ / AAA by S&P & Scope), brought their expected 2.5yr (27th Apr 2029), €500m (wng) Landesschatzanweisung - LSA. Guidance on the trade was in the area of MS+2. Books were first called above €2.4bn (inc. €575 JLMs) & the trade launched & priced for €500m at MS flat. Final books came in above €3.65bn (inc. €525m JLMs).
  • A very frequent issuer, today’s deal is the shortest maturity the borrower has issued in the public markets since its 2yr last June. Shorter maturities are a strong preference by investors at the moment. YTD Hesse has issued 5 prior public € offerings for a collective €5bn. Avg. IPTs to pricing YTD has come in at -0.6bps for its senior unsecured issuance.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• No issues.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• 20th October: Via Outlets B.V. (exp. Issue rating of BBB+ by Fitch), brought a Chf100m (min) 5yr Green, senior unsecured offering. Initial pricing was SARON MS +140 to +150. Size first increased to Chf130m when spread set right in the middle of guidance at SARON MS+145. It was upped again to Chf160m. The trade priced larger still at Chf170m.
  • Via Outlets is owned by the largest Dutch pension provider & operates 13 premium fashion outlet centers across 10 European countries. This was Via’s first issue into the Swiss Franc market. Their last foray into the public bond markets was a €500m 7yr senior unsecured offering in October last year. That trade was also a ‘Green’ bond & priced a MS+120 (30bps tighter than IPTs from a €1.8bn book). Todays deal is the 1st non-domestic IG trade in Chf since Finland on the 29th of September.

Week-to-date volumes:

US$ Reg S (today)

• No issues.

Pending Deals & Mandates

Euros (€)

• 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.
• 20th October: Pernod Ricard (exp. Issue rating of Baa3 / BBB- by Moody’s & S&P), worldwide leader in the spirits & champagne industry, with prestigious portfolio of premium to luxury brands, has mandated Citi, ING, Natixis & Société Générale as Global Coordinators together with Barclays, BNP Paribas, Credit Agricole CIB & HSBC as Active Bookrunners to arrange a series of fixed income investor calls on Tuesday the 20th of October. ING is coordinating roadshow logistics. A debut € benchmark Dual-Tranche, Reg S Bearer, PerpNC5.25 & PerpNC8 Hybrid transaction 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.
• 20th October: Landesbank fuer Niederoesterreich und Wien AG (exp. Issue rating of Aa1 by Moody’s), has mandated ABN, DekaBank, Erste Group, Helaba, Raiffeisen Bank International & UniCredit as Joint Bookrunners for its upcoming €500m (wng) fixed-rate Public Sector Covered Bond (Oeffentlicher Pfandbrief) with a maturity of 6.8yrs (August 2033). The issue will be labelled as European Covered Bond (Premium), will be in RegS Bearer format. The transaction will be issued under Hypo Noe’s €9.5bn Debt Issuance Programme dated 28 May 2026 & will be launched in the near future, subject to market conditions. The Issuer is available for 1-on-1 Calls upon request.
• 20th October: Sparkasse Hannover (exp. Issue rating of AAA by Fitch) mandated BayernLB, Commerzbank, Danske Bank, DekaBank & DZ Bank as Joint Lead Managers for its upcoming €500m (wng) Mortgage Covered Bond (German Hypothekenpfandbrief) with a 7yr maturity. The notes will be labelled European Covered Bond (Premium). The deal is expected to be launched in the near future, subject to market conditions. The Issuer is available for 1-on-1 Calls upon request.

• 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.
• 20th October: The German Federal State of Berlin (rated Aa1 / AAA / AAA by Moody’s, Fitch & Scope) mandated BNP Paribas, Citi, Danske Bank, DekaBank, Helaba & HSBC to lead manage its upcoming € Benchmark Landesschatzanweisung (LSA) with a maturity of 5yrs. The deal will be launched in the near future subject to market conditions.

Sterling (£)

• 20th October: BTG Pactual Europe SA (rated Baa3 by Moody’s) mandated BMO Capital Markets as Sole Global Coordinator & Joint Lead Manager, alongside Natixis & Banco BTG Pactual S.A. – Cayman Branch as Joint Lead Managers, for its upcoming inaugural £250m (wng) 3yr Senior transaction. The Issuer is available for one-on-one calls upon request on the 20th & 21st of October. The transaction is expected to launch in the near future, subject to market conditions.

Transaction Details

PRICED: VIA Outlets CHF 170m 5yr Sr Unsec; SARON MS+145bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: SARON MS+145bp / 100 / 2.0325%
Benchmark: 5yr: Govt. +162bp

Launched: 5yr: CHF 170m @ SARON MS+145bp
Spread set at: 5yr: SARON MS+145bp
Guidance: 5yr: SARON MS+140/150bp

• Issuer: VIA Outlets B.V.
• Ticker: VIAOUT
• Issuer Domicile: The Netherlands
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Green Bonds
• Ranking: Senior Unsecured
• Issuer Rating: Fitch BBB+ (st.)
• Instrument Rating (exp.): Fitch BBB+
• Size: CHF 170mm
• Coupon: 2.0325% p.a.
• Life: 5y
• Payment Date: 06-Nov-26
• Maturity Date: 06-Nov-31
• Issue Price: 100%
• Spread / Yield: SARON MS +145bps // YTM 2.0325% // Govt. +162bps
• ISIN / Valor: CH1585337715 / 158'533'771
• Lead Manager: BNP Paribas
• Listing: SIX Swiss Exchange as of 04-Nov-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Standalone
• Governing Law: Swiss Law
• FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP, NP (with restrictions), XD, each in accordance with the Terms of the Bonds, CoC put at 100%
• Financial Covenants: Incurrence of additional financial indebtedness subject to compliance with: Net Total LTV Ratio ≤ 0.60x; Interest Coverage Ratio ≥ 2.00x; Net Secured LTV Ratio ≤ 0.40x
• Early Redemption: 3 month par call
• Use of Proceeds: The net proceeds of the issue of the Bonds will be applied by the Issuer for general corporate purposesIn accordance with the Green Finance Framework, an amount equal to the net proceeds of the issue of the Bonds will be used to finance and/or refinance, in whole or in part, new or existing Eligible Green Projects
• Green Bond Framework: https://www.viaoutlets.com/via-outlets-sustainability
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: In particular the United States of America and to U.S. persons, the United Kingdom, the European Economic Area, Hong Kong, Japan, Singapore, Italy, and Australia
• Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions

PRICED: Federal State of Hesse €500m 2.5yr Sr Unsec; MS flat

IGC European Market: Deal Flow - SSA

Reoffer: 2.5yr: MS flat / 99.861 / 3.440%

Benchmark: 2.5yr: OBL 2.1% 12-Apr-29 @ 97.59 / B+31.5bp / HR 102%

Tranche 1 (2.5yr): Final Books above €3.65bn (incl. €525m JLM interest)

Launched: 2.5yr: €500m @ MS flat - Books above €2.4bn (incl. €575m JLM interest)

Guidance: 2.5yr: MS+2a

• Issuer: Federal State of Hesse
• Ticker: HESSEN
• Issuer Rating: AA+ (stable) S&P / AAA (stable) Scope
• Status: Landesschatzanweisung (Senior, Unsecured, Unsubordinated, RW 0%)
• Size: €500m
• Maturity: 27-Apr-29
• Settlement: 27-Oct-26 (T+5)
• Coupon: 3.375% Fixed, annual, Act/Act ICMA, following unadjusted, short first
• Reoffer: MS flat / 99.861 / 3.440%
• Spread vs Benchmark: OBL 2.1% 12-Apr-29 +31.5bp (cash 97.59 / HR 102%)
• Law/List/Denoms: German / Frankfurt / 1k+1k
• Joint Leads: BayernLB, Citi (B&D), Danske Bank, Helaba, J.P. Morgan & NORD/LB
• ISIN/WKN: DE000A1RQFJ6 / A1RQFJ
• 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).
• Timing: Priced, TOE 13.50 CET / FTT 14.10 CET

PRICED: Zürcher Kantonalbank €500m 5.5yr Sr Unsec; MS+48bp

IGC European Market: Deal Flow - General

Reoffer: 5.5yr: MS+48bp / 100 / 3.938%
Benchmark: 5.5yr: DBR 0% 15-Feb-32 @ 84.46 / +71.1bp / HR 112%

Tranche 1 (5.5yr): Final books in excess of €925m (incl. €85m JLM). Peak book in excess of €1.1bn (incl. €110m JLM)

Launched: 5.5yr: €500m @ MS+48bp - Orderbooks in excess of €1.1bn (incl. €110m JLM)
Spread set at: 5.5yr: MS+48bp
Book Update: Books in excess of €1bn (inc €50mio JLM)
Guidance: 5.5yr: MS+60a

• Issuer: Zürcher Kantonalbank (Ticker: ZKB)
• Issuer LEI: 165GRDQ39W63PHVONY02
• Issuer Ratings: Aaa/AAA/AAA, stable outlooks (Moody's/S&P/Fitch)
• Guarantor: Canton of Zurich (State Guarantee (see below))
• Guarantor Rating: AAA/AAA, stable outlooks (S&P/Fitch)
• Expected Instrument Rating: AAA (S&P)
• Format: Reg S; uncertificated securities (einfache Wertrechte)
• Status: The Bonds constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and rank pari passu with all other present or future unsecured and unsubordinated obligations of the Issuer and without any preference among themselves, except for such preference as is provided by any mandatory applicable provision of law.
• State Guarantee: Pursuant to §6 of the Law on the Zurich Cantonal Bank of 28-Sep-97, the Canton of Zurich will be liable for all (non-subordinated) obligations of the Issuer (including the Bonds) if the Issuer’s own funds are insufficient. This liability of the Canton of Zurich is a (subsidiary) default liability (subsidiäre Ausfallhaftung).
• Pricing Date: 20-Oct-26
• Issue Date: 27-Oct-26 (T+5)
• Maturity Date: 27-Apr-32
• Tenor: 5.5-years
• Reoffer: MS+48bps / 3.938% / 100 DBR 0% 15-Feb-32 +71.1bps (Spot:84.46 / HR: 112%)
• Nominal Amount: €500 million (WNG)
• Interest Rate (Coupon): 3.938% fixed rate p.a. until the Maturity Date, payable annually in arrear
• Interest Payment Dates: 27-Apr-27 in each year, commencing on 27-Apr-27, short first coupon
• Day Count Fraction: ACT/ACT (ICMA)
• Business Day Convention: Following unadjusted
• Business Days: Zurich
• Swiss Withholding Tax: Applicable
• Documentation: The Final Terms, together with the applicable (i) summary and securities note description for the issue of bonds and STNs of Zürcher Kantonalbank, dated 19-Jun-26 (the Summary and Securities Note) and (ii) registration form for debt securities, dated 19-Jun-26, as supplemented by the first supplement on 28-Aug-26 (together, the Registration Document) approved by SIX Exchange Regulation AG, each as supplemented from time to time, which together constitute the base prospectus within the meaning of Article 45 FinSA (the Summary and Securities Note and the Registration Document together, the Base Prospectus, and the Final Terms and the Base Prospectus together, the Prospectus).
• Use of Proceeds: General corporate purposes
• Product Governance: Target market as defined by the manufacturers (EU MiFID II/ UK MiFIR product governance): eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) / UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK
• Sales Restrictions: In particular, USA and U.S. persons, Italy, and prohibition of sales to retail investors in the EEA and the UK as set out in the Prospectus
• Joint Lead Managers: Deutsche Bank AG, Natixis, UBS AG London Branch (B&D), Zürcher Kantonalbank
• Listing: SIX Swiss Exchange
• Denomination: €100,000 + €1,000 (principal amount)
• Clearing / Settlement: SIX SIS Ltd / Clearstream Banking S.A. / Euroclear Bank SA/NV
• ISIN / Swiss Security Number / Common Code: CH1581468373 / 158146837 / A Common Code will be obtained following pricing
• Governing Law / Place of Jurisdiction: Swiss law / City of Zurich
• Timing: Priced TOE 1415 CET FTT 1435 CET

Covered
5.5yr (Apr 2032) @ MS+60a

Implied Spread for fresh 5.5yr @ MS+40
Priced at MS+48
NIC of +8

PRICED: Deutsche Pfandbriefbank €500m 3yr CB; MS+35bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+35bp / 99.872 / 3.796%
Benchmark: 3yr: OBL 2 ½ 10-Nov-29 #190 @ 98.25 / B+67bp / HR 101%

3yr: Final Books > €1.15bn (incl. €200m JLM). Peak book > €1.25bn (incl. €200m JLM)

Launched: 3yr: €500m @ MS+35bp - Books > €1.25bn (incl. €200m JLM)
Spread set at: 3yr: MS+35bp
Book Update: Books > €1bn (incl. €180m JLM)
Guidance: 3yr: MS+40a

• Issuer: Deutsche Pfandbriefbank AG (Ticker: PBBGR)
• LEI: DZZ47B9A52ZJ6LT6VV95
• Expected Issue Rating: Aa1 (Moody's)
• Currency: Euro ("€")
• Size: €500m
• Reoffer: MS+35bp / 99.872 / 3.796%
• Benchmark: OBL 2 ½ 10-Nov-29 #190 +67bp (98.25) / HR 101%
• Status: Hypothekenpfandbriefe (“Mortgage Pfandbriefe”) as determined by the German Pfandbrief Act (Pfandbriefgesetz, (“PfandBG”))
• Covered Bond Level: Europäische gedeckte Schuldverschreibung (Premium) / European Covered Bond (Premium)
• Launch Date: 20-Oct-26
• Settlement Date: 27-Oct-26 (T+5)
• Maturity Date: 26-Oct-26
• Coupon: 3.75%, payable annually in arrear, fixed
• Coupon Payment Dates: Short first, 26 October in each year, commencing on 26-Oct-27
• Redemption Amount: 100.00%
• Denominations: €1,000 + 1,000
• Documentation: Under the Issuer’s €50,000,000,000 Debt Issuance Programme; Base Prospectus dated 2-Apr-26, supplemented on 15-May-26 and 18-Aug-26.
• Listing: Regulated Market of the Munich Stock Exchange
• Clearing: Euroclear / Clearstream
• Governing Law: German Law
• ISIN: DE000A3827F9
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties, professional investors and retail clients (all distribution channels).
• Joint Bookrunners: Commerzbank, DekaBank (B&D), NatWest, SEB, UBS Investment Bank, UniCredit
• Advertisement: The Base Prospectus is available at https://www.pfandbriefbank.com/en/investors/debt-investors/issuance-programmes/dip/ and Final Terms, when published, will be available at https://www.pfandbriefbank.com/en/investors/debt-investors/final-terms/hypothekenpfandbriefe/
• Timing: Priced - TOE 14:19 CET / FTT 14:40 CET

Covered
3yr (Oct 2029) @ MS+40a

Implied Spread for fresh 3yr @ MS+29
Priced at MS+35
NIC of +6

PRICED: Wüstenrot Bausparkasse AG €500m Long 8yr CB; MS+34bp

IGC European Market: Deal Flow - General

Reoffer: Long 8yr: MS+34bp / 99.484 / 3.826%
Benchmark: Long 8yr: DBR 2.6 15-Aug-34 @ 95.07 / +50.0bp / HR 105%

Long 8yr: Final Books above €925m (incl. €45m JLM). Peak book above €1.2bn (incl. €55m JLM)

Launched: Long 8yr: €500m @ MS+34bp - Books above €1.2bn (incl. €55m JLM)
Spread set at: Long 8yr: MS+34bp
Book Update: Books above €1bn (excl. JLM)
Guidance: Long 8yr: MS+39a

• Issuer: Wüstenrot Bausparkasse AG (Ticker: WUWGR)
• LEI: 529900S1KHK0EQL5CK20
• Status: Mortgage Covered Bond (Hypothekenpfandbrief), Reg S Bearer, LCR Level 1 & ECB eligible (expected)
• Label: European Covered Bond (Premium)
• Exp. Issue Rating: AAA by S&P
• Issue Size: €500m
• Tenor: Long 8-year
• Trade Date: 20-Oct-26
• Settlement Date: 27-Oct-26 (T+5)
• Maturity Date: 15-Jan-35
• Coupon: 3.750% p.a., fixed, annual, act/act ICMA, following, unadjusted, short first
• Reoffer: MS+34bp / 99.484 / Yield 3.826%
• Benchmark: +50.0bp vs DBR 2.6 15-Aug-34 (@95.07), HR 105%
• Denominations: €100,000 + 100,000
• Listing: Stuttgart Stock Exchange, Regulated Market
• Governing Law: German Law
• ISIN / WKN: DE000WBP0BT0 / WBP0BT
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available at: https://www.ww-ag.com/de/investor-relations/anleihen/emissionen-wuestenrot
• Target market: Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID as not available to retail in the EEA.
• Joint Lead Managers: Commerzbank (B&D), Erste Group, LBBW, NORD/LB and Société Générale
• Fees: The Banks will be paid a fee by the issuer in respect of the placement of the securities
• Timing: TOE: 14.37 CET / FTT: 14.55 CET

Covered
L8yr (Jan 2035) @ MS+39a

Implied Spread for fresh L8yr @ MS+30
Priced at MS+34
NIC of +4

PRICED: Logicor Financing S.à r.l. €500m 6.3yr Sr Unsec; MS+175bp

IGC European Market: Deal Flow - General

Reoffer: 6.3yr: MS+175bp / 99.544 / 5.217%
Benchmark: 6.3yr: DBR 2.5 15-Nov-32 @ 95.860 / B+195.4bp / HR 98%

Tranche 1 (6.3yr): Final Books >€815m (ex JLM). Peak book >€1.2bn

Launched: 6.3yr: €500m @ MS+175bp - Books >€1.2bn
IPTs: 6.3yr: MS+195a

• Issuer: Logicor Financing S.à r.l. (Ticker: LOGICR; Country: LU)
• Guarantors: Eurocor II S.à r.l., Eurocor III S.à r.l., Eurologi II S.à r.l. Eurologi III S.à r.l, Eurologi IV Limited and Eurocor UK Limited as Guarantors, subject in each case to modification or release pursuant to the terms of the Programme as set forth in the Base Listing Particulars dated 02-Jun-26, as supplemented by the first supplement dated 13-Oct-26 (together, the “Base Listing Particulars”)
• Issuer LEI: 254900IS16Q1A2TQFN22
• Issuer Rating: BBB (Stable) by S&P
• Expected Issue Rating: BBB by S&P
• Ranking and Form: Senior, Unsecured, Registered form, NSS
• Format: Reg S Only (No offers or sales made in the U.S. or to any U.S. person)
• Pricing Date: 20-Oct-26
• Settlement Date: 27-Oct-26 (T+5)
• Title: 6.3-year FXD
• Size: €500m
• Maturity Date: 27-Jan-33
• Coupon: 5.125% FXD, Annual, Act/Act (ICMA) (Short-first)
• Reoffer: 99.544 / MS+175bps / 5.217%
• Benchmark: 195.4bps vs DBR 2.5 15-Nov-32 @ 95.860 / HR 98%
• Use of Proceeds: An amount equal to the net proceeds from the issuance will be applied to finance and/or re-finance Eligible Green Projects as more particularly described under “Use of Proceeds” in the Base Listing Particulars and the 2026 Green Finance Framework (as defined in the Base Listing Particulars). Pending allocation of an amount equal to the net proceeds of any Tranche of Green Bonds to Eligible Green Projects, all or a portion of the net proceeds from such issue of any such Tranche may be temporarily invested or otherwise maintained in cash, cash equivalents and/or short-term investments.
• ISIN / Common Code: XS3545738224 / 354573822
• Make-Whole Call: Yes (B+30bps)
• Par call: 3 months
• Documentation: EMTN / English Law / Euronext Dublin – Global Exchange Market (unregulated market) / Tax Call / CoC / Clean-up call (80%)
• Denominations: EUR 100k + EUR 1k
• Restrictions: As set out in Base Listing Particulars dated 02-Jun-26; RegS Cat 2
• Covenants: (1) Total Debt / Total Assets ≤ 60% (2) Secured Debt / Total Assets ≤ 40% (3) Consolidated Coverage Ratio ≥ 1.5x (4) Unencumbered Asset Test ≥ 125%
• Target Market: MiFID II and UK MiFIR product governance – eligible counterparties and professional clients only (all distribution channels). No sales to retail in the EEA or the United Kingdom. No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or in the UK
• Global Coordinators: Citi (B&D), Goldman Sachs International
• Active Bookrunners: Bank of China, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs International, J.P. Morgan
• Timing: PRICED – TOE 14:19 UKT / 15:19 CET FTT 14:45 UKT / 15:45 CET

6.3yr (Jan 2033) @ MS+195a

Implied Spread for fresh 6.3yr @ MS+160
Priced at MS+175
NIC of +15

PRICED: National Gas Transmission €500m Long 5yr Sr Unsec; MS+87bp

IGC European Market: Deal Flow - General

Reoffer: Long 5yr: MS+87bp / 99.652 / 4.328%
Benchmark: Long 5yr: DBR 0 15-Feb-32 @ 84.55 / B+112.2bp

Tranche 1 (Long 5yr): Final Books north of €640m. Peak book north of €1.6bn (pre-rec)

Launched: Long 5yr: €500m @ MS+87bp - Books north of €1.6bn (pre-rec)
IPTs: Long 5yr: MS+115/120bp

• Issuer: National Gas Transmission PLC
• Ticker: NGTRAN
• Country: GB
• LEI: FPCHGTHKVH9ZWXS7S453
• Issuer Ratings: Baa1/BBB+ (Moody's/Fitch)
• Expected Issue Ratings: Baa1/A- (Moody's/Fitch)
• Rating Split: Issuer: Baa1/BBB+ (Moody's/Fitch), Issue: Baa1/A- (Moody's/Fitch)
• Format: Senior Unsecured, Reg S (Cat 2) Bearer Notes, NGN, TEFRA D
• Size: €500m
• Tenor: Long 5yr
• Pricing Date: 20-Oct-26
• Settlement Date: 27-Oct-26 (T+5)
• Maturity Date: 27-Mar-32
• Reoffer: MS+87bp / 99.652 / 4.328%
• Coupon: 4.25% (Annual, Act/Act ICMA), subject to short first coupon
• Benchmark: 112.2bp vs DBR 0 15-Feb-32 @ 84.55 / 3.206% (HR: 108%)
• Par Call: 3-month
• Make-Whole Call: +20bp
• Redemption Amount: 100%
• Put Option: Restructuring Event (as defined in the Base Prospectus (as defined below)) Put only at a price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption
• Other: English Law
• Listing: London Stock Exchange (Main Market)
• ISIN: XS3548854176
• Common Code: 354885417
• Documentation: EMTN Programme; Base Prospectus dated 16-Dec-25, as supplemented on 23-Jul-26
• Denominations: €100k + €1k
• Use of Proceeds: To refinance existing debt and for general corporate purposes
• Clearing System: Euroclear / Clearstream, Luxembourg
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs KID or UK CCI disclosure document has been prepared as not available to retail in the EEA or the United Kingdom
• Selling Restrictions: As per the Base Prospectus (US: Reg S, Cat 2, TEFRA D)
• Joint Active Bookrunners: BNP Paribas (B&D), HSBC, IMI - Intesa Sanpaolo and Mizuho
• Passive Bookrunners: ABN AMRO, Bank of China
• TOE / FTT: TOE: 14.12 UKT / FTT: 15:00 UKT
• Hedge Deadline: 14:10 UKT
• Marketing: https://dealroadshow.finsight.com and enter the deal entry code: NGT26 (not case-sensitive)
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available at: https://www.londonstockexchange.com
• Schedule: Books open, today’s business
• Timing: Today's business
• Books Subject: 12.45 UKT
• Stabilisation: Applicable, stabilisation regulations apply, including FCA/ICMA

PRICED: Raiffeisenlandesbank Niederösterreich-Wien AG €500m 4yr SP; MS+110bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+110bp / 99.788 / 4.559%
Benchmark: 4yr: OBL 2.200% Oct-30 @ 96.435 / B+138.9bp

Tranche 1 (4yr): Final books at €600m (excl. JLM) good at reoffer. Peak book above €750m (incl. €15m JLM)

Launched: 4yr: €500m @ MS+110bp - Books above €750m (incl. €15m JLM)
IPTs: 4yr: MS+120/125a

• Issuer: Raiffeisenlandesbank Niederösterreich-Wien AG (Ticker: RFLBNI)
• Format: Senior Preferred / Reg S Bearer
• Exp. Rating: A2 (Moody's)
• Size: €500m
• Maturity: 28-Oct-30 (4 years)
• Settlement: 27-Oct-26 (T+5)
• Coupon: 4.5% fixed, annual, act/act ICMA
• Reoffer: MS +110bps / 99.788% / 4.559%
• Benchmark: OBL 2.200% Oct-30 (HR 100%) @ 96.435% (138.9bps)
• Denoms: €100k+100k
• Governing Law: The Notes, as to form and content, and all rights and obligations of the Holders and the Issuer, shall be governed by German law, save for the status provisions which shall be governed by, and shall be construed exclusively in accordance with, Austrian law.
• ISIN / Common Code: XS3548882466 / 354888246
• Listing: Luxembourg Stock Exchange – Regulated Market Vienna Stock Exchange – Official Market
• Documentation: Under the issuer’s €15,000,000,000 Debt Issuance Programme as supplemented from time to time. The DIP Prospectus dated 6-May-26 along with respective supplements is available at https://www.raiffeisen.at/noew/rlb/de/ueber-uns/investor-relations/important-information/programme-documents.html#accordion-70355bb189-item-d549bb9252
• Use of Proceeds: General financing purposes
• Joint Lead Managers: BayernLB, ING, Morgan Stanley, Raiffeisen Bank International (B&D), Société Générale and UniCredit
• Fees: The Banks will be paid a fee by the Issuer with respect to this transaction
• Manufacturer Target Market: Professional clients and eligible counterparties only (all distribution channels). No EU PRIIPS KID or CCI product summary (as defined in the FCA Product Disclosure Sourcebook (“DISC”)) has been prepared
• Timing: Priced, TOE: 15:37cet / FTT: 15:50cet
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation.

Senior Preferred
4yr (Oct 2030) @ MS+120-125

Implied Spread for fresh 4yr @ MS+100
Priced at MS+110
NIC of +20

PRICED: Marsh & McLennan Companies €1.2bn 5.5yr & 10yr Sr Unsec; MS+80bp & MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 5.5yr: MS+80bp / 99.959 / 4.263% 10yr: MS+120bp / 99.243 / 4.722%
Benchmark: 5.5yr: DBR 0% Feb-32 @ 84.520 / B+105bp / HR 108% 10yr: DBR 3% Aug-36 @ 96.575 / B+130.7bp / HR 97%

Tranche 1 (5.5yr): Final Book > €800m. Peak book €2.5bn+ (combined)
Tranche 2 (10yr): Final Book > €800m. Peak book €2.5bn+ (combined)

Launched:
5.5yr: €600m @ MS+80bp
10yr: €600m @ MS+120bp
Book Update: Combined books €2.5bn+
IPTs: 5.5yr: MS+110a 10yr: MS+150a

• Issuer: Marsh & McLennan Companies, Inc. (“MRSH”)
• LEI: 549300XMP3KDCKJXIU47
• Expected Ratings: A3/A-/A- (Moody's/S&P/Fitch)
• Format: SEC Registered
• Ranking: Senior Unsecured
• Total Size:
  • 5.5yr: €600m
  • 10yr: €600m
• Tenor:
  • 5.5yr: Long 5-year
  • 10yr: 10-year
• Coupon Type:
  • 5.5yr: 4.250% Fixed, Ann, Act/Act (ICMA), Short First
  • 10yr: 4.625 Fixed, Ann, Act/Act (ICMA), Short First
• Maturity Date:
  • 5.5yr: 15-Mar-32
  • 10yr: 15-Nov-36
• Settlement Date: 27-Oct-26 (T+5)
• Optional Redemption:
  • 5.5yr: Make-Whole Call - B+15, 1-month Par Call, Tax Event Call
  • 10yr: Make-Whole Call - B+20, 3-month Par Call, Tax Event Call
• Bookrunner(s):
  • 5.5yr: Active: BofA (B&D), DB, Barc
  • 10yr: Active: BofA (B&D), DB, HSBC
• Use of Proceeds: General Corporate Purposes
• Denominations: €100,000 x €1,000
• Marketing:
  • 5.5yr: Direct link: https://dealroadshow.finsight.com/e/MRSH2026 Link: https://dealroadshow.finsight.com
  • 10yr: Entry Code: MRSH2026
• Governing Law & Expected Listing: New York Law, NYSE Listing
• Selling Restrictions: As set out in the Preliminary Prospectus Supplement
• MiFID II Target Market and PRIIPs Regulation: MiFID II professionals / ECPs-only / No EU PRIIPs KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA.
• UK MiFIR and FCA Product Disclosure Sourcebook (DISC): UK MiFIR professionals / ECPs-only / No DISC/CCI disclosure document – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No DISC/CCI disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the UK.
• ISIN:
  • 5.5yr: XS3551809562
  • 10yr: XS3551809729
• Timing: ToE: 13:56 (UKT) / FTT: Subject to TS

L5yr (Mar 2032) @ MS+110a

Implied Spread for fresh L5yr @ MS+75
Priced at MS+80
NIC of +5

10yr (Nov 2036) @ MS+150a

Implied Spread for fresh 10yr @ MS+115
Priced at MS+120
NIC of +5

PRICED: Orano €500m 7yr Sr Unsec; MS+140bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+140bp / 99.465 / 4.842%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 95.91 / B+156.4bp / HR 98%

Tranche 1 (7yr): Final Books > €2.25bn

Launched: 7yr: €500m @ MS+140bp - Books €2.1bn+ [Pre Rec]
IPTs: 7yr: MS+170a

• Issuer: Orano (Ticker: ORANOF / Country: FR)
• Issuer LEI: 969500161UMNDC85C891
• Issuer Rating: BBB (Stable) by S&P
• Exp. Rating of the Notes: BBB by S&P
• Form of Notes: Senior Unsecured, Regulation S (CAT 2), Bearer Dematerialized Notes
• Settlement Date: 27-Oct-26 (T+5)
• Maturity Date: 27-Oct-33 (7-year)
• Issue Size: EUR 500m
• Reoffer: MS+140bps / 99.465 / 4.842%
• Benchmark: DBR 2.6 15-Aug-33 (95.91 / 3.278%) +156.4bps | HR: 98%
• Coupon: 4.75% Fixed, Annual, ACT/ACT (ICMA)
• Use of Proceeds: General Corporate Purposes
• Documentation: EMTN base prospectus dated 21-May-26, supplemented on 29-Sep-26 / French Law / €100k + 100k / Euronext Paris / Euroclear France / MWC (B+25bps) / 3m Par Call / Clean-Up Call (80%)
• Joint Active Bookrunners: Bank of China, BNP Paribas (B&D), CIC CIB, Crédit Agricole CIB, Natixis, J.P. Morgan, Santander, Société Générale
• ISIN: FR001401BTU3
• Selling Restrictions: As per the Base Prospectus dated 21-May-26
• Investor presentation: https://cdn.orano.group/orano/docs/default-source/orano-doc/finance/publications-financieres-et-reglementees/2026/r%C3%A9sultats-semestriels-2026/orano_credit-update-october-26.pdf?sfvrsn=f4b71670_6&_gl=1*12lhf7a*_gcl_au*MTE4ODkzNjU1OC4xNzg5MzkxMjEz
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement: The Issuer’s Base Prospectus and the First Supplement are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://www.orano.group/en/finance/debt). The Final Terms, when available, will be also published on the website of the AMF (www.amf-france.org) and on the website of the Issuer (https://www.orano.group/en/finance/debt)
• Timing: Priced. TOE: 15.38 UKT | FTT : 16.00 UKT

7yr (Oct 2033) @ MS+170a

Implied Spread for fresh 7yr @ MS+135
Priced at MS+140
NIC of +5

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Details correct at time of posting