Commentary & Deal Flow

Corporate

PRICED DEALS:

• 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.

LIVE DEALS:

• 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.
  • 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.
  • 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.
  • 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.

MANDATED DEALS:

• 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.

FIG

LIVE DEALS:

• 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.
  • ‘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.
  • 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).
  • 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.
• 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.
  • 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..

MANDATED DEALS:

• 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.

SSA

LIVE DEALS:

• 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).
  • 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.

MANDATED DEALS:

• 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.
• 6th October: His Majesty’s Treasury (HMT) of United Kingdom has mandated Barclays, HSBC, Lloyds, Morgan Stanley, NatWest & RBC for its Digital Gilt Instrument (DIGIT) pilot issuance following a competitive procurement process. The transaction is expected to take place by Q1 2027. This follows the appointment of HSBC as the Distributed Ledger Technology (DLT) supplier in February, & the announcement in July that HSBC & LSEG have signed a memorandum of understanding to deliver a bilateral Digital Securities Deposit link.

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