Commentary & Deal Flow

Corporate

LIVE DEALS:

• Titan Global Finance Plc (exp. Issue ratings of BBB- / BB+ by S&P & Fitch) announced a Tap of their outstanding senior unsecured 3.5% 4th February 2031’s. Initial size of the tap was said to be in the range of €100 to €150m. IPTs were in the area of MS+125.
  • Titan has been a High Yield issuer in the past but was recently upgraded by S&P from BB+ to BBB- on the 5th of October. Now an IG browser (still BB+ by Fitch) today’s Tap is for their most recent print back on the 28th of January. The original deal was for €350m & it priced with a 3.5% priced at par. Part of the proceeds on the original deal were to fund one or more of the Titan Group’s announced acquisitions at the time.
• Réseau de Transport d'Electricité (exp. Issue rating A-) brought a dual-tranche, senior unsecured, Reg S Bearer, fixed rate Green offering in both 4yr & 7yr. IPTs were in the area of MS+100 & MS+125 respectively.
  • Today’s deal is their first public bond offering in 2026, with their last print a sole tranche (non-ESG) €750m 12yr senior unsecured deal priced on the 17th of November 2025 at MS+103 (37bps tighter than IPTs from a €2.6bn book). They also issued a Sustainable, dual-tranche in July 2025, with a €500m 4yr at MS+58 (42bps tighter than IPTs from a €2.65bn book); & a €500m 20yr at MS+133 (42bps tighter than IPTs from a €2.9bn book).
• Leasys S.p.A. (issue rating of A- by Fitch) brought a senior unsecured, Reg S Bearer, € benchmark 3yr with IPTs of MS+105 to +110.
  • Leasys is an Italian automotive leasing & long-term rental company, owned as a 50/50 JV by Stellantis & Crédit Agricole Personal Finance & Mobility. They last issued a €750m 4yr on the 20th of July, with a senior unsecured at MS+70 (25bps tighter than IPTs from a €1.7bn book), that deal offered investors a NIC of 13bps. Comps & secondaries suggest a 3yr level on the curve being c.MS+75.
• Pernod Ricard (exp. Issue rating of Baa3 / BBB- by Moody’s & S&P),brought their anticipated € benchmark dual-tranche, Reg S Bearer, PerpNC5.25 & PerpNC8 Hybrid offering. IPTs were 6.125% area (ann yield) & 6.625% area (ann yield) respectively.
  • This is Pernod’s debut hybrid offering. Prior to today, their last visit to the public € markets was a triple tranche unsecured offering on the 28th of October last year when they priced a €500m 7.25yr at MS+85 (37.5bps tighter than IPTs with a €1.3bn book); a €500m 11.25yr at MS+113 (37bps tighter than IPTS from a €1.9bn book); & finally a €200m 2yr FRN at 3mth €+30.

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.

FIG

PRICED DEALS:

• Bank of Montreal (exp. Issue ratings of A2 / A- / AA- by Moody’s, S&P & Fitch) announced a Chf150m (min), senior unsecured 6NC5 offering with an initial pricing indication in the area of SARON MS+85. Spread set at SARON MS+85 when a new minimum size of Chf160m was announced. The next bump was to Chf170m. The deal finally priced for Chf175m before noon in Europe.
  • This is BMO’s first Swiss Franc offering of 2026, having last priced a Chf180m 6NC5 senior unsecured trade on the 28th of August last year at SONIA MS+80. Prior to that in recent years BMO have utilised the Swiss market more for public Covered issuances.

LIVE DEALS:

• Landesbank fuer Niederoesterreich und Wien AG (exp. Issue rating of Aa1 by Moody’s), brought their expected 6.8yr, €500m (wng) fixed-rate Public Sector Covered Bond (Oeffentlicher Pfandbrief). The issue will be labelled as European Covered Bond (Premium), in RegS Bearer format. Guidance on the notes werre in the area of MS+42. Books first reported above €595m (inc. €110m JLMs) & the trade launched for €500m at MS+40 (2bps tighter than guidance with a NIC of 5bps).
  • Their last public € trade was a senior preferred in April, with their last covered priced on the 28th of October last year. The €500m 5.25yr trade was priced at MS+32 (6bps tighter than guidance from a €2.28bn book). That was their only secured print in 2025.
• Achmea Bank N.V. (exp. Issue rating of AAA by S&P) brought a fresh 6yr, €500m (wng) Dutch Legislative Covered Bond, European Covered Bond (Premium) in Reg S Bearer format. Guidance on the issue was in the area of MS+35.
  • This is Achmea’s 4th public € offering YTD & their 3rd covered deal. The last secured deal was a €500m 5yr on the 14th of September which priced at MS+22 (5bps tighter than guidance from a €1.2bn book & offering a NIC of 3bps). Their other covered came on June the 23rd when they priced a €500m 7yr at MS+28 (3bps tighter than guidance with a €650m book).
• Sparkasse Hannover (exp. Issue rating of AAA by Fitch) brought their anticipated 7yr, €500m (wng) Mortgage Covered Bond (German Hypothekenpfandbrief). The notes will be labelled European Covered Bond (Premium). Guidance on the notes were in the area of MS+38. Books were called above €770m (inc. €50m JLMs) & the trade launched for €500m at MS+35 (3bps tighter than IPTs offering investors a NIC of 5bps.
  • They are a covered bond issuer & their last offering was on the 13th of May last year when they priced a €500m 7yr at MS+40 (6bps tighter than guidance from a €1.4bn book). Prior to that we have to go back to 2023.
• Svenska Handelsbanken AB (exp. Issue ratings of Aa2 / AA- / AA+ by Moody’s, S&P & Fitch) brought a Senior Preferred 4yr Reg S, Bearer with IPTs of MS+70 to 75. Books were first called in excess of €1.5bn.
  • Today’s deal is their 3rd public € offering in 2026, & their 2nd Senior Preferred (‘SP’). The last SP was a dual-tranche which priced on the 5th of February. The deal comprised a €750m 3yr at 3mth €+35 (25bps tighter than IPTs from a €1.4bn book); & a €500m 7yr, priced at MS+52 (28bps tighter than IPTs, also with a €1.4bn book).

MANDATED DEALS:

• 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.
• 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.

SSA

LIVE DEALS:

• Land Berlin (rated Aa1 / AAA / AAA by Moody’s, Fitch & Scope) brought their anticipated 5yr € benchmark Landesschatzanweisung (LSA). The Reg S Bearer issue came with guidance in the area of MS+14. Spread set at MS+14 when books were called above €1.05bn (inc. €225m JLMs), growing to above 1.35bn (inc. €225m JLMs) when the deal launched for €1bn at MS+14.
  • Today’s trade is their 6th senior unsecured public € offering in 2026 (collective total of €5.5bn) & their first 5yr since May last year. Their last offering was a €1.25bn 10yr on the 25th of August which priced at MS+24 (1bp tighter then guidance from a €2.6bn book). Prior to that on July the 6th they priced a €500m TAP of their April 33’s at MS+17 (flat to guidance).

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.
• 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.