• Supply has continued, though the environment for primary IG is becoming increasingly challenging with investor sensitivity apparent in virtually all deals over today & yesterday.
  • Non-pipeline borrowers monitoring the market for tomorrow.
• OAT’s continued to sell-off some 6 to 9bps across the flattening curve.
  • 10yr OAT finally broke through 5.0% having threatened to all day
  • 5.0% not seen in over 24yrs (June 2002).
• Gilts staged a counterintuitive rally of 6 to 7bps across the curve despite heightened inflationary fears
  • Robust UK CPI data for September came in above consensus this morning at +3.5% YoY.
    • Highest reading in 11mths (surge in fuel costs a driver)
  • Probability of BofE rate hike on the 5th now 97% - arguably already fully priced in
• € swap curve flattened by c.2bps
  • € swap spreads c.1 to 2bp wider: c.2bp wider out to 7yrs
•  £ swap curve flattened by c.2bps
  • £ swap spreads mostly unchanged
• € IG priced €6.4bn from 9 deals (4 x Corp, 4 x FIG & 1 x SSA) via 10 tranches.
  • €19.35bn WTD or 102.7% of our ‘Supply Survey’ forecast of €18.83bn.
  • 2 x French Corporates were the day's highlight (79.4% of Corp supply).
  • Covered issuance dominated FIG supply (66.7% of FIG supply)
  • Book multiples were weak again with FIG the worst affected
    • Hypo Noe 1.04 X
    • Achmea Bank 1.28 X
    • Sparkasse Hannover 1.56 X
  • NIC’s for Covered’s were 4 to 5bps; Unsec FIG 9bps; & Corps 10 to 27bps
• Swiss Franc priced Chf175m from 1 deal (1 x FIG) via 1 tranche.
  • 1st financial in over a week (VP Bank’s Chf110m SNP on the 13th of Oct)
• Zero prints in either the Sterling (£) or US$ Reg S markets.
• Today’s “Talking Point” (below) looks at € IG SSA issuance for the 2025 period from now through to the end of the year.
• Meta Q3 results due out post US close. Persistent talk of potential multi-tranche € & US$ mandate.
• iTraxx 5yr Europe & the iTraxx Senior & Sub financial indices are currently mixed at 64.898 (-0.49%), 73.224 (-0.07%) & 123.611 (+0.33%) respectively (as we print & % △ on the day).
• Vix Index fell throughout the session, currently at 16.72 (17.31 this morning).
  • YTD avg. 18.08, 6mth avg. 16.72
• Brent Crude fell consistently from midday, currently at c.$109.24 (c.$110.52 this morning).
• European equity bourses were all in the green with the FTSE, Dax & CAC 40 all up by +0.10%, +1.22% & +0.87% respectively.
  • YTD: FTSE ↑8.18%, Dax ↑4.59% & CAC 40 ↓2.98%
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €3.15bn
  • Avg. tranche size €525m
  • Avg. IPT to Pricing -27.08 
  • Avg. cover 2.28 X
• FIG
  • Total IG: €2.25bn
  • Avg. tranche size €563m
  • Avg. IPT to Pricing -2.67 (covered) €1.5bn
  • Avg. IPT to Pricing -25.5 (unsecured) €750m
  • Avg. cover 1.44 X
• SSA
  • Total IG: €1bn
  • Avg. tranche size €1bn
  • Avg. IPT to Pricing 0
  • Avg. cover 1.3 X

• Pipeline:  The European IG pipeline is as follows. 
  • 1 x € Corp
  • 1 x € FIG (1 x Subordinated)
  • 2 x € SSA (1 x Inaugural Green Oct 23rd earliest & 1 x Inaugural DNN)
  • 1 x £ FIG

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

Talking Point

• Having looked at Corporates & FIG the last two days, today we look at € IG SSA issuance for the 2025 period from now through to the end of the year (weeks 42 to 51).
• Volumes were concentrated into short, lumpy windows. Only 5 weeks (42-46) were active during the period, producing €47.92bn across 23 deals, with week 43 alone (31 Oct) contributing €17.37bn (36%) from just 3 deals.
• Sovereigns dominated; while ESG was a footnote. Sovereign paper took 59.2% of volume vs. 24% were Supranational & 16.8% Agencies. ESG related issuance totalled just 8.5% of volume, with Social/SDG outpacing Green/EuGB, & zero Sustainable or SLB supply.
• Duration skewed firmly to 7-10yr issuance, capturing 51.3% of volume, with no supply below 3yrs.
• Issuance ground to a halt in the last week of November
• Implication for end-2026: unmet 2025 needs likely rolled into a heavy January supply surge. French sovereign credit remains a risk to watch given the negative outlook shift & political instability.

Euro IG (today)

• 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. The 4yr launched for €500m at MS+70, with a book over €1.9bn, while the 7yr also launched for €500m at MS+110, with a book over €1.2bn. Final books tightened to over €1bn & over €1.2bn 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. Books were over €950m when the deal launched for €500m at MS+90. Final books were over €1bn.
  • 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. The deal launched for €750m each, with final terms of 5.75% & 6.25% respectively, with books in the same order over €2.2bn & €2.4bn. Final books came in over €1.55bn & €2.05bn.
  • 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.
• 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. Books came in over €385m & the Tap sized at €150m & launched at MS+100 (new outstanding amount of €500m). Final books were over €375m.
  • 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.

• 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. The deal launched for €750m at MS+47, when books were over €1.95bn (inc. €25m JLMs) offering a NIC of 9bps. Final books, good at re-offer, were over €780m (inc. €50m JLMs).
  • 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.
• 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 were 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). Final books, good at re-offer, were over €520m (inc. €110m JLMs).
  • 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. Books were in excess of €680m (pre-rec, exc. JLMs). The deal launched for €500m at MS+32. Final books, good at re-offer, were over €640m (exc. JLMs).
  • 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).
• 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. The deal launched for €750m at MS+47, with final books coming in at over €1.4bn.
  • 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).

• 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. Books closed above €1.3bn (inc. €185m JLMs).
  • 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).

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)

• 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.

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.

• 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.

• 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.
• 21st October: European Stability Mechanism (ESM) (rated Aaa / AAA / AAA / AAA by Moody’s, S&P, Fitch & Scope) appointed DZ Bank & Société Generale as Digital Advisory Banks & mandated DZ Bank, HSBC, Santander & Société Generale to joint lead manage an inaugural Digitally Native Note transaction maturing in April 2030. No further group. The Digitally Native Notes will be issued on a distributed ledger technology (DLT) platform operated by Clearstream Europe AG (D7 DLT Platform) & in the context of the Eurosystem's Pontes initiative. The Digitally Native Notes are eligible for clearance & settlement through all traditional Clearstream Banking & Euroclear Bank SA/NV rails. A € benchmark transaction will follow 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: Sparkasse Hannover €500m 7yr CB; MS+35bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+35bp / 99.535 / 3.827%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 95.79 / B+52.8bp / HR 103%

7yr: Final Books at reoffer > €780m (incl. €50m JLM)

Launched: 7yr: €500m @ MS+35bp - Orderbook above €770m (incl. €50m JLM)
Guidance: 7yr: MS+38a

• Issuer: Sparkasse Hannover (Ticker: SSPHAN)
• LEI: 52990085XZWOZNLAWJ54
• Exp. Issue Rating: AAA by Fitch
• Status: Hypothekenpfandbrief (Mortgage Covered Bond)
• Covered Bond Label: European Covered Bond Premium
• Issue Size: 500mn
• Settlement: 30-Oct-26 (T+7)
• Maturity: 31-Oct-33 (7Y)
• Coupon: 3.75%, annual, act/act ICMA, unadjusted, Long first coupon
• Reoffer: MS+35 bps / 99.535 / 3.827%
• Benchmark: DBR 2.6 15-Aug-33 +52.8bps (95.79) / HR 103%
• Denominations: 1k
• Listing: Hannover, unregulated market (Freiverkehr)
• Governing Law: German
• Joint Bookrunners: BayernLB, Commerzbank (B&D), Danske Bank, DekaBank and DZ BANK
• MIFID II: Manufacturer target market (MIFID II product governance) are eligible counterparties, professional clients and retails clients (all appropriate distribution channels)
• Documentation: Base Prospectus dated 24-Sep-26 (https://www.sparkasse-hannover.de/de/home/ihre-sparkasse/zahlen-und-fakten/investor-relations/pfandbriefe.html)
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities.
• ISIN/WKN: DE000A5GS7V3/A5GS7V
• Timing: Priced - TOE 14:24 CET / FTT 14:45 CET

Covered
7yr (Oct 2033) @ MS+38a

Implied Spread for fresh 7yr @ MS+30
Priced at MS+35
NIC of +5

PRICED: HYPO NOE Landesbank fuer Niederoesterreich und Wien AG €500m 6.8yr CB; MS+40bp

IGC European Market: Deal Flow - General

Reoffer: 6.8yr: MS+40bp / 99.963 / 3.883%
Benchmark: 6.8yr: DBR 2.6 15-Aug-33 @ 95.77 / B+58bp / HR 101%

Tranche 1 (6.8yr): Final Books at reoffer > €520m (incl. €110m JLM). Peak book above €595m (incl. €110m JLM)

Launched: 6.8yr: €500m @ MS+40bp - Orderbook above €595m (incl. €110m JLM)
Guidance: 6.8yr: MS+42a

• Issuer: HYPO NOE Landesbank fuer Niederoesterreich und Wien AG
• Ticker: HYNOE
• LEI: 5493007BWYDPQZLZ0Y27
• Type: Public Sector Covered Bond (Oeffentlicher Pfandbrief)
• Label: European Covered Bond (Premium)
• Exp. Rating: Aa1 (Moody's)
• Size: €500m
• Maturity: 29-Aug-33 (soft bullet)
• Settlement: 29-Oct-26 (T+6)
• Coupon: 3.875%, annual, act/act ICMA, following, unadjusted
• Coupon Payment Dates: Short first, 29 August in each year, commencing on 29-Aug-27
• Reoffer: MS+40 bps / 99.963 / 3.883%
• Benchmark: DBR 2.6 15-Aug-33 +58bps (95.77) / HR 101%
• Denoms/Law: 100k+100k / Austrian Law
• Listing: Regulated Market of the Vienna Stock Exchange
• Bookrunners: ABN, DekaBank, Erste Group (B&D), Helaba, Raiffeisen Bank International and UniCredit
• Co-Leads: HYPO NOE Landesbank fuer Niederoesterreich und Wien AG
• Fees: The Banks will be paid a fee by the issuer in respect of the placement of the securities.
• ISIN: AT0000A3Y634
• Target market: Manufacturer target market (MiFID II product governance) is professional clients and eligible counterparties only (all distribution channels). No PRIIPs, no KID as not available to retail in the EEA.
• Advertisement: Under the Issuer's €9,500,000,000 Debt Issuance Programme dated 28-May-26, (https://en.hyponoe.at/prospectus)
• Timing: Priced - TOE 13:21 CET / FTT 13:40 CET

Covered
6.8yr (Aug 2033) @ MS+42a

Implied Spread for fresh 6.8yr @ MS+35
Priced at MS+40
NIC of +5

PRICED: Achmea Bank N.V. €500m 6yr CB; MS+32bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+32bp / 99.794 / 3.789%
Benchmark: 6yr: DBR 1.7 15-Aug-32 @ 91.979 / B+55.3bp / HR 106%

6yr: Final books at re-offer over €640m (excl. JLM). Peak book in excess of €680m (pre-rec, excl. JLM interest)

Launched: 6yr: €500m @ MS+32bp - Book in excess of €680m (pre-rec, excl. JLM interest)
Guidance: 6yr: MS+35a

• Issuer: Achmea Bank N.V.
• LEI Code: 724500AH42V5X8BCPE49
• Guarantor: Achmea SB Covered Bond Company B.V.
• Issuer Ratings: A- (stable) / A (stable) (S&P/Fitch)
• Instrument: Fixed Rate Soft Bullet Covered Bond
• Expected Instrument Ratings: AAA (S&P)
• Form of the Covered Bonds: New Global Note, Reg S, Bearer
• Tenor: 6-year
• Reoffer: MS+32bp / 3.789% / 99.794
• Benchmark: DBR 1.7 15-Aug-32 @ 91.979 / B+55.3bp / HR 106%
• Size: €500m
• Use of Proceeds: General corporate purposes
• Type: Dutch Legislative Covered Bond, European Covered Bond (Premium)
• Pricing Date: 21-Oct-26
• Settlement Date: 28-Oct-26 (T+5)
• Maturity Date: 28-Oct-32
• Extended Due for Payment Date: 28-Oct-33
• Coupon: 3.75%, Fixed rate, Actual/Actual ICMA, Following, Unadjusted
• Coupon for extended period: 1 month EURIBOR plus 32bps per annum, Monthly, ACT/360, Adjusted, Modified following
• Interest Payment Dates: 28 October in each year, commencing 28-Oct-27, up to and including the Maturity Date, if applicable subject to the Business Day Convention
• Denominations: €100k+100k
• Business Day Convention: Following Business Day Convention
• Redemption Price: 100% of Notional Amount
• Governing Law: Dutch Law
• ISIN: XS3551872412
• Documentation: EUR 10,000,000,000 Euro Covered Bond Programme described in the Base Prospectus dated 23-Jan-26 as supplemented on 3-Apr-26, guaranteed as to payments of interest and principal by Achmea SB Covered Bond Company B.V.
• Leads: ABN AMRO, Deutsche Bank, DZ BANK, HSBC, LBBW, Rabobank
• Listing: Euronext Amsterdam
• Selling Restrictions: As set out in the Base Prospectus and supplements
• Clearing System: Euroclear/Clearstream
• Target Market: UK MiFIR / MiFID II professionals / ECPs-only / No EEA PRIIPs or UK CCI product summary
• Advertisement: The announcement is an advertisement for the purposes of Regulation (EU) 2017/1129. The investor presentation, base prospectus and any supplements, and final terms when published, will be available on the Issuer’s website at: https://www.achmeabank.nl/en/investors/funding/soft-bullet-covered-bond
• Priced: TOE: 13:59 CET | FTT: 14:25 CET

Covered
6yr (Oct 2032) @ MS+35a

Implied Spread for fresh 7yr @ MS+28
Priced at MS+32
NIC of +4

PRICED: Land Berlin €1bn 5yr Sr Unsec; MS+14bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+14bp / 99.465 / 3.619%
Benchmark: 5yr: OBL 2.9 10-Aug-31 @ 98.485 / +38.8bp, HR: 100%

Tranche 1 (5yr): Final Books above €1.3bn (incl. €185m JLM). Peak book above €1.35bn (incl. €225m JLM)

Launched: 5yr: €1bn @ MS+14bp - Books closed above €1.35bn (incl. €225m JLM)
Spread set at: 5yr: MS+14bp - Books above €1.05bn (incl. €225m JLM)
Guidance: 5yr: MS+14a

• Issuer: Land Berlin
• BBG Ticker: BERGER Govt
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope - all stable)
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Size: €1bn
• Maturity: 28-Oct-31 (5yr)
• Settlement: 28-Oct-26 (T+5)
• Reoffer: 3.619% / 99.465 / MS+14bp
• Coupon: fixed 3.5% p.a., act/act (ICMA), annually on 28 October, commencing on 28-Oct-27
• Reference Benchmark: OBL 2.9 10-Aug-31 @ 98.485 / +38.8bp, HR: 100%
• Law/ Denoms: German / 1k
• Listing: Tradegate Berlin Stock Exchange (regulated market)
• Bookrunners: BNP Paribas, Citi, Danske Bank, DekaBank, Helaba (B&D), HSBC
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target Market: Manufacturer target market (MiFID II product govern.) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN/WKN/Series: DE000A5H3DL7 / A5H3DL
• Timing: ToE 13:10 CET, FTT 13:30 CET

PRICED: Svenska Handelsbanken AB €750m 4yr SP; MS+47bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+47bp / 99.811 / 3.923%
Benchmark: 4yr: OBL 2.2 10-Oct-30 / B+74.6bp (HR: 101%)
Hedge Deadline: 13:45 UKT

4yr: Final Books €1.4bn+. Peak book > €1.95bn (inc €25m JLM)

Launched: 4yr: €750m @ MS+47bp - Book > €1.95bn (inc €25m JLM)
Book Update: Books > €1.5bn
IPTs: 4yr: MS+70/75bp

• Issuer: Svenska Handelsbanken AB (publ)
• Issuer LEI: NHBDILHZTYCNBV5UYZ31
• Issuer Ratings: Aa2/AA-/AA+ (Moody's/S&P/Fitch)
• Expected Ratings of the Notes: Aa2/AA-/AA+ (Moody's/S&P/Fitch)
• Status of the Notes: Senior Preferred Notes
• Ranking: Unconditional and unsecured
• Format: Reg S only, Bearer form, NGN, TEFRA D rules apply
• Use of Proceeds: General Corporate Purposes
• Currency: Euro ("EUR")
• Size: €750m
• Tranche: 4-yr FXD Senior Preferred
• Pricing Benchmark Reference: 4-year EUR Mid-Swap Rate (“€MS”).
• Pricing Date: 21-Oct-26
• Settlement Date: 28-Oct-26 (T+5)
• Maturity Date: 28-Oct-30 (4 years)
• Interest Basis / Rate: 3.875%, Fixed Rate, per annum payable in arrear on each Interest Payment Date.
• Interest Payment Dates: 28 October every year, from and including 28-Oct-27, up to and including the Maturity Date
• Reoffer: MS+47bp / 99.811 / 3.923%
• Benchmark: OBL 2.2 10-Oct-30 / B+74.6bp
• Documentation: The Pricing Supplement will be produced based on the U.S.$50,000,000,000 Euro Medium Term Note Programme as described in the Offering Circular dated 6-Mar-26 (as supplemented from time to time)
• Listing: Application will be made to Euronext Dublin for the Notes to be admitted to the Official List and to trading on the GEM.
• Clearing: Euroclear/Clearstream, Luxembourg
• Governing Law: The Notes and any non-contractual obligations arising out of or in connection therewith, shall be governed by, and construed in accordance with, English law, except that the provisions contained in Condition 3 will be governed by, and shall be construed in accordance with, Swedish law
• Day count: Annual, ACT/ACT (ICMA)
• Business Days: T2
• Business Day Convention: Following Business Day Convention, unadjusted
• Denominations: EUR 100,000 + EUR 1,000 increments
• Joint Lead Managers: BofA Securities, Citi, Goldman Sachs Bank Europe SE, J.P. Morgan, Svenska Handelsbanken AB (publ), UBS
• ISINs / Common Codes: XS3551839635 / 355183963
• Selling Restrictions: As per the Offering Circular
• Target Market: Manufacturer target market (EU MiFID II product governance and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU or UK PRIIPs Key Information Document (KID) has been prepared as not available to retail in the EEA or in the UK
• Schedule: Books open, today's business.
• Books Subject: 12:10 UKT / 13:10 CET
• B&D: UBS

PRICED: Réseau de Transport d'Electricité €1bn 4yr & 7yr Sr Unsec Green; MS+70bp & MS+110bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+70bp / 99.845 / 4.168% 7yr: MS+110bp / 99.559 / 4.575%
Benchmark: 4yr: OBL 2.2 30 #192 @ 96.4 / B+98.7bp 7yr: DBR 2.6 Aug-33 @ 95.76 / B+127.1bp

Tranche 1 (4yr): Final Books > €1bn. Peak book > €1.9bn
Tranche 2 (7yr): Final Books > €1.2bn.

Launched: 4yr: €500m @ MS+70bp - Books > €1.9bn 7yr: €500m @ MS+110bp - Books > €1.2bn
IPTs: 4yr: MS+100a 7yr: MS+125a

• Issuer: Réseau de Transport d'Electricité (Ticker: RTEFRA, Country: FR)
• Issuer LEI: 969500JRJW0K2ET1UP76
• Issuer Rating: A- stable by S&P
• Issue Rating (expected): A- by S&P
• Form of notes: Senior Unsecured, Reg S Bearer, Dematerialised Green Notes
• Pricing Date: 21-Oct-26
• Settlement Date: 28-Oct-26 (T+5)
• Maturity Date:
  • 4yr: 28-Oct-30 (4-year Fixed)
  • 7yr: 28-Oct-33 (7-year Fixed)
• Issue Size:
  • 4yr: €500m
  • 7yr: €500m
• Re-offer:
  • 4yr: ms+70 bps | 4.168% | 99.845
  • 7yr: ms+110 bps | 4.575% | 99.559
• Coupon:
  • 4yr: 4.125% Fixed, Annual, Act/Act ICMA
  • 7yr: 4.500% Fixed, Annual, Act/Act ICMA
• Benchmark:
  • 4yr: HR 101% vs OBL 2.2 30 #192 (96.400 bid) + 98.7bps
  • 7yr: HR 100% vs DBR 2.6 Aug-33 (95.760 bid) + 127.1bps
• Par-Call:
  • 4yr: 2-month
  • 7yr: 3-month
• Make Whole Call:
  • 4yr: B+15
  • 7yr: B+20
• ISIN:
  • 4yr: FR001401BU89
  • 7yr: FR001401BU97
• Documentation: EMTN Programme dated 2-Jul-26 and supplemented on 19-Oct-26 / Euronext Paris / French Law / Clean-up call (80%) / €100k + 100k / MWC (Bund)
• Use of Proceeds: Financing or refinancing of Eligible Green Projects (as defined in the section "Use of Proceeds" of the Base Prospectus) and more fully described in the issuer's Green Financing Framework dated November 2021. Both documents are available on the Issuer's website https://www.rte-france.com/en/finance/key-figures-financial-publications#EMTNprogram
• Active Bookrunners: Barclays (B&D), BNP Paribas, CIC CIB, Crédit Agricole CIB, Natixis, NatWest, SMBC, Société Générale
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As set out in the Base Prospectus dated 2-Jul-26
• Advertisement: The Base Prospectus is available at www.amf-france.org and the Final Terms when published will be available at www.amf-france.org and on the issuer's website (https://www.rte-france.com/)
• Investor Presentation: https://assets.rte-france.com/prod/public/2026-10/2026-10-20-credit-update-october-2026.pdf
• TOE:
  • 4yr: 16h16 CET
  • 7yr: 16h17 CET
• FTT: 15h45 UKT / 16h45 CET

4yr (Oct 2029) @ MS+100a

Implied Spread for fresh 4yr @ MS+60
Priced at MS+70
NIC of +10

7yr (Oct 2033) @ MS+125a

Implied Spread for fresh 7yr @ MS+83
Priced at MS+110
NIC of +27

PRICED: Leasys €500m 3yr Sr Unsec; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+90bp / 99.956 / 4.366%
Benchmark: 3yr: OBL 2.5 11-Oct-29 #190 @ 98.20% / B+122.2bp / HR 100%

Tranche 1 (3yr): Final Books >€1bn. Peak book >€1bn

Launched: 3yr: €500m @ MS+90bp - Book >€950m
IPTs: 3yr: MS+105/110bp

• Issuer: Leasys S.p.A.
• Ticker: LEASYS
• Country: IT
• Issuer LEI code: 5493009CCXH3RNCA7U43
• Issuer Rating: A- (stable) by Fitch
• Exp. Issue Rating: A- by Fitch
• Format: Senior, Unsecured, Reg S Bearer
• Size: €500m
• Maturity: 28-Oct-29
• Settlement: 28-Oct-26 (T+5)
• Coupon: 4.35% Fixed (Annual, Act/Act ICMA)
• Price/Yield: 99.956% / 4.366%
• Spread: MS+90bp / B+122.2bp
• Ref Security: OBL 2.5 11-Oct-29 #190 @ 98.20% (3.144%) HR 100%
• UoP: General corporate purposes
• Documentation: EMTN – Base prospectus dated 17-Jul-26
• Issuer Call Option: 1 month par call
• Investor Put Option: CoC at 100%
• Governing Law: English law
• Listing: Euronext Dublin Regulated Market
• Denoms: € 100k + € 1k
• ISIN: XS3550479037
• Global Coordinator: Crédit Agricole CIB
• Joint Bookrunners: ABN AMRO, Banca Akros, BBVA, CIC CIB, Crédit Agricole CIB (B&D), Lloyds, UniCredit
• Target Market: Manufacturer target market (EEA MiFID II/UK MiFIR product governance) is Professional Clients and Eligible Counterparties only (all distribution channels). No EU 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 the UK
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, the Supplements and the Final Terms, when published, will be available on the website of Euronext Dublin at https://www.euronext.com/en/markets/dublin
• Schedule: Books open, today's business
• Books Subject: 12.45 UKT / 13.45 CET
• Hedge Deadline: 15.30 UKT / 16.30 CET
• Timing: TOE 15.42UKT FTT 16.00 UKT / 17.00 CET

3yr (Oct 2029) @ MS+105-110

Implied Spread for fresh 3yr @ MS+75
Priced at MS+90
NIC of +15

PRICED: Pernod Ricard €1.5bn 2-part Sub Fixed Rate Reset; 5.750% & 6.250%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5.25: 5.750% / 99.476 PerpNC8: 6.250% / 99.231
Benchmark: PerpNC5.25: DBR 0% 15-Aug-31 @ 85.964 / 3.194% / B+255.6bps PerpNC8: DBR 2.6% 15-Aug-34 @ 95.049 / 3.329% / B+292.1bps

Tranche 1 (PerpNC5.25): Final books > €1.55bn. Peak book > €2.2bn
Tranche 2 (PerpNC8): Final books > €2.05bn. Peak book > €2.4bn

Launched:
PerpNC5.25: €750m @ 5.750% - Books > €2.2bn
PerpNC8: €750m @ 6.250% - Books > €2.4bn
Book Update: Combined books in excess of €4.6bn pre-rec
IPTs: PerpNC5.25: 6.125%a PerpNC8: 6.625%a

• Issuer: Pernod Ricard
• Ticker: RIFP
• Country: FR
• Issuer LEI: 52990097YFPX9J0H5D87
• Issuer Ratings: Baa1 (negative outlook) / BBB+ (negative outlook) (Moody's/S&P)
• Issue Ratings: Baa3 / BBB- (Moody's/S&P)
• Rating Agency Equity Credit: Moody's: 50% (Basket M) / S&P: 50% (Intermediate) (until the First Reset Date)
• Format: Reg S, Bearer Bonds, Dematerialised, Cat 2
• Status / Ranking: Direct, unconditional, unsecured and Deeply Subordinated Obligations, senior to equity (incl. preference shares), pari passu with Deeply Subordinated Obligations
• Structure / Tenor:
  • PerpNC5.25: Perpetual NC5.25
  • PerpNC8: Perpetual NC8
• Pricing Date: 21-Oct-26
• Settlement Date: 28-Oct-26 (T+5)
• First Reset Date:
  • PerpNC5.25: 28-Jan-32 (Year 5.25)
  • PerpNC8: 28-Oct-34 (Year 8)
• Size:
  • PerpNC5.25: €750m
  • PerpNC8: €750m
• Coupon:
  • PerpNC5.25: 5.625%
  • PerpNC8: 6.125%
• Reoffer Yield / Price:
  • PerpNC5.25: 5.750% / 99.476
  • PerpNC8: 6.250% / 99.231
• Initial Margin:
  • PerpNC5.25: 228.4bps
  • PerpNC8: 276.2bps
• Spread to Benchmark:
  • PerpNC5.25: DBR 0% 15-Aug-31 @ 85.964 / 3.194% / B+255.6bps
  • PerpNC8: DBR 2.6% 15-Aug-34 @ 95.049 / 3.329% / B+292.1bps
• MWC:
  • PerpNC5.25: B+40bps
  • PerpNC8: B+45bps
• Residual Redemption Period:
  • PerpNC5.25: From 28-Oct-31 included to First Reset Date
  • PerpNC8: From 28-Jul-34 included to First Reset Date
• First Step-up Date / 1st Step-up Margin:
  • PerpNC5.25: 28-Jan-37 / 25bps
  • PerpNC8: 28-Oct-39 / 25bps
• Second Step-up Date / 2nd Step-up Margin:
  • PerpNC5.25: 28-Jan-52 / additional 75bps (100bps in aggregate)
  • PerpNC8: 28-Oct-54 / additional 75bps (100bps in aggregate)
• Optional Redemption: On any date during the Residual Redemption Period, on the First Reset Date and on every Interest Payment Date thereafter
• Interest:
  • PerpNC5.25: Fixed rate of 5.625% per annum starting on 28-Jan-27, payable annually in arrear until the First Reset Date; thereafter reset every 5 years to the then applicable 5-year EUR Mid-Swap Rate plus the initial margin and the relevant Coupon step-up Margin – Short first coupon
  • PerpNC8: Fixed rate of 6.125% per annum starting on 28-Oct-27, payable annually in arrear until the First Reset Date; thereafter reset every 5 years to the then applicable 5-year EUR Mid-Swap Rate plus the initial margin and the relevant Coupon step-up Margin
• Day Count Fraction: ACT/ACT (ICMA)
• Deferral of Interest: At the Issuer's sole discretion in whole or in part; cumulative and compounding (cash settled)
• Arrears of Interest: Arrears of Interest (together with any Additional Interest Amount) may at the option of the Issuer be paid, in whole or in part, at any time, and due and payable in whole, on the earliest of (i) the 10th Business Day following a Compulsory Arrears of Interest Payment Event, (ii) the next Interest Payment Date on which the Issuer does not elect to defer all or part of the interest accrued during the relevant Interest Period, (iii) redemption of the Notes; or (iv) liquidation of the Issuer Compulsory Arrears of Interest Payment Event means (i) a dividend or any other distribution or payment was validly resolved on, declared, paid or made in respect of any Equity Securities or Parity Securities; or (ii) the Issuer has repurchased, purchased, redeemed or otherwise acquired any Equity Securities; or (iii) the Issuer has repurchased, purchased, redeemed or otherwise acquired any Parity Securities or any Notes, in each case subject to carve-outs set out in the Base Prospectus
• Make-Whole Redemption: Make-Whole Redemption option in whole (but not in part) at the Make-Whole Redemption Amount at any time other than (i) the period from (and including) the first day of the Residual Redemption Period until (and including) the First Reset Date; and (ii) on any subsequent Interest Payment Date Make-Whole Redemption Amount to be calculated with a Make-Whole Redemption Rate equal to the Reference Benchmark + the lower of (i) 15% re-offer spread vs the Reference Benchmark rounded up to the nearest 5bps and (ii) 50bps
• Early Redemption Events: At any time upon:
  • a Rating Methodology Event, Tax Deductibility Event or Accounting Event at 101% of the principal amount until the first day of the Residual Redemption Period (excluded), at par thereafter
  • a Tax Gross-Up Event, Clean-Up Call Option (≥75%) or a Withholding Tax Event at par
  • a Change of Control Event at par (Change of Control step-up of 500bps)
• Replacement Language: Intention based and subject to customary carve-out (non binding)
• Risk Factors: Investors should read the Risk Factors in, or incorporated by reference into, the Base Prospectus
• Use of Proceeds: The proceeds of the Notes will be used for general corporate purposes, including the financing of the concomitant tender offer on the bonds with ISIN FR001400KPB4, FR0013456431, FR001400DOV0, FR0013506532, FR001400PX40, FR001400XRB3, FR001400DP44
• Denominations: €100k+€100k
• Governing Law: French Law
• Documentation: Base Prospectus dated 19-Oct-26
• Listing: Euronext Paris
• Global Coordinators: Citi, ING (B&D), Natixis, Société Générale
• Active Bookrunners: Barclays, BNP Paribas, Crédit Agricole CIB, Citi, HSBC, ING (B&D), Natixis, Société Générale
• ISIN:
  • PerpNC5.25: FR001401BRR3
  • PerpNC8: FR001401BRS1
• Marketing: URL: https://dealroadshow.finsight.com Entry Code: PERNOD2026 Direct Link: https://dealroadshow.finsight.com/e/PERNOD2026
• Target Market: Eligible Counterparties and Professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no disclosure document required by the FCA Product Disclosure Source (DISC) has been prepared as, the Notes are not available to retail investors in the EEA or in the UK
• Selling Restrictions: As set out in the Base Prospectus dated 19-Oct-26
• Advertisement: The Base Prospectus dated 19-Oct-26 is available and the final terms, when published, will be available on the website of the AMF (https://www.amf-france.org) and the issuer's website (https://www.pernod-ricard.com/en/investors/share-debt-information#debt-information-430)
• TOE:
  • PerpNC5.25: 15:34 UKT
  • PerpNC8: 15:36 UKT
• FTT: 16:00 UKT

PRICED: Titan Global Finance €150m Tap of 3.500% Sr Unsec; MS+100

IGC European Market: Deal Flow - General

Reoffer: Long 4yr: MS+100bp / 96.257 / 4.477%
Benchmark: Long 4yr: OBL 2.2 Oct-30 @ 96.39 (3.183%)

Tranche 1 (Long 4yr): Final books > €375m. Peak book > €385m

Launched: Long 4yr: €150m @ MS+100bp - Books > €385m
IPTs: Long 4yr: MS+125a

• Issuer: Titan Global Finance PLC
• Ticker: TITKGA
• Country: GB
• Issuer LEI code: 213800OR4GNG3GHDZ587
• GuarantorGuarantor LEI: Titan SA 213800H2CDP9I374WH83
• Issuer Rating: BBB- Stable / BB+ Positive (S&P / Fitch)
• Exp. Issue Ratings: BBB- / BB+ (S&P / Fitch)
• Format: Senior Unsecured Notes, Reg S
• Size: €150m
• Pricing date: 21-Oct-26
• Settlement: 26-Oct-26 (T+3)
• Maturity: 04-Feb-31
• Re-offer: MS+100 / 96.257 / 4.477%
• Benchmark: OBL 2.2 Oct-30 @ 96.39 (3.183%)
• Coupon: 3.500% Fixed (Ann, ACT/ACT)
• Listing: Euronext Dublin – Global Exchange Market
• Docs: Preliminary Offering Circular dated 21-Oct-26
• Governing Law: English Law
• Make-Whole Call: B+20
• Par Call: Yes, 3-months
• Issuer Residual Call: Yes, 80% @ par
• Change of Control Put: Yes
• UoP: General Corporate Purposes (including refinancing of the Group’s existing indebtedness)
• Denoms: €100k + €1k
• Joint Global Coordinators: BNP Paribas, HSBC Continental Europe (B&D)
• Joint Bookrunners: AXIA Ventures Group Ltd., Eurobank S.A., National Bank of Greece S.A., Piraeus Bank S.A.
• Clearing System: Euroclear Bank SA/NV/Clearstream Banking S.A.
• Target Market: Manufacturer target market (MIFID II) is: professional investors, eligible counterparties and high net worth retail investors. No EU PRIIPs key information document has been prepared (KID) as the notes do not fall within the scope of EU PRIIPs. No disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as the notes are not available to retail in the United Kingdom
• Selling Restrictions: Reg S Cat. 2; Not to be offered within the U.S. or to any U.S. persons. Full terms are set out in the Preliminary Offering Circular
• Timing: Book open, today’s business
• Existing ISIN: XS3263933049
• Temporary ISIN: XS3543715885 expected to funge after 40 days
• Advertisement: The final Offering Circular, when published, will be available at the website of Euronext Dublin
• Timing: TOE: 16.27 UKT / FTT: 16.45 UKT

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Details correct at time of posting