Commentary & Deal Flow

Corporate

LIVE DEALS:

• No Supply

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

LIVE DEALS:

• Canadian Imperial Bank of Commerce (exp. Issue ratings of A2 / A- / AA- by Moody’s, S&P & Fitch) brought a € benchmark, Bearer, NGN / Senior, Unsubordinated & Unsecured, Green, Bail-inable, 6NC5 Fixed-to-Floating offering, with IPTs in the area of MS+120.
  • CIBC’s last public € print was also a Senior Bail-inable trade on the 19th of June. This €1.35bn 2yr FRN priced at 3mth€+40 (25bps tighter than IPTs from a €1.5bn book & a NIC of -1). There last Senior Bail-inable prior to that was back on the 27th of Jan last year, when they priced a €600m 3NC2 FRN at 3mth€+62 (23bps tighter than IPTs from a book of €900m).
• The Toronto-Dominion Bank (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, Fitch & DBRS) brought a £ benchmark, 3yr FRN Canadian legislative Covered bond, backed by prime Canadian residential mortgages. The Reg S deal came with guidance in the area of SONIA+56.
  • TD’s last £ covered print was back on January the 22nd when they priced a £1.25bn 5yr FRN at SONIA+58 (5bps tighter than guidance from a £3bn book). Spreads are wider since then with comps & secondaries suggesting a 3yr on the curve would be at SONIA+47 with zero NIC. For reference TD also printed two covered £ trades last year; a £800m 5yr FRN at SONIA+60, & a £1.25bn 3yr FRN at SONIA+67.

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:

• NRW Bank (rated Aa1 / AA / AAA / AAA by Moody’s, S&P, Fitch & Scope), guaranteed by the Federal State of North Rhine-Westphalia, announced a senior unsecured, Reg S, Bearer, £ benchmark with a maturity of 31st July 2031. Guidance on the notes was in the area of SONIA MS+40 (equiv. to ~UKT 0.25% July 31 +23.8 area at the time of the announcement). Books were first called in excess of £230m (exc. JLMs). Spread set at SONIA MS+40 & the deal sized at £250m.
  • This is NRW’s 2nd public £ offering in 2026, having last priced a £350m 4.5yr senior unsecured, fixed rate deal on the 17th of March at MS+37 (flat to guidance from a book of £355m). They only issued the one £ trade in 2025, with a £300m 4.5yr at MS+30, again flat to guidance from a £345m book.

MANDATED DEALS:

• 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.
• 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.