• New issue conditions were the most receptive they have been in a while today, though a truer description would be ‘less bad’.
  • Spreads still wide & fundamentals remain on shaky ground
  • Geo-political issues still prevalent - perhaps more ‘eye of the storm’ calm
• Primary still not one for ‘opportunistic’ issuers, rather those that need to print. As evidenced by:
  • Schneider Electrics part M&A re-fi
  • Dover Corps’ redemption re-fi
  • GEK’s debut bond as an IG credit
• Today’s corporate supply reinforced the fact that investors are demanding NIC’s of 10 to 20bp 
• FIG conspicuous by its absence
  • Sumitomo Life still in pipeline for a € bmk, 30NC10 Subordinated issue
  • Required FIG NIC’s of c.5 to 10bps (unsecured) & NIC’s of c.5bps (for Covered issues)
• Meta set to raise $35bn of equity rather than debt ($22.5bn of Class A Common Stock & $12.5bn of Series A mandatory convertible preferred stock)
  • Transaction structured so not to dilute Zuckerberg's control (non-voting shares)
    • Speculation that the issue provides liquidity for California’s potential ‘billionaire tax’
  • Nvidia, AMD & Broadcom touted as potential buyers
  • Discussion as to whether this will set a trend on how hyperscalers fund their large capex programs (Anthropic filed for an IPO)
  • Meta expects $135 to $145bn of capex in 2026
• The SSA pipeline cleared early, however, book covers were not as strong as one might typically expect
• ESM’s €1bn long 3yr DNN was smaller than expected with a cover of only 2.2 X.
  • The trade leaves c.€1.5bn still to do for 2026
• Hamburg €500m 10yr Green had a cover of 3.3 X
• Bunds sold off with the curve flattening by 4.5bps
• OAT’s rallied following a reduction of imminent threats (Moody’s held Aa3 neg outlook on Friday)
  • 10yr OAT traded back through 5.0% to 4.898%
  • OAT vs Bund 10yr spread tightened by 13.1bps to +154.3
• Gilts were mixed with the curve flattening by 3bps
• € swap curve flattened by 1bp
  • € swap spreads c.1.5 to 3bp wider 7yrs & in
• £ swap curve flattened by 4.5bps
  • £ swap spreads c.1.5 to 2.5bp tighter 7yrs & in
• € IG delivered €8.8bn from 5 deals (3 x Corp & 2 x SSA) via 10 tranches
  • €8.8bn WTD or 45.4% of our ‘Supply Survey’ forecast of €19.38bn
• Zero issuance in the Sterling (£), non-domestic Swiss Franc & US$ Reg S markets
• Today’s “Talking Point” (below) looks at € IG issuance during ECB weeks YTD, including volumes, the day-by-day split & ‘zero-supply’ decision days, compared across ‘Hold’ & ‘Hike’ weeks.
• iTraxx 5yr Europe & the iTraxx Senior & Sub financial indices were in from their recent wides at 67.136 (-1.90%), 76.126 (-2.73%) & 130.951 (-3.04%) respectively (as we print & % △ on the day).
• Vix Index was lower but remained elevated, currently at 18.41 (19.45 this morning)
• Brent Crude nudged higher yet again, currently at c.$116.94 (c.$114.97 this morning)
• European equity bourses were all in the green today with the FTSE, Dax & CAC 40 all up by +0.66%, +1.04% & +0.82% respectively
  • YTD: FTSE ↑8.36%, Dax ↑3.89% & CAC 40 ↓3.71%
• A breakdown of today’s primary € IG supply is as follows

• Corporate
  • Total IG: €7.3bn
  • Avg. tranche size €913bn
  • Avg. IPT to Pricing -26.13
  • Avg. cover 3.04 X
• FIG
  • Total IG: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing (covered) €0
  • Avg. IPT to Pricing (unsecured) €0
  • Avg. cover NA
• SSA
  • Total IG: €1.5bn
  • Avg. tranche size €750m
  • Avg. IPT to Pricing -2
  • Avg. cover 2.75 X

• Pipeline:  The European IG pipeline is as follows. 
  • 1 x € FIG (1 x Subordinated)
  • 1 x SSA

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

Talking Point

• With the ECB rate announcement on Thursday, we look back at € IG issuance across the 6 ECB weeks YTD.
• ECB weeks don't reduce supply, they tend to frontload it. €198.36bn priced across the 6 weeks, c.€33.1bn a week, 13.5% of YTD € IG volume (€1.47trn), roughly in line with their share of the weeks. SSA led these periods with €94.2bn (47.5%), ahead of FIG (€64.3bn) & Corporates (€39.86bn). The market printed on 21 of 30 sessions (70%).
• With ECB announcements always on a Thursday afternoon, Monday’s to Wednesday’s do almost all the work. These 3 days delivered €187.26bn, or 94.4% of ECB-week volume. In 5 of the 6 weeks, 96%+ had priced before the Thursday decision; only February was the exception, with 85% printed Mon-Wed ahead of a busier Thursday (€6.5bn). Tuesdays averaged c.€17.5bn in ECB weeks, vs. c.€13.2bn on Tuesday's YTD. The high was Tuesday 9th June (€44.95bn), when SSA alone priced €30.75bn.
• Decision day is usually a blank. 4 of the 6 ECB Thursday’s were zero-print sessions, half of the 8 blank Thursdays YTD. Only €7.1bn (3.6%) priced on decision days & €4bn (2.0%) on the Fridays after.
• Hike weeks were busier. The 2 weeks with a +25bp move (June & September) averaged c.€54.7bn, vs. c.€22.3bn across the 4 'Hold' weeks. July was the low at just €1.75bn, as the summer slowdown set in.

Euro IG (today)

• Schneider Electric SE (exp. Issue rating of A by S&P) brought a fresh 6-tranche € benchmark, senior unsecured, Reg S Cat 2 Bearer offering. The deal was made up of a 2yr FRN, 4yr, 6yr, 9.1yr (2 Dec 35), 12yr & 20yr fixed trades. We shall keep this order throughout updates. IPTs (all in the ‘area’ of, were 3mth €+70, MS+90, MS+115, MS+140, MS+155 & MS+190. A maximum deal size of €6bn from a collective peak book of €17.25bn was telegraphed when spreads set as follows: 2yr €750m (exp) at 3mth€+45 with a €1.2bn book. 4yr €1bn (exp) at MS+65 with a €2.4bn book. 6yr €1.25bn (exp) at MS+90 with a €3.2bn book. 9.1yr €1.25bn (exp) at MS+110 with a €4.7bn book. 12yr €1bn (exp) at MS+128 with a €3.5bn book, & 20yr €500m (exp) at MS+163 with a €2.25bn book. Société Générale B&D on the 2yr FRN, 4yr & 6yr, with HSBC B&D on the 9.1yr, 12yr & 20yr. The 12yr increased to €1.25bn at FT’s making the total deal size €6bn. Books were sharpened to a collective €18.08bn, broken down as €980m, €2.4bn, €3.3bn, €4.6bn, €4.2bn & €2.6bn respectively. Final books came in at €900m, €2.2bn, €2.9bn, €4.3bn, €3.9bn & €2.5bn respectively. The deal priced for €6bn from a final book of €16.7bn.
  • Today’s offering is in part to refinance the bridge financing for the acquisition of PTC Inc - hence the magnitude of the offering. Their most recent trade was a dual-tranche in June with a €800m 2yr FRN at 3mth€+30 (27.5bps tighter than IPTs from a €1.55bn book) & a €700m 7.5yr at MS+58 (34.5bps tighter than IPTs from a €2bn book). In August 2025 Schneider issued a 4-tranche €3.5bn offering to help finance its acquisition of the remaining 35% stake in Schneider Electric India Private Limited (SEIPL), bringing the company to full ownership of its Indian subsidiary. In November of that same year they priced a €750m 4.6yr at MS+50 (30bps tighter than IPTs from a €2.45bn book), in part to help finance some of the aforementioned SEIPL acquisition.
• Gek Terna S.A. (exp. Issue ratings of Baa3 / BBB- by Moody’s & S&P), brought their anticipated senior unsecured offering, which took the shape of a €500m (wng) 7yr. IPTs on the trade were MS+165 to +170. Books first reported at above €1.5bn, growing to over €2.3bn when the trade launched for €500m at MS+140. Final books were over €2bn.
  • The vertically integrated leading infrastructure group in Greece, owns & operates critical concessions in the country. It last issued a public bond on the 25th of September last year when it priced a €500m 7NC2 with a coupon of 3.2% priced at par. They were upgraded to Baa3 by Moody’s & S&P to BBB- in July.
• Dover Corporation (exp. Issue ratings of Baa1 / BBB+) brought a new € benchmark, senior unsecured 4yr with IPTs in the area of MS+115 to +120. The deal is SEC Registered. Spread set at MS+95 (22.5bp tighter than the midpoint of IPTs). The trade launched for €800m at MS+95. Books were not disclosed.
  • Dover is an American firm that manufactures fueling systems, refrigeration & fluid-handling technologies amongst other things. They are an infrequent visitor to the US & European capital markets, having last priced a €550m 8yr back in November 2025 at MS+98 (32bps tighter than IPTs from a €1.8bn book). Prior to that we have to go back to 2019. UOP’s for today’s trade are to repay the issuer's €600m, 2026 notes issued in 2016 (maturing on the 9th of November) & to fund a recent tender.

• European Stability Mechanism (ESM) (rated Aaa / AAA / AAA / AAA by Moody’s, S&P, Fitch & Scope) brought their anticipated & inaugural Digitally Native Note long 3yr (8th April 2030) transaction. The €1bn (wng) offering came with guidance in the area of MS+5. Books were first called at over €2.2bn (inc. €225m JLMs) & the deal launched & priced for the pre-set €1bn at MS+3. Books closed over €2.2bn (inc. €225m JLMs).
  • The Digitally Native Notes will be issued on a distributed ledger technology (DLT) platform (aka ‘Blockchain’) rather than being retroactively digitized paper certificates. The DLT platform will be 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. By utilising smart contracts to embed compliance directly into the instrument, DNNs deliver several key benefits, including near-instantaneous or same-day settlement (T+0) that drastically reduces counterparty risk, while simultaneously eliminating traditional intermediary & administrative costs. The format also automates the life-cycle of the notes, namely such key events like coupon payments & redemptions. These are all benefits valued highly by investors.
  • ESM’s recent deals included a €2bn 5yr on the 26th of May, priced at MS+6 (2bps tighter than guidance from a book of €21.5bn). Prior to that was a €2.5bn 10yr on the 3rd of February, that priced at MS+18 (3bps tighter than guidance from a €23.6bn book).
• The Free and Hanseatic City of Hamburg (rated AAA / AAA by Fitch & Scope) mandated since the 16th of October, brought their expected inaugural Green, €500m (wng) 10yr senior unsecured offering in LSA format. The trade came with guidance in the area of MS+29. Books grew fast to above €1.45bn (inc. €205m € JLMs) & the deal launched & priced for €500m at MS +27. Final books were over €1.65bn (inc. €205m JLMs).
  • Today’s trade is their 5th public € offering of 2026. Their last print was on the 9th of September with a €1bn 6yr at MS+12 (flat to guidance, with a €1.55bn book). Most relevant to today’s trade was the one prior to that on the 23rd of June, when they priced a €500m 10yr at MS+24 (again, flat to guidance from a book of €970m).

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)

• No issues.

Week-to-date volumes:

US$ Reg S (today)

• No issues.

Pending Deals & Mandates

Euros (€)

• 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.

• 26th October: The Free State of Thuringia (rated AAA by Fitch), mandated Deutsche Bank, DZ Bank LBBW, NordLB & UniCredit to lead manage its upcoming 8yr € benchmark fixed rate Landesschatzanweisung (LSA) offering. Launch & pricing is expected in the near future, subject to market conditions.

Transaction Details

PRICED: European Stability Mechanism €1bn Long 3yr Sr Unsec; MS+3bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 3yr: MS+3bp / 99.718 / 3.468%
Benchmark: Long 3yr: OBL 2.4% 4/30s #191 @ 97.559 / B+31.7bp

Tranche 1 (Long 3yr): Final Books over €2.2bn (incl. €225m JLM)

Launched: Long 3yr: €1bn @ MS+3bp - Books over €2.2bn (incl. €225m JLM)
Guidance: Long 3yr: MS+5a

• Issuer: European Stability Mechanism
• Ticker: ESM
• Issuer Ratings: Aaa (stable) / AAA (stable) / AAA (stable) / AAA (stable) (Moody's/S&P/Fitch/Scope)
• Format: Reg S, Bearer, TEFRA Not Applicable, Digitally Native Notes, 0% RW, HQLA/Level 1, ECB eligible
• Ranking: Senior, Unsecured, Unsubordinated
• Coupon: 3.375%, Annual ACT/ACT, short first coupon on 8-Apr-27
• Size: €1bn
• Settlement: 2-Nov-26 (T+5)
• Maturity Date: 8-Apr-30 (Long 3y)
• ReOffer: 99.718 / 3.468% / MS+3bps
• OBL Ref: OBL 2.4% 4/30s #191 @ 97.559 / 3.151% / +31.7bps / HR 99%
• Docs: The issuers Debt Issuance Programme dated 18-Aug-26 & supplement dated 9-Oct-26
• DLT Platform Operator: Clearstream Europe AG (CEU) D7 DLT
• Gov Law: German law (form and issuance) & Luxembourg (other bond terms, e.g. interest payment and redemption)
• Min Denoms: €0.01 and multiple thereof
• Clearing: Euroclear, Clearstream
• Listing: Luxembourg Stock Exchange
• ISIN: EU000A2SCA15
• Target Market: The manufacturer target markets (MIFID II product governance) as assessed by the lead managers are eligible and professional counterparties only (all distribution channels)
• Digital Advisors: DZ Bank & Societe Generale
• Bookrunners: DZ Bank / HSBC / Santander / Societe Generale (B&D/DM)
• Timing: PRICED. TOE 13.25 CET. FTT Immediately
• Notes: The Digitally Native Notes will be issued on a distributed ledger technology (DLT) platform operated by Clearstream Europe AG (D7 DLT Platform) and in the context of the Eurosystems Pontes initiative. The Digitally Native Notes are eligible for clearance and settlement through all traditional Clearstream Banking and Euroclear Bank SA/NV rails. The European Stability Mechanism (ESM) Debt Issuance Programme has been updated to enable issuance of Digitally Native Notes (DNN). Supplement to Debt Issuance Programme & Investor Presentation: https://www.esm.europa.eu/content/digital-finance

PRICED: The Free and Hanseatic City of Hamburg €500m 10yr Green Sr Unsec; MS+27bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+27bp / 99.129 / 3.731%
Benchmark: 10yr: DBR 3% 15-Aug-36 @ 97.00 / B+36.8bp / HR 101%

Tranche 1 (10yr Green): Final book over €1.65bn (incl. €205m JLM)

Launched: 10yr: €500m @ MS+27bp - Books above €1.45bn (incl. €205m JLM)
Book Update: Books over €1.2bn (incl. €205m JLM)
Guidance: 10yr: MS+29a

• Issuer: The Free and Hanseatic City of Hamburg
• BBG Ticker: HAMBRG
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Issuer Rating: AAA / AAA (Fitch/Scope)
• Size: €500m
• Coupon: 3.625% Fixed, Annual, ACT/ACT ICMA
• Maturity: 03-Nov-36 (10yr)
• Settlement: 03-Nov-26 (T+6)
• Reoffer: MS+27bps (3.731% / 99.129)
• Benchmark: +36.8 bps vs DBR 3% 15-Aug-36 @ 97.00 / 3.363% / (HR 101%)
• Law/List/Denom: German / Hamburg / 1k
• ISIN/WKN: DE000A3MQTV9 / A3MQTV
• Bookrunners: Credit Agricole CIB, Danske Bank, DekaBank, Deutsche Bank, DZ BANK
• ESG Structuring Coordinator: DZ BANK
• Fees: The banks will be paid a fee in relation to this transaction
• Use of Proceeds: The net proceeds will be used by the issuer for eligible green expenditures which meet the requirements as defined in the issuers Green Financing Framework.
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II and and UK MiFIR product governance (all channels for distribution of the Bonds are appropriate).
• ToE: 13:34 CET / 12:34 UKT, FTT immediately

ALLOCATIONS OUT: Dover Corporation €800m 4yr Sr Unsec; MS+95bp

IGC European Market: Deal Flow - General

Allocations available

Launched: 4yr: €800m @ MS+95bp
Spread set at: 4yr: MS+95bp - Books subject at 12.45pm UKT
IPTs: 4yr: MS+115/120a

• Issuer: Dover Corporation
• Ticker: DOV
• Country: US
• LEI Code: 549300FMC2ALGA7N9E80
• Issuer Ratings: Moody's: Baa1 (Stable) / S&P: BBB+ (Stable)
• Expected Issue Ratings: Moody's: Baa1 / S&P: BBB+
• Format: Senior Unsecured Notes
• Settlement Date: 02-Nov-26 (T+5)
• Tenor: 4-year
• Size: €800m
• Maturity Date: 02-Nov-30
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• Optional Redemption: MWC, 1-month Par Call
• Change of Control: Yes, at 101%
• Redemption for Tax Reasons: Yes (as described in the Preliminary Prospectus Supplement)
• CUSIP / ISIN / Common Code: 260003 AS7 / XS3554096431 / 355409643
• Use of Proceeds: Together with cash on hand, (i) to repay the Issuers 2026 notes at maturity, (ii) to fund the purchase price for existing notes validly tendered and accepted for purchase in the tender offers, including the payment of accrued and unpaid interest, and (iii) to the extent any proceeds remain, for general corporate purposes.
• Denominations: €100,000 x €1,000
• Docs: SEC Registered / New York Stock Exchange (NYSE) / New York Law
• Clearing: Euroclear and Clearstream
• Sales into Canada: Yes, via exemption
• Selling Restrictions: As per the Issuers Preliminary Prospectus Supplement
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Target Market: MiFID II and UK MiFIR - professionals / ECPs-only / No EU PRIIPs KID or UK PRIIPs KID/CCI PRODUCT SUMMARY
• Joint Actives: Deutsche Bank, HSBC (B&D), J.P. Morgan
• Marketing: Direct Link: www.netroadshow.com/nrs/home/#!/?show=97bb2956 Link: www.netroadshow.com | Password: Dover2026
• Timing: Books Open, Today's business
• Books Subject Deadline: 12.45pm UKT
• Hedges: OBL 2.2 10-Oct-30 #192 (HR 100%)
• Hedge Deadline: 14:35 UKT

ALLOCATIONS OUT: GEK TERNA €500m 7yr Sr Unsec; MS+140bp

IGC European Market: Deal Flow - General

7yr: Final Books > €2bn. Peak book > €2.3bn

Launched: 7yr: €500m @ MS+140bp - Books > €2.3bn
Book Update: Books above €1.5 bn
IPTs: 7yr: MS+165/170bp

• Issuer: GEK TERNA
• Issuer LEI code: 2138003TO2MTRHWVP686
• Issuer Rating: Baa3 Stable / BBB- Stable (Moody's / S&P)
• Exp. Issue Ratings: Baa3 / BBB- (Moody's / S&P)
• Ranking: Senior Unsecured Notes
• Format: Bearer, NGN, TEFRA D, Reg S Cat. 2
• Currency: €
• Size: €500m
• Pricing date: 26-Oct-26
• Settlement: 02-Nov-26 (T+5)
• Maturity: 02-Nov-33
• Redemption: 100% of the Nominal Amount at Maturity
• Coupon: Fixed (Ann, ACT/ACT ICMA)
• Listing: Luxemburg Stock Exchange
• Docs: Issued off the Issuer's Euro 1 billion EMTN Programme established on 14-Oct-26
• Governing Law: English Law
• Optional Redemption: 3-month Par Call / Relevant Event Put / Change of Control Put / MWC / Clean-up Call (80%)
• UoP: General Corporate Purposes
• Denoms: €100k + €1k
• Joint Global Coordinators: BNP Paribas, J.P. Morgan (B&D), Mediobanca
• Joint Bookrunners: AXIA, Citigroup, Deutsche Bank, Eurobank, Goldman Sachs Bank Europe SE, HSBC, Morgan Stanley, National Bank of Greece, Piraeus Bank, Optima Bank
• Clearing System: Euroclear / Clearstream
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels) and retail clients (as defined in MiFID II) that are in a financial situation to be able to bear a loss of their entire investment in the Notes. Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No key information document (KID) required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") has been prepared as the Notes do not fall within the scope of the PRIIPs Regulation. No disclosure document required by the DISC has been prepared as the Notes will not be made available to retail investors in the UK
• Marketing: URL: https://dealroadshow.finsight.com Deal Entry Code: PJTPOLIS26 Direct Link: https://dealroadshow.finsight.com/e/PJTPOLIS26
• Selling Restrictions: As per the EMTN Programme Base Prospectus. Reg S; TEFRA rules apply
• Timing: Today's business
• ISIN / Common Code: XS3550567245 / 355056724
• Advertisement: The Base Prospectus and any supplements are available via https://www.luxse.com/programme/Programme-GEKTerna/25085
• Books Subject Deadline: 13.00 UKT / 14.00 CET
• Hedge Ratio: 93% vs DBR 3.3 15-Nov-33
• Hedge Deadline: 15.55 UKT / 16.55 CET

7yr (Oct 2033) @ MS+165-170

Implied Spread for fresh 7yr @ MS+120
Priced at MS+140
NIC of +20

ALLOCATIONS OUT: Schneider Electric €6bn 2yr FRN, 4yr, 6yr, 9.1yr, 12yr & 20yr Sr Unsec; 3mE+45bp, MS+65bp, MS+90bp, MS+110bp, MS+128bp & MS+163bp

IGC European Market: Deal Flow - General

Tranche 1 (2yr): Final Books >€900m. Peak book > €1.2bn (pre-rec at IPT). Hedge: N/A
Tranche 2 (4yr): Final Books >€2.2bn. Peak book > €2.4bn (pre-rec at IPT). Hedge: HR 101% vs OBL 2.2 10-Oct-30
Tranche 3 (6yr): Final Books >€2.9bn. Peak book > €3.3bn. Hedge: HR 104% vs DBR 1.7 15-Aug-32
Tranche 4 (9.1yr): Final Books >€4.3bn. Peak book > €4.7bn (pre-rec at IPT). Hedge: HR 100% vs DBR 2.6 15-Aug-35
Tranche 5 (12yr): Final Books >€3.9bn. Peak book > €4.2bn. Hedge: HR 111% vs DBR 1 15-May-38
Tranche 6 (20yr): Final Books >€2.5bn. Peak book > €2.6bn. Hedge: HR 99% vs DBR 2.5 15-Aug-46

Hedge Deadline: 16.30 UKT / 17.30 CET

Launched:
2yr: €750m @ 3mE+45bp - Books > €980m
4yr: €1bn @ MS+65bp - Books > €2.4bn
6yr: €1.25bn @ MS+90bp - Books > €3.3bn
9.1yr: €1.25bn @ MS+110bp - Books > €4.6bn
12yr: €1.25bn @ MS+128bp - Books > €4.2bn
20yr: €500m @ MS+163bp - Books > €2.6bn
Spread set at:
2yr: 3mE+45bp - Books > €1.2bn (pre-rec at IPT)
4yr: MS+65bp - Books > €2.4bn (pre-rec at IPT)
6yr: MS+90bp - Books > €3.2bn (pre-rec at IPT)
9.1yr: MS+110bp - Books > €4.7bn (pre-rec at IPT)
12yr: MS+128bp - Books > €3.5bn (pre-rec at IPT)
20yr: MS+163bp - Books > €2.25bn (pre-rec at IPT)
IPTs: 2yr: 3mE+70a 4yr: MS+90a 6yr: MS+115a 9.1yr: MS+140a 12yr: MS+155a 20yr: MS+190a

• Combined Books: In excess of €16.8bn (peak in excess of €18bn)
• UoP: General corporate purposes and/or financing or refinancing of the acquisition of PTC Inc. (including the refinancing of the bridge facility)
• Active Bookrunners: CACIB / CIC CIB / HSBC (B&D) / IMI-Intesa Sanpaolo / Morgan Stanley / Société Générale (B&D)
• Schedule: Books open, today's business
• Issuer: Schneider Electric SE
• Ticker: SUFP
• Country: FR
• LEI: 969500A1YF1XUYYXS284
• Issuer Ratings: A2 by Moody's / A by S&P (stable / stable)
• Expected Instrument Ratings: A by S&P
• Format: Dematerialised Reg S Cat 2 Bearer
• Ranking: Senior Unsecured
• Pricing Date: 26-Oct-26
• Settlement Date: 02-Nov-26 (T+5)
• Size:
  • Total: €6bn
  • 2yr: €750m
  • 4yr: €1bn
  • 6yr: €1.25bn
  • 9.1yr: €1.25bn
  • 12yr: €1.25bn
  • 20yr: €500m
• Maturity Date:
  • 2yr: 02-Nov-28
  • 4yr: 02-Nov-30
  • 6yr: 02-Nov-32
  • 9.1yr: 02-Dec-35
  • 12yr: 02-Nov-38
  • 20yr: 02-Nov-46
• Coupon:
  • 2yr: Floating, Quarterly, ACT/360
  • 4yr: Fixed, Annual, ACT/ACT (ICMA)
  • 6yr: Fixed, Annual, ACT/ACT (ICMA)
  • 9.1yr: Fixed, Annual, ACT/ACT (ICMA) – long first
  • 12yr: Fixed, Annual, ACT/ACT (ICMA)
  • 20yr: Fixed, Annual, ACT/ACT (ICMA)
• Residual Maturity Call Option:
  • 2yr: 1-month par call
  • 4yr: 2-month par call
  • 6yr: 3-month par call
  • 9.1yr: 3-month par call
  • 12yr: 3-month par call
  • 20yr: 6-month par call
• Ref Benchmark:
  • 2yr: -
  • 4yr: OBL 2.2 10-Oct-30 (DE000BU25059)
  • 6yr: DBR 1.7 15-Aug-32 (DE0001102606)
  • 9.1yr: DBR 2.6 15-Aug-35 (DE000BU2Z056)
  • 12yr: DBR 1 15-May-38 (DE0001102598)
  • 20yr: DBR 2 ½ 15-Aug-46 (DE0001102341)
• Make-whole Redemption by the Issuer: Yes (vs. Bund)
• Acquisition Event Call Option: Applicable – in whole only
• Targeted Company: PTC Inc.
• Acquisition Event Limit Date: 04-Jan-28
• Acquisition Event Call – Optional Redemption Amount:
  • 2yr: -
  • 4yr: 100.50%
  • 6yr: 101%
  • 9.1yr: 101%
  • 12yr: 101%
  • 20yr: 101%
• Clean-Up Call: Yes (75%)
• B&D:
  • 2yr: Société Générale
  • 4yr: Société Générale
  • 6yr: Société Générale
  • 9.1yr: HSBC
  • 12yr: HSBC
  • 20yr: HSBC
• Use of Proceeds: General corporate purposes and/or financing or refinancing of the acquisition of PTC Inc. (including the refinancing of the bridge facility)
• Documentation: EMTN programme dated 05-May-26, as supplemented on 30-Jun-26 and 21-Oct-26 (the "Base Prospectus") / Euronext Paris / French Law / Clearstream, Euroclear / CoC / €100k + €100k
• Joint Active Bookrunners: Crédit Agricole CIB, CIC CIB, HSBC, IMI-Intesa Sanpaolo, Morgan Stanley, Société Générale
• Selling Restrictions: As per Base Prospectus
• Target Market: EU MiFID / UK MiFIR Eligible Counterparties and Professional clients only (all distribution channels). No EU PRIIPs / UK PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA or in the UK
• Advertisement Language: The Base Prospectus, the Supplements and the Final Terms, when available, will be published on the website of the AMF (www.amf-france.org) and/or on the website of the company
• Marketing: An investor presentation, with audio voiceover, has been made available on DealRoadshow at https://dealroadshow.finsight.com| Entry Code: SUFP2026 (not case-sensitive) or direct link: https://dealroadshow.finsight.com/e/SUFP2026
• Timing: Today's business, books open
• Books Subject: 13:00 GMT / 14:00 CET

2yr (Nov 2028) @ 3mE+70a

Implied Spread for fresh 2yr @ 3mE+35
Priced at 3mE+45
NIC of +10

4yr (Nov 2030) @ MS+90a

Implied Spread for fresh 4yr @ MS+45
Priced at MS+65
NIC of +20

6yr (Nov 2032) @ MS+115a

Implied Spread for fresh 6yr @ MS+70
Priced at MS+90
NIC of +20

9.1yr (Dec 2035) @ MS+140a

Implied Spread for fresh 9.1yr @ MS+95
Priced at MS+110
NIC of +15

12yr (Nov 2038) @ MS+155a

Implied Spread for fresh 12yr @ MS+110
Priced at MS+128
NIC of +18

20yr (Nov 2046) @ MS+190a

Implied Spread for fresh 20yr @ MS+145
Priced at MS+163
NIC of +18

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Details correct at time of posting