Commentary & Deal Flow

Corporate

LIVE DEALS:

• The Procter & Gamble Company (exp. Issue ratings of Aa3 / AA- by Moody’s & S&P) issued a multi-tranche, € benchmark, senior unsecured, SEC Registered offering in 4, 8, 12 & 20yrs.  Respective IPTs were all ‘in the area of’ MS+65, MS+95, MS+115 & MS+145.
  • P&G last came to the public € markets on the very same day in 2025, with a €1bn SEC Registered, dual-tranche, comprised of a €500m 8yr at MS+42 (38bps tighter than IPTs from a €1.2bn book), & a €500m 20yr at MS+78 (44.5bps tighter than IPTs from a €1.7bn book). Prior to that in April 2024 was another dual-tranche made up of a €650m 4yr & a €850m 10yr.
• Enexis Holding N.V. (exp. Issue rating of AA by Fitch) brought a Reg S Bearer senior unsecured 8yr Green offering. IPTs on the trade were in the area of MS+125.
  • Enexis is a publicly owned distribution system operator from the Netherlands that develops, manages, & maintains regional electricity & gas distribution networks. It is, however, a corp rather than an SSA, as it does not have explicit state guarantees. It last came to the public bond markets in February of last year when it priced a €750m 6yr at MS+55 (32.5bps tighter than IPTs from a book of €1.35bn). They issued twice in 2025; a €1bn dual-tranche in April & a €500m 10yr in November.
• Schlumberger Finance B.V. (exp. Issue ratings of A1 / A+ by Moody’s & S&P), guarantor SLB N.V. (SLB Limited), brought a € bmk long 8yr (3rd March 2035), senior unsecured, Reg S Bearer offering with IPTs of MS+130 to +135.
  • They have been absent from the public markets for over 6yrs, with proceeds from today's offering contributing towards a recent €1bn maturity last month, GCP of course, but also in part towards SLB’s recent $4.1bn acquisition of Germany based Kelvion.
• Edenred SE (exp. Issue rating of A- by S&P) announced a senior unsecured dual-tranche, Reg S Bearer offering comprised of a €300m (wng) 2yr FRN with IPTs of 3mth+95 area; & a €500m (wng) Long 7yr (3rd February 2034) fixed rate with IPTs of MS+165 area.
  • This is their second visit to the public € markets YTD, having printed a €500m 7yr in January, pricing at MS+107 B(38bps tighter than IPTs from a book of €1.65bn). They printed just once in 2025 with a €750m 5.5yr at MS+90 (40bps tighter than IPTs).

MANDATED DEALS:

• No Supply

FIG

LIVE DEALS:

• Argenta Spaarbank (exp. Issue rating of AAA by S&P) brought a €500m (exp) 3yr European Green Bond (EuGB), Reg S, Covered Bond (Belgian Mortgage Pandbrieven). Guidance on the trade was in the area of MS+40. Books were first called over €1.5bn (exc. JLMs), growing to over €2.55bn (inc. €110m JLMs). The trade sized & launched for €750m at MS+34 offering investors a NIC of 9bps.
  • This is their 2nd covered print in 2026, having last priced a €750m 6yr on June 9th at MS+30 (5bps tighter than guidance from a €1.2bn book). They also issued a sole covered trade in 2025 with a €1bn 7yr at MS+55 (8bps tighter than guidance from a book of €2.5bn).
• Skandinaviska Enskilda Banken AB (aka SEB) (exp. Issue ratings of A2 / A / AA- by Moody’s, S&P & Fitch) brought a Reg Bearer, Senior Non-Preferred, unsecured Green € bmk offering. IPTs on the trade were in the area of MS+105. Books were first cited as being above €1.5bn (exc. JLMs).
  • SEB last issued a € Senior Non-Preferred back on the 3rd of February when they priced a €750m 7yr at MS+70 (27.5bps tighter than IPTs from a book of €2.3bn). This last trade was rated A3 / A / AA-, with today's offering benefiting from a Moody’s upgrade in April of SEB’s baseline credit assessment from A3 to A2. Senior unsecured & issuer rating has been Aa3 since Oct 2021.
• Mercialys (exp. Issue rating of BBB by S&P) brought a €300m (wng) long 6yr (3rd January 2033) senior unsecured, Reg S Bearer offering with IPTs in the area of MS+220.
  • Mercialys is a French REIT that specialises in owning, managing & developing retail properties & shopping centers across France. This is their 1st deal of 2026, having last printed a €300m 7yr in May of last year at MS+177 (43bps tighter than IPTs from a book of €1.5bn).
• Prudential Funding (Asia) plc (exp. Issue ratings of A3 / A- / A by Moody’s, S&P & Fitch). Guarantor is Prudential plc. They announced a US$ benchmark 10yr Reg S Tier 2. IPTs on the trade were in the area of 7.0%.
  • PruFin has been absent from the public US$ markets for some time, having last tapped the market in March of 2022 with a $350m senior 10yr at T+138. Prior to that was a Tier 2 trade, like today, way back in October 2021 for $1bn, 12NC7 trade.

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.

SSA

LIVE DEALS:

• The Free State of Thuringia (rated AAA by Fitch), brought their expected 8yr € benchmark fixed rate Landesschatzanweisung (LSA) offering. Spread was set from the announcement at MS+23. Books were first called over €650m (inc. €135m JLMs). Books reached over €825m (inc. €135m JLMs) & the trade sized & launched for €650m at MS+23.
  • This is their 2nd visit to the public € markets in 2026, having previously priced a €600m 10yr on the 6th of May at MS+24 (flat to guidance from a €650m book). They also issued twice in 2025, first with a €500m 7yr in March at MS+32 (flat to guidance); & a €500m 10yr in September at MS+34 (flat to guidance from a €785m book).

MANDATED DEALS:

• 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.