Commentary & Deal Flow

Corporate

LIVE DEALS:

• Heineken NV (exp. Issue rating A3 by Moody’s) mandated Goldman Sachs, ING, IMI-Intesa Sanpaolo, Santander & SG as Joint Lead Managers for a senior unsecured €1bn (wng) dual-tranche 3yr & 7yr (each €500m). IPTs were in the area of MS+80a & MS+120a respectively.
  • The issuer tapped the € market in February 2026 with €1.1bn dual-tranche. The 8yr priced at MS+80 (from IPTs of MS+115a) & the 12yr priced at MS+103 (from IPTs of MS+135a). Final book sizes were €1.15bn & €1.1bn & peak books were €2.7bn & €2bn respectively.

MANDATED DEALS:

• 28th October: APA Infrastructure Limited (rated Baa2 / BBB by Moody’s & S&P), guaranteed by APA Group Limited, mandated BNP Paribas, BofA Securities, HSBC & J.P. Morgan as Joint Lead Managers to arrange a series of fixed income investor meetings & calls commencing Monday, 2nd November. A Benchmark 10yr € RegS senior unsecured transaction may follow, subject to market conditions.

FIG

LIVE DEALS:

• No Supply

MANDATED DEALS:

• 30th October: Equinix Inc. (rated Baa1 / BBB+ / BBB+ by Moody’s, S&P & Fitch) mandated BNP Paribas, BofA, ING, JP Morgan, Santander & Standard Chartered to arrange a series of fixed income investor conference calls commencing Monday the 2nd November. JP Morgan will be coordinating logistics. A potential € benchmark, SEC-registered, Green multi-tranche with 2yr (Fix or FRN), long 6yr, 9yr & 12yr bond offering will follow, 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:

• No Supply

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.