Commentary & Deal Flow

Corporate

LIVE DEALS:

• Alphabet Inc. (exp. Issue ratings of Aa2 / AA+ by Moody’s & S&P) announced their rumoured 7-tranche € benchmark offering at 8:00am CET. The SEC Registered offering comprised of the following IPTs (with updates in the same order throughout). 2yr FRN at 3mth €+70 area; 2yr fixed at MS+60 area; 4yr MS+90 area; 6yr MS+110 to +115; 9yr MS+135 to +140; 13yr MS+165 to +170 & 19yr MS+205 to +210. 
  • We last saw Alphabet in the public € markets on May 5th when they priced a €9bn 6-tranche offering made up as follows: a €1.5bn 4yr at MS+35 (32.5bps tighter than IPTs from a €2.3bn book); a €1.75bn 6yr at MS+55 (27.5bps tighter than IPTs from a €3bn book); a €1.5bn 8yr at MS+63 (32bps tighter than IPTs from a €2.8bn book); a €1.75bn 13yr at MS+93 (32bps tighter than IPTs from a €3bn book); a €1.25bn 19yr at MS+125 (30bps tighter than IPTs from a €3.3bn book); & a €1.25bn 37yr at MS+175 (30bps tighter than IPTs from a €2.3bn book). Prior to that there had been a plethora of Sterling, Swiss Franc trades throughout February. 
• Thermo Fisher Scientific Inc. (exp. Issue ratings of A2 / A- / A- by Moody’s, S&P & Fitch) announced a senior unsecured 4-tranche Chf benchmark offering in 3, 6, 9, & 12yrs. Respective pricing indications were SARON MS+65 to +75 / SARON MS +80 to +90 / SARON MS +95 to +105 & SARON MS+105 to +115. Initial tranche minimums came in with revised pricing as follows: 3yrs for Chf225m at SARON MS+70 to +75; 6yr for Chf125m at SARON MS +85 to +90; 9yrs for Chf150m at SARON MS+100 to +105; & 12yrs for Chf100m at SARON MS+110 to +115. Each tranche increased when spreads set as follows: 3yr for Chf265m at MS+70; 6yr for Chf150m at MS+90; 9yr for Chf175m at MS+105 & 12yr for Chf110m at MS+115.
  • While no stranger to the public € markets, US based Thermo Fisher’s last public bond offering was also a Swiss Franc trade, having last issued a Chf1.425bn 5-tranche Swiss Franc trade back on the 26th of February 2025. The trade comprised a Chf410m 1.5yr at SARON MS+70; a Chf315m 4yr at SARON MS+85; a Chf350m 8yr at SARON MS+95; a Chf215m 12yr at SARON MS+105; & a Chf135m 20yr at SARON MS+120. Prior to that they issued a €1.25bn dual-tranche in November 2022.

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:

• ING Bank N.V. (exp. Issue ratings of A2 / A+ / AA / AA- by Moody’s, S&P, Fitch & Scope) announced a 2-tranche senior unsecured OpCo trade comprised of a 2yr FRN & a 3yr Fixed trade. IPTs were 3mth €+80 area for the FRN & MS+80 to +85 area for the 3yr. Combined books for all 3 tranches were first called above €7bn (exc. JLMs).
  • Launched alongside the Hold Co trade below, the last OpCo € trade was a €1.75bn dual-tranche covered on the 7th of September this year. Their last senior unsecured trade, like today’s, was a €3.25bn triple tranche Green offering on May the 5th of this year. A €1.25bn 2yr priced at 3mth €+38 (24,5bps tighter than IPTs from a €3.8bn book); a €1bn 3yr which priced at MS+40 (25bps tighter than IPTs from a €2.3bn book); & a €1bn 7yr which priced at MS+70 (25bps tighter than IPTs from a €2.6bn book).
• ING Groep N.V. (exp. Issue ratings of Baa1 / A- / A+ / A+ by Moody’s, S&P, Fitch & Scope) announced a simultaneous senior unsecured HoldCo 6NC5 Fixed-to-Floating trade. IPTs were MS+130 to +135. Combined books for all 3 tranches were first called above €7bn (exc. JLMs).
  • Launched alongside the Op Co trade above, their last public Op Co trade was a €1bn 12NC7 subordinated green offering on the 11th of May. Prior to that, on the 4th of February this year, was a trade more similar to today’s offering. This was a €2.5bn dual-tranche, senior unsecured ‘green’ offering comprised of a €1.25bn 6NC5 FTF which priced at MS+72 (28bps tighter than IPTs from a €4.1bn book); & a €1.25bn 11NC10 FTF which priced at MS+97 (28bps tighter than IPTs from a €3.4bn book).
• HSBC UK Bank plc (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) - guarantor HSBC UK Covered Bonds LLP, announced a £ benchmark 3yr UK Regulated Covered Bond, Reg S Bearer. Guidance came in at SONIA +50 area. Books were first called at over £1.5bn.
  • This specific entity’s last public offering was in fact a €750m 5yr Covered print at MS+43, however, their last £ covered trade (like today’s) was a £500m 5yr FRN back on the 12th of September 2023, which priced at SONIA +50 (3bps tighter than guidance from a £1.35bn book).
• Barclays Plc (exp. Issue ratings of Ba1 / BB+ / BBB- by Moody’s, S&P & Fitch) announced an SEC Registered, Perpetual NC 15th September 2033,  (March 2034 1st re-set date), Additional Tier 1 trade. IPTs on the trade were in the area of 9.0%.
  • The last AT1 £ print by Barclays Plc, was their £1bn PerpNC6.5 on the 15th of May 2025. The trade priced at par with a coupon of 8.375%. Prior to that in Sterling we have to go back to May 2024 for a £1.25bn Perp NC6 at 8.5%. In €’s the last Barclays Plc AT1 was a €1.5bn PerpNC10.5 issued last November 10th with a yield & coupon of 6.125% (43.75bps tighter than the midpoint of IPTs, with a book of €8.1bn).

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.