• Credit indices tighter, European govies rallied & Brent Crude notably lower
• Today was the largest single day for € IG primary (€10.15bn) in nearly 3 weeks
  • €11.5bn on Tuesday the 13th of October - post the US Columbus Day holiday
  • 2nd largest in nearly 6 weeks
• € IG primary has been received well with better covers in response to prudent pricing
• Unforeseen events aside, tomorrow & Wednesday likely to be active on the continued expectation of a front loaded week - Meta Wednesday (see below)
• Should the Democrats regain control of both chambers in Congress, US equities are likely to be hit, which may have a contagion effect
  • Exit polls aside, final results could take several days, or even far longer depending on how tight the race is 
• Rate hike by the ECB likely at their next meeting on the 17th of Dec
  • Probability stands at 86.9%

CORP:

• Alphabet Inc. dominated attention with its €6bn, 7-tranche
  • Reverse Yankee supply ahead of midterms
  • 33% smaller than their last trade
  • Combined ‘peak’ book in excess of €17.3bn (3.44 X)
  • Combined ‘final’ book in excess of €16.1bn (2.64 X)
  • Avg. NIC 18.9bps (+20bp from other sources)
  • Longest tranche (19yr) saw strongest demand (& sized accordingly), yet ultra long tranche conspicuous by its absence
    •  37yr tranche part of €9bn 6-tranche issued in May
• Meta announced investor calls for a potential (& long awaited) SEC Registered US$ & € offering
  • 6-tranche € expected Wednesday (details below)
    • L4yr, L6yr, L8yr, 12yr & 18yr
• Microsoft trade did not materialise in €’s following their 10-tranche $25bn issued in the US on Thursday
• For sector context Oracle Corp issued a 6-tranche $ offering today in the US

FIG:

• ING simultaneously issued €2.5bn for its OpCo & €1bn for its Hold Co
  • Collective ‘peak’ books in excess of €11.9bn (3.57 X)
  • Collective ‘final’ book in excess of €11.8bn (3.53 X)
  • Avg. NIC 11bps
  • Hold Co 6NC5 received the greatest demand (peak €6bn, final €5.8bn - 5.8 X)

• Bunds, OATs & Gilts all rallied today
• Bund curve flattened by c.1bp 
• OAT’s had a strong session with the 10yr yield tighter by c.7bps & the curve steepened by c.0.5bp 
  • OAT vs Bund 10yr spread tightened, currently trading at +160.6bps
• Gilts also performed well, rallying by c.7 to 9bps across the curve, which flattened by c.1.5bps
• € swap curve steepened slightly by c.0.5bp
  • € swap spreads marginally wider, c.1 to 2bps 10yrs & in
• £ swap curve flattened by c.3.5bp
  • £ swap spreads tightened by c.0.5 to 2bps 10yrs & in
• € IG delivered €10.15bn from 3 deals (2 x Corp & 1 x FIG) via 11 tranches
  • €10.15bn WTD or 41.2% of our ‘Supply Survey’ forecast of €24.63bn
• Sterling (£) was active pricing £1.75bn from 2 deals (2 x FIG) via 2 tranches
  • Solid £2.7bn book (3.6 X) for Barclays £750m AT1
• Swiss Franc priced Chf800m from 1 deal (1 x Corp) via 4 tranches
• There was yet again no activity in the US$ Reg S market
• Today’s “Talking Point” (below) looks at £ IG issuance during BoE (MPC) weeks YTD, including volumes, the day-by-day split & ‘zero-supply’ decision days.
• iTraxx 5yr Europe & the iTraxx Senior & Sub financial indices were all slightly tighter, currently trading at 64.305 (-2.38%), 73.262 (-2.01%) & 123.959 (-2.01%) respectively (as we print & % △ on the day).
• Vix Index tightened slightly, currently at 18.83 (19.42 this morning)
• Brent Crude fell sharply this morning & fell further still during the session, currently at c.$104.88 (c.$110.18 this morning)
• European equity bourses were all higher with the FTSE, Dax & CAC 40 up by +0.29%, +0.63% & +0.98% respectively
  • YTD: FTSE ↑8.36%, Dax ↑6.09% & CAC 40 ↓1.25%
• A breakdown of today’s primary € IG supply is as follows

• Corporate
  • Total IG: €6.65bn
  • Avg. tranche size €831m
  • Avg. IPT to Pricing -21.43
  • Avg. cover 2.64 X
• FIG
  • Total IG: €3.5bn
  • Avg. tranche size €1.167bn
  • Avg. IPT to Pricing (covered) €0
  • Avg. IPT to Pricing -28.33 (unsecured) €3.5bn
  • Avg. cover 3.53 X
• SSA
  • Total IG: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing NA
  • Avg. cover NA

• Pipeline:  The European IG pipeline is as follows. 
  • 2 x € Corp (1 x 6-tranche)
  • 2 x € FIG (1 x Subordinated 1x Green 4-tranche)
  • 1 x € SSA

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

Talking Point

• With the Bank of England’s MPC announcing on Thursday the 5th, we take a look at £ IG issuance across the 6 BoE weeks YTD. This follows last week’s look back at € IG supply during ECB weeks.
• MPC weeks are among the quietest of the year for Sterling. Only £5.62bn priced across the 6 MPC weeks, from 14 deals. That averages c.£936m a week, vs. c.£2.61bn in non-MPC weeks. MPC weeks make up 14% of the week's YTD but just 5.5% of £ IG volume (£102.26bn ex-Gilts). None of the 6 UK Gilt syndications YTD (£46.5bn) priced in an MPC week.
• No MPC week reached £2bn. March was the highest at £1.5bn, followed by February (£1.34bn) & September (£1.05bn). April (£400m) & June (£500m) were the lowest.
• Monday does most of the work. Monday to Wednesday delivered £5.32bn (94.7%) of MPC-week volume, with Monday alone at £3.74bn (66.5%). In the € market, Tuesday was the busiest day of ECB weeks. The busiest single session was Monday 16th March (£1.15bn), with L-Bank & Leeds BS.
• Decision day has been a blank every time. All 6 MPC Thursdays were zero-print sessions. Only 1 deal followed on the Friday after (NIB, £300m, 18th Sep). In total, 20 of the 30 MPC-week sessions (66.7%) saw no £ supply, vs. c.51% of all sessions YTD.
• SSA & FIG lead issuance. SSA priced £2.7bn (48.1%) & FIG £2.09bn (37.1%). Corporates printed just £830m (14.8%), all in the July MPC week (AT&T & Equinix).
• This week’s MPC is the first of the year where a move is expected. The MPC has held at 3.75% at every meeting YTD, but a hike on Thursday is now close to fully priced. On the YTD pattern, any £ supply should come Monday to Wednesday, with Thursday likely to be a blank.

Euro IG (today)

• 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. Spreads set, size expectations were managed & books disclosed as follows: 2yr FRN at 3mth €+50 for €500m to €750m, books >€1.4bn; 2yr fixed at MS+40 for €500m to €750m, books >€1.6bn; 4yr MS+70 for €1bn to €1.25bn, books >€3bn; 6yr MS+90 for €750m to €1bn, books >€2.5bn; 9yr MS+115 for €750m to €1bn, books >€2.6bn; 13yr MS+145 for €750m to €1bn, books >€2.6bn; & 19yr MS+185 for €750m to €1bn, books >€3.6bn.
  • 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. 
• Reckitt Benckiser Treasury Services (exp. Issue ratings of A3 by Moody’s) issued a €650m senior unsecured Reg S Bearer, 2yr FRN at 3mth €+55. The offering was a sole led private trade by Deutsche Bank.
  • Their last public € offering was a dual-tranche trade on the 20th of May; comprised of a €650m 5yr priced at MS+65 (25bps tighter than IPTs from a €1.45bn book), & a €500m 9yr priced at MS+100 (25bps tighter than IPTs from a €1.35bn book).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• 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, rising to over £2.1bn when the trade launched & priced for £1bn at SONIA +45; 5bps tighter than IPTs, offering investors a NIC of 3bps.
  • 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%. Books came in above £2bn as guidance was announced as 8.75% area (+/- 0.125% WPIR) - quarterly, coupon. The trade launched for £750m at 8.625%, when books were above £2.7bn - closed at same level.
  • 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).

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• 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. The deal priced for a collective Chf900m with the 3yr rising to Chf315, the 6yr up to Chf170m, the 9yr at Chf205m & no change for the 12yr.
  • 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.

Week-to-date volumes:

US$ Reg S (today)

• No issues.

Pending Deals & Mandates

Euros (€)

• 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.
• 2nd November: Meta Platforms, Inc. (rated Aa3 / AA- by Moody’s & S&P), has asked Citigroup & Morgan Stanley to organize a series of fixed income investor calls.  An electronic presentation has been made available. Morgan Stanley is coordinating logistics. A US$, SEC-registered, benchmark senior unsecured issuance of 5yr, 7yr, 10yr, 20yr, 30yr fixed-rate notes may follow, subject to market conditions. A separate, SEC Registered, € benchmark senior unsecured issuance of Long 4yr, Long 6yr, Long 8yr, 12yr, 18yr, Long 38yr fixed-rate notes may also 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.
• 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.

• 2nd November: The German State of North Rheine-Westphalia (Land NRW) (rated Aa1 / AA / AAA / AAA by Moody's, S&P, Fitch & Scope), mandated Deutsche Bank, Helaba, JP Morgan, RBCCM & Societe Generale to lead manage its upcoming new 3yr (9th November 2029) RegS bearer, €1bn (wng) fixed rate transaction. The deal will be launched in the near future subject to market conditions.

Transaction Details

PRICED: Thermo Fisher Scientific CHF800m 4-part Sr Unsec; SARON MS+70bp / SARON MS+90bp / SARON MS+105bp / SARON MS+115bp

IGC European Market: Deal Flow - General

Reoffer:
3yr: SARON MS+70bp / 100 / 1.145%
6yr: SARON MS+90bp / 100 / 1.465%
9yr: SARON MS+105bp / 100 / 1.705%
12yr: SARON MS+115bp / 100 / 1.8925%

Spread set at:
3yr: SARON MS+70bp
6yr: SARON MS+90bp
9yr: SARON MS+105bp
12yr: SARON MS+115bp
Guidance:
3yr: SARON MS+70/75bp
6yr: SARON MS+85/90bp
9yr: SARON MS+100/105bp
12yr: SARON MS+110/115bp
IPTs:
3yr: SARON MS+65/75bp
6yr: SARON MS+80/90bp
9yr: SARON MS+95/105bp
12yr: SARON MS+105/115bp

• Issuer: Thermo Fisher Scientific Inc.
• Ticker: TMO
• Issuer Domicile: United States of America
• Format: Public Fixed Rate Notes
• Status: Senior Unsecured Debt
• Issuer Rating: Moody's: A2 (st.) / S&P: A- (st.) / Fitch: A- (st.)
• Instrument Rating (exp): Moody's: A2 / S&P: A- / Fitch: A-
• Issue Size (in mm):
  • 3yr: CHF 315mm
  • 6yr: CHF 170mm
  • 9yr: CHF 205mm
  • 12yr: CHF 110mm
• Coupon:
  • 3yr: 1.145% p.a.
  • 6yr: 1.465% p.a.
  • 9yr: 1.705% p.a.
  • 12yr: 1.8925% p.a.
• Maturity:
  • 3yr: 3 years (12-Nov-26 until 12-Nov-29, including 1 month par call)
  • 6yr: 6 years (12-Nov-26 until 12-Nov-32, including 3 month par call)
  • 9yr: 9 years (12-Nov-26 until 12-Nov-35, including 3 month par call)
  • 12yr: 12 years (12-Nov-26 until 12-Nov-38, including 3 month par call)
• Issue Price:
  • 3yr: 100%
  • 6yr: 100%
  • 9yr: 100%
  • 12yr: 100%
• Spread/Yield:
  • 3yr: SARON MS +70.0 // YTM 1.145% // Govt.+83
  • 6yr: SARON MS +90.0 // YTM 1.465% // Govt.+106
  • 9yr: SARON MS +105.0 // YTM 1.705% // Govt.+126
  • 12yr: SARON MS +115.0 // YTM 1.8925% // Govt.+138
• ISIN / Security Number:
  • 3yr: CH1619474062 / 161947406
  • 6yr: CH1619474070 / 161947407
  • 9yr: CH1619474088 / 161947408
  • 12yr: CH1619474096 / 161947409
• Lead Manager(s): DB, BNP, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Standalone CHF documentation, including a Long Form Term Sheet dated 2-Nov-26.
• FinSA Prospectus: Prospectus approval post-settlement only, in accordance with art. 51 Swiss Financial Services Act of 15-Jun-18
• Governing Law: Swiss Law
• Use of Proceeds: Repayment of outstanding indebtedness and other general corporate purposes, which may include the acquisition of companies or businesses, the refinancing of debt, working capital and capital expenditures and the repurchase of outstanding equity securities, or the Issuer may temporarily invest some or all of the net proceeds from the sale of the Bonds in short-term, liquid investments until the net proceeds are used for their ultimate purpose
• Covenants: PP, limitation on liens and sale and leaseback transactions, XD
• Early Redemption: Clean Up Call at par at 75%, 1 Month Par Call on Tranche 1, 3 Month Par Call on Tranches 2/3/4, Redemption for Tax Reasons, Change of Control Put
• SIX Listing: 10-Nov-26
• Denomination: CHF 5000 and multiples thereof
• Target Market: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). Prohibition of Sales to EEA/UK Retail Investors restrictions apply, public offering in Switzerland only.
• Sales Restrictions: The Bonds are subject to restrictions on the offering, sale and delivery both generally and specifically in the United States of America and to U.S. persons, the EEA and UK.
• Retail Restrictions: EEA & UK domiciled: Applicable Other: Subject to applicable regulations and restrictions.

PRICED: Reckitt Benckiser Tsy €650m 2yr Sr Unsec; 3mE+55bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+55bp / 100

• Issuer: Reckitt Benckiser Tsy
• FIGI: BBG026G1YQS9
• ISIN: XS3562431612
• EUR: 650,000.00 (M)
• Mkt Iss: Euro MTN
• Ctry/Reg: GB
• Currency: EUR
• Rank: Sr Unsecured
• Series: EMTN
• Type: Floating
• Formula: QUARTLY EURIBOR +55.000
• Day Cnt: ACT/360
• Iss Price: 100
• Maturity: 11-Sep-28
• Reoffer: 100
• Est Cpn: 3.226%
• Book Runner: DB-sole
• Exchange: London

PRICED: HSBC UK Bank £1bn 3yr CB; SONIA+45bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: SONIA+45bp / 100

Tranche 1 (3yr): Final Books > £2.1bn.

Launched: 3yr: £1bn @ SONIA+45bp - Books > £2.1bn
Book Update: Books in excess of £1.5bn
Guidance: 3yr: SONIA+50a

• Issuer: HSBC UK Bank plc (LEI#: 21380081EP12LC86CB82)
• Guarantor: HSBC UK Covered Bonds LLP (LEI#: 6354002BAUS8RNVMDQ96)
• Format: UK Regulated Covered Bonds, Reg S, Bearer (TEFRA D)
• Expected Issue Ratings: Aaa / AAA (Moody's / Fitch)
• Size: £1.0bn
• Issue Date: 09-Nov-26 (T+5)
• Maturity: 25-Nov-29 (soft bullet)
• Reoffer Price: 100%
• Coupon: SONIA+45 bps, Floating, Compounded Daily SONIA, 5 day lag, Quarterly, ACT/365F (Short First)
• Denomination: £100k + 1k
• Listing / Governing Law: London / English
• Documentation: Base prospectus of HSBC UK Bank plcs EUR25bn Global Covered Bond Programme dated 24-Jun-26, as supplemented on 05-Aug-26
• Joint Bookrunners: HSBC (B&D), BMO Capital Markets, CIBC Capital Markets, Natixis, Santander & UniCredit
• ISIN / Common Code: XS3559934347 / 355993434
• Timing: ToE: 14.41ukt / FTT 15.00ukt
• Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK KID or CCI disclosure document has been prepared as not available to retail in EEA or the UK

Covered £ FRN
3yr (Nov 2029) @ SONIA+50a
Implied Spread for fresh 3yr @ SONIA+42
Priced at SONIA+45
NIC of +3

PRICED: ING Bank & ING Groep €3.5bn 2yr FRN, 3yr Sr Unsec & 6NC5 Sr Unsec FXD/FRN; 3mE+55bp, MS+55bp & MS+100bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+55bp / 100 3yr: MS+55bp / 99.892 / 3.914% 6NC5: MS+100bp / 99.528 / 4.357%
Benchmark: 3yr: OBL 2.5 10-Nov-29 @ 98.43 / B+84.7bp HR 101% 6NC5: OBL 2.9 10-Aug-31 @ 98.99 / B+123.7bp HR 98%

Tranche 1 (2yr): Final book at €3.2bn (incl. JLM interest). Reference Benchmark: No hedges
Tranche 2 (3yr): Final book at €2.8bn (incl. JLM interest). Peak book €3.0bn (excl. JLM interest).
Tranche 3 (6NC5): Final book at €5.8bn (incl. JLM interest). Peak book €6.0bn (excl. JLM interest).

Launched:
2yr: €1.25bn @ 3mE+55bp - Book €2.9bn (excl. JLM interest)
3yr: €1.25bn @ MS+55bp - Book €3.0bn (excl. JLM interest)
6NC5: €1bn @ MS+100bp - Book €6.0bn (excl. JLM interest)
Spread set at:
2yr: 3mE+55bp# - Book €2.6bn excl. JLM interest (Size exp. €1bn)
3yr: MS+55bp# - Book €2.7bn excl. JLM interest (Size exp. €1bn)
6NC5: MS+100bp# - Book €5.5bn excl. JLM interest (Size exp. €1bn)
Book Update: Combined books above €7bn (excl. JLM interest)
IPTs: 2yr: 3mE+80a 3yr: MS+80/85bp 6NC5: MS+130/135bp

• Terms: 2Y OpCo FRN / 3Y OpCo FXD / 6NC5 HoldCo FXD-to-FRN
• Issuer:
  • 2-year FRN: ING Bank N.V.
  • 3-year FXD: ING Bank N.V.
  • 6NC5 FXD-to-FRN: ING Groep N.V.
• Issuer LEI:
  • 2-year FRN: 3TK20IVIUJ8J3ZU0QE75
  • 3-year FXD: 3TK20IVIUJ8J3ZU0QE75
  • 6NC5 FXD-to-FRN: 549300NYKK9MWM7GGW15
• Issuer Ratings:
  • 2-year FRN: A2 stable (Moody's), A+ stable (S&P), AA stable (Fitch), AA- stable (Scope)
  • 3-year FXD: A2 stable (Moody's), A+ stable (S&P), AA stable (Fitch), AA- stable (Scope)
  • 6NC5 FXD-to-FRN: A- stable (S&P), A+ stable (Fitch), AA- stable (Scope)
• Exp. Issue Ratings:
  • 2-year FRN: A2 (Moody's), A+ (S&P), AA (Fitch), AA- (Scope)
  • 3-year FXD: A2 (Moody's), A+ (S&P), AA (Fitch), AA- (Scope)
  • 6NC5 FXD-to-FRN: Baa1 (Moody's), A- (S&P), A+ (Fitch), A+ (Scope)
• Format: Senior unsecured, unsubordinated, Reg S bearer, New Global Note (NGN) bearer form, Category 2
• Use of Proceeds: General Corporate Purposes
• Settlement Date: 09-Nov-26 (T+5)
• Maturity:
  • 2-year FRN: 09-Nov-28
  • 3-year FXD: 09-Nov-29
  • 6NC5 FXD-to-FRN: 09-Nov-32
• Call Date:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: 09-Nov-31
• Reoffer:
  • 2-year FRN: 3mE+55bp. Px 100%
  • 3-year FXD: MS+55bp. Px. 99.892%. Yield 3.914%
  • 6NC5 FXD-to-FRN: MS+100bp. Px 99.528%. Yield 4.357%
• Size:
  • 2-year FRN: €1.25bn
  • 3-year FXD: €1.25bn
  • 6NC5 FXD-to-FRN: €1bn
• Ref. Benchmark:
  • 3-year FXD: OBL 2.5 10-Nov-29 +84.7bp (Px 98.43%) HR 101%
  • 6NC5 FXD-to-FRN: OBL 2.9 10-Aug-31 +123.7bp (px 98.99%) HR 98%
• ISIN:
  • 2-year FRN: XS3560980214
  • 3-year FXD: XS3560980487
  • 6NC5 FXD-to-FRN: XS3560980727
• Coupon:
  • 2-year FRN: Floating Rate 3-month Euribor +55bp (Margin), per annum, payable quarterly in arrear; Actual/360
  • 3-year FXD: 3.875%, per annum, payable annually in arrear; Actual/Actual (ICMA)
  • 6NC5 FXD-to-FRN: From Issue Date to Optional Redemption Date, 4.25% p.a. annually in arrear Actual/Actual (ICMA); thereafter 3-month Euribor +100bp p.a. quarterly in arrear Actual/360
• Waiver of Set-Off:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: Applicable
• Optional redemption:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: Issuer may redeem at 100% on the Optional Redemption Date, subject to prior permission by the resolution authority
• Early redemption:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: Loss Absorption Disqualification Event, subject to prior permission, at par plus accrued interest
• Clean-Up Call: Applicable if 75%+ of Notes redeemed/purchased and cancelled
• Tax Call: Applicable upon withholding or change in tax treatment
• Substitution and Variation:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: Applicable
• Denomination: €100,000 + €100,000
• Listing/Docs: Euronext Amsterdam, Regulated Market / Issued off the €70bn Debt Issuance Programme of ING Groep N.V. and ING Bank N.V. dated 11-Mar-26
• Governing Law: Dutch Law
• Joint Bookrunners: Barclays, Credit Agricole Corporate and Investment Bank, ING (B&D), RBCCM, Santander, UBS
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: TOE: 16.36 CET. FTT: 17.15 CET

OpCo FRN
2yr (Oct 2028) @ 3mE+80a
Implied Spread for fresh 2yr @ 3mE+42
Priced at 3mE+55
NIC of +13

OpCo
3yr (Nov 2029) @ MS+80-85
Implied Spread for fresh 3yr @ MS+45
Priced at MS+55
NIC of +10

HoldCo FTF
NC5 (Nov 2031) @ MS+130-135
Implied Spread for fresh NC5yr @ MS+90
Priced at MS+100
NIC of +10

PRICED: Barclays £750m PerpNC7 AT1; 8.625%

IGC European Market: Deal Flow - General

Reoffer: PerpNC7: 8.625% / 100

Tranche 1 (PerpNC7): Final Books closed above £2.7bn. Peak book above £3bn.

Launched: PerpNC7: £850m @ 8.625% - Books closed above £2.7bn

Guidance: PerpNC7: 8.75%a (+/- 0.125% WPIR) - Books above £3bn

IPTs: PerpNC7: 9%a

• Issuer: Barclays PLC
• Ticker: BACR
• LEI: 213800LBQA1Y9L22JB70
• Issuer Ratings: Baa1/BBB+/A (Moody's/S&P/Fitch)
• Expected Issue Ratings: Ba1/BB+/BBB- (Moody's/S&P/Fitch)
• Rating Split: Issuer: Baa1/BBB+/A (Moody's/S&P/Fitch), Issue: Ba1/BB+/BBB- (Moody's/S&P/Fitch)
• Re-offer: 8.625% (cpn, quarterly) | 100 | 8.906% (Annual)
• Settlement: 09-Nov-26 (T+5)
• Expected Size: GBP 750,000,000
• Format: SEC Registered, Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities
• Tenor: Perpetual NC 15-Sep-33
• Subordination: Senior to ordinary shareholders and subordinated to any Senior Creditors, including Tier 2 creditors of Barclays PLC
• Reset Dates: 15-Mar-34 (the "First Reset Date") and each fifth anniversary date thereafter
• Issuer Call: Callable at 100% of principal amount, in whole but not in part, together with accrued but unpaid interest (excluding any cancelled or deemed cancelled interest), during the six-month period prior to each Reset Date (including the First Reset Date), subject to the conditions set out in the Preliminary Prospectus Supplement dated 02-Nov-26
• Interest Payment Dates: Quarterly in arrear on 15 March, 15 June, 15 September and 15 December of each year, commencing on 15-Mar-27 (long first interest period)
• Interest: 8.625% Payable quarterly in arrear on each Interest Payment Date. The per annum interest rate will be reset on the First Reset Date and every 5 years thereafter, to be the sum of the applicable Mid-Market Swap Rate and 421bps (the "Margin"), converted to a quarterly rate in accordance with market convention as instructed by the Issuer (rounded to three decimal places, with 0.0005 rounded down). Interest payments are fully discretionary, may be cancelled in whole or in part, and are non-cumulative. The Issuer shall not make an interest payment if the Issuer has insufficient Distributable Items or the Solvency Condition (each as defined in the Preliminary Prospectus Supplement dated 02-Nov-26) is not satisfied.
• Capital Adequacy Trigger: A "Capital Adequacy Trigger Event" shall occur if at any time the fully loaded CET1 Ratio (as defined in the Preliminary Prospectus Supplement dated 02-Nov-26) is less than 7.00%. Whether a Capital Adequacy Trigger Event has occurred at any time shall be determined by the Issuer and such determination shall be binding on the Trustee and the holders of the Securities.
• Automatic Conversion Upon Trigger Event: If a Capital Adequacy Trigger Event occurs, an Automatic Conversion of the Securities will occur on the Conversion Date, at which point all of the Issuer's obligations under the Securities (other than certain Issuer obligations in connection with the conversion shares offer ("CSO"), if any) shall be irrevocably and automatically released in consideration of the Issuer's issuance of the Conversion Shares to the Conversion Shares Depository at a conversion price of £1.65 per Conversion Share, subject to certain anti-dilution adjustments (as defined in the Preliminary Prospectus Supplement dated 02-Nov-26).
• Conversion Shares Offer: Not later than 10 business days following the Conversion Date, the Issuer may elect, in its sole and absolute discretion, that a CSO be made by the Conversion Shares Depository to all or some of the ordinary shareholders of the Issuer, at a cash price of £1.65 per Conversion Share (subject to certain anti-dilution adjustments). Thereafter, AT1 holders will receive Conversion Shares, cash or a combination of both.
• Tax Redemption: At a price of 100% of principal amount, in whole but not in part, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled), if (1) Issuer is or would be required to pay additional amounts or (2) interest payments would no longer be deductible for U.K. tax purposes or the value of the deduction would be materially reduced or (3) Issuer would not able to benefit from intra-group loss-relief provisions for U.K. tax purposes or (4) Issuer would have to bring into account a taxable credit if the principal amount of the Securities was written down or converted into Conversion Shares or (5) the Securities or any part thereof would become treated as a derivative or an embedded derivative for U.K. tax purposes, in each case, as a result of a change in, or amendment to the laws or regulations of a Taxing Jurisdiction, including any treaty to which the relevant Taxing Jurisdiction is a party, or a change in an official application of those laws or regulations, including a decision of any court or tribunal, which becomes effectiveon or after the issue date ofthe Securities (or which becomes effective on or after the date of a successor entity's assumption of the Issuer's obligations).
• Regulatory Event Redemption Call: At a price of 100% of principal amount, in whole but not in part, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled), if there is a change in the regulatory classification of the Securities that occurs on or after the issue date of the Securities, that does, or would be likely to, result in the whole or any part of the outstanding aggregate principal amount of the Securities at any time being excluded from, or ceasing to count towards, the Group's Tier 1 Capital.
• Clean-Up Call: At a price of 100% of principal amount, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled), the Issuer may redeem all (but not some only) of the outstanding Securities if, at any time from the fifth anniversary of the issue date of the Securities (unless otherwise permitted by the PRA), the outstanding aggregate principal amount of the Securities is 25% or less of the aggregate principal amount of the Securities originally issued.
• Substitution or Variation: Following the occurrence of certain tax events or a change in certain U.K. regulatory capital requirements, the Issuer may, at its option, either substitute all (but not some only) of the Securities for, or vary the terms of the Securities so that they remain or, as appropriate, become, Compliant Securities (as defined in the Preliminary Prospectus Supplement dated 02-Nov-26).
• No Set-off: Subject to the waiver of set-off provisions (as further described in the Preliminary Prospectus Supplement dated 02-Nov-26).
• Denoms: £200k x £1k
• Listing: International Securities Markets of the London Stock Exchange plc
• Governing Law: New York law, except for subordination provisions and waiver of set-off provisions which will be governed by English law
• Agreement with respect to UK Bail-in Power: Applicable
• Risk Factors: Investors should read the Risk Factors in the Preliminary Prospectus Supplement dated 02-Nov-26 relating to the Issuer and the Group, and the Securities.
• Use of Proceeds: General corporate purposes of the Issuer and its subsidiaries and/or the Group and to strengthen further the capital base of the Issuer and its subsidiaries and/or the Group.
• ISIN / Common Code: XS3555712119 / 355571211
• Bookrunner: Barclays (sole)
• Sales into Canada and Italy: Yes – Exemption
• Timing: ToE 16h08 UKT | FTT 07h30 UKT tomorrow

PRICED: Alphabet Inc. €6bn 7-part Sr Unsec; 3mE+50bp & MS+40bp & MS+70bp & MS+90bp & MS+115bp & MS+145bp & MS+185bp

IGC European Market: Deal Flow - General

Reoffer: 2yr FRN: 3mE+50bp / 100 2yr: MS+40bp / 99.915 / 3.745% 4yr: MS+70bp / 99.975 / 4.057% 6yr: MS+90bp / 99.995 / 4.251% 9yr: MS+115bp / 99.746 / 4.535% 13yr: MS+145bp / 99.82 / 4.894% 19yr: MS+185bp / 99.575 / 5.286%

Benchmark: 2yr: BKO 2028 2.7% 13-Sep-28 @ 99.39 / B+71.1bp / HR 107% 4yr: OBL 2030 2.2% 10-Oct-30 @ 96.74 / B+96.4bp / HR 101% 6yr: DBR 2032 1.7% 15-Aug-32 @ 92.54 / B+112bp / HR 104% 9yr: DBR 2035 2.6% 15-Aug-35 @ 95.03 / B+127.6bp / HR 99% 13yr: DBR 2038 1% 15-May-38 @ 77.15 / B+146bp / HR 117% 19yr: DBR 2044 2.5% 04-Jul-44 @ 85.58 / B+166.8bp / HR 100%

Tranche 1 (2yr FRN): Final Books €1.4bn. Peak book above €1.4bn

Tranche 2 (2yr): Final Books €1.6bn. Peak book above €1.8bn

Tranche 3 (4yr): Final Books €3.3bn. Peak book above €3.4bn

Tranche 4 (6yr): Final Books €2.2bn. Peak book above €2.4bn

Tranche 5 (9yr): Final Books €2.2bn. Peak book above €2.4bn

Tranche 6 (13yr): Final Books €1.8bn. Peak book above €2.0bn

Tranche 7 (19yr): Final Books €3.6bn. Peak book above €3.7bn

Combined books: €16.1bn

Launched: 2yr FRN: €750m @ 3mE+50bp - Books > €1.4bn 2yr: €750m @ MS+40bp - Books > €1.8bn 4yr: €1.25bn @ MS+70bp - Books > €3.4bn 6yr: €750m @ MS+90bp - Books > €2.4bn 9yr: €750m @ MS+115bp - Books > €2.4bn 13yr: €750m @ MS+145bp - Books > €2.0bn 19yr: €1bn @ MS+185bp - Books > €3.7bn

Spread set at: 2yr FRN: 3mE+50bp (exp. €500m-750m) 2yr: MS+40bp (exp. €500m-750m) 4yr: MS+70bp (exp. €1bn-1.25bn) 6yr: MS+90bp (exp. €750m-1bn) 9yr: MS+115bp (exp. €750m-1bn) 13yr: MS+145bp (exp. €750m-1bn) 19yr: MS+185bp (exp. €750m-1bn)

IPTs: 2yr FRN: 3mE+70a 2yr: MS+60a 4yr: MS+90a 6yr: MS+110/115bp 9yr: MS+135/140bp 13yr: MS+165/170bp 19yr: MS+205/210bp

• Issuer: Alphabet Inc. (Ticker: GOOGL; Country: US)
• LEI: 5493006MHB84DD0ZWV18
• Current Issuer Ratings: Aa2 (Stable) / AA+ (Stable) at Moody's / S&P
• Expected Issue Ratings*: Aa2 / AA+ at Moody's / S&P
• Format: Senior Unsecured Notes
• Settlement: 05-Nov-26 (T+3)
• Size:
  • 2yr FRN: €750m
  • 2yr: €750m
  • 4yr: €1.25bn
  • 6yr: €750m
  • 9yr: €750m
  • 13yr: €750m
  • 19yr: €1bn
• Maturity:
  • 2yr FRN: 05-Nov-28
  • 2yr: 05-Nov-28
  • 4yr: 05-Nov-30
  • 6yr: 05-Nov-32
  • 9yr: 05-Nov-35
  • 13yr: 05-Nov-39
  • 19yr: 05-Nov-45
• Reoffer:
  • 2yr FRN: 3mE+50bps 100
  • 2yr: MS+40bps 99.915 3.745%
  • 4yr: MS+70bps 99.975 4.057%
  • 6yr: MS+90bps 99.995 4.251%
  • 9yr: MS+115bps 99.746 4.535%
  • 13yr: MS+145bps 99.82 4.894%
  • 19yr: MS+185bps 99.575 5.286%
• Benchmark:
  • 2yr: BKO 2028 2.7% 13-Sep-28 +71.1bps 99.39 Price HR 107%
  • 4yr: OBL 2030 2.2% 10-Oct-30 +96.4bps 96.74 Price HR 101%
  • 6yr: DBR 2032 1.7% 15-Aug-32 +112.0bps 92.54 Price HR 104%
  • 9yr: DBR 2035 2.6% 15-Aug-35 +127.6bps 95.03 Price HR 99%
  • 13yr: DBR 2038 1% 15-May-38 +146.0bps 77.15 Price HR 117%
  • 19yr: DBR 2044 2.5% 04-Jul-44 +166.8bps 85.58 Price HR 100%
• Coupon:
  • 2yr FRN: 3mE+50bps Floating, Quarterly, ACT/360
  • 2yr: 3.7% Fixed, Annual, ACT/ACT (ICMA)
  • 4yr: 4.05% Fixed, Annual, ACT/ACT (ICMA)
  • 6yr: 4.25% Fixed, Annual, ACT/ACT (ICMA)
  • 9yr: 4.5% Fixed, Annual, ACT/ACT (ICMA)
  • 13yr: 4.875% Fixed, Annual, ACT/ACT (ICMA)
  • 19yr: 5.25% Fixed, Annual, ACT/ACT (ICMA)
• MWC:
  • 2yr: Yes (B+15)
  • 4yr: Yes (B+15)
  • 6yr: Yes (B+20)
  • 9yr: Yes (B+20)
  • 13yr: Yes (B+25)
  • 19yr: Yes (B+25)
• Par Call:
  • 4yr: Yes, 1-month
  • 6yr: Yes, 2-months
  • 9yr: Yes, 3-months
  • 13yr: Yes, 3-months
  • 19yr: Yes, 6-months
• TOE:
  • 2yr FRN: 16.34 UKT
  • 2yr: 16.34 UKT
  • 4yr: 16.33 UKT
  • 6yr: 16.33 UKT
  • 9yr: 16.33 UKT
  • 13yr: 16.32 UKT
  • 19yr: 16.32 UKT
• ISIN:
  • 2yr FRN: XS3563602906
  • 2yr: XS3563602492
  • 4yr: XS3563603110
  • 6yr: XS3563603383
  • 9yr: XS3563603623
  • 13yr: XS3563604191
  • 19yr: XS3563604274
• B&D:
  • 2yr FRN: Deutsche Bank
  • 2yr: Deutsche Bank
  • 4yr: Deutsche Bank
  • 6yr: Deutsche Bank
  • 9yr: Deutsche Bank
  • 13yr: Deutsche Bank
  • 19yr: Deutsche Bank
• Docs: SEC Registered / Nasdaq Bond Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per Alphabet Inc.’s Preliminary Prospectus Supplement
• UoP: Alphabet Inc. intends to use the net proceeds from these sales for general corporate purposes, which may include the repayment of outstanding debt.
• Stabilization: FCA / ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Joint Book-Running Managers: Barclays, BNP Paribas, Deutsche Bank (B&D)

2yr (Nov 2028) @ 3mE+70a
Implied Spread for fresh 2yr @ 3mE+30
Priced at 3mE+50
NIC of +20

2yr (Nov 2028) @ MS+60a
Implied Spread for fresh 2yr @ MS+22
Priced at MS+40
NIC of +18

4yr (Nov 2030) @ MS+90a
Implied Spread for fresh 4yr @ MS+49
Priced at MS+70
NIC of +21

6yr (Nov 2032) @ MS+110-115
Implied Spread for fresh 6yr @ MS+71
Priced at MS+90
NIC of +19

9yr (Nov 2035) @ MS+135-140
Implied Spread for fresh 7yr @ MS+97
Priced at MS+115
NIC of +18

13yr (Nov 2039) @ MS+165-170
Implied Spread for fresh 13yr @ MS+125
Priced at MS+145
NIC of +20

19yr (Nov 2045) @ MS+205-210
Implied Spread for fresh 19yr @ MS+169
Priced at MS+185
NIC of +16

To view the LIVE / REAL TIME European IG pipeline please click here.

Details correct at time of posting