Commentary & Deal Flow

Corporate

LIVE DEALS:

• No Supply

MANDATED DEALS:

• 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.
• 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:

• Equinix Europe 2 Financing Corporation LLC (rated Baa1 / BBB+ / BBB+ by Moody’s, S&P & Fitch) - guaranteed by Equinix, Inc. - brought their expected € benchmark 4-tranche, SEC-registered, Green offering. Size expectations on all 4 tranches were €500m. IPTs on the 2yr were MS+110 area; the long 6yr at MS+170 area; the 9yr at MS+200 area; & the 12yr at MS+230 area.
  • The borrower is a US REIT specializing in global data centers, network interconnection, & colocation services. Its last foray into the public € markets was a €1.5bn dual-tranche in May of last year, comprised of a €750m 9yr at MS+155 & a €750m 4yr at MS+107. In 2024 they also issued a dual-tranche, made up of a €500m 10yr at MS+132 & a €650m 6.5yr at MS+105.
• Banque Stellantis France (exp. Issue ratings of A3 / BBB+ by Moody’s & S&P) brought a €500m (wng), 2yr, Senior Preferred, Unsecured, Reg S Bearer (Cat2), Dematerialised issue. IPTs were MS+125 to +130.
  • This is their 2nd public € offering of 2026, having last issued back on January the 14th, when they priced a €500m 3yr Senior Pref like today at MS+57 (35.5bps tighter than IPTs from a book of €2bn). They issued another senior preferred trade a year earlier on the 10th of Jan 2025. That €500m 3yr priced then at MS+90 (35bps tighter than IPTs from a €1.7bn book). As a reminder, this specific issuer is the captive financing arm & credit institution created as a joint partnership between automotive giant Stellantis & Santander Consumer Finance, providing vehicle loans, leases, & insurance to Stellantis customers & dealer networks, as well as consumer savings accounts via Distingo Bank.
• AXA SA (exp. Issue ratings of A1 / A by Moody’s & S&P - long term senior ratings of Aa3 / AA-) brought a 30.5NC10.5 Tier 2 fixed to floating offering with IPTs in the area of MS+225. Short first coupon. First call date 25th May 2037.
  • AXA also issued a Tier 2 30NC10 €750m offering on the 26th of May. The fixed to float trade priced at MS+140 (30bps tighter than IPTs from a €2.5bn book). Prior to that in October of last year it issued a dual tranche which included an RT1 tranche, but also another Tier 2 tranche - a €750m 30.8NS10.8 fixed to float which priced at MS+158 (32bps tighter than IPTs from a book of €1.7bn).
• Lloyds Bank plc (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) brought a 5yr, £ benchmark, Reg S Bearer, UK Regulated Covered bond. Guarantor is Lloyds Bank Covered Bonds LLP. Guidance on the trade was in the area of SONIA+56. Books were first called over £1.5bn.
  • Lloyds Bank plc’s £ issues are all covered FRN prints with their other trade YTD being a £1.5bn 3yr on the 11th of March, which priced at SONIA+42 (6bps tighter than guidance from a book of £3.3bn). Prior to that we go back to the 30th of October 2025, when they priced a £1bn 5yr at SONIA+47 (5bps tighter than guidance from a £1.75bn book).
• ING Groep N.V. (exp. Issue ratings of Baa1 / A- / A+ / A+ by Moody’s, S&P, Fitch & Scope) brought a £ benchmark, senior unsecured, Hold Co, Reg S Bearer, 7NC6 fixed to floating offering with IPTs in the area of UKT+135.
  • The Hold Co issued only yesterday pricing a €1bn 6NC5 FTF trade. The maturity date of yesterday's € is the same date as today's first call date (9th Nov 2032). This is the Hold Co’s first Sterling trade YTD, having last printed a £500m 6.8NC6 senior unsecured, fixed to floating, offering on the 10th of November last year. That trade priced at UKT’s +100 (15bps tighter than IPTs from a £1.8bn book).
• Banco Bilbao Vizcaya Argentaria S.A. (exp. Issue ratings of A2 / A+ / A by Moody’s, S&P & Fitch) brought a dual-tranche Green, Senior Preferred issue. Initial minimum size on both tranches was Chf100m, with IPTs on a 4yr at SARON MS+75 to +80 & IPTs on a 7yr at SARON MS+90 to +95. The tranches increased their minimums to Chf175m & Chf150m respectively. Spreads set at MS+78 & +93 (both 0.5bp wide of the mid-points of initial pricing ranges). Minimums increased again to Chf200m & Chf175m respectively.
  • This is BBVA’s first foray into the Swiss market since November 2022, when they priced a Chf425m dual-tranche offering in the shape of a Chf215m 3yr at SARON MS+108 & a Chf210m 6yr at SARON MS+123.

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 German State of North Rheine-Westphalia (Land NRW) (rated Aa1 / AA / AAA / AAA by Moody's, S&P, Fitch & Scope), brought their anticipated 3yr (9th November 2029), senior unsecured, RegS bearer, €1bn (wng) fixed rate offering. Guidance on the notes was in the area of MS+3. Books were first called in excess of €1.1bn (inc. €300m JLMs). The trade launched for €1bn at MS+3.
  • NRW’s last public € offering was a €1.25bn 10yr on the 6th of October which priced at MS+26 (2bps tighter than guidance from a €2.5bn book). Prior to that, on the 19th of August, they priced a €1.5bn 7yr at MS+16 (2bps tighter than guidance from a book of €6.5bn).
• Nordic Investment Bank (rated Aaa / AAA by Moody’s & S&P) announced a €300m (wng), Senior, Unsecured, RegS Bearer, 5yr FRN with guidance in the area of ESTR DM+34.
  • Today’s trade is NIB’s second public € print YTD, having last issued a €1bn 7yr Green issue on the 21st of May at MS+13 (2bps tighter than guidance from a €2.2bn book). Active in other currencies, they issued 2 public € offerings in 2025, with a €1bn 3yr in April & a €750m 7yr in March. Today’s trade is small, yet there are 3 leads on the trade.
• Bpifrance (exp. Issue ratings of Aa3 / A+ by Moody’s & Fitch). Guarantee: Autonomous, unconditional & irrevocable on-demand guarantee from EPIC Bpifrance. They brought a Reg S, Bearer, € benchmark Tap of their existing 2.0% 2nd September 2030 offering. Guidance on the trade was in the area of the interpolated OAT curve +34 (FRTR 2.5% 25/05/2030 mid & FRTR 0% 25/11/2030 mid). Books were first cited as above €720m (inc. €25m JLMs) & spread set at OAT interp +33.
  • This is their 4th unsecured public € offering YTD, having most recently priced a €1.25bn 4.5yr Social bond on the 7th of September at AOT+15 (5bp tighter than guidance from a €4.2bn book). The trade being tapped today was originally an 8yr, issued on the 25th of August 2022 for €500m, pricing at OAT+40. For context ratings of the deal then were Aa2 / AA. While not the smallest outstanding note, €500m certainly was at the lower end versus an avg. issue size since 2023 of their unsecured € trades of €1.118bn.

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.