It is not surprising to see a flood of issuance across the asset classes on Tuesday given the narrow window of opportunity between yesterday’s UK Bank Holiday and the V-E Day holiday in parts of Europe on Thursday.
Given the small window, participants in our weekly issuance poll were calling for an average EUR8bn of euro IG corporate paper to come to market this week, with a range of EUR3bn to EUR12bn recorded.
Three corps are getting us underway today, whilst two Scandi names are in the pipeline ahead of potential launch on Wednesday (details below).
Continuing a theme from last week and US borrowers are today leading the way, with Booking Holdings (exp EUR1.5bn 6/13/21yr three-part) and Eaton Corporation (EUR500m no grow 10yr) the latest to cross the Atlantic.
Joining them on the day we have Luxembourg-headquartered real estate company Aroundtown (EUR 5yr benchmark) which is bring a new deal as part of a liability management exercise.
Booking and Eaton come after reverse yankee issuers drove the biggest IG corporate euro volume week in a year last week as a huge EUR21.325bn crossed the tape overall.
US issuers accounted for EUR12.925bn of that, spearheaded by Alphabet (EUR.75bn five-part), Visa (EUR3.5bn four-part) and Fiserv (EUR2.175bn three-part) which went big and issued the number 1, number 4 and number 12 biggest euro corporate trades of 2025 so far.
See the IGM CORP WEEKLY for a full recap of all last week’s trades which meant we smashed even the highest issuance estimate of EUR12.5bn.
Summary of last week's EUR IG corp deals:
| Date | Issuer | Size (EUR m) | Maturity | IPTs | Re-offer | IPT to Re-offer Pricing Differential (bp) | NIC (bp) | Books (EUR m) | Final Cover Ratio (X) | Peak Books (EUR m) |
| 28-Apr | Tesco Corporate Treasury Services PLC | 500 | 06-May-32 | m/s+160-165 | m/s+120 | -42.5 | -2.5 | 3500 | 7.00 | 4800 |
| 28-Apr | LVMH Moet Hennessy Louis Vuitton S.E | 1,100 | 07-Mar-29 | m/s+90-95 | m/s+60 | -32.5 | 5 | 2400 | 2.18 | 3300 |
| 28-Apr | LVMH Moet Hennessy Louis Vuitton S.E | 900 | 07-Mar-32 | m/s+105-110 | m/s+80 | -27.5 | 10 | 1400 | 1.56 | 2000 |
| 28-Apr | Aeroporti di Roma S.p.A (SLB) | 750 | 15-Jun-32 | m/s+175a | m/s+138 | -37 | 3 | 2100 | 2.80 | 3400 |
| 28-Apr | Alliander N.V (Green) | 500 | 06-May-33 | m/s+110-115 | m/s+75 | -37.5 | 0 | 1000 | 2.00 | 2500 |
| 28-Apr | Alliander N.V (Green) | 500 | 06-May-37 | m/s+135-140 | m/s+98 | -39.5 | -2 | 1650 | 3.30 | 2800 |
| 28-Apr | AusNet Services Holding Pty Limited | 500 | 08-May-35 | m/s+170a | m/s+130 | -40 | N/A | 2000 | 4.00 | 3300 |
| 29-Apr | Alphabet Inc | 1,500 | 06-May-29 | m/s+85a | m/s+52 | -33 | N/A | 6300 | 4.20 | 6700 |
| 29-Apr | Alphabet Inc | 1,500 | 06-May-33 | m/s+105a | m/s+72 | -33 | N/A | 6500 | 4.33 | 7000 |
| 29-Apr | Alphabet Inc | 1,250 | 06-May-37 | m/s+125a | m/s+95 | -30 | N/A | 5300 | 4.24 | 5600 |
| 29-Apr | Alphabet Inc | 1,250 | 06-May-45 | m/s+160a | m/s+130 | -30 | N/A | 5200 | 4.16 | 6000 |
| 29-Apr | Alphabet Inc | 1,250 | 06-May-54 | m/s+190a | m/s+160 | -30 | N/A | 5800 | 4.64 | 6400 |
| 29-Apr | Tyco Electronics Group S.A | 500 | 06-May-28 | m/s+100a | m/s+65 | -35 | 5 | 2900 | 5.80 | 3150 |
| 29-Apr | Fiserv Funding Unlimited Company | 750 | 15-Jun-28 | m/s+130a | m/s+90 | -40 | 0 | SEC | SEC | SEC |
| 29-Apr | Fiserv Funding Unlimited Company | 775 | 15-Jun-32 | m/s+165a | m/s+130 | -35 | 5 | SEC | SEC | SEC |
| 29-Apr | Fiserv Funding Unlimited Company | 650 | 15-Jun-36 | m/s+195a | m/s+160 | -35 | 5 | SEC | SEC | SEC |
| 29-Apr | Harbour Energy plc (Hybrid) | 900 | PNC5.25 | 6.5-6.625% | 6.125% | -43.75 | N/A | 1675 | 1.86 | 2200 |
| 29-Apr | Carrefour S.A (SLB) | 500 | 07-May-29 | m/s+120a | m/s+87 | -33 | 5 | 1550 | 3.10 | 2100 |
| 30-Apr | Electricite de France S.A (Green) | 750 | 07-May-32 | m/s+140a | m/s+110 | -30 | 5 | 1600 | 2.13 | 2300 |
| 30-Apr | Electricite de France S.A (Green) | 1,000 | 07-May-37 | m/s+185a | m/s+155 | -30 | 5 | 1850 | 1.85 | 2600 |
| 30-Apr | Electricite de France S.A (Green) | 500 | 07-May-45 | m/s+250a | m/s+220 | -30 | 5 | 1450 | 2.90 | 2100 |
| 30-Apr | Visa Inc | 1,250 | 15-May-28 | m/s +90a | m/s+48 | -42 | 0 | 3000 | 2.40 | 5700 |
| 30-Apr | Visa Inc | 1,000 | 15-May-33 | m/s+115a | m/s+80 | -35 | 5 | 1900 | 1.90 | 3000 |
| 30-Apr | Visa Inc | 650 | 15-May-37 | m/s+135a | m/s+105 | -30 | 5 | 1400 | 2.15 | 2200 |
| 30-Apr | Visa Inc | 600 | 15-May-44 | m/s+170a | m/s+140 | -30 | 5 | 1250 | 2.08 | 1900 |
Booking Holdings back with another multi-tranche
** US travel company Booking Holdings Inc (A3/A-) is out with an opportunistic EUR SEC-registered three-part benchmark made up of 6yr, 13yr and 21yr tranches. Joint Active Bookrunners are BNP Paribas, BofA, Deutsche Bank, Goldman Sachs and Santander
IPTs:
EUR500m (exp) May 2031 at m/s +135 area
EUR500m (exp) May 2038 at m/s +190 area
EUR500m (exp) May 2046 at m/s +220-225
- Expected issue ratings are A3/A- (Moody’s/S&P)
- Booking Holdings Inc intends to use the net proceeds of this offering for general corporate purposes, including to repurchase shares of common stock and to redeem or repay outstanding indebtedness
- The borrower made two visits to the euro market last year, bringing a EUR2.75bn four-part (5/8/12yr/20yr) in Feb and EUR1.8bn three-part (8/13/long 20yr) in Nov, with those bonds highlighted on the official comps list sent by leads this morning (below)
- Adjusting the company’s existing well-stocked curve, one lead on the transaction was seeing the starting NICs at around 35bps on the 6yr and 13yr lines, and at 35-40bps on the longest 21yr tranche
€€€ US Single-A TMT Secondaries €€€
(Bid-side vs I-Sprd)
Ticker Rating (M/S&P) Coupon Maturity Tenor (Yrs) I-Sprd
BKNG A3 / A- 3.500% Mar-29 3.8 90
BKNG A3 / A- 4.250% May-29 4.0 80
BKNG A3 / A- 4.500% Nov-31 6.5 101
BKNG A3 / A- 3.620% Mar-32 6.8 111
BKNG A3 / A- 3.250% Nov-32 7.5 112
BKNG A3 / A- 4.125% May-33 8.0 124
BKNG A3 / A- 4.750% Nov-34 9.5 132
BKNG A3 / A- 3.750% Mar-36 10.8 141
BKNG A3 / A- 3.750% Nov-37 12.5 149
BKNG A3 / A- 4.000% Mar-44 18.8 174
BKNG A3 / A- 3.875% Mar-45 19.9 177
IBM A3 / A- 2.900% Feb-30 4.8 89
IBM A3 / A- 3.150% Feb-33 7.8 113
IBM A3 / A- 3.450% Feb-37 11.8 137
IBM A3 / A- 3.800% Feb-45 19.8 166
CMCSA A3 / A- 3.250% Sep-32 7.4 115
CMCSA A3 / A- 3.550% Sep-36 11.4 131
Eaton refreshes with EUR500m no grow 10yr
** US power management company Eaton Corporation plc (A3/A-) this morning mandated Deutsche Bank, Goldman Sachs & Co LLC and JP Morgan as Active Bookrunners for a SEC-registered EUR500m no grow 10yr trade
IPTs: Books open for EUR500m no grow May 2035s at m/s +150-155
- The notes are being issued through Eaton Capital Unlimited Company, the company’s Irish-domiciled entity
- Expected issue ratings are A3/A- (Moody’s/S&P)
- Eaton intends to use the net proceeds from the sale of the notes, after deducting the underwriting discount and our offering expenses, for general corporate purposes, which may include, among other things, the repayment of outstanding debt, including commercial paper
- The issuer may also pursue a separate USD offering by means of a separate prospectus, subject to market conditions. Neither offering will be subject to the completion of the other
- Eaton tapped the market once last year, bringing an equally weighted EUR1bn 3.601% May 2031 and 3.802% May 2036 two-part in May into combined demand of EUR3.2bn
- The latter, which marks the company’s longest single currency line, was seen bid at i +123 bid on screens this morning. Working back from that, and bankers running the new 10yr deal were pitching fair value at m/s +117
Aroundtown launches new EUR 5yr alongside tender offers
** Luxembourg-headquartered real estate company Aroundtown SA (BBB) this morning asked Citigroup, Goldman Sachs International, Morgan Stanley, Societe Generale and UniCredit to lead manage a EUR 5yr benchmark
IPTs: Books open for EUR May 2030 benchmark at m/s +215 area
- Expected issue rating is BBB (S&P)
- Funds from the new 5yr are to be used to refinance and/or repay the issuer’s existing debt, including the purchase of notes through concurrent tender offers, and general corporate purposes. See the full tender offer details here
- Aroundtown also tapped the market in Jul 2024 alongside tender offers, again bringing a 5yr (EUR650m 4.8% Jul 2029) line at m/s +245 on a bumper 5.92x covered book
- The Jul 2029s were bid by leads at i +165 pre-announcement of the new deal, with us seeing fair value for the latest 5yr at m/s +175 when equating for the additional tenor
€€€ NEW EUR CORP DEAL: AROUNDTOWN SA EUR Benchmark 5yr Offering - Comps €€€
Ticker Yield BID (%) I+ (BID) Coupon Amount (EUR m) Ratings (M/S/F)
ARNDTN 1.625 1/28 3.441% 144 1.625% € 795 - / BBB / -
ARNDTN 1.450 7/28 3.501% 146 1.450% € 600 - / BBB / -
ARNDTN 4.800 7/29 3.760% 165 4.800% € 650 - / BBB / -
Elisa holding calls for 5yr
** Finnish telecommunications and digital services company Elisa Corporation (Baa2/BBB+) has mandated Danske Bank as a Global Coordinator and Danske Bank, LBBW, Nordea and OP Corporate Bank as Joint Bookrunners to arrange a series of fixed income investor calls to be held Tuesday (6-May). A EUR300m (exp) 5yr senior unsecured bond offering will follow, subject to market conditions
- Net proceeds will be used for refinancing of upcoming maturities and general corporate purposes
- In addition, Elisa has announced an invitation to purchase for cash up to EUR120m of its outstanding EUR300m 1.125% notes due Feb 2026 (ISIN: XS1953833750)
- This will mark Elisa’s first euro offering since bringing a EUR300m 4% Jan 2029 green in Sep 2023. That bond priced at m/s +77 from +105-110 IPTs on demand which settled at EUR1.1bn (EUR1.25bn peak)
*** €€€ ELISA OYJ (Baa2/BBB+): comps & relative value €€€ ***
Indicative bid-side levels vs. I-spd
Issuer Announcement Maturity Tenor Ratings Coupon Size i-spread
ELISA OYJ 08.09.2020 15.09.2027 2.4 y Baa2 / BBB+ / --- 0.250 % € 0.300 bn 59 bp
ELISA OYJ 20.09.2023 27.01.2029 3.7 y Baa2 / BBB+ / --- 4.000 % € 0.300 bn 70 bp
TELENOR ASA 26.09.2023 03.10.2030 5.4 y --- / A- / --- 4.000 % € 0.500 bn 74 bp
TELENOR ASA 25.03.2025 01.04.2032 6.9 y --- / A- / --- 3.375 % € 0.750 bn 90 bp
TELIA COMPANY AB 20.11.2020 27.11.2030 5.6 y Baa1 / BBB+ / --- 0.125 % € 0.500 bn 78 bp
TELIA COMPANY AB 16.02.2023 22.02.2032 6.8 y Baa1 / BBB+ / --- 3.625 % € 0.500 bn 93 bp
DEUTSCHE TELEKOM AG 12.03.2019 25.03.2031 5.9 y Baa1 / BBB+ / BBB+ 1.750 % € 1.000 bn 54 bp
DEUTSCHE TELEKOM AG 20.01.2025 03.02.2032 6.7 y Baa1 / BBB+ / BBB+ 3.000 % € 0.500 bn 83 bp
Already in the pipeline:
** Ellevio AB (BBB), one of Sweden’s largest electricity network companies, mandated BNP Paribas, Credit Agricole CIB, Danske Bank and Nordea as Joint Bookrunners to arrange a series of European fixed income investor calls 5-6 May. A EUR500m no grow 10yr Class A secured green bond is to follow. An amount equal to the net proceeds of the issuance of the notes will be used to finance/refinance the Eligible Green Portfolio as defined in Ellevio’s Green Finance Framework. Comps here
Performance tracker of recent EUR IG/split-rated benchmark deals
| Issuer | Deal | Re-offer spread (m/s) | Current i-spread (bid) | Issue Rating |
| EDF | 3.250% 05/32 | +110 | +110 | Baa1/BBB/BBB+ |
| EDF | 4.000% 05/37 | +155 | +155 | Baa1/BBB/BBB+ |
| EDF | 4.625% 05/45 | +220 | +219.5 | Baa1/BBB/BBB+ |
| V | 2.250% 05/28 | +48 | +44.5 | Aa3/AA- |
| V | 3.125% 05/33 | +80 | +78 | Aa3/AA- |
| V | 3.500% 05/37 | +105 | +103 | Aa3/AA- |
| V | 3.875% 05/44 | +140 | +140.5 | Aa3/AA- |
| GOOGL | 2.500% 05/29 | +52 | +44 | Aa2/AA+ |
| GOOGL | 3.000% 05/33 | +72 | +73 | Aa2/AA+ |
| GOOGL | 3.375% 05/37 | +95 | +96.5 | Aa2/AA+ |
| GOOGL | 3.875% 05/45 | +130 | +133.5 | Aa2/AA+ |
| GOOGL | 4.000% 05/49 | +160 | +158.5 | Aa2/AA+ |
| TEL | 2.500% 05/28 | +65 | +62 | A3/A-/A- |
| FI | 2.875% 06/28 | +90 | +87.5 | Baa2/BBB |
| FI | 3.500% 06/32 | +130 | +131.5 | Baa2/BBB |
| FI | 4.000% 06/36 | +160 | +164 | Baa2/BBB |
| HBRLN | 6.177% PNC5.25 | +394 | +420.5 | Ba1/BB/BB |
| CAFP | 2.875% 05/29 | +87 | +87.5 | BBB |
| TSCOLN | 3.375% 05/32 | +120 | +126 | Baa3/BBB-/BBB- |
| MCFP | 2.625% 03/29 | +60 | +62 | Aa3/AA- |
| MCFP | 3.000% 03/32 | +80 | +85.5 | Aa3/AA- |
| ADRIT | 3.625% 06/32 | +138 | +142.5 | Baa2/BBB-/BBB- |
| ALLRNV | 3.000% 05/33 | +75 | +80.5 | A |
| ALLRNV | 3.500% 05/37 | +98 | +101.5 | A |
| ANVAU | 3.750% 05/35 | +130 | +134.5 | Baa1/BBB+ |
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