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CORP SNAPSHOT: Eight more issuers offer up variety

The frenetic pace of single currency corporate issuance is continuing Thursday with another eight corporates out with a mixture of vanilla, green, sustainability-linked and hybrid paper - in turn empyting the pipeline.

Starting with the ESG trades and we have Air Liquide (EUR500m n/g 10yr green), Enexis (EUR500m n/g 12yr green), EPH (EUR500m 5.5yr green) and Pandora (EUR500m n/g 6yr SLB) marketing trades.

Elsewhere, vanilla paper is coming from Koninklijke Philips N.V (EUR 8yr), Mondi Finance plc (EUR500m n/g 8yr) and Hochtief (EUR 6yr), whilst Alstom (debut EUR750m n/g PNC5.25 hybrid) is catering for higher yielding palates.

The latest flurry comes after corps contributed 12 of the day's record 30 euro tranches across all asst classes via seven issuers, with proceedings being spearheaded by Swisscom's M&A-driven five-part (EUR4bn 2/4.25/7.5/12.5/20yr) that in the end marked the joint-third largest single currency corp deal of 2024.

The offering, launched to fund its acquisition of Vodafone Italia S.p.A, saw demand settle at EUR11.1bn from a peak of EUR13.45bn with the final NICs finishing up between +5bps (2 & 4.25yrs) and -2bps (20yr).

Also emerging from the pipeline were Amcor (EUR500m no grow 8yr; EUR1.6bn book), Molson Coors (EUR800m 8yr; EUR2.15bn book), AB Sagax (EUR500m no grow 6yr; zero NIC & EUR2.5bn book), Aker BP (EUR750m 8yr; 5bp NIC & EUR1.2bn book) and Redexis (EUR350m no grow 7yr; EUR1.35bn book), whilst American Tower (EUR1bn 6/10yr two-part; 3-5bp NICs & EUR3.3bn books) took an opportunistic approach.

More details below.

Summary of Wednesday's EUR corporate trades:

IssuerSize (EUR m)MaturityIPTs/Initial guidanceRe-offerIPT to Re-offer Pricing Differential (bp)NIC (bp)Books (EUR m)Final Cover Ratio (X)Peak Books (EUR m)
American Tower, Corp50016-May-30m/s+145-150m/s+113-34.5319003.802500
American Tower, Corp50016-May-34m/s+170-175m/s+140-32.5514002.801800
Redexis S.A.U35030-May-31m/s+210-220m/s+175-30N/A13503.861550
Swisscom Finance B.V50029-May-26m/s+60am/s+25-35519003.802450
Swisscom Finance B.V50029-Aug-28m/s+80am/s+55-25514002.801600
Swisscom Finance B.V1,25029-Nov-31m/s+105am/s+75-30325002.003000
Swisscom Finance B.V1,00029-Nov-36m/s+125am/s+93-32330003.003500
Swisscom Finance B.V75029-May-44m/s+160am/s+123-37-223003.072900
Aker BP ASA75029-May-32m/s+160am/s+125-35512001.602000
Molson Coors Beverage Company80015-Jun-32m/s+135am/s+103-32N/A21502.692400
AB Sagax (Green)50029-May-30m/s+195am/s+155-40025005.003200
Amcor plc50029-May-32m/s+155-160m/s+128-29.5N/A16003.201800

Air Liquide touts second ever green EUR

** French Industrial gases company Air Liquide Finance (A2/A/A) this morning hired HSBC and Natixis as Global Coordinators & ESG Structurers alongside BNP Paribas, Credit Agricole CIB, Citi and Societe Generale Active Bookrunners for a EUR500m no grow 10yr (May 2034) green bond

IPTs: m/s +95 area

  • This is the issuer's second ever EUR green benchmark after a debut EUR500m 0.375% 10yr line back in 2021
  • Funds from the bond are to be used for the financing and refinancing of Green Eligible Projects as defined in Air Liquide's Sustainable Financing Framework
  • The borrower's existing curve is inverted at the longer end but equating for the extra tenor we saw fair value for the new 10yr green at around m/s +60


* Indicative bid side before announcement


AIFP A2 / A 27/05/2031 0.375% 500 Mn 47 Green

AIFP A2 / A 16/09/2032 2.875% 600 Mn 55 Conv.

AIFP A2 / A 20/09/2033 0.375% 500 Mn 54 Conv.

Enexis refreshes green presence with 12yr

** Dutch electricity and gas network operator Enexis Holding N.V (Aa3/AA-) on Thursday mandated NatWest Markets, Rabobank and SEB as Joint Bookrunners for a EUR500m no grow 12yr (May 2036) green trade

IPTs: m/s +105/110

  • Expected notes rating AA- by S&P
  • An amount equal to the net proceeds from the issue of the Green Notes will be applied by the Issuer to finance or refinance, in whole or in part, new or existing Eligible Green Projects as set out in Enexis Green Financing Framework
  • Extrapolating the company's longest outstanding green bonds (Apr 2033s & Jun 2034s) would put fair value for the new May 2036 green notes in the m/s +high 60s bracket

Enexis 12yr Green - Comparables

Indicative pre-announce bid side levels vs I spread

Ticker Rating Cpn(%) Issue Dt Mty Dt Tenor Amt( m) I+(bid) ESG

ENEXIS NR/AA-/NR 0.375% Apr-21 Apr-33 8.9y 500 63 Y

ENEXIS Aa3/NR/NR 3.625% Jun-23 Jun-34 10.1y 500 64 Y

STATNE NR/A+/NR 3.500% Jun-23 Jun-33 9.0y 500 72 Y

STATNE NR/A+/NR 3.375% Feb-24 Deb-36 11.8 500 79 Y

FINPOW NR/A+/AA- 3.250% Mar-24 Mar-34 9.8y 500 65 Y

REESM NR/A-/A- 3.000% Jan-24 Jan-34 9.7y 500 57 Y

EPH makes green debut

** EPH (BBB-), a Czech diversified and vertically integrated leading pan-European utility, mandated Goldman Sachs Bank Europe S.E. and HSBC as Joint Global Coordinators and Bookrunners, ING as Sole Green Structurer and Joint Lead Manager and Bookrunner, and Bank of China as Passive Bookrunner to arrange a series of fixed income investor meetings commencing 20-May. A EUR500m (expected) 5.5yr (Nov 2029) senior unsecured inaugural green bond is now out

IPTs: m/s +340 area

  • Marketing concluded Wednesday with ~40 investors signed up for calls and physical meetings, in addition to 2 non-deal roadshows conducted in last few months
  • An amount equivalent to the net proceeds will be allocated to finance or refinance, in whole or in part, projects that meet the eligibility criteria as described in the Green Finance Framework
  • EPH has just a single euro benchmark outstanding in the form of a debut EUR500m 6.651% Nov 2028 line launched in Nov last year. That line was bid at +290 (+270 offer) on the official comps list
  • Equating for the additional curve and taking into account any greenium on the new issue, leads were pitching fair value for the debut green at m/s +300-305
  • Books were over EUR1bn at the first update

*** Pre-Announce Comparables ***


EPEN - /BBB-/BBB- 6.651% Nov-2028 +290 (Bid) / +270 (Offer)

Western European Utilities:

EDF Baa1/BBB/BBB+ 4.375% Oct-2029 +83

ENBW Baa1/A- / - 3.850% May-2030 +76 GREEN BOND

FUMVFH - /BBB+/BBB 2.125% Feb-2029 +80

RWE Baa2/ - /BBB+ 2.750% May-2030 +85 GREEN BOND

TVOYFH Baa3/BBB-/BBB- 4.750% Jun-2030 +130

VATFAL A3 /BBB+/ - 0.125% Feb-2029 +63 GREEN BOND

CEE Utilities:

CEZCP Baa1/A- / - 3.000% Jun-2028 +99

CZGRID - /BBB+/BBB+ 0.450% Sep-2029 +125 GREEN BOND

LIEENE - /BBB+/ - 2.000% May-2030 +178

MVMHU - /BBB-/BBB 0.875% Nov-2027 +206

TPEPW - / - /BBB- 2.375% Jul-2027 +177

EP Infrastructure Curve:

ENAPHO Ba2/BBB-/BBB- 2.045% Oct-2028 +262

ENAPHO Ba2/BBB-/BBB- 1.816% Mar-2031 +269

Pandora creates SLB curve

** Danish jewellery company Pandora A/S (Baa2/BBB) mandated Nordea as Global Coordinator and BNP Paribas, Danske Bank, Nordea, SEB and UniCredit as Joint Bookrunners to arrange a series of fixed income investor calls 21-22 May. A EUR500m no grow 6yr (May 2030) sustainability-linked bond is now live

IPTs: m/s +145 area

  • Over 50 accounts engaged via Deal Roadshow and 1x1 meetings
  • The SLB will be issued in accordance with the company's Sustainability-Linked Finance Framework.
  • The offering will be linked to Pandora achieving 2 SPTs, 1a: Reduce Scopes 1, 2 and 3 GHG emissions by 36% by 2028 versus 2019 and SPT 2a: At least 44% women in leadership by 2028
  • If triggered, a Redemption Price step-up applies only individually in respect of the specific failed SPTs as follows: SPT 1: 60bp, SPT 2: 40bp
  • Pandora has just one euro line outstanding that was also in SLB format, with the EUR500m 4.5% Apr 2028s seen trading at +79 bid on the updated comps list sent on Wednesday
  • Equating for the extra curve we saw fair value for the latest issue at around m/s +100
  • This is the first EUR corporate SLB since TDC NET A/S printed a EUR500m 5.186% 5yr on 24-Apr


(Indicative pre-announcement bid-side comps)

Ticker Rating (M/S/F) Coupon Size (mln) Issuance Dt Maturity Dt Tenor (yr) I-Sprd (BID) ESG

PNDORA Baa2/BBB/- 4.500% 500 Mar-23 Apr-28 3.9 79 SLB

CAFP NR/BBB/- 4.125% 850 Oct-22 Oct-28 4.4 61 SLB

CAFP NR/BBB/- 2.375% 750 Mar-22 Oct-29 5.4 68 SLB

CAFP -/BBB/- 3.750% 500 May-23 Oct-30 6.4 80 SLB

CAFP -/BBB/- 4.375% 750 Nov-23 Nov-31 7.5 94 SLB

HMBSS -/BBB/- 0.250% 500 Feb-21 Aug-29 5.3 92 SLB

HMBSS -/BBB/- 4.875% 500 Oct-23 Oct-31 7.4 123 Green

JDEPNA Baa3/BBB-/BBB 0.625% 600 Nov-21 Feb-28 3.7 84 -

JDEPNA Baa3/BBB-/BBB 0.500% 750 Jun-21 Jan-29 4.7 90 -

JDEPNA Baa3/BBB-/BBB 4.125% 500 Dec-23 Jan-30 5.7 112 -

JDEPNA Baa3/BBB-/BBB 1.125% 500 Jun-21 Jun-33 9.1 129 -

REWEEG -/BBB/- 4.875% 900 Sep-23 Sep-30 6.3 124 SLB

Philips makes first EUR visit of 2024

** Dutch health technology company Koninklijke Philips N.V (Baa1/BBB+/BBB+) mandated BNP Paribas, Goldman Sachs Bank Europe SE, J.P. Morgan and MUFG as Joint Active Bookrunners to arrange a series of fixed income investor calls starting 22-May. A EUR 8yr (May 2032) benchmark senior unsecured fixed rate transaction is now being offered

IPTs: m/s +140 area

  • The net proceeds will be used for general corporate purposes, including refinancing of existing indebtedness. Note, the borrower has a EUR500m 1.375% ex-5yr sustainability bond maturing in Mar 2025
  • Philips is a fairly regular issuer of euro debt although this is its first offering in the currency this year
  • Looking at the borrower's existing bonds (comps below) and adjusting the curve accordingly suggests fair value for the new 2032s at m/s +105

Koninklijke Philips N.V. EUR Benchmark 8yr - Comps

** Indicative Pre-Announcement Bid-Side Levels **


PHIANA Baa1/BBB+/BBB+ 2.125% Nov-2029 (5.5yr) +73

PHIANA Baa1/BBB+/BBB+ 2.000% Mar-2030 (5.9yr) +78

PHIANA Baa1/BBB+/BBB+ 4.250% Sep-2031 (7.3yr) +99

PHIANA Baa1/BBB+/BBB+ 2.625% May-2033 (9.0yr) +113

BSX Baa1/BBB+/BBB+ 3.500% Mar-2032 (7.8yr) +86

SYK Baa1/BBB+/ - 1.000% Dec-2031 (7.5yr) +82

TACHEM Baa1/BBB+/ - 1.375% Jul-2032 (8.1yr) +91

BDX Baa2/BBB /BBB 3.519% Feb-2031 (6.7yr) +89

Mondi returns after four-year EUR hiatus

** UK packaging company Mondi Finance plc (Baa1/A-) hired Barclays, BBVA, BofA Securities, Erste Group and Raiffeisen Bank International as Joint Active Bookrunners to arrange a series of fixed income investor calls commencing 22-May. A EUR500m no grow 8yr (May 2032) is now live

IPTs: m/s +130 area

  • Mondi hasn't issued euro paper since 2020 when it printed EUR750m 2.375% Apr 2028s which marks its current longest outstanding line. That was at +67 bid pre-announcement
  • What the extra 4yr+ curve is worth is fairly subjective but for a Baa1/A- name we think around 30bps is about right, so fair value would be in the m/s + 95 area

*** Pre-Announce Comparables ***

(Bid side vs I-Sprd)

MNDILN Baa1/A- 2.375% Apr-28 ms+67

UPMFH Baa1/BBB+ 2.250% May-29 ms+70

UPMFH Baa1/BBB+ 0.500% Mar-31 ms+83

BXBAU Baa1/BBB+ 4.250% Mar-31 ms+88

SKGID Baa3*+/BBB-*+ 0.500% Sep-29 ms+81

SKGID Baa3*+/BBB-*+ 1.000% Sep-33 ms+91

*** Recent BBB/Single-A Supply***

ETN A3/A- 3.601% May-31 ms+70

SGOFP Baa1/BBB+ 3.375% Apr-30 ms+71

SGOFP Baa1/BBB+ 3.625% Apr-34 ms+87

ASABRE Baa1/NR 3.464% Apr-32 ms+84

AMPRIO Baa1/NR 3.625% May-31 ms+85

TMUS Baa2/BBB 3.700% May-32 ms+87

GIS Baa2/BBB 3.650% Oct-30 ms+84

GIS Baa2/BBB 3.850% Apr-34 ms+103

GIS Baa2/BBB 3.850% Apr-34 ms+103

Hochtief launches 6yr as part of LME

** German construction company Hochtief Aktiengesellschaft (BBB-) mandated Deutsche Bank, HSBC and J.P. Morgan as Joint Bookrunners to arrange a series of fixed-income investor calls 21-May. A EUR benchmark 6yr (May 2030) senior unsecured fixed rate note offering is now being touted

IPTs: m/s +180 area

  • The new bond fits the borrower's curve between Apr 2029 and Sep 2031 lines which were highlighted on the comps list at i +105 and +134 bid respectively. Interpolating the two suggests fair value for the new 6yr in the region of m/s +115/120
  • Use of proceeds will be general corporate purposes including refinancing of financial indebtedness with the company having also invited the holders of its outstanding EUR500m 1.75% senior unsecured notes maturing July 2025 (ISIN: DE000A2LQ5M4) to tender their notes for cash


(indicative bid I-spread pre-announced)

Ticker Rating (M/S/F) Amt Out Coupon Maturity i-sprd

HOTGR -/BBB-/- 500 0.625 Apr-29 105

HOTGR -/BBB-/- 250 1.250 Sep-31 134

FERSM -/BBB/BBB 500 4.375 Sep-30 103

ALIVP Baa3/-/- 750 0.875 Nov-28 120

CIMAU Baa3/BBB-/- 625 1.500 May-29 149

ABESM -/BBB-/BBB 900 2.250 Mar-29 86

ABESM -/BBB-/BBB 600 1.625 Jul-29 92

ABESM -/BBB-/BBB 600 4.125 Aug-29 100

ABESM -/BBB-/BBB 1,000 3.000 Mar-31 107

ABESM -/BBB-/BBB 650 1.875 Mar-32 119

Alstom offers inaugural hybrid paper

** French multinational rolling stock manufacturer Alstom SA (Baa3) hired BNP Paribas, BofA Securities and HSBC as Global Coordinators to arrange a series of fixed income investor calls 21-22 May. A debut EUR750m no grow PNC5.25 (non-call Aug 2029) hybrid transaction is now live via active bookrunners BNP Paribas, BofA Securities, Citi, HSBC, Natixis, SMBC and UniCredit.

IPTs: 6.75% area

  • Marketing concluded Wednesday with ~100 investors signed up for calls
  • Expected to be rated Ba2 by Moody's
  • The use of proceeds of this operation along with those from the other deleveraging actions announced by Alstom on May 8th will be to refinance the existing short-dated debt and the remainder will be invested in highly liquid short-term investment and will be earmarked for gross debt reduction at maturity
  • To help gauge fair value leads highlighted Alstom's existing senior curve and the hybrids of similar-rated peers

*** Pre-Announce Comparables ***

** Senior **

ALOFP Baa3/- 700m 0.250% Oct-26 ms+61 (3.83%)

ALOFP Baa3/- 500m 0.125% Jul-27 ms+75 (3.83%)

ALOFP Baa3/- 750m 0.000% Jan-29 ms+96 (3.96%)

ALOFP Baa3/- 700m 0.250% Jul-30 ms+113 (3.97%)

** Hybrid **



ERFFP Ba2/-/BB 600m 6.750% Jul-2028 4.2y 5.26% +130

BRITEL Ba1/BB+/BB+ 750m 5.125% Jul-2029 5.2y 5.33% +170

EDF Ba2/B+/BBB- 1bn 7.500% Dec-2028 4.6y 5.36% +165

APAAU Ba1/BB+/- 500m 7.125% Nov-2028 4.5y 5.54% +160

TELEFO Ba2/BB/BB+ 1bn 6.135% May-2030 6.0y 5.64% +210

POSIM Ba2/BB+/- 800m 2.625% Jun-2029 6.1y 5.67% +185

VARNO Ba2/BB+/- 750m 7.862% Feb-2029 4.7y 5.85% +175

WNTRDE Ba1/-/BB+ 850m 3.000% Jan-2029 4.7y 5.97% +175

BAYNGR Ba1/BB+/BB+ 750m 6.625% Dec-2028 4.6y 6.43% +235

Performance tracker of recent EUR IG/split-rated benchmark deals

IssuerDealRe-offer spread (m/s)Current i-spread (bid)Issue Rating
AMT3.900% 05/30+113+112.5Baa3/BBB-/BBB+
AMT4.100% 05/34+140+138.5Baa3/BBB-/BBB+
SCMNVX3.500% 05/26+25+22A1/A
SCMNVX3.500% 08/28+55+52A1/A
SCMNVX3.500% 11/31+75+74.5A1/A
SCMNVX3.625% 11/36+93+92.5A1/A
SCMNVX3.875% 05/44+124+125A1/A
AKERBP4.000% 05/32+125+125.5Baa2/BBB/BBB
TAP3.800% 06/32+103+103Baa2/BBB
SAGAX4.375% 05/30+155+150Baa2
AMCR3.950% 05/32+128+124Baa2/BBB
AVINOR3.500% 05/34+80+82.5A1
EDPPL4.750% 30NC6+205.2+200.5Ba1/BB+/BB+
FMUFP4.125% 05/33+148+152.5BBB+
CLNXSM3.625% 01/29+98+93.5BBB-/BBB-
TKR4.125% 05/34+155+159Baa2/BBB-
MRK3.250% 05/32+55+57.5A1/A+
MRK3.500% 05/37+80+85.5A1/A+
MRK3.700% 05/44+105+110.5A1/A+
MRK3.750% 05/54+133+132.5A1/A+
ONCRTX3.500% 05/31+80+76A2/A+/A
BVIFP3.500% 05/36+88+91A3
NOVOB3.375% 05/26+18+14.5A1/AA-
NOVOB3.125% 01/29+35+34A1/AA-
NOVOB3.250% 01/31+45+45.5A1/AA-
NOVOB3.375% 05/34+60+60A1/AA-
AFFP4.625% 05/29+190+169.5BB+/BBB-
VERAV3.250% 05/31+57+51.5A3/A+
ITW3.250% 05/28+40+40A1/A+
ITW3.375% 05/32+70+69.5A1/A+
WBD4.302% 01/30+145+137Baa3/BBB-/BBB-
WBD4.693% 05/33+190+184.5Baa3/BBB-/BBB-

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