CPI Day turned in 5 deals for $8.550bn – a figure that ranks top ten for CPI supply looking back through 2021. The NXPI 3yr priced 3bp inside guidance and joined the small list of deals that have done so in 2025. Also, EMD became the first domestic corporate of 2025 to sport guidance with an “area” – something we haven’t seen since Sept 2024.

Here’s where today’s $8.550bn landed on the Largest CPI List 2021-2025:

LARGEST CPI DAYS 2021-2025
CPI DATE	VOLUME	DAY OF WK	NO. DEALS
3/10/2022	$16,500	THURS	5
11/13/2024	$12,500	WEDS	8
3/12/2025	$11,425	WEDS	11
1/12/2022	$10,850	WEDS	9
1/13/2021	$9,260	WEDS	6
9/14/2021	$9,100	TUES	7
8/12/2025	$8,550	TUES	5
8/10/2023	$8,250	THURS	2
5/15/2024	$7,650	WEDS	3
11/10/2021	$7,650	WEDS	9
5/13/2025	$6,600	TUES	7

NXPI’s 3yr joins the following list of 2025 deals that printed inside guidance.

INSIDE GUIDANCE TRADES 2025
Ticker	MDY	SP	Size	Mat	Call	Final	Coupon	Spread	Talk
NXPI	Baa3	BBB+	$500	3.00	MW+10	8/19/28	4.300%	60	63#
AYR	Baa3	BBB-	$650	5.00	MW+20	9/15/30	5.000%	117	LAUNCH +120
TCN	Baa3	BB	$700	30.25	NC5.25	10/15/55	6.625%	276.9	6.75%
PEG	Baa2	BBB	$750	5.00	MW+20	5/15/30	5.200%	105	110
PEG	Baa2	BBB	$500	10.00	MW+20	5/15/35	5.750%	127	132
MU	Baa3	BBB-	$500	7.50	MW+25	11/1/32	5.650%	158	160
NEE	Aa2	A+	$700	40.00	MW+20	3/15/65	5.800%	103	105
BRKHEC	Baa2	BBB	$300	30.25	NC5	5/15/55	6.250%	193.6	n/a
KALLPA	Baa3	NR	$500	7.00	MW+25	1/30/32	5.875%	163	170 area
PKNPW	A3	NR	$1,250	10.00		1/30/35	6.000%	155	160-165

Meanwhile, in an IG world where most guidance is at the #, EMD’s 5s/7s/10s all came at +/-2bp. We haven’t seen “area” guidance from s domestic corporate since Sept 2024 – Woodside Finance 10s/30s.

The list of 2025 deals that sported “area” guidance are mostly Latam trades. Away from that, they’re all FIG:

2025 DEALS WITH AREA GUIDANCE
DATE	Ticker	Top Sector	Size	Mat	Final	Coupon	Spread	Talk
8/12/25	MRKGR	ind	$1,000	5.00	10/15/30	4.375%	58	60 area
8/12/25	MRKGR	ind	$1,000	7.00	10/15/32	4.625%	68	70 area
8/12/25	MRKGR	ind	$1,250	10.00	10/15/35	5.000%	78	80 area
7/28/25	MTB	fin	$750	10.00	7/30/35	5.400%	143	145 area
7/2/25	NTBKKK	yfin	$800	PerpNC6	perpetual	6.375%	240.3	6.50% area
5/6/25	SUAMSA	yfin	$500	7.00	5/13/32	6.350%	230	235 area
5/1/25	KOF	yind	$500	10.00	5/6/35	5.100%	93	95 area
4/30/25	CELARA	yind	$500	7.00	5/5/32	6.180%	225	230 area
4/1/25	NEXA	yind	$500	12.00	4/8/37	6.600%	245	250 area
3/26/25	MSINTM	fin	$500	5.00	5/31/30	6.250%	240	245 area
3/11/25	AES	yutil	$400	7.00	3/14/32	6.250%	210	215 area
2/6/25	EMBRBZ	yind	$650	10.00	2/11/35	5.980%	158	160 area
2/5/25	BBVASM	yfin	$1,000	10NC5	2/11/35	7.625%	337.5	7.75% area
2/4/25	NRUC	fin	$600	3.00	2/7/28	4.750%	52	55 area
2/4/25	NRUC	fin	$500	5.00	2/7/30	4.950%	67	70 area
1/27/25	KALLPA	yutil	$500	7.00	1/30/32	5.875%	163	170 area
1/27/25	BINTPE	yfin	$350	10NC5	4/30/35	6.397%	206.7	6.45% area
1/23/25	ARCO	yind	$600	7.00	1/29/32	6.375%		6.50% area
1/8/25	CDEL	yind	$750	10.00	1/13/35	6.330%	165	170 area
1/8/25	CDEL	yind	$750	30.00	1/13/55	6.780%	185	190 area

There was more “area” guidance from corps in 2024:

2024 CORPORATES WITH AREA GUIDANCE
DATE	Ticker	Top Sector	Size	Mat	Final	Coupon	Spread	Talk
10/3/24	QTELQD	yind	$500	10	10/10/34	4.625%	88	95 area
9/5/24	WPLAU	ind	$1,250	10	9/12/34	5.100%	140	145 area
9/5/24	WPLAU	ind	$750	30	9/12/54	5.700%	170	175 area
6/5/24	AES	yutil	$530	31nc5.75	6/10/55	8.150%	383.5	8.20% area
5/13/24	JNJ	ind	$1,150	5	6/1/29	4.800%	32	35 area
5/13/24	JNJ	ind	$1,150	7	6/1/31	4.900%	42	45 area
5/13/24	JNJ	ind	$850	10	6/1/34	4.950%	47	50 area
5/13/24	JNJ	ind	$850	30	6/1/54	5.250%	62	65 area
4/9/24	SNX	ind	$600	10	4/12/34	6.100%	175	180 area
3/27/24	VOTORA	yind	$500	10	4/2/34	5.750%	170	175 area
3/11/24	DUK	util	$500	10	3/15/34	5.100%	103	105 area
3/6/24	AES	yutil	$500	5	3/15/29	6.300%	220	225 area
2/28/24	PEG	util	$450	10	3/1/34	5.200%	93	95 area
2/28/24	PEG	util	$550	30	3/1/54	5.450%	108	110 area
2/12/24	EL	ind	$650	10	2/14/34	5.000%	87	90 area
1/10/24	BERY	ind	$800	10	1/15/34	5.650%	165	170 area
1/4/24	WTRG	util	$500	10	1/15/34	5.375%	140	145 area

Here's today's rundown:

[EMD FINANCE LLC]

EMD Finance LLC “MRKGR” (A3/A) US$4bn 144A/Reg S no reg rights 4-part sr notes (3y FXD due 8/15/28, 5y FXD due 10/15/30, 7y FXD due 10/15/32 and 10y FXD due 10/15/35). MWC then 1mo par call on 5y, 2mos on 7y and 3mos on 10y. Tax Call. CoC at 101. Guarantors: Merck KGaA, Darmstadt, Germany. Guarantor Ratings: A3/A (s/s). Denoms: 150,000 x 1,000. Sale into Canada: Yes - via exemption. UOP: Repayment of the debt put in place for the acquisition of SpringWorks, as well as for general corporate purposes. Pricing 8/12. Settle 8/15 (T+3). 144A CUSIP: 3y: 26867LAN0, 5y: 26867LAP5, 7y: 26867LAQ3, 10y: 26867LAR1. 144A ISIN: 3y: US26867LAN01. 5y: US26867LAP58, 7y: US26867LAQ32, 10y: US26867LAR15.

VIA Barc/BBVA/BofA/JPM (B&D)/SG joint active books.

Announced with benchmark size (size chatter heard around $3.5bn - $4bn), final size came in at $4bn with price progression as follows:

3yr - IPT T+70 area; GDNC T+45#; PXD $750m 4.125% 8/15/28 99.927 4.151% T+45. MW+10.

5yr - IPT T+85 area; GDNC T+60a (+/-2); PXD $1bn 4.375% 10/15/30 99.905 4.397% T+58. MW+10.

7yr - IPT T+95 area; GDNC T+70a (+/-2); PXD $1bn 4.625% 10/15/32 99.506 4.708% T+68. MW+12.5.

10yr - IPT T+105 area; GDNC T+80a (+/-2); PXD $1.25bn 5.00% 10/15/35 99.464 5.069% T+78. MW+15.

As for r/v, with the last deal from EMD Finance coming in 2015 and their most recent outstanding maturing on 3/19/25, CONCESSION is N/A.

Eli Lilly & Co (Aa3/A+)
-LLY 4.550% due 02/12/28 T+24bp (G22; $101.37) - $1bn pxd FEB 2025
-LLY 4.750% due 02/12/30 T+36bp (G39; $102.25) - $1.25bn pxd FEB 2025
-LLY 4.900% due 02/12/32 T+40bp (G46; $102.55) - $1bn pxd FEB 2025
-LLY 5.100% due 02/12/35 T+54bp (G60; $101.95) - $1.25bn pxd FEB 2025

*** 3yr: MRKGR’s 3yr at T+45 priced about 15-20bp back of LLY’s 3y f/v.

*** 5yr: MRKGR’s 5yr at T+58 priced about 15bp back of LLY’s 5y f/v.

*** 7yr: MRKGR’s 7y at T+68 priced about 18bp back of LLY’s 7y f/v.

*** 10yr: MRKGR’s 10y at T+78 priced about 15-18bp back of LLY’s 10y f/v.

GlaxoSmithKline Capital Inc (A2/A)
-GSK 4.315% due 03/12/27 T+22bp (G16; $100.55) - $400m pxd MAR 2025
-GSK 4.500% due 04/15/30 T+51bp (G53; $100.66) - $850m pxd MAR 2025
-GSK 4.875% due 04/15/35 T+64bp (G67; $99.54) - $750m pxd MAR 2025

Pfizer Investment Enterprises Pte Ltd (A2/A)
-PFE 4.450% due 05/19/28 T+43bp (G42; $100.78) - $4bn pxd MAY 2023
-PFE 4.650% due 05/19/30 T+50bp (G52; $101.34) - $3bn pxd MAY 2023
-PFE 4.750% due 05/19/33 T+47bp (G66; $99.91) - $5bn pxd MAY 2023

Bristol-Myers Squibb Co (A2/A)
-BMY 4.900% due 02/22/29 T+38bp (G46; $102.21) - $1.75bn pxd FEB 2024
-BMY 5.100% due 02/22/31 T+54bp (G50; $103.51) - $1.25bn pxd FEB 2024
-BMY 5.200% due 02/22/34 T+57bp (G71; $102.26) - $2.5bn pxd FEB 2024

Thermo Fisher Scientific Inc (A3/A-/A-)
-TMO 5.000% due 01/31/29 T+35bp (G43; $102.56) - $1bn pxd NOV 2023
-TMO 5.200% due 01/31/34 T+47bp (G62; $102.91) - $500m pxd NOV 2023

DH Europe Finance II Sarl (A3/A-)
-DHR 2.600% due 11/15/29 T+50bp (G54; $93.34) - $800m pxd OCT 2019
-DHR 3.250% due 11/15/39 T+95bp (G71; $80.12) - $900m pxd OCT 2019

CSL Finance PLC (A3/A-)
-CSLAU 3.850% due 04/27/27 T+47bp (G43; $99.42) - $500m pxd APRL 2022
-CSLAU 4.250% due 04/27/32 T+41bp (G69; $97.38) - $1bn pxd APRL 2022
-CSLAU 5.106% due 04/03/34 T+56bp (G69; $101.69) - $500m pxd MAR 2024

Takeda Pharmaceutical Co Ltd (Baa1/BBB+)
-TACHEM 5.300% due 07/05/34 T+80bp (G91; $101.42) - $1.1bn pxd JUN 2024
Takeda US Financing Inc (Baa1/BBB+)
-TACHEM 5.200% due 07/07/35 T+92bp (G93; $99.87) - $1.65bn pxd 06/26/25 +100

FINAL BOOKS:

$750m 3yr - $3.000bn (4.00x) - PEAK $3.300bn

$1bn 5yr - $3.200bn (3.20x) - PEAK $4.200bn

$1bn 7yr - $3.400bn (3.40x) - PEAK $5.300bn

$1.25bn 10yr - $4.300bn (3.44x) - PEAK $5.800bn

[NXPI 3-PART]

NXP BV / NXP Funding LLC / NXP USA Inc (NXPI) exp Baa3/BBB+/BBB+ (p/s/s) US$1.5bn SEC registered 3-part sr notes (3y FXD due 8/19/28, 7y FXD due 8/19/32 and 10y FXD due 8/19/35). MWC then 1mo par call on 3y, 2mos on 7y and 3mos on 10y. Denoms: 2,000 x 1,000. UOP: the net proceeds from the issuance of the Notes will be used to redeem the 5.350% 2026 Notes and the 3.875% 2026 Notes, including all premiums, accrued interest and costs and expenses related to such redemptions. Pending such application, and in the event of any excess net proceeds from the Notes, such proceeds will be temporarily held as cash and other short-term securities or used for general corporate purposes, which may include capital expenditures or short-term debt repayment. Marketing: www.netroadshow.com Passcode: NXP2025. Pricing 8/12. Settle 8/19 (T+5).

VIA Barc (B&D on 10y)/GS (B&D) on 3y)/JPM (B&D on 7y)/PNC/UBS joint active books.

Announced as benchmark, final size came in at $1.5bn with price progression as follows.

3yr – IPT 95a; GDNC 63#; PXD $500m 4.30% 8/19/28 99.986 4.305% T+60. MW+10.
7yr – IPT 120a; GDNC 85#; PXD $300m 4.85% 8/19/32 99.800 4.884% T+85. MW+15.
10yr – IPT 130a; GDNC 98#; PXD $700m 5.25% 8/19/35 99.792 5.277% T+98. MW+15.

As for r/v, outstanding NXPI was quoted as follows:

- NXPI 4.400% due 06/01/27 T+58bp (G54; $100.15) - $500m pxd MAY 2022
- NXPI 4.300% due 06/18/29 T+68bp (G74; $99.28) - $1bn pxd APR 2022
- NXPI 3.400% due 05/01/30 T+80bp (G81; $94.90) - $1bn pxd APR 2022
- NXPI 2.650% due 02/15/32 T+64bp (G94; $87.47) - $1bn pxd NOV 2021
- NXPI 5.000% due 01/15/33 T+73bp (G94; $100.04) - $1bn pxd MAY 2022
- NXPI 3.125% due 02/15/42 T+98bp (G116; $7149) - $500m pxd NOV 2021
- NXPI 3.250% due 11/30/51 T+104bp ($64.56) - $500m pxd NOV 2021

** 3yr – ‘27s high T+58bp (using T because T/G inverted) + 10bp 2s/3s = T+68bp. At the T+60bp pricing level, 3YR CONCESSION IS NEG 8BP.

** 7yr – 32s and 33s both at G94; 7yr F/V T+94bp. At the T+85bp pricing level, 7YR CONCESSION IS NEG 9BP.

** 10yr – 7yr f/v T+94bp. +10bp 7s/10s curve at IPT = T+104bp. At the T+98bp pricing level, 10YR CONCESSION IS NEG 6BP.

Comps away:

Broadcom Inc (Baa1/BBB+/BBB)
- AVGO 4.800% due 04/15/28 T+48bp (G47; $101.49) - $1.100bn pxd 1/6/25 +53
- AVGO 4.600% due 07/15/30 T+66bp (G67; $100.51) - $1.750bn pxd 7/7/25 +68
- AVGO 4.900% due 07/15/32 T+73bp (G75; $100.79) - $1.750bn pxd 7/7/25 +78
- AVGO 5.200% due 07/15/35 T+81bp (G84; $100.74) - $2.500bn pxd 7/7/25 +85

Marvel Technology (Baa3/BBB-/BBB)
- MRVL 4.875% due 06/22/28 T+67bp (G66; $101.22) - $500m pxd JUN 2018
- MRVL 4.750% due 07/15/30 T+100bp (G100; $99.69) - $500m pxd 6/23/25 +875

Micron Technology (Baa3/BBB-/BBB)
- MU 5.375% due 04/15/28 T+55bp (G54; $102.72) - $600m pxd APR 2023
- MU 5.650% due 11/01/32 T+97bp (G96; $103.82) - $500m pxd 4/24/25 +158
- MU 6.050% due 11/01/35 T+118bp (G118; $104.39) $1.25bn pxd 4/25/25 +175

FINAL BOOKS
$500m 3yr - $3.5bn (7.00x) - PEAK $4.750BN
$300m 7yr - $2.3bn (7.67x) - PEAK $4.925BN
$700m 10yr - $3.2bn (4.57x) - PEAK 5.200BN

[SIMON PROPERTY]

Simon Property Group LP “SPG” (A3/A (s/s)) US$1.5bn SEC registered 2-pt sr notes (5y FXD due 10/1/30 and 10y FXD due 10/1/35). MWC then 1 mo par call on 5y and 3 mos on 10y. Denoms: 2,000 x 1,000. Sales into Canada: Yes - Exemption. Marketing: eRed. UOP: We intend to use the net proceeds of this offering to fund the redemption of all or a portion of our $1.1 billion outstanding principal amount of our 2025 Notes on September 2, 2025, and to use any remaining net proceeds for general business purposes, including to repay other unsecured indebtedness. Pricing 8/12. Settle 8/19 (T+5). CUSIPs: 5y: 828807DZ7, 10y: 828807EA1.

VIA BBVA/JPM (B&D on 10y)/TD/WFS (B&D on 5y) joint active books.

Announced with benchmark size, we heard initial price thoughts as 5y T+90 area, 10y T+115 area.

Guidance came in at 5y T+62#, 10y T+90#.

Ultimately, a $1.5bn deal priced as follows:

$700m 4.375% 10/1/30 99.681 4.444% T+62. MW+10.

$800m 5.125% 10/1/35 99.445 5.195% T+90. MW+15.

As for r/v, outstanding SPG was quoted as follows:
-SPG 1.750% due 02/01/28 T+40bp (G38; $94.452) - $800M pxd Jan 2021
-SPG 2.450% due 09/13/29 T+46bp (G51; $93.138) - $125M pxd Sep 2019
-SPG 2.650% due 07/15/30 T+55bp (G56; $92.37) - $750M pxd Jul 2020
-SPG 2.200% due 02/01/31 T+70bp (G65; $88.783) - $700M pxd Jan 2021
-SPG 2.250% due 01/15/32 T+38bp (G69; $86.847) - $700M pxd Aug 2021
-SPG 2.650% due 02/01/32 T+39bp (G69; $88.81) - $700M pxd Jan 2022
-SPG 5.500% due 03/08/33 T+50bp (G72; $104.35) - $650M pxd Mar 2023
-SPG 6.250% due 01/15/34 T+61bp (G76; $109.029) - $500M pxd Nov 2023
-SPG 4.750% due 09/26/34 T+77bp (G85; $97.66) - $100M pxd Sep 2024
-SPG 5.850% due 03/08/53 T+99bp ($100.24) - $650M pxd Mar 2023
-SPG 6.650% due 01/15/54 T+102bp ($110.636) - $500M pxd Nov 2023

** 10y - Outstanding Sep 34s G85, (some quoted higher at G86), plus curve, call f/v T+90bp f/v. At the T+90bp pricing level, 10Y CONCESSION IS FLAT.

** 5y - 10y f/v T+90bp; minus 25bp 5s/10s curve at IPT = T+65bp. At the T+62bp pricing level, 5Y CONCESSION IS NEG 3BP.

Comps away:

Public Storage Op Co (A2/A/N/A)
-PSA 4.375% due 07/01/30 T+56bp (G56; $99.89) - $475M pxd 06/26/25 +65
-PSA 5.000% due 07/01/35 T+80bp (G81; $99.31) - $400M pxd 06/26/25 +80

Prologis LP (A2/A/N/A)
-PLD 4.750% due 01/15/31 T+63bp (G59; $101.3) - $500M pxd 05/05/25 +85
-PLD 5.250% due 05/15/35 T+76bp (G79; $101.51) - $750M pxd 05/05/25 +103

Avalonbay Communities (A3/A-/N/A)
-AVB 5.000% due 08/01/35 T+84bp (G84; $99.01) - $400M pxd 06/30/25 +85

Poland Government Bond (N/A/N/A/A-)
-POLGB 4.750% due 07/25/29 T+48bp (G56; $101.36) - $570M pxd Mar 2024

Welltower OP LLC (A3/A-/N/A)
-WELL 4.500% due 07/01/30 T+62bp (G62; $100.17) - $100M pxd 06/25/25 +67
-WELL 5.125% due 07/01/35 T+84bp (G85; $99.98) - $125M pxd 06/25/25 +87

Ceske Drahy (Baa2/N/A/N/A)
-CESDRA 3.750% due 07/28/30 T+60bp (G61; $96.8) - $500M pxd 05/19/25 +165.3

Airport Authority HK (N/A/AA+/N/A)
-HKAA 5.125% due 01/15/35 T+78bp (G84; $100.24) - $100M pxd Jan 2025

Regency Centers LP (A3/A-/N/A)
-REG 3.700% due 06/15/30 T+57bp (G58; $96.916) - $600M pxd May 2020
-REG 5.000% due 07/15/32 T+71bp (G73; $101.45) - $400M pxd 05/08/25 +95
-REG 5.100% due 01/15/35 T+77bp (G84; $100.277) - $325M pxd Aug 2024

Realty Income Corp (A3/A-/N/A)
-O 4.850% due 03/15/30 T+52bp (G55; $101.96) - $600M pxd Jan 2023
-O 5.125% due 04/15/35 T+79bp (G84; $100.334) - $600M pxd 04/01/25 +118
-O 5.375% due 09/01/54 T+85bp ($95.201) - $500M pxd Aug 2024

FINAL BOOKS:

$700m 5yr - $1.700bn (2.43x) - PEAK $2.500bn

$800m 10yr - $2.800bn (3.50x) - PEAK $3.200bn

[ARIZONA PUBLIC SERVICE]

Arizona Public Service Co “PNW” (Baa1/BBB+/A- (s/s/s)) US$950m SEC registered 2-part sr notes (tap of 5.70% 8/15/34 - $450m outstanding, and new 30y FXD due 8/15/55). MWC (T+20 on tap) then 3mos par call on 2034 tap and 6mos on 30y. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: (i) To repay all or a portion of the $400 million term loan outstanding as of the date hereof under the Company's Term Loan Agreement, (ii) to repay short-term indebtedness consisting of commercial paper and (iii) for general corporate purposes, which may include repayment or refinancing of other debt and working capital. Pricing 8/12. Settle 8/15 (T+3). CUSIP: 2034 tap: 040555DH4, 30y: 040555DJ0. ISIN: 2034 tap: US040555DH45, 30y: US040555DJ01.

VIA Barc/BMO/BofA/MUFG/Miz/PNC (B&D)/TD/TSI/WFS joint active books.

Announced with benchmark size, we heard initial price thoughts as 2034 tap: T+115 area, new 30y T+135 area.

Guidance came in at 2034 tap T+90#, new 30y T+105#.

Ultimately, a $950m deal priced as follows:

$250m tap of 5.70% 8/15/34 at 103.521 5.195% T+90. MW+20. New outstanding $700m.

$700m 5.90% 8/15/55 99.471 5.938% T+105. MW+20.

As for r/v, outstanding PNW was quoted as follows:
-PNW 5.550% due 08/01/33 T+80bp (G99; $102.917) - $500M pxd Jun 2023
-PNW 5.700% due 08/15/34 T+88bp (G99; $103.62) - $450M pxd May 2024
-PNW 2.650% due 09/15/50 T+88bp ($59.156) - $400M pxd Sep 2020

**34s tap - outstanding PNW 5.700% was quoted as T+88bp. At the T+90bp pricing level, TAP CONCESSION IS 2BP.

** 30y - curve adjusting from 34s tap G99; plus 10bp 10s/30s curve at IPT = T+109bp. At the T+105bp pricing level, CONCESSION IS NEG 4BP.

Comps away:

Alabama Power Co (A1/A/A+)
-SO 5.100% due 04/02/35 T+72bp (G79; $100.656) - $500M pxd 03/20/25 +88

Georgia Power Co (A3/A/A)
-SO 5.200% due 03/15/35 T+75bp (G83; $101.159) - $700M pxd 02/24/25 +83

Baltimore Gas & Electric (A3/A/N/A)
-EXC 5.450% due 06/01/35 T+81bp (G85; $102.623) - $650M pxd 05/13/25 +98
-EXC 5.650% due 06/01/54 T+78bp ($100.097) - $400M pxd Jun 2024

Con Edison Co of NY Inc (A3/A-/A-)
-ED 5.125% due 03/15/35 T+67bp (G73; $101.231) - $450M pxd Nov 2024
-ED 5.500% due 03/15/55 T+85bp ($96.978) - $650M pxd Nov 2024

Tucson Electric Power Co (A3/A-/N/A)
-FTSCN 5.200% due 09/15/34 T+83bp (G93; $100.572) - $400M pxd Aug 2024
-FTSCN 5.900% due 04/15/55 T+113bp ($98.706) - $300M pxd 02/18/25 +115

Virginia Elec & Power Co (A3/BBB+/A)
-D 5.150% due 03/15/35 T+78bp (G84; $100.598) - $625M pxd 03/03/25 +100
-D 5.650% due 03/15/55 T+87bp ($98.826) - $625M pxd 03/03/25 +120

Tampa Electric Co (A3/BBB+/A)
-TE 5.150% due 03/01/35 T+81bp (G87; $100.378) - $600M pxd 03/03/25 +100

NY State Electric & Gas (Baa1/A-/A-)
-AGR 5.050% due 08/15/35 T+89bp (G89; $99.002) - $300M pxd 08/04/25 +88

Public Service Oklahoma (Baa1/BBB+/A-)
-AEP 5.450% due 01/15/36 T+110bp (G109; $100.469) - $800M pxd 06/23/25 +115

Interstate Power & Light (Baa1/BBB+/N/A)
-LNT 5.600% due 06/29/35 T+93bp (G96; $102.844) - $600M pxd 05/13/25 +115
-LNT 5.450% due 09/30/54 T+89bp ($95.743) - $300M pxd Sep 2024

Nstar Electric Co (A2/A-/A)
-ES 4.550% due 06/01/52 T+96bp ($82.832) - $450M pxd May 2022

Wisconsin Electric Power (A2/A-/A+)
-WEC 5.050% due 10/01/54 T+84bp ( $90.776) - $300M pxd Sep 2024

Oklahoma G&E Co (A3/A-/A)
-OGE 5.800% due 04/01/55 T+96bp ($99.677) - $350M pxd 03/24/25 +118

FINAL BOOKS:

$250m 2034 Tap - $1.100bn (4.40x) - PEAK $1.650bn

$700m 30yr - $3.000bn (4.29x) - PEAK $4.450bn

[INVITATION HOMES OPERARTING PARTNERSHIP]

Invitation Homes Operating Partnership LP “INVH” (Baa2/BBB/BBB+ s/p/s) US$600m SEC registered long 7y sr notes due 1/15/33. MWC then 2mos par call. Denoms: 2,000 x 1,000. Sale into Canada: No. UOP: The company will use net proceeds from the offering for general corporate purposes, which may include the repayment of a portion of the partnership's outstanding indebtedness under its revolving credit facility. Pricing 8/12. Settle 8/15 (T+3). CUSIP: 46188BAH5. ISIN: US46188BAH50.

VIA BofA (B&D)/BMO/JPM joint active books.

Announced with benchmark size, we heard initial thoughts as T+125 area

Guidance came in at T+100#.

Ultimately, a $600m deal priced as follows:

$600m 4.95% 1/15/33 99.477 5.036% T+100. MW+15.

As for r/v, outstanding INVH was quoted as follows:

-INVH 5.450% due 08/15/30 T+87bp (G88; $103.24) - $450m pxd JUL 2023
-INVH 4.875% due 02/01/35 T+103bp (G107; $96.70) - $500m pxd SEPT 2024

*** Feb ’35 G107, take away 10bp for 10s/7s curve = 97bp. Add back 3bp for L7y gets f/v to T+108bp. At the T+100bp pricing level, CONCESSION IS FLAT.

American Homes 4 Rent (Baa2/BBB)
-AMH 4.950% due 06/15/30 T+87bp (G88; $101.07) - $650m pxd 05/06/25 +117
-AMH 5.250% due 03/15/35 T+105bp (G108; $99.30) - $500m pxd DEC 2024

ERP Operating LP (A3/A-)
-EQR 4.950% due 06/15/32 T+70bp (G73; $101.21) - $500m pxd 05/01/25 +98

FINAL BOOK:

$600m L7yr - $2.250bn (3.75x) - PEAK $2.500bn

[NEW MANDATES & MARKETING]

Carlisle Companies Incorporated (Ticker: “CSL”, Country: US), rated Baa2 (Positive), BBB (Stable) by Moody’s and S&P, respectively, has requested that Goldman Sachs & Co. LLC, J.P. Morgan and Truist Securities arrange a series of fixed income update calls today, Tuesday, August 12, 2025. An electronic presentation with voiceover recording has been made available.

Goldman Sachs will coordinate logistics.

The Company will be represented by:

Kevin Zdimal – VP, Chief Financial Officer

Mehul Patel – VP, Investor Relations

Jim Armstrong – Assistant Treasurer

Carlisle Companies Incorporated is a leading supplier of innovative building envelope products and solutions for more energy efficient buildings. Through its building products businesses – Carlisle Construction Materials (“CCM”) and Carlisle Weatherproofing Technologies (“CWT”) – and family of leading brands, Carlisle delivers innovative, labor reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior shareholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Leveraging its culture of continuous improvement as embodied in the Carlisle Operating System (“COS”), Carlisle has committed to achieving net-zero greenhouse gas emissions by 2050. Learn more about Carlisle at www.carlisle.com.

- Gaming and Leisure Properties, Inc. (the “Company” or “GLPI”) has requested that Wells Fargo Securities, Citizens Capital Markets, Fifth Third Securities and Truist Securities arrange a series of fixed income investor calls for the Company on Tuesday, August 12th, 2025. The calls will be focused on Q&A. Wells Fargo Securities will coordinate logistics.

Company Participants

Peter Carlino: Chairman of the Board & Chief Executive Officer

Brandon Moore: President, Chief Operating Officer & Secretary

Desiree Burke: Chief Financial Officer & Treasurer

Steve Ladany: Senior Vice President, Chief Development Officer

About GLPI

Gaming and Leisure Properties, Inc. (“GLPI”) is a self-administered and self-managed Pennsylvania real estate investment trust engaged in acquiring, financing, and owning real property to be leased to gaming operators in "triple net" lease arrangements. As of June 30, 2025, GLPI’s portfolio consisted of interests in 68 gaming and related facilities, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), the real property associated with 15 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's") and 1 facility under development with Bally's in Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming facility managed by a subsidiary of Hard Rock International ("Hard Rock"), 3 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 gaming and related facility operated by American Racing & Entertainment ("American Racing"). These facilities, including the Company’s corporate headquarters building, are geographically diversified across 20 states.

- Main Street Capital Corporation (“MAIN”, “Main Street”, or the “Company”) (current ratings profile of BBB- (Stable) by S&P, and BBB- (Stable) by Fitch Ratings) has asked J.P. Morgan, RBC Capital Markets, SMBC Nikko, and Truist Securities to arrange a series of fixed income investor calls to be conducted on Tuesday, August 12th. J.P. Morgan will coordinate logistics. A capital markets transaction may follow, subject to market conditions. A virtual presentation will be made available for the calls.

Company Representatives

Dwayne Hyzak – Chief Executive Officer

Ryan Nelson – Chief Financial Officer & Treasurer

Tuesday, August 12th, 2025:

3:30 - 4:20PM ET / 2:30 - 3:20PM CT

4:30 - 5:20PM ET / 3:30 - 4:20PM CT

Direct Call Sign-up Link: https://markets.jpmorgan.com/event_booking/loadEvent?eventToken=122594_6f371580-7d6d-466c-8aa8-e3d4f003c682

Virtual Roadshow Investor Login Details

URL: https://dealroadshow.com; Entry Code: MAIN25IMC

Direct Link: https://dealroadshow.com/e/MAIN25IMC

ABOUT MAIN STREET CAPITAL CORPORATION. Main Street is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings, and acquisitions of companies that operate in diverse industry sectors.

Main Street seeks to partner with entrepreneurs, business owners, and management teams and generally provides customized “one stop” debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street’s lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street’s private loan portfolio companies generally have annual revenues between $25 million and $500 million.

Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

[M&A TODAY]

Cardinal Health Inc "CAH" (Baa2/BBB/BBB) entered an agreement to acquire Solaris Health for $1.9bn cash.

Cardinal Health plans on funding the transaction with cash on hand and new debt and has obtained financing commitments from GS, BofA, and WFS. CAH last issued a $2.9bn deal in November 2024 to help fund their $3.9bn acquisition of GI Alliance & Diabetes Supply Group.

The transaction is expected to close by Q4 2025.

Moody's has affirmed their Baa2 credit rating and maintains their stable outlook.

Goldman Sachs is the financial advisor with Skadden, Arps, Slate, Meagher & Flom LLP and Katten Muchin Rosenman LLP providing legal counsel to Cardinal Health.

Centerview Partners is the financial advisor with McDermott, Will & Emery providing legal counsel to Solaris.

https://www.sec.gov/Archives/edgar/data/721371/000072137125000075/a25q4_x063025xex992xnewsre.htm

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