Commentary & Deal Flow

CFR CREDIT CLOSE: Fastest Breach Of $100bn For Sept 2025

   September 2025 crossed the $100bn mark today – currently at $106.825bn.  This is the earliest date this month has hit $100bn (although 2024 did essentially get to $100bn on the equivalent Tuesday – 9/10/24).

Here’s a look at when Sept hit $100bn over the last 10yrs.  We did think about Verizon’s $49bn deal in Sept 2013 – but that came on 9/11, and Sept 2013 still didn’t manage to breach $100bn until 9/19/13 (Final Sept 2013 total $143.529bn)

SEPT 2024 hit $100bn on 9/10/24 (Final total $184.740bn)
SEPT 2023 hit $100bn on 9/18/24 (Final total $130.430bn)
SEPT 2022 finished at $80.550bn
SEPT 2021 hit $100bn on 9/13/24 (Final total $165.042bn)
SEPT 2020 hit $100bn on 9/16/20 (Final total $169.173bn)
SEPT 2019 hit $100bn on 9/10/19 (Final total $160.876bn)
SEPT 2018 hit $100bn on 9/17/18 (Final total $139.670bn)
SEPT 2017 hit $100bn on 9/19/17 (Final total $130.729bn)
SEPT 2016 hit $100bn on 9/19/16 (Final total $144.633bn)
SEPT 2015 hit $100bn on 9/30 15 (Final total $104.545bn)

Today’s 10 trades added up to $9.875bn – not quite enough to push the week above the average estimate. Currently at $37.725bn, the week needs $2.224bn to beat the $39.948bn average guess. In a normal week this would seem like a layup, but everyone is expecting much slower days for the rest of the week. There were, however, at least 2 stand downs today. Depending on market reaction to the inflation numbers - these stand downs may return. Fingers crossed!

Also today, the final book on Repsol’s 5yr came in at $5.05bn – this was an increased from the $4.900bn at guidance. 

REPSEP's 5yr is one of 7 tranches to log positive attrition this year at +3.06%:

On the low coupon front, Met's 4.20% 5y ranks on the 2023-2025 5yr Low FIG Table:

For BBB 10yr low coupons, DTE couldn't quite get as low as UBER's 4.80% from yesterday but does make it onto the top 5 list ytd:

Here's today's rundown:

[REPSOL] 

Repsol E&P Capital Markets US LLC (REPSM), exp BBB+/BBB+ (s/s) by S&P/Fitch, US$2.5bn 144A/Reg S no reg rights 3-part sr notes (3y FXD due 9/16/28, 5y FXD due 9/16/30 and 10y FXD due 9/16/35). MWC then 1mo par call on 3y, 1mo on 5y and 3mos on 10y. 101 CoC (linked to rating event - downgrade to sub IG). Guarantor: Repsol E&P Sarl. Guarantor Ratings: BBB+ (s) / BBB+ (s) by S&P/Fitch. Denoms: 200,000 x 1,000. Sale into Canada: Yes via exemption. UOP: refinance intercompany indebtedness. Pricing 9/9. Settle 9/16 (T+5). 144A CUSIP: 3y: 76026AAA5, 5y: 76026AAB3, 10y: 76026AAC1. 144A ISIN: 3y: US76026AAA51, 5y: US76026AAB35, 10y: US76026AAC18. 

VIA Citi/GS (B&D)/JPM as JGCs. Citi/GS (B&D)/JPM/HSBC as JBRs. BofA/Sant/WFS as Co-Leads.

Repsol originally announced a mandate on March 27th, but did not issue the notes during the Liberation Days. They re-marketed on Monday, Sep 8th and issued the day after (today).

Announced as a benchmark, final size came in at $2.5bn with price progression as follows:

3y IPT – T+162.5a; STL T+130; PXD $500m 4.805% 9/16/28 100.00 4.805% T+130. MW+20.

5y IPT – T+187.5a; STL T+160; PXD $1bn 5.204% 9/16/30 100.00 5.204% T+160. MW+25.

10y IPT – T+225-237.5; STL T+190; PXD $1bn 5.976% 9/16/35 100.00 5.976% T+190. MW+30. 

 As for r/v, this is Repsol’s debut issuance. CONCESSION IS N/A.

Comps away: 

Var Energi Asa (Baa3/BBB/N/A)
-VARNO 5.875% due 05/22/30 T+130bp (G132; $104.1) - $750M pxd 05/14/25 +175
-VARNO 8.000% due 11/15/32 T+122bp (G150; $115.7) - $1B pxd Nov 2022
-VARNO 6.500% due 05/22/35 T+167bp (G171; $105.7) - $750M pxd 05/14/25 +205

Aker Bp Asa (Baa2/BBB/BBB)
-AKERBP 3.100% due 07/15/31 T+120bp (G111; $91.6) - $1B pxd Jun 2021
-AKERBP 5.125% due 10/01/34 T+132bp (G140; $98.3) - $750M pxd Sep 2024

Eni Spa (Baa1/A-/A-)
-ENIIM 5.750% due 05/19/35 T+110bp (G114; $104.4) - $1B pxd 05/12/25 +140

Plains All America Pipeline (Baa2/BBB/BBB)
-PAA 4.700% due 01/15/31 T+100bp (G97; $100.5) - $700M pxd 09/03/25 +105
-PAA 5.600% due 01/15/36 T+140bp (G139; $101) - $550M pxd 09/03/25 +142

APA Corp (Baa3/BBB-/BBB-)
- APA 4.250% due 1/15/30 T+143bp (G146; $97) - $369M pxd Dec 2024
-APA 6.100% due 02/15/35 T+184bp (G191; $101.4) - $350M pxd Jan 2025

FINAL BOOKS:

$500m 3yr - $4.300bn (8.60x) - PEAK $4.300bn

$1bn 5yr - $5.050bn (5.05x) - PEAK $4.900bn

$1bn 10yr - $6.850bn (6.85x) - PEAK $7.700bn

5yr peak book at guidance was heard to 4.900bn. Books grew from guidance and ended at 5.050bn final.

[STELLANTIS] 

Stellantis Financial Services US Corp “STLA” (Baa2/BBB s/n) US$2bn 144A/Reg S no reg rights 3-part sr notes (3y FXD and/or FRN due 9/15/28 and 5y FXD due 9/15/30). MWC on FXD tranches. 1mo par call on 3y and 1mo on 5y. Denoms: 200,000 x 1,000. Sale into Canada: Yes - exemption. UOP: gcp. Marketing: www.netroadshow.com/nrs/home/#!/?show=7ab2c591 Passcode: SFS25. Pricing 9/9. Settle 9/15 (T+4). 144A CUSIP: 3y FRN: 85855FAC7, 3y FXD: 85855FAA1, 5y: 85855FAB9. 144A ISIN: 3y FRN: US85855FAC77, 3y FXD: US85855FAA12, 5y: US85855FAB94. 

VIA BofA/Citi/GS (B&D)/JPM/WFS joint active books.

Announced with benchmark size, final size came in at $2bn with price progression as follows:

3y FRN - IPT SOFR equiv; GDNC S+169#; PXD $300m 9/15/28 FRN at SOFR+169, at 100.

3y FXD - IPT T+175 area; GDNC T+145#; PXD $1bn 4.95% 9/15/28 99.945 4.970% T+145. MW+25.

5yr - IPT T+215 area; GDNC T+180#; PXD $700m 5.40% 9/15/30 99.931 5.416% T+180. MW+30.

As for r/v, this is a debut for Financial Services thus CONCESSION N/A. With that said, some who worked off the STLA ‘30s felt concession was in the 5bp / flat area. 

Stellantis Finance US Inc (Baa2/BBB)
-STLA 5.350% due 03/17/28 T+126bp (G124; $101.30) - $500m pxd MAR 2025
-STLA 5.750% due 03/18/30 T+170bp (G173; $101.79) - $750m pxd MAR 2025
-STLA 6.375% due 09/12/32 T+155bp (G185; $104.23) - $700m pxd SEPT 2022
-STLA 6.450% due 03/18/35 T+207bp (G213; $102.20) - $1bn pxd MAR 2025

Ford Motor Credit Co LLC (Ba1/BBB-/BBB-)
-F 5.730% due 09/05/30 T+191bp (G191; $100.97) - $1.25bn pxd 09/02/25 +198
-F 6.532% due 03/19/32 T+204bp (G210; $103.67) - $750m pxd MAR 2025
-F 6.500% due 02/07/35 T+208bp (G215; $102.44) - $1.25bn pxd JAN 2025

General Motors Financial Co Inc (Baa2/BBB/BBB)
-GM 5.450% due 07/15/30 T+110bp (G111; $103.18) - $1bn pxd 05/27/25 +145
-GM 5.625% due 04/04/32 T+121bp (G127; $103.35) - $750m pxd FEB 2025
-GM 6.150% due 07/15/35 T+148bp (G151; $104.42) - $750m pxd 05/27/25 +172

FINAL BOOKS:

$300m 3yr FRN - $900m (3.00x) - PEAK $925m

$1bn 3yr FXD - $4.100bn (4.10x) - PEAK $4.300bn

$700m 5yr - $3.100bn (4.43x) - PEAK $4.300bn

[RAYMOND JAMES] 

Raymond James Financial Inc (RJF) exp A3/A-/A- (s/s/s) US$1.5bn SEC registered 2-pt sr unsec notes (10y due 9/11/35 and 30y due 9/11/55). MWC then 3mos par call on the 10y and 6mos on the 30y. Denoms: 2,000 x 1,000. UoP: gcp. Sale into Canada: Yes - Exemption. Marketing www.netroadshow.com; Passcode: RJF202. Pricing 9/9. Settle 9/11 (T+2). 10y/30y: CUSIP- 754730AJ8/ 754730AK5; ISIN - US754730AJ81/ US754730AK54. 

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

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

10yr – IPT T+110a; GDNC 85#; $650m 4.90% 9/11/35 99.734 4.934% T+85. MW+15.
30yr – IPT T+125a; GDNC 95#; $850m 5.65% 9/11/55 99.599 5.678% T+95. MW+15.

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

RJF 4.650% due 04/01/30 T+51bp (G54; $102.07) - $500m pxd MAR 2020
RJF 3.750% due 04/01/51 T+84bp ($75.23) - $750m pxd MAR 2021  

**30YR – 51s T+84/$75.23; adding 12.5bp for lo $ (0.5 per $) puts f/v at T+97bp.  At the T+95bp pricing level, 30YR CONCESSION IS NEG 2BP 

** 10YR – 30yr f/v at T+97bp, minus 15bp 10s/30s curve at IPT  puts 10yr f/v at T+82bp.  At the T+85bp pricing level, 10YR CONCESSION IS 3BP.  

Comps away:

Ameriprise Financial (A3/A-/A-)
- AMP 5.200% due 04/15/35 T+78bp (G83; $102.49) - $750m pxd 02/25/25 +95.

FINAL BOOKS:

$650m 10yr - $2.850bn (4.38x) - PEAK $3.250BN 

$850m 30yr - $4.205bn (4.95x) - PEAK $4.550BN 

[DTE ENERGY] 

DTE Energy Co (DTE) exp Baa2/BBB/BBB (s/s/s) US$800m SEC registered 2-part sr notes (tap of 4.875% 6/1/28 - $800m outstanding, and new 10y FXD due 10/1/35). MWC (T+25 on tap) then 1mo par call on tap and 3mos on 10y. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: General corporate purposes including the repayment of short-term debt. Pricing 9/9. Settle 9/12 (T+3). CUSIP: Tap: 233331BJ5, 10y: 233331BP1. ISIN: tap: US233331BJ54, 30y: US233331BP15.

VIA Barc (B&D)/BMO/MUFG/TSI joint active books. 

Announced as a benchmark, we heard initial price thoughts as tap T+80-85, new 10y T+125-130.

Guidance came in at 2028 Tap T+57#, New 10y T+102#. 

Ultimately, the $800m deal priced as follows:

$250m tap of 4.875% 6/1/28 at 101.978, 4.075% T+57. MW+25. New outstanding amount $1.05bn.

$550m 5.05% 10/1/35 99.669 5.092% T+102. MW+20. 

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

-DTE 4.875% due 06/01/28 T+62bp (G61; $101.93) - $800M pxd May 2023
-DTE 5.200% due 04/01/30 T+75bp (G78; $103.48) - $110M pxd Feb 2025
-DTE 5.850% due 06/01/34 T+83bp (G96; $106.54) - $850M pxd Apr 2024

** 3y tap - Jun 28s T+62. At the T+57bp pricing level, 3Y CONCESSION IS NEG 5BP.

** 10y - outstanding Jun 34s G96; plus curve, call new 10y f/v T+100bp. At the T+102bp pricing level, 10Y CONCESSION IS 2BP.

Comps away:

Nextera Energy Capital (Baa1/BBB+/A-)
-NEE 4.850% due 02/04/28 T+52bp (G50; $101.93) - $100M pxd Jan 2025
-NEE 5.050% due 03/15/30 T+62bp (G65; $103.38) - $100M pxd Jan 2025
-NEE 5.450% due 03/15/35 T+87bp (G92; $103.78) - $100M pxd Jan 2025

Southern Co (Baa1/BBB+/BBB+)
-SO 5.500% due 03/15/29 T+44bp (G53; $104.58) - $100M pxd Sep 2023
-SO 4.850% due 03/15/35 T+89bp (G92; $99.2) - $750M pxd Sep 2024

Xcel Energy Inc (Baa1/BBB/BBB+)
-XEL 4.750% due 03/21/28 T+70bp (G68; $101.32) - $350M pxd 03/18/25 +85
-XEL 5.600% due 04/15/35 T+105bp (G111; $103.47) - $750M pxd 03/18/25 +135

Nisource Inc (Baa2/BBB+/BBB)
-NI 5.200% due 07/01/29 T+60bp (G67; $103.46) - $600M pxd Jun 2024
-NI 5.350% due 07/15/35 T+100bp (G103; $102.12) - $900M pxd 06/23/25 +105

Exelon Corp (Baa2/BBB+/N/A)
-EXC 5.125% due 03/15/31 T+80bp (G75; $103.54) - $500M pxd Feb 2025
-EXC 5.450% due 03/15/34 T+77bp (G92; $104.14) - $650M pxd Feb 2024

Dominion Energy Inc (Baa2/BBB/BBB+)
-D 4.600% due 05/15/28 T+57bp (G56; $101.35) - $100M pxd 05/06/25 +87.5
-D 5.450% due 03/15/35 T+105bp (G110; $102.44) - $700M pxd Mar 2025

Duke Energy Corp (Baa2/BBB/N/A)
-DUK 4.850% due 01/05/29 T+50bp (G59; $102.29) - $650M pxd Jan 2024
-DUK 4.950% due 09/15/35 T+95bp (G94; $99.48) - $100M pxd 09/08/25 +95

Entergy Corp (Baa2/BBB/N/A)
-ETR 2.400% due 06/15/31 T+87bp (G78; $89.65) - $650M pxd Mar 2021

FINAL BOOKS:

$250m 3y Tap - $1.700bn (6.80x) - PEAK $2.500bn

$550m 10yr - $1.100bn (2.00x) - PEAK $1.900bn

[HUNTINGTON BANCSHARES]

Huntington Bancshares Inc/OH (HBAN), exp issue ratings Baa3/BB+/BB+ (s/s/s), US$750m SEC registered $1,000 par PerpNC5 fixed rate reset non-cumulative pfd, Series K. Div rate: (i) From September 11, 2025 to, but excluding, October 15, 2030, at a fixed rate of [●]% per annum and (ii) from and including October 15, 2030, during each five-year Reset Period, at a rate per annum equal to the five-year U.S. Treasury rate as of the most recent Reset Dividend Determination Date, plus [●]%. (Non-cumulative). Div Payment Dates: The 15th day of January, April, July, and October of each year, commencing on January 15, 2026. Optional Redemption: Redeemable at par (i) in whole or in part, from time to time, on any dividend payment date on or after October 15, 2030 and (ii) in whole but not in part at any time within 90 days following a Regulatory Capital Treatment Event. DRD/QDI eligible: Yes. Listing: None. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 9/9. Settle 9/11 (T+2). CUSIP / ISIN: 446150BG8 / US446150BG87. 

VIA BofA (B&D)/Citi/GS/Huntington/RBC joint active books. 

Announced with benchmark size, we heard initial thoughts  as  6.625-6.75%.

Went straight to launch at $750m PerpNC5 at 6.25%.

Ultimately, a $750m deal priced as follows:

$750m, 6.25% at 100. Back-end reset: T+265.3.

As for r/v, the outstanding HBAN Perp priced back in May 2020, given how old it is we are going CONCESSION N/A. 

-HBAN 5.625% Perp NC 07/15/30 $102.00 (G160; 5.19% YTC) - $500m pxd MAY 2020 b/e +494.5

COMPS AWAY:

Bank of America Corp (Baa2/BBB-/BBB+)
-BAC 6.250% PerpNC 07/26/30 $100.33 (G261; 6.22% YTC) - $2.5bn pxd 07/21/25 b/e +235.1

PNC Financial Services Group Inc (Baa2/BBB-/BBB)
-PNC 6.250% PerpNC 03/15/30 $101.50 (G233; 5.92% YTC) - $1.5bn pxd FEB 2023 b/e +280.8

Bank of New York Mellon Corp (Baa1/BBB)
-BK 5.950% PerpNC 12/20/30 $100.55 (G218; 5.82% YTC) - $500m pxd 09/03/25 b/e +227.1

FINAL BOOK: 

$750m PerpNC5  - $2.900bn (3.87x) - PEAK $3.800bn

[NBN CO LTD] 

NBN Co Ltd (NBNAUS), exp Aa3/AA+ (s/s) by Moody's/Fitch, US$650m 144A/Reg S 5y FXD sr notes due 9/16/30. MWC then 1mo par call. 101 CoC. Coupon: Fixed rate, Semi-Annual, 30/360, Following Business Day Convention (Unadjusted). Cross Acceleration: Applicable. Negative Pledge: Applicable. Denoms: 200,000 x 1,000. Governing Law: English. Canadian Sales: Yes, via exemption. UOP: General corporate purposes, including repaying borrowings under existing loan facilities. DealRoadshow Link: URL: https://dealroadshow.comEntry Code: NBN2025Direct Link: https://dealroadshow.com/e/NBN2025. Pricing 9/9. Settle 9/16 (T+5). 144A CUSIP / ISIN: 62878U2K7 /  US62878U2K72. 

VIA BofA (B&D)/Citi/GS/JPM/MUFG as JLMs.

Announced overnight as benchmark, we heard initial thoughts as T+90a.

The deal went straight to launch at $650m / T+60bp.

PRICED: $650m 4.15% 9/16/30 99.803 4.194% T+60. MW+10.

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

- NBNAUS 4.250% due 10/01/29 T+51bp (G56; $100.30) - $500m pxd SEPT 2024.
- NBNAUS 2.625% due 05/05/31 T+69bp (G62; $91.68) - $1.25bn pxd APR 2021.
- NBNAUS 6.000% due 10/06/33 T+58bp (G77; $108.68) - $500m pxd SEPT 2023

** NBNAUS  Oct ‘29s G56; 15bp 3s/5s puts 29/30 curve at 7.5bp and 5yr f/v at T+64bp.

**  NBNAUS May ‘31s G62; + lo $ G66; assuming a 20bp 5s/10s curve Sept ’30 to May ’31 is worth about 2.5bp – which also gets you to T+64bp.

F/V T+64bp.  At the T+60bp pricing level, CONCESSION IS NEG 4BP.

Comps away:

Comcast Corp (A3/A-/A-)
- CMCSA 3.400% due 04/01/30 T+52bp (G54; $97.01) - $1.6bn pxd MAR 2020
- CMCSA 5.300% due 05/15/35 T+79bp (G83; $103.493) - $850m pxd 5/5/25 +100

Verizon Communications (Baa1/BBB+/A-)
- VZ 2.550% due 03/21/31 T+73bp (G67; $91.476) - $3.707bn outstanding (orig pxd Mar 2021)
- VZ 5.250% due 04/02/35 T+91bp (G97; $102.88) - $2.25bn pxd 3/24/25 +95

AT&T Inc (Baa2/BBB/BBB+)

- T 4.700% due 08/15/30 T+64bp (G65; $101.94) - $1.0bn pxd 5/28/25 +65

- T 5.375% due 08/15/35 T+88bp (G90; $103.42) - $1.25bn pxd 5/28/25 +90

FINAL BOOK:

$650m 5yr - $3.9bn (6.00x) – PEAK $4.800BN

[MET TOWER GLOBAL FUNDING] 

Met Tower Global Funding “MET” (Aa3/AA-/AA- s/s/s) US$500m 144A/Reg S sr secured FA-Backed due 9/16/30. BNP/DB/GS/JPM (B&D) joint active books. FA Provider: Metropolitan Tower Life Insurance Company. Denoms: 150,000 x 1,000. Sales into Canada: Yes - via exemption. UOP: Purchase the Relevant Funding Agreement from Metropolitan Tower Life Insurance Company. Pricing 9/9. Settle 9/16 (T+5). 144A CUSIP: 58989V2L7. 144A ISIN: US58989V2L70.

Announced with benchmark size, we heard initial thoughts as T+87.5 area.

Went straight to launch at $500m 5y at T+65.

Ultimately, a $500m deal priced as follows:

$500m 4.20% 9/16/30 99.781 4.249% T+65. 

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

Met Tower Global Funding (Aa3/AA-/AA-)
-MET 4.800% due 01/14/28 T+46bp (G44; $101.87) - $600m pxd JAN 2025
-MET 5.250% due 04/12/29 T+49bp (G56; $103.85) - $500m pxd APRL 2024
Met Life Global Funding I (Aa3/AA-/AA-)
-MET 4.150% due 08/25/28 T+47bp (G47; $100.52) - $600m pxd 08/19/25 +45
-MET 4.900% due 01/09/30 T+55bp (G58; $102.96) - $500m pxd JAN 2025

*** April ‘29 G56, add 7bp for ‘29/30 curve gets f/v to T+63bp.

Also looking at Met Life Jan ‘30 G58, add 3bp for curve gets new issue Met Life at 61bp. Met Tower trades a couple bp back of Met Life which also gets f/v to T+63bp.

At the T+65bp pricing level, CONCESSION IS 2BP.

COMPS AWAY:

Equitable America Global Funding (A1/A+)
-EQH 4.950% due 06/09/30 T+76bp (G77; $102.54) - $850m pxd 06/02/25 +95

MassMutual Global Funding II (Aa3/AA+/AA+)
-MASSMU 4.550% due 05/07/30 T+60bp (G62; $101.50) - $800m pxd 05/01/25 +80

New York Life Global Funding (Aa1/AA+/AAA)
-NYLIFE 4.600% due 06/03/30 T+54bp (G55; $101.98) - $600m pxd 05/27/25 +58

Northwestern Mutual Global Funding (Aa1/AA+/AAA)
-NWMLIC 4.600% due 06/03/30 T+53bp (G54; $102.04) - $400m pxd 05/27/25 +58

Pacific Life Global Funding II (Aa3/AA-/AA-)
-PACLIF 4.850% due 02/10/30 T+65bp (G68; $102.43) - $400m pxd FEB 2025

Pricoa Global Funding I (Aa3/AA-/AA-)
-PRU 4.700% due 05/28/30 T+59bp (G60; $102.19) - $650m pxd 05/20/25 +65

FINAL BOOK:

$500m 5yr FABN - $1.350bn (2.70x) - PEAK $1.550bn

[DENSO CORP] 

Denso Corp ”NIPDES” (A2/A+ p/s) US$500m 144A/Reg S 5y FXD sr notes due 9/17/30. MWC then 1mo par call. MS (B&D)/BofA/Citi/JPM joint books. Denoms: 200,000 x 1,000. Listing: Singapore. Law: New York. Sale into Canada: No. UOP: gcp. Pricing 9/9. Settle 9/17.

VIA MS (B&D)/BofA/Citi/JPM joint books.

Announced overnight with benchmark size, we heard initial thoughts at T+100a.

IPTs were revised at the NY open to T+95a.

The deal went straight to launch - $500m 5y at T+68.

Ultimately, a $500m deal priced as follows:

$500m 4.282% 9/17/30 100.00 4.282% T+68. MW+15.

As for r/v, the last trade from Denso Corp was a 5yr priced on 9/4/24:

NIPDES 4.420% due 9/11/29 T+65bp (G70; $100.57)  - $500m pxd 9/4/24

This bond is not very liquid, but based on this level, CONCESSION IS NEG 2BP. 

On previous the 2024 Denso deal, Toyota and Honda have were cited as the main comps.

Toyota Motor Credit Corp (A1/A+)
- TOYOTA 4.050% due 09/05/28 T+40bp (G40; $100.43) - $800m pxd 9/2/25 +47
- TOYOTA 4.650% deu 09/03/32 T+66bp (G67; $101.12) - $700m pxd 9/2/25 +68

American Honda Finance  (A3/A-)
- HNDA 4.250% due 09/01/28 T+62bp (G62; $100.38) - $700m pxd 9/2/25 +65
-  HNDA 4.500% due 09/04/30 T+77bp (G76; $100.61) - $650m pxd 9/2/25 +80

When Denso priced its deal in Sept 4, 2024, the T+85bp pricing level landed around 17bp back of the TOYOTA 4.550% due 08/09/29 – quoted at the time at G68 ($1bn pxd 8/6/24) .

Today, taking the TOYOTA ‘28s at G40 and adding a 15bp 3s/5s curve puts TOYOTA 5yr f/v at T+55bp.  So Denso tightened up its pricing differential vs Toyota to 13bp. 

Also in 2024 the HNDA 4.400% of due 09/05/29 was quoted G80 ($750m pxd 9/3/24) – so Denso’s T+85 pricing level was 5bp back of HNDA.

Today, with the HNDA 30s at G76, Denso came 6bp INSIDE HNDA.

FINAL BOOK: 

$500m 5yr - $4.100bn (8.20x) - PEAK $4.800BN 

[CAPITAL SOUTHWEST CORP] 

Capital Southwest Corp (CSWC) exp Baa3/BBB- (s/s) by Moody's/Fitch, US$350m SEC registered 5y FXD sr notes due 9/18/30. MWC then 1mo par call. CoC at 100. Denoms: 2,000 x 1,000. Sales into Canada: Yes - via exemption. UOP: Repay outstanding indebtedness. Marketing: Direct link: https://www.netroadshow.com/nrs/home/#!/?show=66bf938b Link: www.netroadshow.com Passcode: CSWC2025. Pricing 9/9. Settle 9/18 (T+7). CUSIP/ISIN: 140501AF4 / US140501AF43. 

VIA DB (B&D)/ING/MS/SMBC/WFS joint active books. 

Announced as a benchmark, we heard initial price thoughts as T+265 area.

Guidance came in at T+250#.

Ultimately, the $350m deal priced as follows:

$350m 5.95% 9/18/30 99.345 6.104% T+250. MW+40. 

 As for r/v, there are only two outstanding CSWC bonds: one due in Oct 2026 and the other is a convertible. As such, CONCESSION IS N/A.

Comps away:

Apollo Debt Solutions BDC (Baa3/BBB-/BBB-)
-APODS 5.875% due 08/30/30 T+186bp (G186; $101.77) - $400M pxd 07/14/25 +190

Ares Capital Corp (Baa2/BBB/BBB)
-ARCC 5.100% due 01/15/31 T+160bp (G156; $99.6) - $650M pxd 09/02/25 +160

Ares Strategic Income Fund (Baa3/BBB-/BBB-)
-ARESSI 5.800% due 09/09/30 T+180bp (G180; $101.76) - $500M pxd 06/02/25 +203
-ARESSI 5.150% due 01/15/31 T+185bp (G181; $98.7) - $500M pxd 09/08/25 +185

Bain Capital Specialty Fund (Baa3/N/A/BBB-)
-BCSF 5.950% due 03/15/30 T+221bp (G224; $100.59) - $350M pxd Jan 2025

Blackstone Private Credit (Baa2/BBB-/N/A)
-BCRED 5.050% due 09/10/30 T+162bp (G162; $99.31) - $500M pxd 09/03/25 +160

Blackstone Secured Lending (Baa2/BBB-/BBB)
-BXSL 5.300% due 06/30/30 T+146bp (G147; $101.04) - $500M pxd Feb 2025

Blue Owl Capital Corp (Baa3/BBB-/BBB)
-OBDC 6.200% due 07/15/30 T+191bp (G192; $102.89) - $500M pxd 05/12/25 +235

Carlyle Secured Lending (Baa3/N/A/BBB-)
-CGBD 6.750% due 02/18/30 T+207bp (G210; $104.17) - $300M pxd Oct 2024

FS KKR Capital Corp (Baa3/N/A/BBB-)
-FSK 6.125% due 01/15/30 T+241bp (G245; $100.47) - $700M pxd Nov 2024

Goldman Sachs Private Credit (Baa3/N/A/BBB-)
-GSCRED 6.250% due 05/06/30 T+196bp (G198; $102.8) - $600M pxd 04/29/25 +250

Golub Capital Private Capital Fund (Baa3/BBB-/N/A)
-GCRED 5.875% due 05/01/30 T+184bp (G186; $101.77) - $500M exch. 05/13/25

Hercules Capital Inc (Baa3/N/A/BBB-)
-HTGC 6.000% due 06/16/30 T+195bp (G197; $101.88) - $350M pxd 06/11/25 +225

HPS Corporate Lending Fund (Baa3/BBB-/N/A)
-HLEND 5.450% due 11/15/30 T+184bp (G182; $100.08) - $500M pxd 09/04/25 +183

Main Street Capital Corp (N/A/BBB-/BBB-)
-MAIN 5.400% due 08/15/28 T+168bp (G168; $100.63) - $350M pxd 08/13/25 +175
-MAIN 6.950% due 03/01/29 T+167bp (G175; $105.2) - $350M pxd Jan 2024

Morgan Stanley Direct Lending (Baa3/N/A/BBB-)
-MSDL 6.000% due 05/19/30 T+175bp (G177; $102.67) - $350M pxd 05/12/25 +215

MSD Investment Corp (Baa3/N/A/BBB-)
-MSINTM 6.250% due 05/31/30 T+221bp (G223; $101.8) - $500M pxd 03/26/25 +240

Nuveen Churchill Direct (Baa3/N/A/BBB-)
-NCDL 6.650% due 03/15/30 T+206bp (G209; $103.88) - $300M pxd Jan 2025

Oaktree Strategic Credit (Baa3/N/A/BBB-)
-OAKSCF 6.190% due 07/15/30 T+210bp (G211; $102.07) - $400M pxd 07/08/25 +220

Oaktree Specialty Lend (Baa3/N/A/BBB-)
-OCSL 6.340% due 02/27/30 T+242bp (G245; $101.27) - $300M pxd Feb 2025

Barings Bdc Inc (Baa3/NR/BBB-)
-BBDC 5.200% due 09/15/28 T+198bp (G198; $99.28) - $300M pxd 09/08/25 +200

FINAL BOOKS:

$350m 5y - $850m ( 2.43x) - PEAK $1.000bn

[SIMMONS] 

Simmons First National Corp (SFNC), exp Baa2 (s) by Moody's, US$325m (up from $300m) SEC registered 10NC5 fixed to floating subordinated notes due 10/1/35. Optional Redemption: NC5 at Par. Denoms: 1,000 x 1,000. UOP: The Company intends to use the net proceeds from this offering, together with cash on hand, for the full redemption of the Company’s 5.00% fixed-to-floating rate subordinated notes due 2028 (the “2028 Notes”) on October 1, 2025, and any remaining proceeds for general corporate purposes. Pricing 9/9. Settle 9/12 (T+12). CUSIP: 828730AC5.

VIA KBW (A Stifel Co)/MS joint books.

Announced with $300m size, we heard initial thoughts as 6.375%a.

Guidance came in at 6.250%#. Upsized at launch to $325m

Ultimately, a $325m deal priced as follows:  

$325m 6.25% 10/1/35 100.00 6.25%. Back-end: SOFR+302.0.

There are really no good comps on this one (proceeds on today’s deal go to repay the only active outstanding). CONCESSION N/A. 

Recent 10nc5s subs from similar names included the following:

Webster Financial Corp (Baa2/BBB-)
- WBS 5.784% due 9/11/35 (nc 9/11/30) T+207bp (G207; $100.51; 5.665% YTC) - $350m pxd 9/4/25 at T+212.5bp

First Citizens Bancshare (Baa2/BBB-)
- FCNCA 5.600% due 09/05/35 (nc 09/05/30) T+187bp (G187; $100.57; 5.467% YTC) - $600m pxd 9/2/25 +185

SouthState Bank Corp (Baa3/NR)
- SSB 7.000% due 06/13/35 (nc 06/13/30) T+235bp (G236; $104.271; 5.95% YTC) - $350m pxd 6/10/25 +291.8bp

FINAL BOOK:

$325m 10nc5 - $475m (1.46x) 

[SSA PRICING]

The Korea Development Bank (KDB) exp Aa2/AA/AA- (s/s/s) US$1bn SEC registered 5y FXD sr notes due 9/16/30. Citi/HSBC (B&D)/KDB/Miz/UBS joint books. Day Count / Business Day Convention: 30/360, Unadjusted / Following. Expected Listing: Euro MTF (Luxembourg Stock Exchange), ISM (London Stock Exchange) and SGX-ST (Singapore Exchange). Denoms: 200,000 x 1,000. Day Count: 30/360, unadjusted / Following. Law: New York Law. Pricing 9/9. Settle 9/16.

IPTs: SOFR MS+68 area (currently equiv to ~CT5+35).

GUIDANCE: SOFR MS+66 area (currently equiv to ~CT5+32 area).

UPDATE: spread set at SOFR MS+64 (currently equiv to ~CT5+30).

LAUNCHED: $1bn 5y at SOFR MS+64.

PRICED: $1bn 3.75% 9/16/30 99.334 3.898% SOFR MS+64 (T+28.7). 

[NEW MANDATES & MARKETING]

---Komatsu Finance America Inc. (the “Issuer”), a subsidiary of Komatsu Ltd. (the “Guarantor”; rated A2 by Moody’s and A by S&P), has mandated Morgan Stanley and BofA Securities to arrange a series of fixed income investor conference calls in Asia, Europe and the US commencing on Sep 9, 2025. Morgan Stanley will be coordinating logistics. A DealRoadshow presentation (with voiceover) will be available. A potential transaction of benchmark-sized Rule 144A / Reg.S, fixed rate, 5-year USD senior notes may follow, subject to market conditions. The notes are expected to be rated A2 by Moody’s and A by S&P.

Use of Proceeds: Repayment of long-term liabilities, capital expenditures and other general corporate purposes in the United States.

DealRoadshow:

https://dealroadshow.com/e/KFA2025 (Recommended)

Or https://dealroadshow.com | Entry code: KFA2025 (case sensitive)

FCA/ICMA stabilization applies.

---KEB Hana Bank, rated Aa3 (Stable) by Moody's, A+ (Stable) by S&P and A (Stable) by Fitch, has mandated Citigroup, Crédit Agricole CIB, HSBC, MUFG and Standard Chartered Bank to arrange a series of fixed income meetings and/or calls in Asia and the U.S., commencing on September 15, 2025. 

aj@creditflowresearch.com  

jdizuwra@creditflowresearch.com 

sarah@creditflowresearch.com