The UBS 5-part - announced right before 6am this morning - gave us a glimmer of hope that the week might get the $8bn needed to surpass the average estimate. Ultimately, UBS ($5bn) and AT&T (also $5bn!) showed up for a combined $10bn and led a whopping $14.800bn/9 deal docket.

This leaves the week at $33.950bn – just shy of the top-end guess.

THIS WEEK GOAL POST
WK ENDING 09/19/25 WTD	$33,950	$ NEED TO HIT
AVG EST WK ENDING 09/19/25	$27,138	($6,812)
HIGH EST WK ENDING 09/19/25	$35,000	$1,050
LOW EST WK ENDING 09/19/25	$17,500	($16,450)

Today's $14.800bn also got 2025 back up above 2024. YTD volume.

	VOLUME	DEALS	TRANCHES	AVG IPT-PXD	AVG FINAL BOOK	AVG ATTRITION	AVG NIC	EOW AVG 2ndry
2025 YTD (THU, Sep 18)	$1,277,255	848	1581	-27.17	3.89	-21.59%	2.45	-1.57

	VOLUME	DEALS	TRANCHES	AVG IPT-PXD	AVG FINAL BOOK	AVG ATTRITION	AVG NIC	EOW AVG 2ndry
2024 YTD (THU, Sep 19)	$1,275,670	844	1540	-26.67	3.76	-20.81%	3.04	-1.45
'25 vs '24 PCT DIF	0.12%
'25 vs '24 $ DIF	$1,585

This was also a strong showing for Fed Thursday. Today's 9 deals for $14.8bn ranks as the 2nd largest Fed Week Thursday looking back through 2023 behind only January 30, 2025.

2023-25 LARGEST POST FED DAY
DATE	DAY	VOLUME	DEALS	TRANCHES	AVG IPT-PXD	AVG BOOK	AVG ATT	AVG NIC
1/30/25	Thursday	$20,350	8	23	-25.74	3.47	-17.37%	1.81
9/18/25	Thursday	$14,800	9	16	-29.53	4.44	-25.31%
3/23/23	Thursday	$13,650	7	14	-31.89	3.69		6.00
2/2/23	Thursday	$10,450	5	12	-33.40	6.64		-6.73
8/1/24	Thursday	$8,825	7	11	-21.86	2.23	-33.67%	6.14

TURNING TO LOW SPREADS:

AT&T Ranks In BBB Low Spreads:

AT&T's 7y ties for the lowest spread back to 2022:

2022-25 BBB 7yr LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
9/18/25	T	ind	Baa2	BBB	$1,150	7	11/1/32	4.550%	70
1/6/25	AVGO	ind	Baa1	BBB	$1,100	7	4/15/32	5.200%	70
11/12/24	OTIS	ind	Baa1	BBB	$600	7	11/19/31	5.125%	75
8/11/25	FE	util	Baa2	BBB+	$450	8	1/15/33	4.750%	77
2/19/25	KHC	ind	Baa2	BBB	$500	7	3/15/32	5.200%	77
12/5/24	JCI	ind	Baa2	BBB+	$250	8	12/1/32	4.900%	77
7/7/25	AVGO	ind	Baa1	BBB+	$1,750	7	7/15/32	4.900%	78

T's 20y takes the 2nd spot looking all the way back to 2000. Behind only NDAQ that priced at T+80 in December 2020:

2000-2025 BBB 20yr LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
12/7/20	NDAQ	fin	Baa2	BBB	$650	20	12/21/40	2.500%	80
9/18/25	T	ind	Baa2	BBB	$1,100	20	11/1/45	5.550%	87.5
10/29/19	DHR	ind	Baa1	BBB+	$900	20	11/15/39	3.250%	93
9/21/21	SJM	ind	Baa2	BBB	$300	20	9/15/41	2.750%	95
8/9/21	TMO	ind	Baa1	BBB+	$1,200	20	10/15/41	2.800%	95
1/5/21	NAB	yfin	Baa1	BBB+	$1,250	20	1/14/41	2.648%	95
9/13/21	LOW	ind	Baa1	BBB+	$1,000	20	9/15/41	2.800%	98
1/9/18	SRE	util	Baa1	BBB+	$1,000	20	2/1/38	3.800%	98

T's 30y takes spot #4 looking back to 2005. 2 other deals from this month alone also rank in this table (LNT + DUK).

2005-2025 BBB 30yr LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
12/1/20	CSX	ind	Baa1	BBB+	$500	31	5/15/51	2.500%	85
1/29/24	NOC	ind	Baa1	BBB+	$1,150	31	6/1/54	5.200%	90
9/8/25	LNT	util	Baa1	BBB+	$300	30	10/1/55	5.600%	95
9/18/25	T	ind	Baa2	BBB	$1,500	29	11/1/54	5.700%	100
2/9/21	EA	ind	Baa1	BBB+	$750	30	2/15/51	2.950%	102
9/8/25	DUK	util	Baa2	BBB	$750	30	9/15/55	5.700%	103
8/16/21	NSC	ind	Baa1	BBB+	$600	30	8/25/51	2.900%	103

On the utility front, ATO and WEC ranked on multi-year low spread tables in their respective tenors against other utility tranches.

ATO ties for the 2nd lowest utility spread on a 30yr back to 2009. ATO becomes the 4th utility in a month and a half to price a T+77 or T+75.

2009-25 30yr UTIL LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
9/15/25	AEE	util	A1	A	$350	30	3/1/55	5.625%	75
9/3/25	EXC	util	Aa3	A	$525	30	9/15/55	5.650%	75
1/29/18	BRKHEC	util	Aa2	A+	$700	31	8/1/48	3.650%	75
1/7/13	PEG	util	A1	A-	$400	30	1/1/43	3.800%	75
9/18/25	ATO	util	A2	A-	$600	30	1/15/56	5.450%	77
8/6/25	PPL	util	A1	A+	$500	30	8/15/55	5.550%	77
3/2/21	PEG	util	Aa3	A	$450	30	3/15/51	3.000%	77
2/15/18	EXC	util	Aa3	A-	$325	30	3/1/48	3.900%	77
5/28/14	PEG	util	Aa3	A	$250	30	6/1/44	4.000%	77
5/6/14	XEL	util	Aa3	A	$300	30	5/15/44	4.125%	77
3/10/14	SRE	util	Aa2	A+	$250	30	3/15/44	4.450%	77
3/3/14	XEL	util	A1	A	$300	30	3/15/44	4.300%	77

WEC also ranks in the top 5 for 5y utilities back through 2022:

2022-25 UTIL 5yr LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
11/14/24	SPSP	yutil	Aa1	AA+	$700	5	11/21/29	4.625%	45
7/2/25	KORGAS	yutil	Aa2	AA	$500	5	7/10/30	4.250%	47
12/2/24	WEC	util	A2	A-	$300	5	12/1/29	4.550%	48
9/18/25	WEC	util	A2	A-	$500	5	10/15/30	4.150%	50
1/2/25	DUK	util	Aa3	A	$400	5	3/15/30	4.850%	50
12/2/24	SO	util	A3	A	$600	5	3/15/30	4.550%	52
11/8/24	ONCRTX	util	A2	A+	$550	5	11/1/29	4.650%	52

Here's today's rundown:

[AT&T 4-PT]

AT&T Inc “T” (Baa2/BBB/BBB+ s/s/n) US$5bn SEC registered 4-part sr notes (7y FXD due 11/1/32, 10y FXD due 11/1/35, 20y FXD due 11/1/45 and 29y FXD due 11/1/54). MWC then 2mo par call on 7y, 3mos on 10y, 6mos on 20y and 6mos on 29y. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Wrapper. UOP: The Company intends to use the net proceeds from this offering for general corporate purposes, which may include upcoming debt maturities and pending acquisitions. Pricing 9/18. Settle 9/24 (T+4). CUSIP: 7y: 00206RNB4, 10y: 00206RNC2, 20y: 00206RND0, 29y: 00206RNE8.

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

Announced with benchmark size, final size came in at $5bn with price progression as follows:

7yr - IPT T+100 area; GDNC T+70#; PXD $1.15bn 4.55% 11/1/32 99.910 4.564% T+70. MW+15.

10yr - IPT T+112.5 area; GDNC T+82#; PXD $1.25bn 4.90% 11/1/35 99.693 4.938% T+82. MW+15.

20yr - IPT T+120 area; GDNC T+87.5#; PXD $1.1bn 5.55% 11/1/45 99.667 5.577% T+87.5. MW+15.

29yr - IPT T+130 area; GDNC T+100#; PXD $1.5bn 5.70% 11/1/54 99.484 5.736% T+100. MW+15.

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

-T 4.700% due 08/15/30 T+60bp (G61; $101.83) - $1bn pxd 05/28/25 +65
-T 2.250% due 02/01/32 T+37bp (G66; $87.73) - $2.5bn pxd JUL 2020
-T 2.550% due 12/01/33 T+60bp (G74; $85.39) - $3.74bn pxd AUG 2021
-T 5.400% due 02/15/34 T+64bp (G78; $104.29) - $2.75bn pxd MAY 2023
-T 5.375% due 08/15/35 T+80bp (G82; $103.45) - $1.25bn pxd 05/28/25 +90
-T 3.500% due 06/01/41 T+66bp (G90; $80.42) - $2.5bn pxd MAY 2020
-T 4.750% due 05/15/46 T+92bp ($89.43) - $3.5bn pxd APRL 2015
-T 3.650% due 06/01/51 T+95bp ($72.69) - $3bn pxd MAY 2020
-T 3.500% due 09/15/53 T+96bp ($69.47) - $7.49bn pxd AUG 2021
-T 3.550% due 09/15/55 T+101bp ($68.79) - $7.49bn pxd AUG 2021
-T 6.050% due 08/15/56 T+102bp ($104.18) - $1.25bn pxd 05/28/25 +110

*** 29yr: Recent ‘56 T+102, take away 2bp for ‘56/’54 curve get f/v to T+100bp. At the T+100bp pricing level, 29yr CONCESSION IS FLAT.

*** 20yr: 29y f/v at T+100, take away 10bp for IPT curve gets f/v to T+90bp. At the T+87.5bp pricing level, 20yr CONCESSION IS NEG 2.5BP.

*** 10yr: Aug ‘35 G82, call f/v at T+82bp. Also 20y fv at T+90, take away 7.5bp for IPT curve gets f/v to T+82bp. At the T+82bp pricing level, 10yr CONCESSION FLAT.

*** 7yr: 10y f/v at T+82, take away 12.5bp gets f/v to T+70bp. At the T+70bp pricing level, 7yr CONCESSION IS FLAT.

COMPS AWAY:

Verizon Communications (Baa1/BBB+/A-)
-VZ 3.150% due 03/22/30 T+52bp (G55; $95.77) - $1.5bn pxd MAR 2020
-VZ 2.355% due 03/15/32 T+43bp (G72; $87.85) - $4.63bn pxd MAR 2022
-VZ 5.250% due 04/02/35 T+84bp (G89; $102.26) - $2.25bn pxd MAR 2025
-VZ 3.400% due 03/22/41 T+66bp (G91; $79.70) - $3.75bn pxd MAR 2021
-VZ 3.875% (green) due 03/01/52 T+82bp ($77.06) - $1bn pxd FEB 2022
-VZ 5.500% (green) due 02/23/54 T+84bp ($99.20) - $1bn pxd FEB 2024

T-Mobile USA Inc (Baa2/BBB/BBB+)
-TMUS 4.200% due 10/01/29 T+47bp (G53; $100.25) - $700m pxd SEPT 2024
-TMUS 3.875% due 04/15/30 T+66bp (G68; $98.16) - $7bn pxd APRL 2021
-TMUS 5.125% due 05/15/32 T+70bp (G74; $103.18) - $1.25bn pxd MAR 2025
-TMUS 5.300% due 05/15/35 T+85bp (G89; $102.58) - $1bn pxd MAR 2025
-TMUS 5.875% due 11/15/55 T+100bp ($102.25) - $1.25bn pxd MAR 2025

FINAL BOOKS:

$1.15bn 7yr - $4.300bn (3.74x) - PEAK $7.000bn

$1.25bn 10yr - $4.500bn (3.60x) - PEAK $7.200bn

$1.1bn 20yr - $4.800bn (4.36x) - PEAK $8.500bn

$1.5bn 29yr - $5.400bn (3.60x) - PEAK $8.400bn

[UBS GROUP]

UBS Group AG (UBS) exp A2/A-/A US$5bn 144A/Reg S 5-part TLAC sr notes (4.25nc3.25 fixed to float and/or FRN due 12/23/29, 6nc5 fixed to float and/or FRN due 9/23/31 and 11.5nc10.5 fixed to float due 3/23/37). Floating rate commencement dates: 12/23/28, 9/23/30, 3/23/36. Optional Redemption: Par Call: 1 year prior to maturity. Special Redemption: At the Issuer's option at par upon a Tax Event or Ineligibility Event, as defined and more particularly described in Condition 6(b) (Redemption and Purchase – Early Redemption due to a Tax Event) and Condition 6(e) (Redemption and Purchase – Early Redemption due to Ineligibility Event) in the General Terms and Conditions in the Base Prospectus (as defined below) (the "General Terms and Conditions"). The Early Redemption Date being any Business Day (as defined in each Pricing Supplement (as defined below)) following the Tax Event or Ineligibility Event, subject to the Issuer giving not less than 10 and not more than 35 days' prior notice. Denoms: USD 200k x USD 1k. Sales into Canada: Yes - Exemption. Exchange: SIX Swiss Exchange. Pricing 9/18. Settle 9/23 (T+3).

VIA UBS sole books.

Announced as benchmark, final size came in at $5bn with price progression as follows:

4.25nc3.25 FRN – IPT Seqv; GDNC S+84#; PXD $700m 12/23/29 FRN at SOFR+84, at 100.
4.25nc3.25 FTF – IPT T+90-95; GDNC 60#; PXD $1.25bn 4.151% 12/23/29 100.00 4.151% T+60. Back-end: SOFR+84.
6nc5 FRN - IPT Seqv; GDNC S+106#; PXD $300m 9/23/31 FRN at SOFR+106, at 100.
6nc5 FTF – IPT T+105a; GDNC 73#; PXD $1bn 4.398% 9/23/31 100.00 4.398% T+73. Back-end: SOFR+106.
11.5nc10.5 FTF – IPT T+120a; GDNC 90#; PXD $1.75bn 5.010% 3/23/37 100.00 5.010% T+90. Back-end: SOFR+134.

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

- UBS 6.246% due 09/22/28 (nc 28) T+69bp (G69; $105.67) - $1.5bn pxd SEPT 2023
- UBS 5.617% due 09/13/30 (nc 29) T+67bp (G73; $104.73) - $1.75bn pxd MAY 2024
- UBS 4.194% due 04/01/31 (nc 30) T+76bp (G79; $99.14) - $3.0bn pxd MAR 2020
- UBS 5.580% due 05/09/36 (nc 35) T+90bp (G92; $105) - $1.75bn pxd 5/6/25 +128

**11.5nc10.5yr – working off the most recent UBS May 36nc35 at G92; we heard just a smidge of curve was added for T+93bp f/v. At the T+90bp pricing level, 11.5NC10.5YR CONCESSION IS NEG 3BP.

** 6nc5 – 11.5nc10n5 f/v T+93bp. Taking off the 15bp differential between the 2 tranches at IPT puts 6nc5 f/v at T+78bp. At the T+73bp pricing level, 6nc5 CONCESSION IS NEG 5BP.

** 4.25nc3.25 – 6nc5 f/v T+78bp; Taking off the 10-15bp differential between the 2 tranches at IPT puts 4.25nc3.25 f/v at T+63-68bp (T+65bp mid). At the T+60bp pricing level, 4.25nc3.25 CONCESSION IS NEG 5BP.

Comps away:

HSBC Holdings (A3/A-/A+)
- HSBC 4.899% due 03/03/29 (nc 28) T+71bp (G70; $101.43) - $1.50bn pxd 2/25/25 +85
- HSBC 5.240% due 05/13/31 (nc 30) T+81bp (G83; $103.15) - $2.25bn pxd 5/8/25 +125
- HSBC 5.790% due 05/13/36 (nc 35) T+92bp (G94; $105.74) - $2.00bn pxd 5/8/25 +140

ING Groep (Baa1/A-/A+)
- INTNED 4.858% due 03/25/28 (nc 28) T+65bp (G64; $101.44) - $750m pxd 3/18/25 +85
- INTNED 5.066% due 03/25/31 (nc 30) T+75bp (G78; $102.62) - $1.0bn pxd 3/18/25 +100
- INTNED 5.525% due 03/25/36 (nc 35) T+90bp (G93; $103.83) - $1.0bn pxd 3/18/25 +125

Morgan Stanley (A1/A-/A+)
- MS 4.994% due 04/12/29 (nc 28) T+60bp (G59; $102.03) - $2.0bn pxd 04/14/25 +113
- MS 5.192% due 04/17/31 (nc 30) T+75bp (G77; $103.18) - $2.5bn pxd 04/14/25 +118
- MS 5.664% due 04/17/36 (nc 35) T+83bp (G86; $105.44) - $3.0bn pxd 04/14/25 +128

FINAL BOOKS:

$700m 4.25nc3.25 - $2.450bn (3.50x) - PEAK $2.900bn

$1.25bn 4.25nc3.25 FTF - $4.150bn (3.32x) - PEAK $6.500bn

$300m 6nc5 - $2.200bn (7.33x) - PEAK $2.600bn

$1bn 6nc5 FTF - $5.500bn (5.50x) - PEAK $8.700bn

$1.75bn 11.5nc10.5 FTF - $7.650bn (4.37x) - PEAK $12.000bn

[CREDIT AGRICOLE]

Credit Agricole SA “ACAFP” (A1/A+/A+) hit the market today with, US$1.5bn 144A/Reg S 8nc7 fixed to floating Senior Non-Preferred Notes due 9/25/33. Optional Redemption Date: 9/25/32. Interest: Fixed Rate Period, interest payable semi-annually in arrears on March 25 and September 25, commencing on March 25, 2026 and ending on the Optional Redemption Date: Semi-Annual; 30/360, Following Business Day Convention, Unadjusted. Floating Rate Period, interest payable quarterly in arrears on each March 25, June 25, September 25 and December 25, commencing on December 25, 2032 and ending on the Maturity Date: Actual/360, Modified Following Business Day Convention, Adjusted. Pricing 9/18. Settle 9/25 (T+5).

VIA CA Securities (USA) as Global Coordinator and sole books. GS/WFS as JLMs (no books).

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

Guidance came in at T+ 97#.

Ultimately, a $1.5bn deal priced as follows:

$1.5bn 4.818% 9/25/33 100.00 4.818% T+97. Back-end: SOFR+136.0.

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

- ACAFP 5.230% due 01/09/29 (nc 28) T+75bp (G74; $102.02) - $1.25bn pxd 01/02/25 +95
- ACAFP 6.316% due 10/03/29 (nc 28) T+76bp (G76; $105.67) - $1.75bn pxd SEPT 2023
- ACAFP 5.335% due 01/10/30 (nc 29) T+65bp (G75; $103.12) - $1.00bn pxd JAN 2024
- ACAFP 5.222% due 05/27/31 (nc 30) T+86bp (G88; $102.92) - $1.75bn pxd 5/19/25 +115
- ACAFP 5.862% due 01/09/36 (nc 35) T+97bp (G102; $105.80) - $1.75bn pxd 1/2/25 +130

** working from the Jan 36nc35 at G102; adding in 3bp for curve puts f/v at T+105bp. 5s/10s curve 17bp; call 7s/10 10bp – which points to T+95bp f/v. At the T+97bp pricing level, CONCESSION IS 2BP.

Comps away:

BNP Paribas (Baa1/A-/A+)
- BNP 5.786% due 01/13/33 (nc 32) T+91bp (G97; $105.56) - $2.25bn pxd 1/6/25 +127

FINAL BOOK:

$1.5bn 8nc7 - $4.90bn (3.27x) - PEAK $6.000BN

[BAT CAPITAL CORP]

BAT Capital Corp “BATSLN” (Baa1/BBB+/BBB+) hit the market today with US$750m SEC registered long 7y global sr notes due 3/22/33. MWC then 2mos par call. Guarantors: British American Tobacco p.l.c., B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V., Reynolds American Inc. Parent Guarantor Ratings: Baa1 (stable) / BBB+ (stable) / BBB+ (stable). Denoms: $2k x $1k. Governing Law: State of New York. Listing: NYSE. Sale into Canada: Yes, via exemption. UOP: General corporate purposes, including the potential repayment of existing indebtedness. Pricing 9/18. Settle 9/22 (T+2). CUSIP: 054989AF5. ISIN: US054989AF54.

VIA Barc (B&D)/BBVA/Lloyds/Sant joint active books. Passive: BoC/Commerz/SMBC.

Announced with benchmark size, we heard initial thoughts as T+115a.

The deal went straight to launch - $750m L7yr at T+85bp

PXD: $750m 4.625% 3/22/33 99.487 4.707% T+85. MW+15.

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

- BATSLN 6.343% due 08/02/30 T+73bp (G74; $108.6) - $1.00bn pxd JULY 2023
- BATSLN 5.834% due 02/20/31 T+85bp (G82; $106.13) - $850m pxd FEB
- BATSLN 5.350% due 08/15/32 T+82bp (G84; $103.89) - $1bn pxd 3/11/25 +120
- BATSLN 5.625% due 08/15/35 T+96bp (G98; $104.25) - $1bn pxd 3/11/25 +135

* Aug 35s G98; + 2bp curve to get to a Mar ’36 maturity = T+100bp. Minus 15bp 7s/10s = T+85bp. At the T+85bp pricing level, CONCESSION IS FLAT.

FYI, some also felt you could add some curve to the ‘32s - which would get you to T+86-87 f/v (neg 1-2bp NIC). But most seemed to agree L10yr f/v minus 15bp 7s/10s was the “cleaner” way to go.

Comps away:

Altria Group (A3/BBB+/BBB)
- MO 4.500% due 08/06/30 T+72bp (G73; $100.49) - $500m pxd 8/4/25 +85
- MO 6.875% due 11/01/33 T+73bp (G90; $113.22) - $500m pxd OCT 2023
- MO 5.625% due 02/06/35 T+94bp (G101; $104.20) - $500m pxd 2/4/25 +117
- MO 5.250% due 08/06/35 T+99bp (G101; $101.16) - $500m pxd 8/4/25 +112

Imperial Brands Finance PLC (Baa2/BBB/BBB)
- IMBLN 5.500% due 02/01/30 T+ 80bp (G84; $104.2) - $1.25bn pxd JUN 2024
- IMBLN 5.875% due 07/01/34 T+113bp (G125; $104.7) - $750m pxd JUN 2024
- IMBLN 5.625% due 07/01/35 T+120bp (G123; $102.7) - $850m pxd 6/4/25 +140

Phillip Morris Intl Inc (A2/A-/A)
- PM 4.375% due 04/30/30 T+53bp (G55; $100.72) - $750m pxd 4/28/25 +75
- PM 4.750% due 11/01/31 T+67bp (G58; $102.4) - $750m pxd OCT 2024
- PM 5.625% due 09/07/33 T+56bp (G75; $106.15) - $1.0bn pxd SEPT 2023
- PM 4.875% due 04/30/35 T+71bp (G76; $100.43) - $600m pxd 4/28/25 +93

FINAL BOOKS:

$750m L7yr - $4.10bn (5.47x) - PEAK $4.800BN

[FERGUSON ENTERPRISES INC]

Ferguson Enterprises Inc “FERG” (Baa1/BBB+ s/s) US$750m SEC registered L5y sr unsec notes due 3/15/31. Guarantor: Ferguson UK Holdings Limited. MWC then 1 mos par call. 101 CoC. UoP: gcp, which may include the repayment of existing indebtedness. Sale into Canada: Yes - Exemption. Denoms: 2,000 x 1,000. CUSIP: 31488VAB3; ISIN:US31488VAB36. Pricing 9/18. Settle 9/22 (T+2).

VIA Barc/JPM(B&D)/SMBC joint active books.

Announced with benchmark size, we heard initial thoughts as T+100 area.

Went straight to launch at $750m L5y at T+70.

Ultimately, a $750m deal priced as follows:

$750m 4.35% 3/15/31 99.914 4.368% T+70. MW+15.

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

-FERG 5.000% due 10/03/34 T+81bp (G90; $100.63) - $750m pxd OCT 2024

*** Oct ‘34 add 3bp for ‘34/’35 curve gets new issue 10y at 93bp. Add another 2bp gets new issue L10y at 95bp. Take away 25bp for 10s/5s curve gets f/v to T+70bp. At the T+70bp pricing level, CONCESSION IS FLAT.

COMPS AWAY:

Ferguson Finance PLC (Baa1/BBB+)
-FERGLN 4.250% due 04/20/27 T+80bp (G78; $99.82) - $300m pxd APRL 2022
-FERGLN 3.250% due 06/20/30 T+82bp (G83; $94.82) - $600m pxd MAY 2020

WW Grainger Inc (A2/A+)
-GWW 4.450% due 09/15/34 T+48bp (G56; $99.04) - $500m pxd SEPT 2024
-GWW 4.200% due 05/15/47 T+78bp ($84.09) - $400m pxd MAY 2017

Home Depot Inc (A2/A/A)
-HD 4.875% due 06/25/27 T+25bp (G23; $101.71) - $1bn pxd JUN 2024
-HD 3.750% due 09/15/28 T+28bp (G28; $99.80) - $500m pxd 09/08/25 +30
-HD 3.950% due 09/15/30 T+42bp (G42; $99.43) - $500m pxd 09/08/25 +45
-HD 4.650% due 09/15/35 T+60bp (G60; $99.62) - $1bn pxd 09/08/25 +63
-HD 5.300% due 06/25/54 T+67bp ($98.80) - $1.5bn pxd JUN 2024

Carrier Global Corp (Baa1/BBB+)
-CARR 2.700% due 02/15/31 T+67bp (G63; $92.23) - $750m pxd NOV 2020
-CARR 5.900% due 03/15/34 T+68bp (G82; $107.58) - $997m pxd JAN 2024
-CARR 6.200% due 03/15/54 T+81bp ($109.60) - $995m pxd JAN 2024

Lowe’s Cos Inc (Baa1/BBB+)
-LOW 1.700% due 09/15/28 T+48bp (G48; $93.53) - $1bn pxd SEPT 2021
-LOW 5.150% due 07/01/33 T+47bp (G67; $103.67) - $1bn pxd MAR 2023
-LOW 5.750% due 07/01/54 T+96bp ($101.07) - $500m pxd MAR 2023

Owens Corning (Baa1/BBB/BBB+)
-OC 5.500% due 06/15/27 T+52bp (G50; $102.29) - $500m pxd MAY 2024
-OC 5.700% due 06/15/34 T+78bp (G90; $105.67) - $800m pxd MAY 2024
-OC 5.950% due 06/15/54 T+96bp ($103.92) - $700m pxd MAY 2024

Roper Technologies Inc (Baa2/BBB+)
-ROP 4.250% due 09/15/28 T+53bp (G53; $100.49) - $500m pxd 08/07/25 +55
-ROP 4.450% due 09/15/30 T+65bp (G65; $100.64) - $500m pxd 08/07/25 +70
-ROP 5.100% due 09/15/35 T+82bp (G83; $101.41) - $1bn pxd 08/07/25 +90

FINAL BOOK:

$750m L5yr - $3.700bn (4.93x) - PEAK $4.750bn

[ATMOS ENERGY CORP]

Atmos Energy Corp (ATO) exp A2/A- US$600m (no grow) SEC registered long 30y sr notes due 1/15/56. MWC then 6mos par call. Coupon: Fixed, short first Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exeemption. UOP: gcp. Pricing 9/18. Settle 10/1 (T+9). CUSIP: 049560BE4. ISIN: US049560BE44.

VIA BNP/CACIB/Miz/USB (B&D) joint active books.

Announced as $600m no grow, we heard initial price thoughts as T+105 area.

Went straight to launch at T+77.

Ultimately, a $600m deal priced as follows:

$600m 5.45% 1/15/56 99.422 5.490% T+77. MW+15.

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

-ATO 5.200% due 08/15/35 T+72bp (G74; $103) - $500M pxd 6/16/25 +80
-AT0 5.000% due 12/15/54 T+74bp ($94) - $650M pxd Sep 2024

** Outstanding Dec 54s T+74; no curve, new issue f/v is T+74bp. (3bp nic)

Another way to look at it is using the more recently priced 35s plus 10s/30s curve:

Aug 35s G74; plus 5-7bp utility 10s/30s curve = T+80bp f/v. (neg 3bp nic)

Splitting between the two, at the T+77bp pricing level, CONCESSION IS FLAT.

Comps away:

Wisconsin Electric Power (A2/A-/A+)
-WEC 5.050% due 10/01/54 T+78bp ($95) - $300M pxd Sep 2024

Baltimore Gas & Electric (A3/A)
-EXC 5.650 06/01/54 T+78bp ($103) - $400M pxd Jun 2024

Southwest Gas Corp (Baa1/BBB/A-)

-SWX 3.180% due 08/15/51 T+75bp ($69) - $300M pxd Aug 2021

FINAL BOOKS:

$600m L30yr - $3.600bn (6.00x) - PEAK $4.500bn

[WISCONSIN ELECTRIC POWER]

Wisconsin Electric Power Co “WEC” (A2/A-/A+ s/s/s) US$500m SEC registered 5y FXD sr notes due 10/15/30. MWC then 1mo par call. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Prohibited sales: Hong Kong and Mainland China. UOP: To repay short-term debt and for other general corporate purposes. Pricing 9/18. Settle 9/25 (T+5). CUSIP/ISIN: 976656CU0 / US976656CU00.

VIA BMO (B&D)/GS/Key/MS/PNC/USB joint active books.

Announced with $500m size, we heard initial thoughts as T+80 area.

Went straight to launch at $500m 5y at T+50.

Ultimately, a $500m deal priced as follows:

$500m 4.15% 10/15/30 99.916 4.168% T+50. MW+10.

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

-WEC 5.000% due 05/15/29 T+30bp (G38; $103.45) - $350m pxd MAY 2024
-WEC 4.600% due 10/01/34 T+48bp (G58; $100.16) - $300m pxd SEPT 2024
-WEC 5.050% due 10/01/54 T+80bp ($93.21) - $300m pxd SEPT 2024

Wisconsin Public Service Corp (A2/A-)
-WEC 4.550% due 12/01/29 T+38bp (G42; $101.91) - $300m pxd DEC 2024

We heard the main comp was recently priced Alabama Power:

Alabama Power Co (A1/A/A+)
-SO 4.300% due 03/15/31 T+54bp (G51; $100.47) - $500m pxd 09/02/25 +60
-SO 5.100% due 04/02/35 T+64bp (G72; $102.59) - $500m pxd MAR 2025

*** SO Mar ‘31 G51, take away 1bp gets new issue SO 5y at 50bp. The two names should trade about flat to each other, call f/v at T+50bp. At the T+50bp pricing level, CONCESSION IS FLAT.

NSTAR Electric (A2/A-/A)
-ES 4.850% due 03/01/30 T+53bp (G56; $102.61) - $400m pxd FEB 2025
-ES 5.200% due 03/01/35 T+75bp (G81; $102.55) - $400m pxd FEB 2025

AEP Transmission Co LLC (A2/BBB+/A)
-AEP 5.375% due 06/15/35 T+79bp (G83; $103.60) - $425m pxd 05/12/25 +100

Georgia Power Co (A3/A/A)
-SO 4.850% due 03/15/31 T+60bp (G55; $102.82) - $500m pxd FEB 2025
-SO 5.200% due 03/15/35 T+72bp (G80; $102.71) - $700m pxd FEB 2025

Baltimore Gas & Electric Co (A3/A)
-EXC 5.450% due 06/01/35 T+76bp (G80; $104.38) - $650m pxd 05/13/25 +98

Jersey Central Power & Light Co (A3/BBB/A)
-FE 4.400% due 01/15/31 T+70bp (G67; $100.18) - $500m pxd 09/02/25 +70
-FE 5.150% due 01/15/36 T+83bp (G82; $101.71) - $500m pxd 09/02/25 +90

FINAL BOOK:

$500m 5yr - $2.700bn (5.40x) - PEAK $3.250bn

[FS KKR CAPITAL]

FS KKR Capital Corp (FSK), exp Baa3/BBB-/BBB (n/n/s) by Moody's/Fitch/Kroll, US$400m SEC registered long 5y FXD sr notes due 1/15/31. MWC then 1mo par call. 100 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes, exemption. UOP: general corporate purposes including the repayment of outstanding indebtedness. Pricing 9/18. Settle 9/25 (T+5). CUSIP / ISIN: 302635AQ0 / US302635AQ03.

VIA BofA (B&D)/BMO/ING/JPM/KKR/SMBC/TSI joint active books.

Announced as a benchmark, the rumored size was $300m-400m with an IOIs of roughly $200m. We heard initial price thoughts as T+287.5 area.

Went straight to launch at $400m L5y at T+270.

Ultimately, a $400m deal priced as follows:

$400m 6.125% 1/15/31 98.971 6.359% T+270. MW+45.

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

-FSK 6.875% due 08/15/29 T+245bp (G252; $103) - $600M pxd May 2024
-FSK 6.125% due 01/15/30 T+241bp (G245; $100) - $700M pxd Nov 2024

** Outstanding FSK Jan 30s G245; plus 10-15bp for curve (on the higher side since FSK has two negative watch) = T+255-260bp f/v. At the T+270bp pricing level, MID-POINT CONCESSION IS 12.5BP.

Comps away:

Ares Capital Corp (Baa2/BBB/BBB)
-ARCC 5.500% due 09/01/30 T+146bp (G146; $102) - $750M pxd 05/27/25 +175
-ARCC 5.100% due 01/15/31 T+158bp (G155; $99) - $650M pxd 09/02/25 +160

Blackstone Private Credit (Baa2/BBB-/N/A)
-BCRED 5.050% due 09/10/30 T+158bp (G158; $99) - $500M pxd 09/03/25 +160

Blue Owl Capital Corp (Baa3/BBB-/BBB)
-OBDC 6.200% due 07/15/30 T+173bp (G174.183; $103) - $500M pxd 05/12/25 +235

Golub Capital Capital Fund (Baa3/BBB-/N/A)
-GCRED 5.875% due 05/01/30 T+180bp (G192; $102) - $500M exch. 05/13/25

Barings Bdc Inc (Baa3/N/A/BBB-)
-BBDC 5.200% due 09/15/28 T+192bp (G208; $99) - $300M pxd 09/08/25 +200
-BBDC 7.000% due 02/15/29 T+208bp (G164; $104) - $300M pxd Feb 2024

FINAL BOOKS:

$400m L5yr - $831m (2.08x) - PEAK $900m

[NORTH HAVEN PRIVATE INCOME FUND]

North Haven Private Income Fund LLC (NHPIFS), exp Baa3/BBB-/BBB (s/s/s) by Moody's/Fitch/KBRA, US$300m (no grow) 144A/Reg S with reg rights 3y FXD sr notes due 9/25/28. MWC then 1mo par call. 100 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: to repay indebtedness (which may include the ING Facility, the Wells Funding Facility, the CBNA Funding Facility and the JPM Funding Facility (each as defined in the (Preliminary) Offering Memorandum)), make investments in portfolio companies and general corporate purposes. Marketing: www.netroadshow.com/nrs/home/#!/?show=43f838f2. Pricing 9/18. Settle 9/25 (T+5). 144A CUSIP: 65960NAC4. 144A ISIN: US65960NAC48

VIA BNP/ING/JPM/SMBC/WFS (B&D) joint active books.

Announced as $300m no grow, we heard initial price thoughts as T+210 area.

Went straight to launch at T+183.

Ultimately, a $300m deal priced as follows:

$300m 5.125% 9/25/28 99.294 5.383% T+183. MW+30.

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

-NHPIFS 5.750% due 02/01/30 T+196bp (G200; $100.65) - $300M exchange Mar 25

** Outstanding Feb 30s G200; plus curve, new 5y f/v is T+205bp; then take off 20-25 3s/5s curve, call f/v T+183bp. At the T+183bp pricing level, CONCESSION IS FLAT.

Morgan Stanley Direct (Baa3/N/A/BBB-)
-MSDL 4.500% due 02/11/27 T+113bp (G109; $99.79) - $364M pxd Jun 2022
-MSDL 6.150% due 05/17/29 T+137bp (G145; $103.77) - $347M pxd Jan 2025
-MSDL 6.000% due 05/19/30 T+166bp (G168; $102.92) - $350M pxd 05/12/25 +215

Apollo Debt Solutions BDC (N/A/BBB-/BBB-)
-APODS 6.900% due 04/13/29 T+155bp (G164; $105.47) - $998M pxd Feb 2025
-APODS 5.875% due 08/30/30 T+179bp (G180; $101.94) - $400M pxd 07/14/25 +190

Blackstone Private Credit (Baa2/BBB-/N/A)
-BCRED 5.050% due 09/10/30 T+155bp (G155; $99.5) - $500M pxd 09/03/25 +160

Ares Strategic Income Fund (Baa3/BBB-/BBB-)
-ARESSI 4.850% due 01/15/29 T+156bp (G154; $99.37) - $600M pxd 09/08/25 +160
-ARESSI 5.150% due 01/15/31 T+179bp (G176; $98.84) - $500M pxd 09/08/25 +185

Golub Capital Private Capital Fund (Baa3/BBB-/N/A)
-GCRED 5.450% due 08/15/28 T+166bp (G166; $100.74) - $500M pxd 07/16/25 +183
-GCRED 5.875% due 05/01/30 T+182bp (G184; $101.74) - $500M exch. 05/13/25

HPS Corporate Lending Fund (Baa3/BBB-/N/A)
-HLEND 4.900% due 09/11/28 T+145bp (G145; $99.86) - $600M pxd 09/04/25 +155
-HLEND 5.450% due 11/15/30 T+180bp (G178; $100.14) - $500M pxd 09/04/25 +183

Sixth Street Lending Par (Baa3/BBB-/BBB-)
-SIXSLP 6.125% due 07/15/30 T+166bp (G167; $103.52) - $750M pxd Jan 2025

Blue Owl Credit Income (N/A/BBB-/BBB-)
-OCINCC 6.600% due 09/15/29 T+170bp (G176; $104.48) - $899M exch. 04/01/25
-OCINCC 5.800% due 03/15/30 T+175bp (G178; $101.69) - $998M exch. 04/01/25

Goldman Sachs Private Credit (Baa3/N/A/BBB-)
-GSCRED 5.875% due 05/06/28 T+161bp (G160; $101.8) - $400M pxd 04/29/25 +225
-GSCRED 6.250% due 05/06/30 T+194bp (G196; $102.76) - $600M pxd 04/29/25 +250

Oaktree Strategic Credit (Baa3/N/A/BBB-)
-OAKSCF 8.400% due 11/14/28 T+176bp (G176; $108.79) - $348M pxd Sep 2024
-OAKSCF 6.190% due 07/15/30 T+207bp (G208; $102.07) - $400M pxd 07/08/25 +220

FINAL BOOKS:

$300m 3yr - $1.350bn (4.50x) - PEAK $1.500bn

[RETAIL PRICED]

Rithm Capital Corp (RITM), non-rated, $190m (upsized from US$100m) (7.6m $25 par securities) SEC registered Series E Fixed-Rate Cumulative Redeemable PerpNC5 Preferred Stock. MS (Physical)/JPM/RBC/UBS/WFC/BTIG/Citi/GS/PIPER joint books. Co-Managers: Janney, Lucid, Wedbush. Redemption: (i) In whole or in part, at any time or from time to time, on or after November 15, 2030, at par, or (ii) upon the occurrence of a Change of Control, at par; see 'Special Optional Redemption' in the red for details. Payment Dates: Quarterly in arrears on the 15th day of each February, May, August and November beginning on February 15, 2026. Conversion Rights: Upon the occurrence of a Change of Control, see 'Conversion Rights' in the red for details. DRD/QDI Eligible: Not eligible. Sales into Canada: Yes. Expected Listing: NYSE. UOP: For investments and general corporate purposes. Pricing 9/18. Settle 9/25 (T+5). CUSIP: 64828T805. ISIN: US64828T8053.

PRICE GUIDANCE: 8.75-8.875% (Fixed for Life).

RVSD GUIDANCE: 8.75%#.

UPSIZED/LAUNCHED: $190m PerpNC5 at 8.75%.

PRICED: $190m, 8.75% at par.

[NEW MANDATES & MARKETING]

SBL Holdings, Inc. (“SBLH” or the “Company”), the parent company of Security Benefit Life Insurance Company, has asked RBC Capital Markets, BNP PARIBAS, and BofA Securities to arrange a series of fixed income investor calls for Thursday, September 18, 2025.

A senior notes offering by SBLH in 144A / Reg S (without registration rights) format and with expected security ratings of BBB- / BBB- by S&P / Fitch may follow, subject to market conditions. A NetRoadshow presentation with recorded audio, as well as a preliminary offering circular, will be made available in connection with the marketing. The anticipated use of proceeds of the offering will be as stated in the preliminary offering circular.

RBC Capital Markets will be coordinating logistics.

Company Representatives:

Doug Wolff – Chief Executive Officer

Joseph Wittrock – Chief Investment Officer

Brian Beckett – Chief Financial Officer

Rui Guo – Chief Actuary and Chief Product Officer

Investor Call Schedule (Thursday, September 18, 2025):

Call 1: 1:00 – 1:45PM ET / 12:00 – 12:45PM CT

Registration Link:

https://www.netroadshow.com/events/login/LE9zwo3jGUkqpumKXua74JUWUflLUOHkFxH

Call 2: 2:00 – 2:45PM ET / 1:00 – 1:45PM CT

Registration Link

https://www.netroadshow.com/events/login/LE9zwo49ltuZHaHuRw6qwW9newYnuzMQN1k

NetRoadshow Access Details:

Access Link: www.netroadshow.com with Entry Code SBLH2025

Direct Link: www.netroadshow.com/nrs/home/#!/?show=5b3bb45c

About Security Benefit

SBL Holdings, Inc. (“Security Benefit”), through its subsidiary Security Benefit Life Insurance Company (SBLIC), a Kansas-domiciled insurance company that has been in business for 133 years, is a leader in the U.S. retirement market. Security Benefit together with its affiliates offers products in a full range of retirement markets and wealth segments for employers and individuals and held $57.6 billion in assets under management as of June 30, 2025. Security Benefit, an Eldridge Industries business, continues its mission of helping Americans To and Through Retirement®.

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