Commentary & Deal Flow

CFR CREDIT CLOSE: 9 Deals/$17.250bn Put Sept ’25 Above Avg Estimate

Front-loaded chatter on Friday had us thinking today would be another double-digit-deal Monday, but the 9 trades that DID pop up totaled a substantial $17.250bn – enough to put September ABOVE ITS AVERAGE ESTIMATE!  Meanwhile, it seems like Tuesday could sport a similar deal count, with 8 investor calls held today. There was also at least one or two stand downs today. We think around 8 banks had one stand down each.

As for September, IG supply surpassed the estimate today, and now needs $23.266bn to set a new record.

The week now needs only $13.233bn to hit its average estimate.

Here’s the recent investor call list:

Notables today include the following:

KOROIL's 3s/5s tranches both priced at T+50bp, landing a 0bp 3s/5s curve. It ties several other deals in 2020. Before then, the lowest was -3 from Sep 2016.

With its return to the IG scene, RCL priced with one of the largest single tranche corp deals over the past couple years.

CBAAU priced with the lowest Yankee FIG spread for a 5yr looking back through 2022. It also ranks looking back to 2009 which was dominated by 2021 issuers.

KOROIL's 3yr and 5yr priced with some of the lowest coupons ytd.

The 3yr ties for second behind only HD on 9/8:

The 5y makes it into the top 5, with CBAAU right behind as well.

Looking at BBBs, the Dell 3yr ties for the lowest coupon back through 2023:

AER's 5yr also makes it in the top 5 for BBB lowest coupons ytd:

Here's today's rundown:

[BROADCOM] 

Broadcom Inc (AVGO) exp A3/A-/BBB+ (p/p/p) US$5bn SEC registered 3-part sr notes (5y FXD due 10/15/30, long 10y FXD due 2/15/36 and long 12y FXD due 2/15/38). MWC then 1mo par call on 5y, 3mos on L10y and 3mos on L12y. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Governing Law: State of New York. UOP: the Company intends to use the net proceeds from the sale of the notes for general corporate purposes and for the repayment of debt. Pricing 9/22. Settle 9/29 (T+5). CUSIP: 5y: 11135FCW9, L10y: 11135FCY5, L12y: 11135FCX7. ISIN: 5y: US11135FCW95, L10y: US11135FCY51, L12y: US11135FCX78. 

VIA BNP (B&D on 5y)/BofA (B&D on L10y and L12y)/JPM joint active books.

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

5YR – IPT T+85a; GDNC 53#; PXD $1bn 4.20% 10/15/30 99.858 4.231% T+53. MW+10.
L10yr – IPT T+100a; GDNC 68#; PXD $2.25bn 4.80% 2/15/36 99.787 4.827% T+68. MW+15.
L12yr – IPT T+110a; GDNC 78#; PXD $1.75bn 4.90% 2/15/38 99.757 4.927% T+78. MW+15.

AVGO was upgraded today by Moody’s and Fitch, with S&P raising the rating on 09/17:

Moody’s: Upgraded from BBB to BBB+ today.
S&P: Upgraded from BBB+ to A-minus on 09/17.

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

- AVGO 5.050% due 07/12/27 T+40bp (G40; $101.77) - $1.25bn pxd JUL 2024
- AVGO 4.800% due 04/15/28 T+44bp (G43; $101.88) - $1.10bn pxd 1/6/25 +53
- AVGO 5.050% due 07/12/29 T+43bp (G51; $103.21) - $2.25bn pxd JUL 2024
- AVGO 4.600% due 07/15/30 T+49bp (G50; $101.83) - $1.75bn pxd 7/7/25 +68
- AVGO 4.900% due 07/15/32 T+58bp (G61; $102.55) - $1.75bn pxd 7/7/25 +78
- AVGO 5.200% due 07/15/35 T+65bp (G68; $103.21) - $2.50bn pxd 7/7/25 +85
- AVGO 3.500% due 02/15/41 T+50bp vs 20yr; (G76; $82.00) - $3.0bn pxd Jan 2021

L10yr – AVGO Jul ‘35s G68; Call f/v T+70bp; At the T+68bp pricing level, L10YR CONCESSION IS NEG 2BP.
L12yr – L10yr f/v T+70bp + 10bp 10s/12s curve at IPT = T+80bp.  At the T+78bp pricing level, L12YR CONCESSION IS NEG 2BP.
5yr – L10yr f/v T+70bp minus 15bp 5s/10s at IPT = T+55bp.  At the T+53bp pricing level, 5YR CONCESSION IS NEG 2BP.

Comps away:

QUALCOMM Inc (A2/A)
- QCOM 4.500% due 05/20/30 T+35bp (G37; $101.95) - $500m pxd 5/19/25 +45
- QCOM 4.750% due 05/20/32 T+44bp (G48; $102.22) - $400m pxd 5/19/25 +60
- QCOM 5.000% due 05/20/35 T+56bp (G60; $102.30) - $600m pxd 5/19/25 +67

Analog Devices (A2/A-/A)
- ADI 4.250% due 06/15/28 T+36bp (G35; $100.83) - $850m pxd 06/12/25 +40
- ADI 4.500% due 06/15/30 T+44bp (G46; $101.59) - $650m pxd 06/12/25 +55
- ADI 5.050% due 04/01/34 T+35bp (G49; $103.92) - $550m pxd APR 2024 

FINAL BOOKS:

$1bn 5yr - $5.50bn (5.50x) - PEAK $7.00BN
$2.25bn L10yr - $6.60bn (2.93x) - PEAK $9.40BN
$1.75bn L12yr - $5.50bn (3.14x) - PEAK $7.40BN 

[DELL]

Dell Technologies Inc / EMC Corp “DELL” (Baa2/BBB/BBB s/s/p) US$4.5bn SEC registered 4-part sr notes (long 3y FXD due 2/15/29, long 5y FXD due 2/15/31, 7y FXD due 10/6/32 and long 10y FXD due 2/15/36). MWC then 1mo par call on L3y, 1mo on L5y, 2mos on 7y and 3mos on L10y. 101 CoC. Guarantor: Dell Technologies Inc, Denali Intermediate Inc, Dell Inc. Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. UOP: redeem a portion of the Issuer's outstanding 2026 Notes, and any remaining proceeds for general corporate purposes, which may include the repayment of other debt. Pricing 9/22. Settle 10/6 (T+10). CUSIP: L3y: 24703DBR1, L5y: 24703DBS9, 7y: 24703DBT7, L10y: 24703DBU4. ISIN: L3y: US24703DBR17, L5y: US24703DBS99, 7y: US24703DBT72, L10y: US24703DBU46.

VIA Barc/BNP (B&D on L3y)/BofA (B&D on L10y)/Citi/GS (B&D on 7y)/WFS (B&D on L5y) joint active books. 

Announced with benchmark size, final size came in at $4.5bn with price progression as follows:

L3yr - IPT T+85-90; GDNC T+58#; PXD $750m 4.15% 2/15/29 99.961 4.164% T+58. MW+10.

L5yr - IPT T+105 area; GDNC T+80#; PXD $1.25bn 4.50% 2/15/31 100.00 4.501% T+80. MW+15.

7yr - IPT T+115 area; GDNC T+90#; PXD $1.25bn 4.75% 10/6/32 99.917 4.798% T+90. MW+15.

L10yr - IPT T+125-130; GDNC T+100#; PXD $1.25bn 5.10% 2/15/36 99.633 5.147% T+100. MW+15.

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

-DELL 5.250% due 01/01/28 T+49bp (G48; $102.57) - $1bn pxd JAN 2023
-DELL 4.750% due 04/01/28 T+52bp (G53; $101.53) - $1bn pxd MAR 2025
-DELL 4.350% due 02/01/30 T+65bp (G69; $100.05) - $700m pxd OCT 2024
-DELL 5.000% due 04/01/30 T+66bp (G69; $102.61) - $1bn pxd MAR 2025
-DELL 5.300% due 04/01/32 T+71bp (G77; $103.84) - $1bn pxd MAR 2025
-DELL 5.400% due 04/15/34 T+73bp (G87; $103.59) - $1bn pxd MAR 2024
-DELL 4.850% due 02/01/35 T+88bp (G93; $98.74) - $800m pxd OCT 2024
-DELL 5.500% due 04/01/35 T+90bp (G95; $103.39) - $1bn pxd MAR 2025

*** L10yr: Aprl ’35 G95, add 3bp for ‘34/’35 curve gets f/v to T+98bp. At the T+100bp pricing level, L10yr CONCESSION IS 2BP.

*** 7yr: 10y f/v at T+98, take away 12.5bp for IPT curve = 85bp. Also looking at April ‘32 G77, add 3bp for curve = 80bp. Going midpoint call f/v at T+82. At the T+90bp pricing level, 7yr CONCESSION IS 8BP.

*** L5yr: Aprl ’30 G69, add 6bp for ‘30/’31 curve gets f/v to T+75bp. At the T+80bp pricing level, L5yr CONCESSION IS 5BP.

*** L3yr: Aprl ’28 G53, add 7bp for ‘28/’29 curve gets f/v to T+60bp. At the T+58bp pricing level, L3yr CONCESSION IS NEG 2BP.

Levels on the Aprl ‘28  ranged from G51 to as wide as G56 and some thought nic could have even been more like neg 4bp on the L3y.

COMPS AWAY:

Broadcom Inc (A3/A-/BBB+)
- AVGO 4.600% due 07/15/30 T+49bp (G50; $101.83) - $1.75bn pxd 7/7/25 +68
- AVGO 4.900% due 07/15/32 T+58bp (G61; $102.55) - $1.75bn pxd 7/7/25 +78
- AVGO 5.200% due 07/15/35 T+65bp (G68; $103.21) - $2.50bn pxd 7/7/25 +85

Oracle Corp (Baa2/BBB/BBB)
-ORCL 4.800% due 08/03/28 T+50bp (G50; $101.91) - $1.5bn pxd JAN 2025
-ORCL 5.250% due 02/03/32 T+66bp (G73; $103.76) - $1.25bn pxd JAN 2025
-ORCL 5.500% due 08/03/35 T+85bp (G87; $103.84) - $1.75bn pxd JAN 2025
-ORCL 6.000% due 08/03/55 T+112bp ($101.49) - $1.75bn pxd JAN 2025
-ORCL 6.125% due 08/03/65 T+125bp ($101.54) - $1bn pxd JAN 2025

FINAL BOOKS:

$750m L3yr - $3.350bn (4.47x) - PEAK $4.250bn

$1.25bn L5yr - $4.250bn (3.40x) - PEAK $4.500bn

$1.25bn 7yr - $4.900bn (3.92x) - PEAK $5.000bn

$1.25bn L10yr - $4.700bn (3.76x) - PEAK $5.000bn

[COMMONWEALTH BANK OF AUSTRALIA/COMMONWEALTH BANK OF AUSTRALIA/NY] 

Commonwealth Bank of Australia/Commonwealth Bank of Australia/NY (CBAAU) exp Aa2/AA-/AA- (s/s/p) US$1.5bn 5y FXD/FLOAT 2-part sr notes.  CBA may redeem the 3a2 Notes and 144A/Reg S Notes in whole but not in part for certain tax reasons. Listing: None. UOP: gcp. Pricing 9/22. Settle 10/1 (T+7). CUSIP: FXD: 20271RAU4; FRN: 2027A0KV0.
- Commonwealth Bank of Australia/New York NY US$750m 3a2 exempt 5y FXD sr notes due 10/1/30. Denoms: 250,000 x 1,000. CUSIP: 20271RAW0. ISIN: US20271RAW07. IPTs: T+75 area. RVSD IPTs: T+70 area.
- Commonwealth Bank of Australia US$750m 144A/Reg S 5y floating rate sr notes due 10/1/30. Denoms: 200,000 x 1,000. 144A CUSIP: 2027A0KZ1. 144A ISIN: US2027A0KZ11. IPTs: SOFR equiv.

VIA Citi/CBA/GS/MS/RBC joint books.

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

5YR FRN - IPT Seqv; GDNC S+78#; PXD $750m 10/1/30 FRN at SOFR+78, at 100.
5YR FXD - IPT T+70a; GDNC T+45#; PXD $750m 4.150% 10/1/30 100.00 4.150% T+45.

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

CBAAU 4.608% due 03/14/30 (bullet ) T+37bp (G40; $102.25) - $500m pxd 3/6/25 +55

Comps away: 

National Australia Bank/NY (Aa2/AA-)
- NAB 4.534% due 06/13/30 (bullet) T+42bp (G43; $101.86) - $750m pxd 6/3/25 +52

Working off the more recent NAB trade at G43; Call f/v T+45bp with curve. At the T+45bp pricing level, CONCESSION IS FLAT.  

** Note: Some had these tighter – more like T+39bp (G40); + curve = T+42 (3bp NIC) ** 

FINAL BOOKS:

$750m 5yr FRN - $6.60bn (8.80x) - PEAK $6.60BN 

$750m 5yr FXD - $4.20bn (5.60x) - PEAK $4.80BN

[ROYAL CARIBBEAN CRUISES] 

Royal Caribbean Cruises Ltd “RCL” Baa3/BBB-/BBB- (p/s/p) US$1.5bn SEC registered 10y sr notes due 1/15/36. MWC then 3mos par call. 101 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. Governing Law. State of New York. UOP: To finance the upcoming delivery of Celebrity Xcel, to redeem, refinance or otherwise repurchase a portion of the issuer's senior notes maturing in 2026. Any remaining proceeds being used for general corporate purposes. Marketing: https://dealroadshow.com/e/RCL2025 Passcode: RCL2025. Pricing 9/22. Settle 10/1 (T+7). CUSIP: 78017TAB9. ISIN: US78017TAB98.

VIA BofA/GS/MS (B&D) joint active books.

Announced with benchmark size, we heard initial thoughts as T+160a.

Went straight to launch at $1.5bn L10y at T+125.

Ultimately, a $1.5bn deal priced as follows:

$1.5bn 5.375% 1/15/36 99.852 5.395% T+125. MW+20.

As for r/v, the last IG deal we logged for RCL was a senior/secured trade done in May 2020 (10.875% NC Life due 6/1/23 and t11.500% due 6/1/25 nc 11/7/23).

The last time RCL issued an investment grade senior unsecured deal was a 2-pt in 2017 – 2.65% due 11/28/20; 3.700% due 3/15/28.

RCL’s ratings fell victim to the COVID crisis in 2020.  

Moody’s dropped RCL from Baa3 to Ba2 on 5/13/20 (the same day the sr/secured was issued above). The Moody’s rating got as low as B3 on 8/8/22.  Moody’s took the credit back to an investment grade Baa3 on 5/19/25. 

The S&P rating dropped from BBB- to BB on 3/10/20; Got as low as “B” on 02/25/21. On 2/4/25 S&P raised the rating to BBB-. 

Fitch actually upgraded the issuer today from BBB- to BBB. 

So today’s deal is essentially an “IG sr unsecured re-debut” for RCL. 

Recent comps, however, were originally issued in the HY market.  As such, we’re going with CONCESSION N/A on today’s trade.

Comps included the following:

RCL 5.625% due 09/30/31 (09/30/27 call) – quoted with an OAS of 108bp - $1.5bn pxd 9/16/24 +212
RCL 6.000% due 02/01/33 (08/01/27 call) – quoted at an OAS of 106bp - $2bn pxd 7/29/24 +182

FINAL BOOK: 

$1.5bn L10yr - $9.20bn (6.13x) - PEAK $9.800BN 

[KOREA NATIONAL OIL CORP] 

Korea National Oil Corp (KOROIL) exp Aa2/AA (s/s) US$1.3bn 144A/Reg S 3-part sr notes (3y FXD and/or FLOAT and 5y FXD).  Change of Control Put: At 100% if the central government of Korean ceases to own and control (directly or indirectly) at least 51% of KNOC (see Condition 8(d)(i) of Prelim OC). Denoms: 200k x 1k. SGX Listing. English Law. Day Count / Business Day Convention: FXD tranches: 30/360, Unadjusted / Following Business Day. FRN tranche: Act/360, Adjusted / Modified Following Business Day. UOP: General corporate purposes and net proceeds will not be used for any activities relating to the construction or development of oil sand projects. Pricing 9/22. Settle 9/29.

VIA BofA/Citi (B&D)/HSBC/KB Secs/StanChart/KDB joint books. 

As for r/v, comps included the following:

Korea Gas Corp (Aa2/AA/AA-)
- KORGAS 4.250% due 07/10/30 T+38bp (G39; $100.76) - $500m pxd 7/2/25 +47
- KORGAS FRN due 07/10/28 SOFR +55bp - $300m pxd 7/2/25 S+65

Korea Development Bank (Aa2/AA/AA-)
- KDB 3.750% due 09/16/30 T+26bp (G25; $ $99.08) - $1bn pxd 9/9/25 +28.7

Export-Import Bank Korea (Aa2/AA/AA-)
- EIBKOR 3.750% due 09/22/30 +26bp (G25; $99.10) - $1bn pxd 9/15/25 +26
- EIBKOR FRN due 09/22/28 SOFR + 43 - $500m pxd 9/15/25 SOFR + 46

Market players heard Asia desks were calling IPT 25bp back of f/v. 

The 5yr came in 30bp from IPT; so 5YR CONCESSION NEG 5BP. 

The 3yr FXD landed 25bp inside IPT; so 3YR CONCESSION IS FLAT. 

This was run out of Asia, so we didn’t get any color on just how they came up with the ”IPT 25bp back” f/v level.  We try to always get the reasoning on why f/v is where it is, but just couldn’t get to it on this one. That said,  we’re going with the above given the flat 3s/5s curve. 

Notable as well - the 3yr FRN priced 8bp inside the equivalent 3yr FXD level. 

We didn’t catch final books on this one. 

[AERCAP]

AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust (AER) exp Baa1/BBB+/BBB+ (s/s/s) US$1.2bn SEC registered 2-part sr notes (5y FXD due 11/15/30 and 10y FXD due 11/15/35). MWC then 1mo par call on 5y and 3mos on 10y. 101 CoC. Guarantors: AerCap Holdings N.V., AerCap Aviation Solutions B.V., AerCap Ireland Limited, International Lease Finance Corporation, AerCap U.S. Global Aviation LLC. Denoms: 150,000 x 1,000. Sale into Canada: Yes - exemption. Listing: Euronext Dublin. UOP: general corporate purposes, including to acquire, invest in, finance or refinance aircraft assets and to repay indebtedness. Pricing 9/22. Settle 10/1 (T+7). ISIN: 5y: US00774MBR51, 10y: US00774MBS35. CUSIP: 5y: 00774MBR5, 10y: 00774MBS3.

VIA BMO/BNP/ING/MS (B&D on 10y)/NatWest/Sant (B&D on 5y) joint active books. 

Announced as a benchmark, we heard initial price thoughts as 5y T+105 area, 10y T+125 area.

Guidance came in at 5y T+75#, 10y T+97#.

Ultimately, a $1.2bn deal priced as follows:

$600m 4.375% 11/15/30 99.702 4.439% T+75. MW+15.

$600m 5.000% 11/15/35 99.145 5.108% T+97. MW+15.

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

-AER 5.100% due 01/19/29 T+61bp (G71; $102) - $800M pxd Jan 2024
-AER 4.625% due 09/10/29 T+65bp (G72; $101) - $1.3B pxd Sep 2024
-AER 6.150% due 09/30/30 T+78bp (G79; $101.03) -$850M pxd Sep 2023
-AER 5.375% due 12/15/31 T+78bp (G87; $104) - $750M pxd Jan 2025
-AER 4.950% due 09/10/34 T+87bp (G95; $100) - $1.1B pxd Sep 2024

** 10y - outstanding Sep 34s G95; plus curve call f/v T+97bp. At the T+97bp pricing level, 10Y CONCESSION IS FLAT.

** 5y -  10y f/v T+97bp minus 20bp curve at IPT = T+77bp. At the T+97bp pricing level, 5Y CONCESSION IS NEG 2BP.

Comps away:
Aviation Capital Group (Baa2/BBB-/N/A)
-ACGCAP 4.800% due 10/24/30 T+109bp (G107; $100) - $750M pxd 07/10/25 +107

Avolon Holdings Fndg Ltd (Baa2/BBB-/BBB)
-AVOL 4.900% due 10/10/30 T+100bp (G100; $101) - $650M pxd 07/07/25 +108
-AVOL 4.950% due 10/15/32 T+106bp (G115; $99) - $1.25B pxd 09/04/25 +120

FINAL BOOKS:

$600m 5yr - $2.800bn (4.67x) - PEAK $3.800bn

$600m 10yr - $3.100bn (5.17x) - PEAK $4.000bn

[EMBRAER] 

Embraer Netherlands Finance BV (EMBRBZ), guarantor Embraer SA, exp S&P BBB/BBB- (s/p), SEC-registered US benchmark sr unsecured note long 12-year due 01/09/2038. Optional Redemption: Make Whole Call. Par Call: 3mo prior to maturity. Use of Proceeds: To fund the concurrent Tender Offer of the 2028 and 2030 Notes and the remainder, if any, for general corporate purposes. Denoms: $2,000 x $1,000. Listing: New York Stock Exchange. Sale into Canada: Yes – Exemption. Cusip/ISIN: 29082HAF9 / US29082HAF91

Marketing: www.netroadshow.com/nrs/home/#!/?show=78c2d6e2 [netroadshow.com] Passcode: EMBRAER2025

Price: 09/22. Settle: 10/09 (T+13)

VIA BNPP/GS/MS (B&D)/SMBC as global coordinators. Mizuho/MUFG/Natixis/UBS as joint bookrunners.

Announced as a benchmark size, with the company said to be looking for $750m-$1bn, we heard initial price thoughts of T+155 area.
Guidance was T+130bp#, before a $1bn deal was launched in line.

Ultimately a $1bn deal was priced as follows:

$1bn 01/09/2038 5.40% @ 99.672 yld 5.438% T+130bp. MW+20

As for RV, the relevant outstanding EMBRBZ bond BBB/BBB- was spotted as follows:

- EMBRBZ 5.980% due 02/11/2035 T+102bp (G109; $106.06) $650m pxd 02/06/2035

But most were calling the 2035s at around 110bp, and adding 15bp for a curve of almost 3 years between the 10-yr priced earlier this year and this long 12-yr. Consensus on and away from the deal was that FV was 125bp, so NIC IS 5BP.

More colour to follow in the LatAm Close.

FINAL BOOK: $2.72bn (2.72x) - PEAK $3.1bn

Comps away were:

Boeing (Baa3/BBB-/BBB-)

- BA 6.528% due 05/01/2034  T+81bp (G94; $110.77) $2.5bn pxd 04/09/2024

JBS USA (Baa3/BBB-/BBB-)

- JBSSBZ 5.950% due 04/20/2035 T+108bp (G113; $105.42) $1bn pxd 01/06/2025                                                                                                                                 
Brazil (Ba1/BB/BB)

- BRAZIL 6.625% due 03/15/2035 T+195bp (G199; $103.90) $3.75bn pxd 02/25/2025

[AEP TEXAS] 

AEP Texas Inc (AEP) exp Baa3/BBB+/BBB+ (s/s/s) US$900m SEC registered 2-part sr notes (tap of 5.70% 5/15/34 - $350m outstanding, and new 30y due 10/15/55). MWC (T+20 on tap). Par call: 2/15/34 on tap, 6mos on new 30y. Denoms: 2,000 x 1,000. Prohibited Sales: China / Hong Kong. UOP: To repay the Company's $50,000,000 Senior Notes, Series F, due 2025, (ii) repay the Company's $250,000,000 Senior Notes, Series G, due 2025, (iii) repay a $400 million Term Loan due 2026, and (iv) general corporate purposes relating to our utility business. Pricing 9/22. Settle 9/24 (T+2). 

VIA BNY (B&D)/BMO/RBC/Scotia/USB joint active books.

Announced as a benchmark, we heard initial price thoughts as 2034 tap T+125 area, new 30y T+140 area.

Guidance came in at 2034 tap T+97#, new 30y T+112#.

Ultimately, a $900m deal priced as follows:

$150m tap of 5.70% 5/15/34 at 103.922 5.119% T+97. MW+20. Total outstanding now $500m.

$750m 5.85% 10/15/55 99.504 5.885% T+112. MW+20.

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

-AEP 5.700% due 05/15/34 T+95bp (G108; $104.23) - $350M pxd May 2024

-AEP 5.250% due 05/15/52 T+107bp ($92.4) - $500M pxd May 2022

** 5.70% 34s tap T+95; at the T+97bp pricing level, TAP CONCESSION IS 2BP.

**30y –  Outstanding May 52s T+107bp; plus 1bp for curve = T+108bp f/v. 

Or building up from the May 34s G108; plus a 5-10bp 10s/30s, call f/v T+116bp.

Mid-point f/v T+112bp. At the T+112bp pricing level, 30Y CONCESSION IS FLAT.

Comps away:

AEP Transmission Co LLC (A2/BBB+/A)
-AEP 5.375% due 06/15/35 T+75bp (G79; $103.76) - $425M pxd 05/12/25 +100

-AEP 5.400% due 03/15/53 T+73bp ($99) - $700M pxd Mar 2023

Public Service Oklahoma (Baa1/BBB+/A-)
-AEP 5.200% due 01/15/35 T+88bp (G95; $101.41) - $600M pxd Dec 2024

-AEP 5.450% due 01/15/36 T+99bp (G98; $102.61) - $800M pxd 06/23/25 +115

American Electric Power (Baa2/BBB/BBB)
-AEP 5.625% due 03/01/33 T+57bp (G80; $105.64) - $850M pxd Feb 2023

Public Service Colorado (A1/A/A+)
-XEL 5.150% due 09/15/35 T+93bp (G94; $100.72) - $800M pxd 08/04/25 +97
-XEL 5.850% due 05/15/55 T+98bp ($101.76) - $800M pxd Mar 2025

Entergy Texas Inc (A3/A/N/A)
-ETR 5.250% due 04/15/35 T+74bp (G79; $102.86) - $500M pxd Feb 2025

-ETR 5.550% due 09/15/54 T+89bp ($98.8) - $350M pxd Aug 2024

Southwestern Public Service (A3/A-/A-)
-XEL 5.300% due 05/15/35 T+94bp (G100; $101.7) - $500M pxd 04/29/25 +115

-XEL 6.000% due 06/01/54 T+103bp ($103.11) - $600M pxd Jun 2024

Virginia Elec & Power Co (A3/BBB+/A)
-D 4.900% due 09/15/35 T+83bp (G83; $99.57) - $825M pxd 09/08/25 +87
-D 5.600% due 09/15/55 T+88bp ($99.65) - $875M pxd 09/08/25 +92

Niagara Mohawk Power (Baa1/BBB+/N/A)
-NGGLN 5.290% due 01/17/34 T+85bp (G101; $102.07) - $500M pxd Jan 2024

-NGGLN 5.996% due 07/03/55 T+102bp ($103.25) - $750M pxd 06/30/25 +120

Interstate Power & Light (Baa1/BBB+/N/A)
-LNT 5.600% due 06/29/35 T+90bp (G93; $104.3) - $600M pxd 05/13/25 +115

-LNT 5.600% due 10/01/55 T+95bp ($98.64) - $300M pxd 09/08/25 +95

Arizona Public Service (Baa1/BBB+/A-)
-PNW 5.700% due 08/15/34 T+87bp (G98; $104.9) - $700M pxd May 2024
-PNW 5.900% due 08/15/55 T+97bp ($102.62) - $700M pxd 08/12/25 +105

Nisource Inc (Baa2/BBB+/BBB)
-NI 5.350% due 07/15/35 T+93bp (G96; $102.21) - $900M pxd 06/23/25 +105
-NI 5.850% due 04/01/55 T+100bp ($101.48) - $1.5B pxd Mar 2025

Duke Energy Corp (Baa2/BBB/N/A)
-DUK 4.950% due 09/15/35 T+87bp (G87; $99.65) - $1B pxd 09/08/25 +95
-DUK 5.700% due 09/15/55 T+98bp ($99.65) - $750M pxd 09/08/25 +103

DTE Energy Co (Baa2/BBB/BBB)
-DTE 5.050% due 10/01/35 T+98bp (G97; $99.57) - $550M pxd 09/09/25 +102

Oklahoma G&E Co (A3/A-/A)
-OGE 5.800% due 04/01/55 T+88bp ($102.5) - $350M pxd Mar 2025                                                                                                                                                                          

FINAL BOOKS:

$150m 2034 Tap - $1.750bn (11.67x) - PEAK $2.500bn

$750m 30yr - $3.850bn (5.13x) - PEAK $4.500bn

[NATIONAL HEALTH INVESTORS] 

National Health Investors Inc “NHI” (Baa3/BBB-/BBB- s/s/s) US$350m (up from $350m) SEC registered L7y sr notes due 2/1/33. MWC then 2mos par call. Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. Marketing: eRed. UOP: We intend to use the net proceeds from this offering to reduce borrowings outstanding under our Revolving Credit Facility, with any remaining amounts being used for working capital and for general corporate purposes, including, but not limited to, the funding of acquisitions of additional properties or businesses, investments in mortgages and the repayment of short-term and long-term debt. Pricing 9/22. Settle 9/26 (T+4). CUSIP/ISIN: 63633DAG9 / US63633DAG97. 

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

Announced with $300m size, we heard initial thoughts as T+200 area.

Went straight to launch at $350m L7y at T+165.

Ultimately, a $350m deal priced as follows:

$350m 5.35% 2/1/33 98.903 5.535% T+165. MW+25.

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

-NHI 3.000% due 02/01/31 T+144bp (G139; $90.13) - $400m pxd JAN 2021

*** Feb ‘31 G139, add 20bp for L5y/L7y curve gets f/v to T+160bp. At the T+165bp pricing level, CONCESSION IS 5BP.

COMPS AWAY:

Omega Healthcare Investors (Baa3/BBB-/BBB-)
-OHI 5.200% due 07/01/30 T+111bp (G112; $101.65) - $600m pxd 06/10/25 +132
-OHI 3.375% due 02/01/31 T+120bp (G116; $92.92) - $700m pxd OCT 2020
-OHI 3.250% due 04/15/33 T+99bp (G119; $88.32) - $700m pxd MAR 2021

Some also felt more recent OHI was relevant which also pointed to a similar value:

*** Jul ‘30 G112, add 20bp for 5s/7s gets new issue L7y at 130bp. NHI should trade about 30bp back of OHI gets f/v to T+160bp. 

Sabra Health Care LP (Baa3/BBB-/BBB-)
-SBRA 3.900% due 10/15/29 T+109bp (G113; $96.78) - $350m pxd SEPT 2019
-SBRA 3.200% due 12/01/31 T+122bp (G109. $90.95) - $800m pxd SEPT 2021

FINAL BOOK:

$350m L7yr - $2.70bn (7.71x) - PEAK $3.00BN 

[NEW MANDATES & MARKETING]

– Alliant Energy Corporation (Ticker: LNT) has asked Barclays, BofA Securities, Goldman Sachs & Co. LLC, J.P. Morgan and MUFG to arrange a series of fixed income investor calls. The calls will take place today, Monday, September 22nd.  An electronic investor presentation with a recorded voiceover will be made available. Details are listed below. MUFG is coordinating logistics.

An SEC Registered Fixed-to-Fixed Reset Rate Junior Subordinated Notes offering, which is expected to include provisions regarding a coupon floor may follow, subject to market conditions.

Investor Call Schedule:

Monday, September 22nd

. Call #1: 12:00 PM – 12:45 PM ET / Registration Link: https://evercall.co/oacc/56656

. Call #2: 01:00 PM – 01:45 PM ET / Registration Link: https://evercall.co/oacc/63031

. Call #3: 02:00 PM – 02:45 PM ET / Registration Link: https://evercall.co/oacc/74826

. Call #4: 03:00 PM – 03:45 PM ET / Registration Link: https://evercall.co/oacc/82029

Alliant Energy Corporation will be represented by:

Raja Sundararajan – Executive Vice President, Strategy and Customer Solutions

Antonio Smyth – Executive Vice President, Power Generation and Gas Strategy

Ben Bilitz – Treasurer and Head of Risk Management

Investor Presentation Details:

URL: https://dealroadshow.com

Entry Code: AEC2025

Direct Link: https://dealroadshow.com/e/AEC2025

About Alliant Energy Corporation:

Alliant Energy Corporation (“AEC” or the “Company”) is an energy-services provider that operates as a regulated investor-owned public utility holding company. AEC’s primary focus is to provide regulated electric and natural gas service to customers in the Midwest through the Company’s two public utility subsidiaries, IPL and WPL. The Company also has non-utility operations. AEC’s utility business is engaged principally in: the generation and distribution of electricity to retail customers in select markets in Iowa and Wisconsin; the distribution and transportation of natural gas to retail customers in select markets in Iowa and Wisconsin; the sale of electricity to wholesale customers in Minnesota (through July 2025), Illinois, Iowa and Wisconsin; and the generation and distribution of steam for two customers in Cedar Rapids, Iowa, which are each under contract through 2025 for taking minimum quantities of annual steam usage, with certain conditions, after which IPL expects to exit the steam business, and various other energy-related products and services.

– Alimentation Couche-Tard Inc. (TSX: ATD) (“Couche-Tard”, “the Company”), a global leader in the convenience store sector, rated Baa1 (Stable) by Moody’s and BBB+ (Stable) by S&P, has requested Goldman Sachs & Co. LLC, RBC Capital Markets, National Bank of Canada Capital Markets, and Scotia Capital Inc. to arrange a global fixed income investor call commencing on Tuesday, September 23, 2025.

All investors who would like to participate are encouraged to sign up for the call using the pre-registration link below. Goldman Sachs & Co. LLC and RBC Capital Markets are coordinating logistics.

A USD and/or CAD senior unsecured notes offering may follow, subject to market conditions.

Investor Marketing Schedule:

Tuesday, 23 September 2025

Global Investor Call with Q&A | 10:00-11:00AM ET | Registration Page: https://evercall.co/oacc/67644

Couche-Tard will be represented by:

• Filipe Da Silva, Chief Financial Officer
• Mathieu Brunet, VP, Investor Relations & Treasury

Playback Access Details (available shortly after call ends):

• Direct Link: https://evercall.co/oacc/67644 

– Broadstone Net Lease (NYSE: BNL) (“BNL” or the “Company”), rated Baa2 (Stable) / BBB (Stable) by Moody’s and S&P, respectively, has requested that J.P. Morgan, Truist Securities and US Bancorp arrange a series of fixed income update calls today, Monday, September 22nd, 2025.

J.P. Morgan will coordinate logistics.

The Company will be represented by:

John Moragne – Chief Executive Officer and Director

Kevin Fennell – Chief Financial Officer, Executive Vice President and Treasurer

Brent Maedl – Director of Corporate Finance and Investor Relations

Call Schedule, September 22nd:

Call #1: 11:00 – 12:00 PM ET

Call #2: 12:00 – 01:00 PM ET

Call #3: 01:00 – 02:00 PM ET

Direct Call Sign-Up Link:

https://markets.jpmorgan.com/event_booking/loadEvent?eventToken=124298_496432fd-ae6d-47c9-b63b-0da050d564d7

Electronic Roadshow Details:

Review Link: https://dealroadshow.com/e/BNL2025 (Recommended) or visit https://dealroadshow.com and enter the entry code: BNL2025

About BNL:

Broadstone Net Lease (NYSE: BNL) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. As of June 30, 2025, BNL’s portfolio includes 766 individual commercial properties, with 759 properties located in 44 U.S. states and seven properties located in four Canadian provinces. It focuses on investing in real estate that is operated by creditworthy single tenants in industries characterized by positive business drivers and trends. It targets properties that are an integral part of the tenants’ businesses and are therefore opportunities to secure long-term net leases through which its tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership.

– Corporacion Inmobiliaria Vesta, S.A.B. de C.V. ("Vesta"), a fully-integrated real estate company that owns, manages, develops, operates and leases industrial properties in Mexico, rated Baa3 (positive outlook) by Moody’s, BBB- (positive outlook) by S&P, and BBB- (positive outlook) by Fitch, has mandated BofA Securities, J.P. Morgan, and Morgan Stanley as Joint Global Coordinators, and Barclays, BBVA, Citigroup, Santander, and Scotiabank as Joint Bookrunners, to arrange a series of fixed income investor calls starting on September 22nd, 2025.

J.P. Morgan will be coordinating logistics.

A benchmark-sized, long 7-year, USD-denominated, 144A/Reg S, senior unsecured offering with expected ratings of* BBB- by S&P and BBB- by Fitch may follow, subject to market conditions.

Vesta will be represented by:

Lorenzo D. Berho, Chief Executive Officer

Juan Sottil, Chief Financial Officer

Rodrigo Cueto, Chief Investment Officer

Fernanda Bettinger, Investor Relations Officer

An investor presentation is available at: http://www.netroadshow.com/event/Vesta2025 or http://www.netroadshow.com Password: Vesta2025

– COPT Defense Properties (the “Company” or “CDP”) has requested that Wells Fargo Securities, PNC Capital Markets LLC, and TD Securities arrange a series of fixed income investor calls for the Company on Monday, September 22nd, 2025. An electronic presentation with a voiceover recording has been made available and the calls will be focused on Q&A. Wells Fargo Securities will coordinate logistics.

**Call Schedule**

Monday, September 22nd, 2025

1:00 PM – 1:45 PM ET | Registration Link: https://evercall.co/oacc/61545

2:00 PM – 2:45 PM ET | Registration Link: https://evercall.co/oacc/21032

3:00 PM – 3:45 PM ET | Registration Link: https://evercall.co/oacc/17510

Electronic Roadshow Details:

URL: https://dealroadshow.com

Entry Code: CDP2025

Direct Link: https://dealroadshow.com/e/CDP2025

Company Participants

Stephen E. Budorick: President & Chief Executive Officer

Anthony Mifsud: Executive Vice President & Chief Financial Officer

Karly Drennan: Vice President, Finance & Treasurer

About CDP

COPT Defense Properties is a self-managed real estate investment trust focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions. Our tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of June 30, 2025, our Defense/IT Portfolio of 198 properties, including 24 owned through unconsolidated joint ventures, encompassed 22.6 million square feet.

– ENEL S.p.A. (ticker: ENELIM), rated Baa1/BBB/BBB+ (stable/stable/stable outlooks) by Moody’s, S&P and Fitch respectively, has mandated BNP Paribas, Goldman Sachs Bank Europe SE and J.P. Morgan to arrange a series of fixed income investor calls on September 22nd. A USD 144A/RegS senior unsecured multi-tranche bond offering across 3/5/10/30-year maturities is expected to follow, subject to market conditions.

The notes will be issued by Enel Finance International N.V. (domiciled: NL) and will be guaranteed by Enel S.p.A.

J.P. Morgan will coordinate logistics.

A NetRoadshow presentation and preliminary offering memorandum have been made available: https://www.netroadshow.com/nrs/home/#!/?show=9677ebd6 (Recommended) OR visit www.netroadshow.com and enter the entry code: GENESIS2K25 (not case-sensitive)

ENEL representatives:

• Alessandro Canta, Head of Finance and Insurance

• Giovanni Niero - Head of Capital Markets, Development and ECA Financing

• Leonardo Vagaggini – Head of Capital Markets

• Federico Baroncelli – Head of Fixed Income Investors and ESG

• Emanuele Toppi – Fixed Income Investors and ESG

Call Schedule:

Monday 22nd September

Call #1: 11:00 - 11:45 ET / 16:00 - 16:45 UKT

Call #2: 12:00 - 12:45 ET / 17:00 - 17:45 UKT

Call #3: 13:00 - 13:45 ET / 18:00 - 18:45 UKT

Call #4: 14:00 - 14:45 ET / 19:00 - 19:45 UKT

– Gildan Activewear Inc. (“Gildan”, bond ticker GILCN), a leading manufacturer of everyday basic apparel, rated Baa3 (Moody’s), BBB- (S&P), and BBB (Fitch) has asked Morgan Stanley, CIBC, and J.P. Morgan to arrange a series of fixed income investor calls that will be held today, September 22nd. Morgan Stanley is coordinating roadshow logistics.

A pre-recorded electronic presentation will be made available via the link below, in addition to a Preliminary Offering Memorandum. A benchmark-sized offering of US$-denominated 5- and 10-year senior unsecured notes in 144a/Reg S “for life” format may follow, subject to market conditions.

Telephonic Roadshow Schedule:

* Call #1 – 10:00am ET - https://evercall.co/oacc/27861

* Call #2 – 12:00pm ET - https://evercall.co/oacc/39681

* Call #3 – 2:00pm ET - https://evercall.co/oacc/87495

Company Presenters:

* Glenn Chamandy – President and CEO, Co-Founder

* Luca Barile – Chief Financial Officer

* Suzanne Adams – Treasurer

Pre-Recorded Electronic Presentation Details:

* URL: https://dealroadshow.com

* Entry Code: GIL2025

* Direct Link: https://dealroadshow.com/e/GIL2025

About the Company:

Gildan is a leading manufacturer of everyday basic apparel. The Company’s product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. Gildan owns and operates vertically integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean, North America, and Bangladesh.

– Horace Mann Educators Corporation (Ticker: HMN) has asked PNC Capital Markets LLC, BMO Capital Markets Corp., and J.P. Morgan Securities LLC to arrange a series of fixed income investor calls for Monday, September 22nd, 2025. An SEC-registered senior unsecured notes offering may follow, subject to market conditions.

An electronic investor presentation will be made available. PNC Capital Markets LLC is coordinating logistics.

Company Participants:

Ryan Greenier – Executive Vice President & Chief Financial Officer

Troy Gayle – Chief Investment Officer & Treasurer

Schedule for Monday, September 22nd, 2025:

Call #1: 2:00pm – 2:50pm EST; Pre-Registration Link Call #1: https://evercall.co/oacc/57891

Call #2: 3:00pm – 3:50pm EST; Pre-Registration Link Call #2: https://evercall.co/oacc/47456

Call #3: 4:00pm – 4:50pm EST; Pre-Registration Link Call #3: https://evercall.co/oacc/66706

Electronic Investor Presentation Details:

URL: https://dealroadshow.com

Entry Code: HMN2025

Direct Link: https://dealroadshow.com/e/HMN2025

About Horace Mann Educators Corporation:

Horace Mann Educators Corporation is a holding company for insurance subsidiaries that market and underwrite personal lines of property and casualty insurance products (primarily personal auto and property insurance), life insurance products, retirement products (primarily 403(b) tax-qualified fixed, fixed index and variable annuities), worksite direct insurance products (primarily cancer, heart, hospital, supplemental disability and accident coverages), and employer-sponsored group benefit products (primarily short-term and long-term group disability, and group term life coverages). The company’s products are marketed primarily to K-12 teachers, administrators and other employees of public schools and their families as well as to school districts to be part of their employee benefit package.

– Lowe’s Companies, Inc. (NYSE: LOW) (“Lowe’s”, “the Company”), rated Baa1 (Stable) by Moody’s and BBB+ (Stable) by S&P, has asked BofA Securities, Goldman Sachs & Co. LLC, and Wells Fargo Securities to arrange a series of fixed income investor calls commencing Monday, September 22nd, 2025. A NetRoadshow presentation (including voiceover) will be made available. BofA Securities is coordinating logistics.

An SEC-registered, senior unsecured multi-tranche offering may follow, subject to market conditions.

Investor Presentation Access Details:

URL: www.netroadshow.com

Entry Code: LOW8643

Direct Link: www.netroadshow.com/nrs/home/#!/?show=9c1100f9

The Company will be represented by:

• Kate Pearlman, Vice President, Investor Relations, and Treasurer

• Chris Roberts, Assistant Treasurer

• Ross Grizzle, Director, Capital Markets & Investor Relations

Call Schedule:

• Call #1: 11:00AM ET – 11:45AM ET | pre-registration link - https://www.netroadshow.com/events/login/LE9zwo3kKWq7kkRmKQhcUaGmNlstxXTnwST

• Call #2: 1:00PM ET – 1:45PM ET | pre-registration link - https://www.netroadshow.com/events/login/LE9zwo4C1aeoeAz9r8uXv2Ws893xK99jy7C

• Call #3: 2:00PM ET – 2:45PM ET | pre-registration link - https://www.netroadshow.com/events/login/LE9zwo4BQNStyzzjc0HfYtLbfPAncb9dp71

[SSA]

The African Development Bank (AfDB), rated Aaa (Moody's, stable) / AAA (S&P, stable) / AAA (Fitch, stable) / AAA (Japan Credit Rating Agency, stable), has mandated BNP Paribas and Goldman Sachs International as Joint Structuring Advisers, and BNP Paribas, Citi, Goldman Sachs International, HSBC and UBS as Joint Bookrunners to arrange a series of global fixed income investor calls and meetings commencing Monday 22nd September.

A USD Global SEC-exempt Benchmark Hybrid transaction with expected rating of AA- by S&P and Aa3 by Moody’s is expected to follow, subject to market conditions.

The manufacturer target market (EU MiFID II/UK MiFIR) as assessed by the Joint Bookrunners is eligible counterparties and professionals only (all distribution channels). FCA/ICMA stabilisation.

[M&A TODAY]

Lowe’s Cos Inc “LOW” (Baa1/BBB+) announced a series of fixed income investor calls today. A senior notes offering may follow to fund their pending $8.8bn all cash acquisition of Foundation Building Materials Inc “FBM” (Caa2/CCC+) announced on August 20.

At announcement, Lowe’s obtained a $9bn bridge with BofA and GS. In last Friday’s 8-k filing, they announced they obtained a $2bn 5y revolver and a $2bn 3y term loan which will replace $4bn of the $9bn bridge facility. $5bn of the bridge remains which they plan to replace with capital market transactions. 

Gildan Activewear Inc “GILCN” (Baa3/BBB-/BBB) announced a series of fixed income investor calls today as well. A 5yr and 10yr senior notes offering may follow to help fund their $4.4bn stock and cash acquisition of Hanesbrands Inc “HNI” (B3/B+) announced on August 13.  The transaction consists of ~$1.9bn stock, ~$300m cash, and ~2bn assumed debt. Gildan obtained a $1.2bn bridge facility and a $1.1bn term loan to fund the cash portion as well as to refinance Hanesbrands’s debt. An SMR will also be attached to the notes if the acquisition is not completed.

Pfizer Inc "PFE" (A2/A) entered an agreement to acquire Metsera Inc "MTSR" for $47.50 per share representing an enterprise value of $4.9bn in an all cash deal. There are also milestones set in place that if met would be up to an additional $22.50 per share taking the total valuation potentially up to $7.3bn.

Pfizer plans on funding the purchase price with cash on hand and new debt. They had around $13bn in cash equivalents as of 6/29 and last issued a a $31bn deal in May 2023 to fund their $43bn acquisition of Seagan Inc.

The transaction is expected to close by Q4 2025.

Citi is the financial advisor with Wachtell, Lipton, Rosen & Katz providing legal counsel to Pfizer.

Goldman Sachs, Guggenheim Securities, Bank of America, and Allen & Co are the financial advisors with Paul, Weiss, Rifkind, Wharton & Garrison LLP providing legal counsel to Metsera.

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