Commentary & Deal Flow

CFR CREDIT CLOSE: Chunky Deals Boost Sept; ’25 First To $1.3bn Ex 2020

Starting last Thursday (09/18), the IG arena has seen a steady stream of $4.50bn+ trades. Two more were added today with the Lowe’s $5bn 5-part and Enel’s $4.5bn 4-part contributing $9.5bn to today’s $16.275bn (11 deals) total.

All told, chunky deals over the last 4 sessions have added $29bn to September 2025’s total.  The only deals in September 2025 higher than the recent $5bn top were Merck’s $6bn 6-part and Citi’s $6.5bn 3-pt.

     That $29bn has helped September 2025 climb to within $7bn of setting a new record for the month.

    The chunky trades also pushed 2025 past the $1.30bn mark today – the fastest year to reach this mark ex 2020.

VOLUME MILESTONE CHART:

While chunky trades lead the volume, IPO deals have had good demand with Gildan Activewear as well as FWD from last week making the top 5 for most oversubscribed IPO deals back through 2020:

AEP's 2 jr sub notes both priced 5bp inside guide, the first since mid-August:

KOCRGF priced a single tranche floater today, one of two so far in the year. The only other deal was DE from 3/3/25:

Turning to low spreads, Lowe's ranked high across all tenors for BBBs

The 2y is the lowest back to 2022 and was only bested by a handful of deals looking back to 2000:

The 3y tied for the lowest with SHW (7/29/25) back to 2022:

The 5y made it into the top 5 back to 2022:

The 7y made it into the top 5 back to 2009, with only a handful of deals in 2021 being lower:

The 10y also makes into the top 5 back to 2022:

Heres todays rundown:

[LOWE’S] 

Lowe's Cos Inc “LOW” (Baa1/BBB+ s/s) US$5bn SEC registered 5-part sr notes (2y FXD due 10/15/27, 3y FXD due 10/15/28, long 5y FXD due 3/15/31, 7y FXD due 10/15/32 and 10y FXD due 10/15/35). MWC then 1mo par call on L5y, 2mos on 7y and 3mos on 10y. 101 CoC. Special Mandatory Redemption (SMR): if the Company does not consummate the FBM Acquisition on or prior to August 19, 2027 or if, on or prior to such date, the Purchase Agreement is terminated (either, a “Special Mandatory Redemption Event”), then the Company will be required to redeem all of the Notes of each series at a redemption price equal to 101% of the aggregate principal amount of such Notes, plus accrued and unpaid interest. First pay dates: 4/15/26, 4/15/26, 3/15/26, 4/15/26, 4/15/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. UOP: Proceeds from this offering will be used, together with unsecured borrowings under the Company's New Term Loan Facility and cash on hand to pay the Purchase Price and related fees and expenses in connection with the FBM Acquisition. Marketing: www.netroadshow.com Passcode: LOW8643. Pricing 9/23. Settle 9/29 (T+5). CUSIP: 2y: 548661ET0, 3y: 548661EU7, L5y: 548661EV5, 7y: 548661EW3, 10y: 548661EX1. 

VIA BofA (B&D)/GS/WFS joint active books. Passive: Barc/Citi/JPM/USB. Sr Cos: Miz, TSI. Cos: BoC, BMO.

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

2yr - IPT T+65 area; GDNC T+37#; PXD $650m 3.95% 10/15/27 99.975 3.962% T+37. MW+10.

3yr - IPT T+75 area; GDNC T+47#; PXD $750m 4.00% 10/15/28 99.893 4.037% T+47. MW+10.

L5yr - IPT T+90 area; GDNC T+62#; PXD $1.1bn 4.25% 3/15/31 99.828 4.286% T+62. MW+10.

7yr - IPT T+95 area; GDNC T+67#; PXD $1.3bn 4.50% 10/15/32 99.783 4.536% T+67. MW+15.

10yr - IPT T+100-105; GDNC T+77#; PXD $1.2bn 4.85% 10/15/35 99.761 4.880% T+77. MW+15.

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

-LOW 1.700% due 09/15/28 T+48bp (G48; $93.44) - $1bn pxd SEPT 2021
-LOW 1.700% due 10/15/30 T+62bp (G61; $88.23) - $1.25bn pxd OCT 2020
-LOW 2.625% due 04/01/31 T+66bp (G60; $91.57) - $1.5bn pxd MAR 2021
-LOW 3.750% due 04/01/32 T+33bp (G62; $95.98) - $1.5bn pxd MAR 2022
-LOW 5.150% due 07/01/33 T+47bp (G67; $103.31) - $1bn pxd MAR 2023
-LOW 5.625% due 04/15/53 T+93bp ($99.17) - $1.5bn pxd SEPT 2022
-LOW 5.750% due 07/01/53 T+94bp ($100.75) - $500m pxd MAR 2023

*** 10yr: *** Jul ‘33 G67, add 5bp for ‘33/’35 curve gets f/v to T+72bp. At the T+77bp pricing level, 10yr CONCESSION IS 5BP.

*** 7yr: 10y f/v at T+72, take away 7.5bp for IPT curve gets f/v to T+65bp. At the T+67bp pricing level, 7yr CONCESSION IS 2BP.

*** L5yr: Oct ‘30 G61, add 2bp for curve gets f/v to T+63bp. At the T+62bp pricing level, L5yr CONCESSION IS NEG 1BP.

*** 3yr: Sept ‘28 G48, call f/v at T+48bp. Also the L5y f/v at T+63, take away 15bp for IPT curve gets f/v to T+48bp. At the T+47bp pricing level, 3yr CONCESSION IS NEG 1BP.

*** 2yr: 3y f/v at T+48, take away 10bp for IPT curve gets f/v to T+38bp. At the T+37bp pricing level, 2yr CONCESSION IS NEG 1BP.

COMPS AWAY:

Home Depot (A2/A/A)
-HD 3.750% due 09/15/28 T+24bp (G24; $99.80) - $500m pxd 09/08/25 +30
-HD 3.950% due 09/15/30 T+41bp (G41; $99.31) - $500m pxd 09/08/25 +45
-HD 4.650% due 09/15/35 T+58bp (G57; $99.46) - $1bn pxd 09/08/25 +63

Target Corp (A2/A/A)
-TGT 4.350% due 06/15/28 T+35bp (G34; $101.03) - $500m pxd 06/05/25 +45
-TGT 5.000% due 04/15/35 T+63bp (G68; $101.73) - $1bn pxd MAR 2025
-TGT 5.250% due 02/15/36 T+70bp (G68; $103.27) - $500m pxd 06/05/25 +95

FINAL BOOKS:

$650m 2yr - $2.400bn (3.69x) - PEAK $3.500bn

$750m 3yr - $3.300bn (4.40x) - PEAK $4.400bn

$1.1bn L5yr - $4.200bn (3.82x) - PEAK $5.700bn

$1.3bn 7yr - $4.300bn (3.31x) - PEAK $6.400bn

$1.2bn 10yr - $4.000bn (3.33x) - PEAK $5.600bn

[ENEL FINANCI INTL NV] 

Enel Finance International NV (ENELIM) exp Baa1/BBB/BBB+ US$4.5bn 144A/Reg S no reg rights 4-part sr notes (3y FXD due 9/30/28, 5y FXD due 9/30/30, 10y FXD due 9/30/35 and 30y FXD due 9/30/55). MWC then 1mo par call on 5y, 3mos on 10y and 6mos on 30y. Guarantor: Enel SpA. Guarantor ratings: Baa1/BBB/BBB+ (s/s/s). Denoms: 200,000 x 1,000. Sale into Canada: Yes - exemption. UOP: gcp. Marketing: e-red, netroadshow: https://www.netroadshow.com/nrs/home/#!/?show=9677ebd6. Pricing 9/23. Settle 9/30 (T+5). 144A CUSIP: 3y: 29278GBF4, 5y: 29278GBG2, 10y: 29278GBH0, 30y: 29278GBJ6. ISIN: 3y: US29278GBF46, 5y: US29278GBG29, 10y: US29278GBH02, 30y: US29278GBJ67. 

VIA BNP/BofA/Citi/CACIB/GS/HSBC/IMI/JPM (B&D)/Miz/MS/SG/WFS joint active books.

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

3yr – IPT 95a; GDNC T+65#; PXD $1bn 4.125% 9/30/28 99.766 4.209% T+65.
5yr – IPT 110a; GDNC T+80#; PXD $1.25bn 4.375% 9/30/30 99.596 4.466% T+80. MW+15.
10yr – IPT 130a; GDNC T+100#; PXD $1.25bn 5.00% 9/30/35 99.162 5.108% T+100. MW+15.
30yr – IPT 145a; GDNC T+112#; PXD $1bn 5.75% 9/30/55 98.663 5.845% T+112. MW+20.

As for r/v, outstanding ENELIM was quoted as follows:
- ENELIM 2.125% due 7/12/28 T+66bp (G66; $94.49) - $1bn priced JUL 2021
- ENELIM 5.125% due 06/26/29 T+64bp (G71; $102.69) - $1.25bn pxd JUN 2024
- ENELIM 2.500% due 07/12/31 T+85bp (G77; $89.75) - $1.00bn pxd JUL 2021
- ENELIM 5.000% due 06/15/32 T+52bp (G82; $101.98) - $1.0bn pxd JUN 2022
- ENELIM 7.500% due 10/14/32 T+60bp (G86; $116.03) - $1.25bn pxd OCT 2022
- ENELIM 5.500% due 06/26/34 T+83bp (G95; $104.06) - $750m pxd JUN 2024
- ENELIM 5.500% due 06/15/52 T+108bp ($95.51) - $1.0bn pxd JUN 2022
- ENELIM 7.750% due 10/14/52 T+118bp ($124.18) - $1.0bn pxd OCT 2022

**10yr – ENELIM JUN  ‘34s G95; Add 5bp for curve = T+100bp. At the T+100bp pricing level, 10YR CONCESSION IS FLAT
**30yr – 10yr f/v T+100bp + 15bp 10s/30s at IPT = T+115bp. At the T+112bp pricing level, 30YR CONCESSION IS NEG 3BP.
**5yr – 10yr f/v T+100bp minus 20bp 5s/10s = T+80bp.  At the T+80bp pricing level, 5YR CONCESSION IS FLAT.
** 3yr – 5yr f/v T+80bp minus 15bp 3s/5s = T+65bp.  At the T+65bp pricing level, 3YR CONCESSION IS FLAT. 

** Market players away from the joint global coordinators heard that was the official call, HOWEVER most away clocked the ‘34s around G90 - which would leave you at 5/5/5/2 on 3s/5s/10s/30s NICs if you were curve adjusting from the 10yr.  Some used other bonds down the curve and got to slightly different NICs.

Comps away:

Electricite de France (Baa1/BBB/BBB+)
- EDF 6.250% due 05/23/33 T+62bp (G83; $102.27) - $1.0bn pxd MAY 2023
- EDF 5.750% due 01/13/35 T+102bp (G109; $104.27) - $700m pxd 1/6/25 +120
- EDF 6.375% due 01/13/55 T+130bp ($104.37) - $800m pxd 1/6/25 +155
- EDF 6.000% due 04/22/64 T+134bp ($98.63) - $1.15bn pxd APR 2024

FINAL BOOKS:

$1bn 3yr - $4.000bn (4.00x) - PEAK $5.000bn

$1.25bn 5yr - $3.500bn (2.80x) - PEAK $5.000bn

$1.25bn 10yr - $4.500bn (3.60x) - PEAK $6.500bn

$1bn 30yr - $3.100bn (3.10x) - PEAK $5.900bn

[AMERICAN ELECTRIC POWER] 

American Electric Power Co Inc

American Electric Power Co Inc “AEP” security ratings Baa3/BBB-/BB+ (s/s/s), US$2bn SEC registered 2-part fixed rate reset jr sub debs (30.5nc5.25 Series C fixed rate reset jr sub notes due 3/15/56 and 30.5nc10.25 Series D fixed rate reset jr sub notes due 3/15/56). First Reset Dates: 3/15/31, 3/15/36. Interest Rate: Fixed rate until the First Reset Date, thereafter the interest rate resets on every Reset Date at the 5-year UST rate plus [ ]%, provided that the Interest Rate will not reset below the initial Interest Rate. Reset Dates: 30.5nc5.25: The First Reset Date and March 15 of every fifth year after 2031; 30.5nc10.25: The First Reset Date and March 15 of every fifth year after 2036. Interest Payment Dates March 15 and September 15, starting March 15, 2026. Optional Redemption: At 100%, (i) on any day in the 90 days prior to the First Reset Date, and (ii) on any Interest Payment Date thereafterAt 100%, at any time following the occurrence and during the continuance of a Tax EventAt 102%, at any time following the occurrence and during the continuance of a Rating Agency Event. Optional Interest Deferral: Maximum of 10 consecutive years per deferral . Denominations: 2,000 x 1,000. Canadian Sales: Yes. Sale into HK or Mainland China: No – All Solicitations Prohibited. UOP: For general corporate purposes including the payment of short-term indebtedness. Pricing 9/23. Settle T+2. CUSIP / ISIN: 30.5nc5.25; 02557TAE9 / US02557TAE91; 30.5nc10.25: 02557TAF6 / US02557TAF66. 

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

Announced with benchmark size, we heard initial thoughts as 30.5nc5.25: 6.25% area, 30.5nc10.25: 6.50% area.

Guidance came in at 30.5nc5.25: 5.85%#, 30.5nc10.25: 6.10%#. And went to re guidance at 30.5nc5.25 now at 5.80%, 30.5nc10.25 now at 6.05%#

Ultimately, a $2bn deal priced as follows:

$1.1bn 5.80% 3/15/56 (nc5.25) 100.00 5.80%. Back-end reset: T+212.8.

$900m 6.05% 3/15/56 (nc10.25) 100.00 at 6.05%. Back-end reset: T+194.0.

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

-AEP 7.050% due 12/15/54 nc 09/15/29 $105.00 (G200; 5.629% YTC) - $400m pxd JUN 2024 b/e +275.0
-AEP 6.950% due 12/15/54 nc 09/15/34 $108.90 (G162; 5.674% YTC) - $600m pxd JUN 2024 b/e +267.5

Today’s new issue AEP priced with a floor provisions whereas the two outstandings did not. Other comps that recently priced with a floor were relevant like PSX and NEE. Pegging a nic was too difficult to triangulate between among three issuers, thus CONCESSION N/A.

COMPS AWAY:

NextEra Energy Capital Holdings Inc (Baa2/BBB/BBB)
-NEE 6.375% due nc 08/15/55 05/15/30 $105.00 (G148; 5.151% YTC) - $1.5bn pxd FEB 2025 b/e +205.3 (with floor)
-NEE 6.700% due 09/01/54 nc 06/01/29 $104.00 (G188; 5.489% YTC) - $1bn pxd FEB 2024 b/e +236.4
-NEE 6.500% due 08/15/55 nc 05/15/35 $106.50 (G151; 5.618% YTC) - $1bn pxd FEB 2025 b/e +197.9 (with floor)
-NEE 6.750% due 06/15/54 nc 03/15/34 $107.50 (G161; 5.625% YTC) - $1.2bn pxd JUN 2024 b/e +245.7

Southern Co (Baa2/BBB/BBB-)
-SO 6.375% due 03/15/55 nc 12/15/34 $107.10 (G131; 5.386% YTC) - $1.8bn pxd FEB 2025 (with floor)

Phillips 66 Co (Baa2/BBB-)
-PSX 5.875% due 03/15/56 nc 12/15/30 $100.30 (G209; 5.820% YTC) - $1bn pxd SEPT 2025 b/e +228.3 (with floor)
-PSX 6.200% due 03/15/56 nc 12/15/35 $101.10 (G189; 6.052% YTC) - $1bn oxd SEPT 2025 b/e +216.6 (with floor)

Sierra Pacific Power Co (Baa3/BBB)
-BRKHEC 6.200% due 12/15/55 nc 09/16/30 $100.50 (G240; 6.086% YTC) - $450m pxd SEPT 2024 b/e +254.9

Exelon Corp (Baa3/BBB)
-EXC 6.500% due 03/15/55 nc 12/15/34 $105.50 (G165; 5.725% YTC) - $1bn pxd FEB 2025 b/e +197.5

Dominion Energy Inc (Baa3/BBB-/BBB-)
-D 6.000% due 02/15/56 nc 11/15/30 $102.90 (G165; 5.3535% YTC) - $825m pxd AUG 2025 b/e +226.2 (with floor)
-D 6.200% due 02/15/56 nc 11/15/35 $102.00 (G179; 5.934% YTC) - $700m pxd AUG 2025 b/e +200.6 (with floor)
-D 6.625% due 05/15/55 nc 02/15/35 $104.10 (G6.043% YTC) - $1.25bn pxd NOV 2024 b/e +220.7

Sempra (Baa3/BBB-/BBB-)
-SRE 6.375% due 04/01/56 nc 01/01/31 $102.90 (G201; 5.734% YTC) - $800m pxd AUG 2025 b/e +263.2 (with floor)
-SRE 6.625% due 04/01/55 nc 01/01/30 $101.30 (G264; 6.289% YTC) - $400m pxd NOV 2024 b/e +235.4
-SRE 6.550% due 04/01/55 nc 01/01/35 $101.30 (G229; 6.370% YTC) - $600m pxd NOV 2024 b/e +213.8 

Seniors:

American Electric Power (Baa2/BBB/BBB)
-AEP 5.200% due 01/15/29 T+42bp (G53; $103.23) - $1bn pxd DEC 2023
-AEP 5.625% due 03/01/33 T+57bp (G80; $105.51) - $850m pxd FEB 2023

*** 10yr: Mar ‘33 G80, add 10bp for ‘33/’36 curve gets new issue 10y at 90bp.

10y UST 4.13% + new issue 10y spread +90 = 5.03%. At the 6.05% pricing level, the 10y Sr-Sub differential is 102bp.

*** 5yr: Jan ‘29 G53, add 15-20bp for ‘29/’31 curve gets new issue sr 5y at 70bp.

5y UST 3.69% + new issue 5y spread +70 = 4.40%. At the 5.80% pricing level, the 5y Sr-Sub differential is 140bp.

NextEra Energy Capital (Baa1/BBB+/A-)
-NEE 5.050% due 03/15/30 T+55bp (G59; $103.18) - $1bn pxd JAN 2025
-NEE 5.450% due 03/15/35 T+77bp (G83; $103.97) - $1bn pxd JAN 2025

Southern Co (Baa1/BBB+/BBB+)
-SO 5.500% due 03/15/29 T+41bp (G51; $104.27) - $1bn pxd SEPT 2023
-SO 4.850% due 03/15/35 T+79bp (G83; $99.40) - $750m pxd SEPT 2024

Dominion Energy Inc (Baa2/BBB/BBB+)
-D 5.000% due 06/15/30 T+62bp (G64; $102.84) - $800m pxd MAR 2025
-D 5.450% due 03/15/35 T+93bp (G99; $102.78) - $700m pxd MAR 2025

Sempra (Baa2/BBB/BBB+)
-SRE 3.700% due 04/01/29 T+60bp (G68; $98.09) - $500m pxd MAR 2022
-SRE 5.500% due 08/01/33 T+71bp (G91; $104.10) - $700m pxd JUN 2023

FINAL BOOKS:

$1.1bn 30.5nc5.25 Jr Sub - $3.500bn (3.18x) - PEAK $5.030bn

$900m 30.5nc10.25 Jr Sub - $6.000bn (6.67x) - PEAK $6.300bn

[GILDAN ACTIVEWEAR] 

Gildan Activewear Inc (GILCN) exp Baa3/BBB-/BBB (s/s/s) US$1.2bn 144A / Reg S (without reg rights) 2-part senior notes (5y FXD due 10/7/30 and 10y FXD due 10/7/35). MWC then 1mo par call on 5y and 3mos on 10y. 101 CoC. Special Mandatory Redemption (SMR): May 20, 2026 Redemption Price equal to 101%. Denoms: 2,000 x 1,000. UOP: The issuer expects to use the net proceeds received by them from the sale of the notes, together with cash on hand and the proceeds from the New Term Loan Facility, to directly or indirectly fund: (i) the cash portion of the Merger Consideration for the Hanesbrands Acquisition, which is anticipated to be approximately US$283.0 million, (ii) the refinancing of certain of Hanesbrands’ existing indebtedness and related transaction fees and (iii) expenses related to this offering and the Hanesbrands Acquisition. Until utilized for such purposes, the net proceeds may be invested in short term investment grade securities, money market funds or bank deposits or may be used to reduce borrowings under their Existing Revolving Credit Facility. Marketing: https://dealroadshow.com/e/GIL2025 Passcode: GIL2025. Pricing 9/23. Settle 10/7 (T+10). 144A CUSIPs: 5y: 375916AF0, 10y: 375916AG8. ISINs: 5y: US375916AF02, 10y: US375916AG84.

VIA CIBC/JPM/MS (B&D) joint active books.

Announced as a benchmark, we heard initial price thoughts as 5y T+140 area, 10y T+165 area.

Guidance came in at 5y T+103#, 10y T+130#.

Ultimately, a $1.2bn deal priced as follows:

$600m 4.70% 10/7/30 99.996 4.701% T+103. MW+20.

$600m 5.40% 10/7/35 99.893 5.414% T+130. MW+20.

 As for r/v, this is GILCN’s debut USD trade (there was one deal under Gildan Apparel USA Inc back in 1997 but this is a different entity), as such,  CONCESSION IS N/A.

Comps away:

Tapestry Inc (Baa2/BBB/NR)
-TPR 5.100% due 3/11/30 T+75bp (G78; $102.56) - $750M pxd Dec 2024
-TPR 3.050% due 3/15/32 T+62bp (G91; $90.53) -$500M pxd Nov 2021
-TPR 5.500% due 3/11/35 T+101bp (G107; $102.5) - $750M pxd Dec 2024

Dick's Sporting Goods Inc (Baa2/BBB/NR)
-DKS 3.150% due 1/15/32 T+54bp (G85; $91.69) - $750M pxd Jan 2022
-DKS 4.100% due 1/15/52 T+128bp ($74.57) - $750M pxd Jan 2022

Hasbro Inc (Baa2/BBB/BBB-)
-HAS 3.500% due 9/15/27 T+61bp (G61; $98.66) - $500M pxd Sep 2017
-HAS 3.900% due 11/19/29 T+81bp (G86; $97.70) - $900M pxd Nov 2019
-HAS 6.050% due 5/14/34 T+117bp (G130; $104.91) - $500M pxd May 2024
-HAS 6.350% due 3/15/40 T+170bp ($104.87) - $500M pxd Mar 2010

Mattel Inc (Baa3/BBB/BBB-)
-MAT 3.750% due 4/1/29 T+107bp (G115; $95.74) - $600M pxd Mar 2021
-MAT 6.200% due 10/1/40 T+190bp ($101.5) - $250M pxd Sep 2010
-MAT 5.450% due 11/81/41 T+151bp ($92.03) - $300M pxd Nov 2011

PVH Corp (Baa3/BBB-/NR)
-PVH 5.500% due 6/13/30 T+130bp (G132; $102.04) - $500M pxd 6/10/25 +145

Polaris Inc (Baa3/BBB-/BBB-)
-PII 6.950% due 3/15/29 T+133bp (G142; $105.92) - $500M pxd Nov 2023

FINAL BOOKS:

$600m 5yr - $5.800bn (9.67x) - PEAK $6.800bn

$600m 10yr - $6.000bn (10.00x) - PEAK $6.400bn

[NATIONWIDE BUILDING SOCIETY] 

Nationwide Building Society (NWIDE) exp A1/A+/A+ US$1bn 144A/Reg S 5y FXD and/or FRN Senior Preferred 2-part due 9/30/30. Interest Payment Dates: FXD: Payable semi-annually in arrear on March 30 and September 30 of each year, commencing on March 30, 2026 and ending on the Maturity Date; FRN: Payable quarterly in arrear on December 30, March 30, June 30, and September 30 of each year, commencing on December 30, 2025 and ending on the Maturity Date. Governing Law: New York. Listing: London. Sale into Canada: Yes - exemption. Documentation: Nationwide Building Society US$25,000,000,000 Senior Preferred, Senior Non-Preferred and Subordinated Medium-Term Notes Program Base Prospectus dated 3 July 2025 (the “Base Prospectus”). UOP: gcp. Pricing 9/23. Settle 9/30 (T+5). 144A CUSIP: 5y FXD: 63861VAP2, 5y FRN: 63861VAQ0. 144A ISIN: 5y FXD: US63861VAP22, 5y FRN: US63861WAQ87.

VIA Barc/Citi/MS/UBS joint active books.

Announced with benchmark size, we heard initial thoughts as T+90a/Seqv.

Guidance came in at 5y FXD T+68#, 5y FRN SOFR+101#.

Ultimately, a $1bn deal priced as follows:

PRICED:

$300m 9/30/30 FRN at SOFR+101, at 100.

$700m 4.351% 9/30/30 100.00 4.351% T+68.

Senior preferred comps included the following:

Nationwide Building Society (A1/A+/A+)
- NWIDE 5.127% due 07/29/29 T+54bp (G60; $103.12) - $1.00bn pxd JUL 2024

NatWest Markets PLC (A1/A/AA-)
- NWG 4.789% due 03/21/28 T+45bp (G44; $101.77) - $750m pxd 3/18/25 +78
- NWG 5.022% due 03/21/30 T+58bp (G61; $103.02) - $900m pxd 3/18/25 +95

We heard the r/v focus was basically NWG + extension

.  The NWG 30s were quoted G61.  Adding in curve f/v T+65bp.  (NWIDE trades a bit back of NWG in SNP because of 144a vs SEC registered – but the SP comps above are all 144a).

   At the T+68bp pricing level, CONCESSION IS 3BP

Recent comp away:

Commonwealth Bank of Australia (Aa2/AA-/AA-)
- CBAAU 4.150% due 10/01/30 T+43bp (G42; $100.10) - $750m pxd 9/22/25 +45

Non-Pfd Senior Comps:

Nationwide Building Society (A3/BBB+/A)
- NWIDE 4.649% due 07/14/29 (nc 28) T+73bp (G73; $100.86) - $750m pxd 7/7/25 +80
- NWIDE 5.537% due 07/14/36 (nc 35) T+100bp (G101; $103.00) - $1.0bn pxd 7/7/25 +115

FINAL BOOKS: 

$300m FRN - $1.150bn (3.83x) – PEAK $1.300BN
$700m FXD - $2.200bn (3.14x) – PEAK $2.400BN

[ALLIANT ENERGY CORP] 

Alliant Energy Corp “LNT” (Baa3/BBB- s/s) US$725m SEC registered 30.5nc5.25 $1,000 par fixed rate reset jr subordinated notes due 4/1/56. Interest Rate: The notes will bear interest (i) from and including September 26, 2025 to, but excluding, April 1st, 2031 (the “First Reset Date”) at the rate of [●]% per annum and (ii) from and including the First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of [●]%, to be reset on each Reset Date. The interest rate during any Reset Period will not reset below the initial interest rate. Interest Reset Date: First Reset Date (April 1st, 2031) and April 1 of every fifth year after 2031. Optional Redemption: In whole or in part (i) on any day in the period commencing on the date falling 90 days prior to the First Reset Date and ending on and including the First Reset Date and (ii) after the First Reset Date, on any interest payment date, at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In whole but not in part, at any time following the occurrence and during the continuance of a Tax Event at a redemption price in cash equal to 100% of the principal amount of the notes, plus accrued and unpaid interest to, but excluding, the redemption date. In whole but not in part, at any time following the occurrence and during the continuance of a Rating Agency Event at a redemption price in cash equal to 102% of the principal amount of the notes, plus accrued and unpaid interest to, but excluding, the redemption date. Optional Interest Deferral: One or more deferrals of up to 20 consecutive semi-annual interest payment periods per deferral. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Sale into HK or Mainland China: No – All Solicitations Prohibited. UOP: To reduce outstanding commercial paper, retire long term debt and/or for general corporate purposes. Long term debt to be retired may include the $200 million aggregate principal amount of 1.400% senior notes and the $300 million variable rate term loan (5% interest rate as of June 30, 2025) issued by Alliant Energy Finance, LLC, and Alliant Energy Corporation’s $575 million aggregate principal amount of 3.875% convertible senior notes, each of which matures in March 2026 and is expected to be retired at or prior to maturity. Pending application of the proceeds from this offering, Alliant Energy Corporation intends to place the proceeds in short-term instruments. Pricing 9/23. Settle 9/26 (T+3). CUSIP: 018802AF5. ISIN: US018802AF54. 

VIA MUFG (B&D)/Barc/BofA/GS/JPM joint active books.

Announced with benchmark size, we heard initial thoughts as 6.25-6.375%.

Guidance came in at 5.75%#.

Ultimately, a $725m deal priced as follows:

$725m 5.75% 4/1/56 5.75%. Back-end reset: T+207.7.

As for r/v, this is LNT’s first Jr Sub trade thus CONCESSION N/A.

Recent jr subs with coupon floors are as follows:

Phillips 66 Co (Baa2/BBB-)
-PSX 5.875% due 03/15/56 nc 12/15/30 $100.30 (G209; 5.820% YTC) - $1bn pxd SEPT 2025 b/e +228.3 (with floor)

Sempra (Baa3/BBB-/BBB-)
-SRE 6.375% due 04/01/56 nc 01/01/31 $102.90 (G201; 5.734% YTC) - $800m pxd AUG 2025 b/e +263.2 (with floor)

Dominion Energy Inc (Baa3/BBB-/BBB-)
-D 6.000% due 02/15/56 nc 11/15/30 $102.90 (G165; 5.3535% YTC) - $825m pxd AUG 2025 b/e +226.2 (with floor)

NextEra Energy Capital Holdings Inc (Baa2/BBB/BBB)
-NEE 6.375% due nc 08/15/55 05/15/30 $105.00 (G148; 5.151% YTC) - $1.5bn pxd FEB 2025 b/e +205.3 (with floor)

FINAL BOOKS:

$725m 30.5nc5.25 Jr Sub - $3.450bn (4.76x) - PEAK $6.000bn

[CK HUTCHISON BEATS TYPHOON RAGASA]

CKHH stepped in today ahead of Super Typhoon Ragusa – dubbed the “King of Storms – which was set to shutdown Hong Kong late today and into Wednesday, possibly longer depending on the severity of the monster storm.

VIA Barc/Citi/HSBC (B&D)/JPM/Miz as JBRs/JLMs

Announced with benchmark size, we heard initial thoughts as T+95a.

Final price guidance was out well before the NY open (around 5:30am) at T+62.5#

Ultimately, a $500m deal priced as follows:

PRICED: $500m 4.25% 9/26/30 99.697 4.318% T+62.5. MW+10.

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

- CKHH 5.375% due 4/26/29 T+54bp (G62; $103.72) - $1.0bn pxd APR 2024
- CKHH 4.375% due 03/13/30 T+57bp (G60; $100.48) - $500m pxd SEPT 2024

With the March ‘30s at G60, today’s T+62.5bp landing level was deemed a FLAT CONCESSION.  

Comps away:

Swire Pacific MTN Fin (A3 Moody’s)
- SWIRE 4.625% due 08/28/32 T+52 (G55; $101.30) - $500m pxd 8/21/25 +65

Mitsubishi Corp (A2/A)
- MITCO 4.125% due 09/09/30 T+52bp (G52; $99.64) - $500m pxd 9/2/25 +50

We didn’t catch a book size on this one. 

[COPT DEFENSE PROPERTIES] 

COPT Defense Properties LP (CDP) exp Baa3/BBB-/BBB- (p/s/s) US$400m (up from $300m) SEC registered 5y FXD sr notes due 10/15/30. MWC then 1mo par call. REIT covenants. Guarantor: COPT Defense Properties. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: General corporate purposes, including, without limitation, the repayment at maturity of the 2.25% Senior Notes due 2026 and paying down amounts outstanding under the unsecured revolving credit facility and an existing term loan. Pending such use, the net proceeds may be invested in interest-bearing accounts. Marketing: https://dealroadshow.com/e/CDP2025 Passcode: CDP2025. Pricing 9/23. Settle 10/2 (T+7). CUSIP: 12713UAA4. ISIN: US12713UAA43. 

VIA PNC/TD/WFS (B&D) joint active books. 

Announced with $300m size, we heard initial price thoughts as T+125-130.

Went straight to launch at $400m 5y at T+95.

Ultimately, a $400m deal priced as follows:

$400m 4.50% 10/15/30 99.464 4.62% T+95. MW+15.

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

-CDP 2.000% due 01/15/29 T+68bp (G77; $92.793) - $400M pxd Aug 2021
-CDP 2.750% due 04/15/31 T+100bp (G94; $90.704) - $600M pxd Mar 2021
-CDP 2.900% due 12/01/33 T+107bp (G122; $84.836) - $400M pxd Nov 2021

Some differences in opinions:

1. Since the last deal for CDP was priced back in 2021 and the direct comps lack liquidity, it’s fair to argue that concession is n/a. 
2. Some looked at f/v as CUZ plus some spread:

Cousins Properties LP (Baa2/BBB/N/A)
-CUZ 5.250% due 07/15/30 T+95bp (G96; $102.647) - $500M pxd 05/28/25 +117
-CUZ 5.375% due 02/15/32 T+101bp (G108; $102.605) - $400M pxd Dec 2024
-CUZ 5.875% due 10/01/34 T+111bp (G121; $104.443) - $500M pxd Aug 2024

** CUZ Jul 30s G96 (some quoted higher at G97); plus curve call new 5y f/v T+99bp; plus some bps for rating differential on Moody’s and S&P, call f/v T+102bp. (neg 7 bp for nic)

3. Some would still use the outstanding Apr 31s G94 minus 4bp for curve = T+90bp f/v. Then take an average between that and CUZ 30s G96, calling f/v T+92bp (3bp nic)

We will split between 3bp and neg 7bp and call CONCESSION NEG 2BP.

Boston Properties Lp (Baa2/BBB/WD)
-BXP 2.900% due 03/15/30 T+95bp (G98; $93.07) - $700M pxd Aug 2019
-BXP 2.550% due 04/01/32 T+87bp (G116; $86.524) - $850M pxd Mar 2021
-BXP 5.750% due 01/15/35 T+128bp (G135; $102.426) - $850M pxd Aug 2024

Highwoods Realty Lp (Baa2/BBB-/N/A)
-HIW 3.050% due 02/15/30 T+129bp (G132; $92.49) - $400M pxd Sep 2019
-HIW 2.600% due 02/01/31 T+145bp (G141; $88.275) - $400M pxd Jul 2020
-HIW 7.650% due 02/01/34 T+136bp (G151; $113.992) - $350M pxd Nov 2023

Kilroy Realty Lp (Baa3/BBB-/BBB-)
-KRC 3.050% due 02/15/30 T+130bp (G133; $92.453) - $500M pxd Sep 2019
-KRC 2.500% due 11/15/32 T+125bp (G148; $83.119) - $425M pxd Aug 2020

FINAL BOOKS:

$400m 5yr - $3.025bn (7.56x) - PEAK $3.200bn

[BROADSTONE NET LEASE LLC] 

Broadstone Net Lease LLC (BNL) exp Baa2/BBB (s/s) US$350m (up from $300m) SEC registered 7yr sr notes due 11/1/32. MWC then 2mos par call. REIT covenants. Guarantor: Broadstone Net Lease Inc. Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. UOP: The OP intends to use the net proceeds of the offering to fund potential acquisition opportunities, to repay amounts outstanding under our unsecured revolving credit facility, term loans and other indebtedness, and for other general corporate and working capital purposes. Marketing: https://dealroadshow.com Passcode: BNL2025. Pricing 9/23. Settle 9/26 (T+3). CUSIP/ISIN: 11134GAA8 / US11134GAA85.

VIA JPM (B&D)/TSI/USB joint active books. 

Announced as with $300m size, we heard initial price thoughts as T+155 area.

Went straight to launch at $350m 7y at T+128.

Ultimately, a $350m deal priced as follows:

$350m 5.00% 11/1/32 99.151 5.143% T+128. MW+20.

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

-BNL 2.600% due 09/15/31 T+145bp (G135; $87.1) - $375M pxd Sept 2021

** The small outstanding 31s were BNL’s IG debut back in 2021 and lack liquidity. Today’s deal was able to reprice the curve with most people ignoring the  31s. As such, CONCESSION IS N/A.

Comps away:

NNN REIT Inc  (Baa1/BBB+)
-NNN 4.600% due 02/15/31 T+77bp (G73; $100.7) - $500M pxd 6/24/25 +90
-NNN 5.500% due 06/15/34 T+78bp (G90; $104.1) - $500M pxd May 2024

WP Carey Inc (Baa1/BBB+)

-WPC 4.650% due 07/15/30 T+75bp (G76; $100.9) - $400M pxd 7/7/25 +90

-WPC 2.450% due 02/01/32 T+54bp (G85; $87.9) - $350M pxd Oct 2021
-WPC 5.375% due 06/30/34 T+88bp (G100; $102.5) - $400M pxd Jun 2024

Agree Realty Corp (Baa1/BBB+/A-)
-ADC 2.900% due 10/01/30 T+64bp (G63; $93.6) - $350M pxd Aug 2020
-ADC 5.625% due 06/15/34 T+85bp (G97; $104.4) - $450M pxd May 2024
-ADC 5.600% due 06/15/35 T+86bp (G90; $104.6) - $400M pxd 5/14/25 +117

 LXP Industrial Trust (Baa2/BBB- /BBB)
-LXP 2.700% due 09/15/30 T+88bp (G88; $91.8) - $400M pxd Aug 2020
-LXP 2.375% due 10/01/31 T+122bp (G112; $87.0) - $400M pxd Aug 2021

Essential Properties Realty Trust (Baa2/BBB-/BBB)
-EPRT 2.950% due 07/15/31 T+111bp (G103; $90.7) - $400M pxd Jun 2021
-EPRT 5.400% due 12/01/35 T+120bp (G120; $100.6) - $400M pxd 8/18/25 +128

STORE Capital Corp (Baa3/BBB-/BBB)
-STOR 5.400% due 04/30/30 T+117bp (G119; $102.2) - $350M pxd 3/18/25 +135
-STOR 2.700% due 12/01/31 T+134bp (G122; $87.8) - $375M pxd Nov 2021

FINAL BOOKS:

$350m 7yr - $2.400bn (6.86x) - PEAK $2.600bn

[HORACE MANN EDUCATORS CORP] 

Horace Mann Educators Corp (HMN) exp Baa2/BBB/BBB (s/s/s) US$300m (no grow) SEC registered 5y FXD sr notes due 10/1/30. MWC then 1mo par call. Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. UOP: To repay the $250 million principal amount of the outstanding 4.50% Senior Notes due 2025, and for general corporate purposes. Marketing: https://dealroadshow.com/e/HMN2025DEAL Passcode: HMN2025DEAL. Pricing 9/23. Settle 9/26 (T+3). CUSIP: 440327AM6. ISIN: US440327AM65. 

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

Announced as $300m WNG, we heard initial thoughts as T+140a.

The deal went straight to launch - $300m at T+115bp.

PRICED: $300m 4.70% 10/1/30 99.462 4.822% T+115. MW+20.

As for r/v, outstanding HMN was not liquid thus CONCESSION N/A.

HMN 7.250% due 09/15/28 T+93bp (G93; $107.37) - $300m pxd SEPT 2023.  – not liquid

Comps away included the following:

American Financial Group (Baa1/BBB+)
- AFG 5.000% due 09/23/35 T+108bp (G108; $98.47) - $350m pxd 9/16/25 +108

CNA Financial Group (Baa2/A-/BBB+)
- CNA 2.050% due 08/15/30 T+82bp (G82; $89.36) - $500m pxd AUG 2020
- CNA 5.200% due 8/15/35 T+109bp (G109; $99.97) - $500m pxd 8/5/25 +103

Selective Insurance Group (Baa2/BBB/BBB+)
- SIGI 5.900% due 04/15/35 T+121bp (G126; $104.18) - $400m pxd 2/20/25 +140

CNO Financial Group Inc (Baa3/BBB-/BBB)
- CNO 5.250% due 05/30/29 T+104bp (G113; $101.68) - $500m pxd MAY 2019
- CNO 6.450% due 06/15/34 T+155bp (G167; $105.24) - $700m pxd MAY 2024

FINAL BOOK:

$300m 5yr $1.15bn (3.83x) - PEAK $1.500BN

[KODIT GLOBAL 2025-1] 

   -- KODIT Global 2025-1 Co Ltd (KOCRGF) exp issue ratings Aa2/AA, US$300m 144A/3c7/Reg S 3y floating rate guaranteed sr unsec bond. Guarantor: Korea Credit Guarantee Fund (KODIT). Guarantor ratings: Aa2/AA (s/s). Guarantee: Unconditional and irrevocable guarantee for the due and punctual payment of all sums from time to time payable by the Issuer in respect of the Bonds. The Guarantee relating to the Bonds constitutes a direct, general and unconditional obligation of the Guarantor which will be unsecured and will rank pari passu with all other present and future unsecured and unsubordinated obligations of the Guarantor. CoC Put: At Par, when Korea ceases to control (directly or indirectly) the Guarantor or for any reason fails to provide the financial support to the Guarantor stipulated by Article 41 of The Korea Credit Guarantee Fund Act of 1975, as amended ("Article 41") or Article 41 is amended in a manner which prejudices the rights of the Holders, or is repealed. Korea Credit Guarantee Fund Act of 1975, as amended: https://elaw.klri.re.kr/kor_service/lawView.do?hseq=49598&lang=ENG. SOFR convention: compounded Daily SOFR in arrear and paid quarterly (5 U.S. Government Securities Business Days Lookback). Terms: SGX Listing, 200k/1k Denoms, English Law. UOP: gcp. Pricing 9/23. Settle 9/30. 144A ISIN: XS3173603633.

VIA BNP (B&D)/Citi/HSBC/KDB/StanChart joint active books.

Announced as a benchmark, we heard initial price thoughts as SOFR+100 area, final price guidance came in as SOFR+65#. 

Ultimately, the $300m deal priced as follow:

$300m 9/30/28  FRN at SOFR+65, at 100.

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

KODIT GLOBAL 2024-2 (Aa2 by Moody’s)

-KOCRGF FRN due 10/29/27 SOFR+63bp - $200M pxd Oct 2024

As for nic, we heard that the nic was pegged at negative 5bp out from Asia, (f/v S+70bp with essentially a 7bp curve between Oct 27s and Sep 28s). CONCESSION IS NEG 5BP.

Comps away:

Export-Import Bank Korea (Aa2/AA/AA-)
-EIBKOR FRN due 9/22/28 SOFR+43bp - $500M pxd 9/15/25 S+46

Industrial Bank of Korea (Aa2/NR/AA-)
-INDKOR FRN 6/24/28 SOFR+49bp - $500M pxd 6/16/25 S+58

Korea National Oil Corp (Aa2/AA/NA)
-KOROIL FRN 9/29/28 SOFR+65bp - $500M pxd 9/22/25 S+67

We didn’t catch a book on this one.

[SSA PRICED]

The African Development Bank (AfDB), exp Aa3/AA- (issuer ratings Aaa (Moody's, stable) / AAA (S&P, stable) / AAA (Fitch, stable) / AAA (Japan Credit Rating Agency, stable)), US$ benchmark global SEC exempt Perp NCAug35 subordinated. BNP/Citi/GS/HSBC/UBS joint books. Interest rate: Fixed rate [·]% until 7 August 2035 (the “First Reset Date”). Then resets on the First Reset Date and every 5 years thereafter (each a “Reset Date”) at the rate per annum equal to the sum of 5y Constant Maturity Treasury (CMT) + initial margin (no step-up). Coupons are paid annually in arrear on 7 August. There will be a short first Interest Period from (and including) the issue date to (but excluding) 7 August 2026. UOP: an amount equal (or equivalent in another currency) to the net proceeds of the Notes will be incorporated in the ordinary capital resources of the Bank and used in its ordinary operations. Marketing: RL: https://dealroadshow.com Entry Code: AFDB25. Direct Link: https://dealroadshow.com/e/AFDB25. Pricing 9/23. Settle 9/30 (T+5).IPTs: 6.375% area (coupon).GUIDANCE: $500m at 5.875%# (will price at par). Books >$4bn (pre-rec). Books will go subject at 15:55 UKT / 10:55 EST.PRICED: $500m, 5.878% at 100. Initial Margin (back-end reset): T+165.3.

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