Commentary & Deal Flow

CFR CREDIT CLOSE: Q325 Tops $400bn; Sept 2025 #2 All Time For Deals/Tranches

Today’s 7 deals for $6.650bn does NOT bode well for the Largest Q3/Largest Month Ex-2020 long-shot records we were eyeing.  However, today’s volume DID put Sept 2025 in the top 5 on the All-Time Largest Month List. It also pushed Q32025 above the $400bn mark – only the second Q3 ever to surpass $400bn.  As well today’s deal count puts Sept 2025 at No. 2 on the All-Time Largest Deal Month List as well as the All-Time Largest Tranche Month list.  

When it comes to the deal count – Sept 2025 is rivaling the COVID pace. At 147 deals it has surpassed the deal count in April and June 2020.  The only name above Sept 2025 is May 2020 with 160 trades.  Sept 2025 will add to this total tomorrow, but after today, the 14 deals needed to take over the number one spot seems like a lot.

That said, taking over #1 on All-Time Largest Tranche Month table does not seem out of the question.  We’d need to see 9 tranches on Tuesday (the same number of tranches today turned in).

In order for Sept 2025 to take over as the Largest Month Ex-2020 spot, Tuesday would need to turn in $24.301bn.

Q325 is currently at $401.625bn  - $23.816bn away from surpassing Q324 at $425.440bn. But topping the $400bn mark is nothing to sneeze at.

One other notable, taps made up a decent amount of today’s $6.650bn total with $2.65bn combined from Codelco and Dominion Energy.  This is good enough for #7 on the All-Time Largest Tap Days Table.

HERE’S TODAY’S RUNDOWN:

[CODELCO]

Corporacion Nacional del Cobre de Chile ("CODELCO"; TICKER: CDEL) exp Baa2/BBB+ US$1.4bn (no grow) 144A/Reg S 2-part sr notes reopening (6.33% of 1/13/35 - $750m outstanding, and 6.78% 1/13/55 - $750m outstanding). MWC +25 on 2035 and +30 on 2055. 3mos par call on 2035 and 6mos on 2055. Tax Call on both. De noms: US$200,000 x US$1,000. Listing: Lux/Euro MTF. Governing Law: New York. UOP: gcp. Marketing: URL: https://dealroadshow.com Entry Code CDEL2025 Direct Link: https://dealroadshow.com/e/CDEL2025. Pricing 9/29. Settle 10/2 (T+3). 144A CUSIP / ISIN: 2035s: 21987BBL1 / US21987BBL18; 2055s: 21987BBM9 / US21987BBM90.

VIA BofA/CACIB/JPM/Sant (B&D as joint bookrunners

Announced as a $1.4bn no-grow, we heard IPTs of T+150bp area for the tap of the 2035s and T+180bp area for the reopening of the longer bond.

IPTs: 2035s: T+150 area, 2055: T+180 area.

Guidance was T+130a (+/-5bp for the 2035s, and T+155a (+/-3bp) 2055s.

Ultimately a $1.4bn deal was launched at the tight end of guidance (T+125bp / T+152bp), with the tranches evenly split by size. The deal was priced as follows:

$700m 6.33% 01/13/2035 @106.626 yld 5.393%. T+125. Post-tap, the outstanding amount is $1.45bn.

$700m 6.78% 01/13/2055 @107.305 yld 6.23%. T+152. Post-tap, the outstanding amount is $1.45bn.

FINAL BOOKS:

$700m 2035 Tap - $1.500bn (2.14x) - PEAK $2.000bn
$700m 2055 Tap - $2.700bn (3.86x) - PEAK $3.600bn

As for RV, the outstanding were spotted as follows:

- CDEL 6.33% due 01/13/2035 T+121bp (G126; $106.87) - $750m pxd 01/08/25

- CDEL 6.78% due 01/13/2055 T+152bp (G152; $107.17) - $750m pxd 01/08/25 

Taking the T-spreads as this is a tap, for the 2035s landing at T+125bp CONCESSION IS 4BP, and for the 2055s landing at T+152bp, CONCESSION IS FLAT.

[DOMINION ENERGY INC]

Dominion Energy Inc (D) exp Baa3/BBB-/BBB- (n/s/s) US$1.25bn SEC registered 2-part reopening (tap of $1,000 par D 6.00% 2025 Series A jr sub notes due 2/15/56 - $825m outstanding, and tap of $1,000 par D 6.20% 2025 Series B jr sub notes due 2/15/56 - $700m outstanding). First reset date: Series A: 2/15/31, Series B: 2/15/36. Interest rate: Series A: From and including August 6, 2025 (the Original Issuance Date) to, but excluding, February 15, 2031 (the First Series A Reset Date) at the rate of 6.000% per year and from and including the First Series A Reset Date, during each Reset Period, at a rate per year equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 2.262%, to be reset on each Series A Reset Date; provided, that the interest rate during any Reset Period will not reset below 6.000%; Series B: From and including the Original Issuance Date to, but excluding, February 15, 2036 (the First Series B Reset Date) at the rate of 6.200% per year and from and including the First Series B Reset Date, during each Reset Period, at a rate per year equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 2.006%, to be reset on each Series B Reset Date; provided, that the interest rate during any Reset Period will not reset below 6.200%. Interest payment dates: Series A: February 15 and August 15 of each year, beginning on February 15, 2026; Series B: February 15 and August 15 of each year, beginning on February 15, 2026. Reset Period: The period from and including the First Series A Reset Date or Series B Reset Date, as applicable, to, but excluding, the next following Series A Reset Date or Series B Reset Date, as applicable, and thereafter each period from and including a Series A Reset Date or Series B Reset Date, as applicable, to, but excluding, the next following Series A Reset Date or Series B Reset Date, respectively. Optional Redemption: In whole or in part (i) on any day in the period commencing on the date falling 90 days prior to the applicable First Reset Date and ending on and including the applicable First Reset Date and (ii) after the applicable 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 within 120 days after the occurrence of a Tax Event at a redemption price 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 within 120 days after the occurrence of a Rating Agency Event at a redemption price equal to 102% of the principal amount of the notes, plus accrued and unpaid interest to, but excluding, the redemption date. Optional Deferral: up to 10 consecutive years per deferral. Denoms: $2,000 x $1,000. Canadian Sales: Yes - via Exemption. Sale into HK or Mainland China: No – All Solicitations Prohibited into HK and Mainland ChinaUOP: general corporate purposes and to repay short-term debt, including commercial paper. Pricing 9/29. Settle 10/1 (T+2). CUSIP: Series A: 25746UDZ9, Series B: 25746U EA3. ISIN: Series A: US25746UDZ93, Series B: US25746UEA34. 

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

Announced as benchmark, final size came in at $1.25bn with price progression as follows;

- D 6.00% 02/15/56 (nc 11/15/30) – IPT 6.25%a; GDNC 5.80%#; PXD $625m tap of 6.00% 2/15/56 at 100.872, yld 5.800%. Back-end reset: T+226.2. Total outstanding now $1.45bn.
- D 6.20% 02/25/56 (nc 11/15/35) – IPT 6.50%a; GDNC 6.05%#; PXD $625m tap of 6.20% 2/15/56 at 101.117, yld 6.050%. Back-end reset: T+200.6. Total outstanding now $$1.325bn.

As for r/v, the bonds being tapped were quoted as follows:

- D 6.000% due 02/15/56 (nc 11/15/30) 5.568% YTC ($101.9; G181) – b/e T+262.2bp - $825m pxd 8/4/25 w/6% floor
- D 6.200% due 02/15/56 (nc 11/15/35) 5.950% YTC ($101.9; G179) – b/e T+200.5bp - $700m pxd 8/4/25 w/6.20% floor. 

The levels on the outstandings point to a decent NIC:

* D 56nc30 pre-announce level 5.568%; Tap priced 5.80%. This points to a 23bp NIC.

 * D 56nc35 pre-announce level 5.950%; Tap priced 6.05%. This points to a 10bp NIC 

That said, today’s deal DID land flat to AEP’s recent pricing level.

American Electric Power (Baa3/BBB-/BB+)
- AEP 5.800% due 03/15/56 (nc 12/15/30) 5.937% YTC ($99.40; G219) – b/e T+212.8 - $1.10bn pxd 9/23/25 w/5.80% floor.
- AEP 6.050% due 03/15/56 (nc 12/15/35) 6.050% YTC ($100.00) G190) – b/e T+194 - $900m pxd 9/23/25 w/6.050% floor

Some away from the trade admit they typically build up from the most recent deals in the market, but generally market players felt NIC on the taps today was tough. 

“Secondaries on these $1000 pars are tough.  They just shoot to the moon post pricing.  And we typically build up from the recent prints.  D is right there vs AEP,” said one source. “But hard to argue a NIC vs comps away since this is a tap.”  

All that said, it’s clear to see why today’s trade landed where it landed. Reader’s choice on this one but we’re going: 

*56NC30:  23bp NIC vs pre-announce level on outstandings. Flat NIC vs AEP - MID POINT CONCESSION 11.5BP. 

*56NC35: 10bp NIC vs pre-announce level on outstandings. Flat NIC vs AEP. MID-POINT CONCESSION 5BP. . 

Other Dominion hybrids:

- D 6.875% due 02/01/55 (nc 11/03/29) 5.520% YTC ($104.9; G183) – b/e T+238.6bp  - $1.00bn pxd 5/6/24 w/6.875% floor.
- D 6.625% due 05/15/55 (nc 02/15/35) 6.114% YTC ($103.6; G201) – b/e T+220.7bp - $1.25bn pxd NOV 2024
- D 7.000% due 06/01/54 (nc 03/03/34) 5.743% YTC ($108.3; G171) – b/e T+241.1bp - $1.00bn pxd MAY 2024

Other hybrid comps away:

Alliant Energy Corp (Baa3/BBB-)
- LNT 5.750% due 04/01/56 (nc 01/01/31) 5.751% YTC ($100.00; G199) – b/e T+207.7bp - $725m pxd 9/23/25

Sempra (Baa3/BBB-/BBB-)
- SRE 6.375% due 04/01/56 (nc 01/01/31) 5.704% YTC ($103.00; G195 – b/e T+263.2 - $800m pxd 8/26/25 w/6.375% floor

Nextera Energy Capital (Baa2/BBB/BBB)
- NEE 6.375% due 08/15/55 (nc 05/15/30) 5.386% YTC ($104.0; G167) – b/e T+205.3 - $1.5bn pxd 2/4/25 w/ 6.375% floor
- NEE 6.700% due 09/01/54 (nc 06/01/29) 5.497% YTC ($103.47; G197) -b/e T+236.4 - $1.0bn pxd 2/27/24
- NEE 6.500% due 08/15/55 (nc 05/15/35) 5.708% YTC ($105.80; G159) – b/e T+197.9 – $1.0bn pxd 2/4/25 w/ 6.500% floor

Southern Co (Baa2/BBB/BBB-)
- SO 6.375% due 03/15/55 (nc 12/15/34) 5.494% YTC ($106.30; G141) – b/e T+206.9 - $1.8bn pxd 2/25/25 w/ 6.375% floor

CMS Energy Corp (Baa3/BBB-/BB+)
- CME 6.500% due 06/01/55 (nc 03/01/35) 6.048% YTC ($103.20; G195) b/e T+196.1) - $1.0bn pxd 2/18/25

Exelon Corp (Baa3/BBB-)
- EXC 6.500% due 03/15/55 (nc 12/15/34) 5.834% YTC ($104.70; G175) b/e T+197.5) - $1.0bn pxd 2/13/25

Duke Energy Corp (Baa3/BBB-)
- DUK 6.450% due 09/01/54 (nc 06/01/34) 5.667% YTC ($105.30; G162) b/d T+258.8 - $1.0bn pxd AUG 2024

Senior comparables:

Dominion Energy Inc (Baa2/BBB/BBB+)
- D 5.000% due 06/15/30 T+63bp (G65; $102.62) - $800m pxd 3/6/25 +95
- D 5.450% due 03/15/35 T+100bp (G106; $101.90) - $700m pxd 3/6/25 +120

NextEra Energy Capital Holdings Inc (Baa1/BBB+/A-)
- NEE 5.050% due 03/15/30 T+58bp (G61; $102.89) - $1.0bn pxd 1/30/25 +73
- NEE 5.450% due 03/15/35 T+100bp (G106; $101.9) - $1.0bn pxd 1/30/25 +98

Southern Co (Baa1/BBB+/BBB+)
- SO 5.500% due 03/15/29 T+45bp (G55; $103.9) - $1.0bn pxd SEP 2023
- SO 4.850% due 03/15/35 T+80bp (G84; $99.32) - $750m pxd SEP 2024

Duke Energy Corp (Baa2/BBB)
- DUK 4.850% due 01/15/29 T+47bp (G57; $101.89) - $650m pxd JAN 2024
- DUK 4.950% due 09/15/35 T+91bp (G91; $98.9) - $1.0bn pxd 9/8/25 +95

American Electric Power Co (Baa2/BBB/BBB)
- AEP 5.200% due 01/15/29 T+45bp (G55; $102.9) - $1.0bn pxd DEC 2023
- AEP 5.625% due 03/01/35 T+64bp (G87; $104.8) - $850m pxd FEB 2023

Sempra (Baa2/BBB/BBB+)
- SRE 3.700% due 04/01/29 T+56bp (G64; $98.2) - $500m pxd MAR 2022
- SRE 5.500% due 08/01/33 T+79bp (G96; $103.3) - $700m pxd JUN 2023

FINAL BOOKS:

$625m 2056nc30 Jr Sub Tap - $2.300bn (3.68x) - PEAK $3.200bn
$625m 2056nc35 Jr Sub Tap - $2.500bn (4.00x) - PEAK $3.600bn

[SOCGEN] 

Societe Generale SA (SOCGEN) exp Baa2/BBB/A- US$1.25bn 144A/Reg S 11nc10 fixed to floating Senior Non-Preferred due 10/3/36. Citi/MS/SG/TD/WFS joint active books. Optional Redemption Date: 10/3/35. Interest rate: [●]% per annum for the period from and including the Settlement Date to but excluding the Optional Redemption Date, payable semi-annually in arrear on each Interest Payment Date. If any Notes are not redeemed on the Optional Redemption Date, Floating coupon of Daily SOFR Compound (2-day observation shift) + [●]%, paid quarterly. Optional Redemption Price: 100%. Denoms: 200,000 x 1,000. Governing Law: New York law except for Condition 2 (Status of the Notes) which will be governed by, and construed in accordance with, French law. Pricing 9/29. Settle 10/3 (T+4). 144A CUSIP: 83368RCK6. 144A ISIN: US83368RCK68. IPTs: T+160 area.

VIA Citi/MS/SG/TD/WFS joint active books.

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

Guidance came in at T+130#.

Ultimately, a $1.25bn deal priced as follows:

PRICED: $1.25bn 5.439% 10/3/36 100.00 5.439% T+130. Back-end: SOFR+173.0.

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

- SOCGEN 5.249% due 05/22/29 (nc 28) T+97bp (G97; $101.59) - $1.0bn pxd 5/14/25 +120
- SOCGEN 5.512% due 05/22/31 (nc 30) T+109bp (G111; $102.81) - $1.0bn pxd 5/14/25 +135
- SOCGEN 6.100% due 04/13/33 (nc 32) T+120bp (G124; $105.35) - $1.0bn pxd 1/6/25 +160
- SOCGEN 6.066% due 01/19/35 (nc 34) T+115bp (G127; $105.14) - $1.25bn pxd JAN 2024

** using Jan 35nc34 at G127; adding in a 3bp curve gets you to T+130bp; Using recent 31nc30 at G111 + 20ish curve gets you to T+130bp.  At the T+130bp pricing level, CONCESSION IS FLAT.

Comps away:

BPCE SA (Baa1/BBB+/A)

- BPCEGP 5.876% due 01/14/31 (nc 30) T+99bp (G103; $104.29) - $1.25bn pxd 1/7/25 +142

- BPCEGP 6.027% due 05/28/36 (nc 35) T+118bp (G120; $105.21) - $1.00bn pxd 5/21/25 +145

FINAL BOOKS: 

$1.25bn 11nc10 FTF SNP - $3.250bn (2.60x) - PEAK $7.900bn

[BANK OF NOVA SCOTIA]

The Bank of Nova Scotia “BNS” exp security ratings Baa3 (hyb)/BBB-/BBB (H) by Moody's/S&P/DBRS, US$1bn SEC registered 60nc10 Fixed Rate Resetting Limited Recourse Capital Notes, Series 7 (Non-Viability Contingent Capital (NVCC)), due 10/27/85. Interest: Fixed for 10-years and then resets every 5-years at the 5-year U.S. Treasury rate plus [•]%. Interest Reset Dates: October 27, 2035 and every five years thereafter. Interest Payment Dates: 27 of January, April, July, October of each year, commencing January 27, 2026. Interest Deferability: Interest payments are non deferrable. Optional Redemption: October 27, 2035 and each Interest Payment Date thereafter at the Redemption Price. Special Event Redemption: Tax / Regulatory call subject to prior OSFI approval. Ranking: Pari passu with all other deeply subordinated indebtedness and senior to outstanding and future preferred and common shares. Recourse Events: (1) Non payment in cash of interest by the Bank that is not cured within 5 business days of the related interest payment date (2) Non payment in cash of the principal amount of the LRCN by the Bank, together with any accrued and unpaid interest, on the Maturity Date (3) Non payment in cash of the Redemption Price by the Bank, in connection with the redemption of the LRCN (4) An Event of Default (bankruptcy, insolvency, winding-up, or liquidation of the Bank) (5) NVCC Trigger Event. Upon a Recourse Event (other than an NVCC Trigger Event), LRCN holders receive BNS AT1 Notes held in the Trust. NVCC Trigger Event: Upon an NVCC Trigger Event, LRCN holders receive BNS common shares in exchange for LRCNs upon automatic conversion of AT1 Notes held in the Trust. Conversion of BNS Common Shares based on a USD equivalent of C$5.00 floor price and 1.25x multiplier. Canadian Bail-in Powers Acknowledgement: No. The Notes will not be subject to bail-in conversion under the Canadian bail-in regime. Denoms: US$200,000 x US$1,000. Sales into Canada: Yes - Exemption (Sales to Canada only through Scotiabank). UOP: gcp. Pricing 9/29. Settle 10/8 (T+6). CUSIP/ISIN: 06419GEE2 / US06419GEE26.

VIA Scotia (B&D)/Citi/GS/SG active joint books.

Announced with benchmark size, we heard initial thoughts as 7.25% area.

Guidance came in at 6.875%#.

Ultimately, a $1bn deal priced as follows:

$1bn 6.875% 10/27/85 100.014 6.875%. Back-end reset: T+273.4.

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

-BNS 7.350% due 04/27/85nc30 $104.750 (G244; 6.150% YTC) - $1bn pxd JAN 2025 be +290.3

More recent Canadian banks RBC and TD were the more relevant comps:

Royal Bank of Canada (Baa2/BBB)
-RY 6.750% due 08/24/85nc30 $103.125 (G228; 6.008% YTC) - $1.25bn pxd 06/04/25 b/e +281.5
-RY 6.500% due 11/24/85nc35 $99.250 (G244; 6.603% YTC) - $1.35bn pxd 09/15/25 b/e +246.2

*** VS RBC:

NC Nov ‘35 6.603% YTC, add 15bp for ratings differential = 6.75%.

Outstanding b/e 246.2 minus outstanding G244 = -2.2 * 0.2 = -0.44bp

b/e differential not significant to adjust for get f/v to 6.75%.

Toronto-Dominion Bank (Baa2/BBB-)
-TD 6.350% due 10/31/85nc30 $100.250 (G254; 6.290% YTC) - $750m pxd 09/12/25 b/e +272.1

*** VS TD:

NC Oct ‘30 6.29%, Add 10bp for ratings differential = 6.40%.

Add 30bp for 5s/10s curve = 6.70%.

Outstanding b/e 272.1 minus outstanding G252 = 20.1 * 0.2 = 4.02bp.

Add 5bp for b/e differential gets f/v to 6.75%. 

At the 6.875% pricing level, CONCESSION IS 12.5BP.

*Note, some called concession on today’s BNS trade 5-7bp, but we weren’t clear on how they got there. 

Other comps away: 

Bank of Montreal (Baa3/BBB-)
-BMO 6.875% due 11/26/85 nc30 $102.500 (G255; 6.301% YTC) - $1bn pxd 07/21/25 be +297.6
-BMO 7.300% due 11/26/84 nc34 $106.000 (G234; 6.427% YTC) - $750m pxd JUL 2024 b/e +301.0

Canadian Imperial Bank of Commerce (Baa3/BBB-)
-CM 7.000% due 10/28/85nc30 $102.500 (G267; 6.418% YTC) - $750m pxd 07/07/25 b/e +300.0

FINAL BOOK:

$1bn 60nc10 FRR - $2.800bn (2.80x) - PEAK $3.800bn

[EUSHI FINANCE INC]

EUSHI Finance Inc “EMACN” exp security ratings Ba1/BB+/BB+ (n/s/s), US$750m SEC registered $1,000 par 30.5nc5.25 fixed rate reset jr subordinated notes due 4/1/56. Reset Date: April 1, 2031 (“First Interest Reset Date”), and April 1 of every fifth year after 2031. Interest Rate: from and including the original issue date to but excluding the First Reset Date, at the rate of [•]% per annum and (ii) from and including the First Interest 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 Interest Reset Date; provided, that the interest rate during any Reset Period will not reset below [•]%. Interest Payment Dates: subject to the Issuer’s right to defer interest payments as described under “Optional Interest Deferral” below, interest on the Notes will be payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2026, and on the maturity date. 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 Interest Reset Date and ending on and including the First Interest Reset Date and (ii) After the First Interest Reset Date, on any interest payment date, at 100% of par; In whole but not in part: (iii) Upon a Tax Event, at 100% of par (iv) Upon a Rating Agency Event, at 102% of par. Optional Interest Deferral: from time to time, up to 20 consecutive semi-annual Interest Payment Periods each. Denoms: $2,000 x $1,000. UOP: general corporate purposes, including, without limitation, to repay existing indebtedness. Pricing 9/29. Settle 10/3 (T+4). CUSIP / ISIN: 29882DAC7 / US29882DAC74.

VIA JPM/MS/MUFG/RBC/Scotia/WFS (B&D) joint books. Passive: BofA/BMO/CIBC/TD/TSI. 

Announced with benchmark size, we heard initial thoughts as 6.50% area.

Guidance came in at 6.25%#.

Ultimately, a $750m deal priced as follows:

$750m 6.25% 4/1/56 100.00 6.25%. Back-end Reset: T+250.9.

As for r/v, this is the first hybrid notes from EMAC that contains a floor provision, thus CONCESSION N/A.

-EMACN 7.625% due 12/15/54 nc 09/15/29 $105.375 (G238; 6.076% YTC) - $499m pxd DEC 2024 b/e +313.6 

COMPS AWAY:

American Electric Power (Baa3/BBB-/BB+)
-AEP 5.800% due 03/15/56 nc 12/15/30 $99.625 (G212; 5.887% YTC) - $1.1bn pxd 09/25/25 b/e +212.8 (with floor)

Alliant Energy Corp (Baa3/BBB-)
-LNT 5.750% due 04/01/56 nc 01/01/31 $100.250 (G192; 5.695% YTC) - $725m pxd 09/26/25 b/e +207.7 (with floor)

Sempra (Baa3/BBB-/BBB-)
-SRE 6.365% due 04/01/56 nc 01/01/31 $102.875 (G196; 5.732% YTC) - $800m pxd 08/29/25 be +263.2 (with floor)

Senior:

Emera US Finance LP (Baa3/BBB-/BBB)
-EMACN 2.639% due 06/15/31 T+105bp (G98; $89.36) - $450m pxd OCT 2021

*** Jun ‘31 G98 ($89) add 2bp for low $ gets L5y f/v at T+100bp. 

5y UST at 3.74% + new issue spread 100bp = 4.75%. At the 6.25% pricing level, the sr-sub differential is 150bp.

FINAL BOOKS:

$750m 30.5nc5.25 Jr Sub - $1.950bn (2.60x) - PEAK $2.100bn

[COREBRIDGE] 

Corebridge Global Funding (CRBG) exp A2/A+ (s/s) US$500m 144A/Reg S 5y FXD sr secured FA-Backed due 10/2/30. FA Provider: American General Life Insurance Company. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To purchase one or more funding agreements from American General Life Insurance Company. Pricing 9/29. Settle 10/2 (T+3). 144A CUSIP / ISIN: 00138CBJ6 / US00138CBJ62. 

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

Announced as a benchmark, we heard initial price thoughts as T+95 area.

Guidance came in at T+73#.

Ultimately, a $500m deal priced as follows:

$500m 4.45% 10/2/30 99.894 4.474% T+73. 

 As for r/v, outstanding CRBG was quoted as follows:
-CRBG 4.250% due 08/21/28 T+59bp (G59; $100.08) - $500M pxd 08/18/25 +58
-CRBG 4.850% due 06/06/30 T+66bp (G67; $101.80) - $700M pxd 06/03/25 +85
-CRBG 4.900% due 08/21/32 T+88bp (G89; $100.53) - $500M pxd 08/18/25 +88

** Outstanding Jun 30s G67; plus 2bp for curve = T+69bp f/v. At the T+73bp pricing level, CONCESSION IS 4BP.

Comps away:

Equitable America Global Funding (A1/A+)
-EQH 4.950% due 06/09/30 T+72bp  (G74; $102.03 ) - $850M pxd 6/2/25 +95

FINAL BOOKS:

$500m 5yr FABN - $1.000bn (2.00x) - PEAK $1.550bn

[FORTITUDE GLOBAL FUNDING] 

Fortitude Global Funding (FORTRE), exp A3/BBB+ (s/p) by Moody's/Fitch, US$500m (no grow) 144A/Reg S no reg rights 3y FXD sr secured FA-Backed due 10/6/28. FA Provider: Fortitude Life Insurance & Annuity Company. Keepwell Provider: FGH Parent, L.P. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: to purchase a funding agreement from Fortitude Life Insurance & Annuity Company. Marketing: https://dealroadshow.com Passcode: FGF2025. Pricing 9/29. Settle 10/6 (T+5). 144A CUSIP: 34967GAA2. 144A ISIN: US34967GAA22. 

VIA BNP (B&D)/BMO/GS/WFS joint active books.

Announced as $500m no grow, we heard initial price thoughts as T+120 area.

Went straight to launch at T+100.

Ultimately, a $500m deal priced as follows:

$500m 4.625% 10/6/28 99.986 4.630%. T+100. 

 As for r/v, this is a debut for Fortitude GF. As such, CONCESSION IS N/A. 

Comps away:

Athene Global Funding (A1/A+/A+)
-ATH 4.830% due 05/09/28 T+69bp (G69; $101.24) - $800M pxd 05/07/25 +105
-ATH 5.033% due 07/17/30 T+94bp (G95; $101.51) - $850M pxd 07/14/25 +105

Jackson National Life Global Funding(A3/A/A)
-JXN 4.700% due 06/05/28 T+64bp (G64; $101.08) - $500M pxd 05/29/25 +80
-JXN 4.550% due 09/09/30 T+80bp (G80; $100.06) - $500M pxd 09/02/25 +85

Sammons Financial Global (N/A/A+/A+)
-SAMMON 5.050% due 01/10/28 T+60bp (G60; $101.76) - $500M pxd Jan 2025
-SAMMON 4.950% due 06/12/30 T+85bp (G86; $101.52) - $400M pxd 06/09/25 +90

American National Global Funding (N/A/A/A)
-ANGINC 5.250% due 06/03/30 T+100bp (G102; $102.13) - $400M pxd 05/27/25 +125

F&G Global Funding (N/A/A-/A-)
-FG 4.650% due 09/08/28 T+87bp (G87; $100.41) - $500M pxd 09/03/25 +108
-FG 5.875% due 01/16/30 T+116bp (G120; $103.74) - $350M pxd Jan 2025

CNO Global Funding (A3/A-/A)
-CNO 4.375% due 09/08/28 T+72bp (G72; $100.07) - $350M pxd 09/02/25 +75
-CNO 4.950% due 09/09/29 T+64bp (G69; $102.05) - $400M pxd Sep 2024

GA Global Funding Trust (A2/A/A)
-GBLATL 4.500% due 09/18/30 T+91bp (G91; $99.36) - $500M pxd 09/15/25 +90

FINAL BOOKS:

$500m 3yr FABN - $1.550bn (3.10x) - PEAK $1.650bn

[NEW MANDATES & MARKETING]

– Carlyle Secured Lending, Inc. (“CGBD” or the “Company”) (current ratings profile of Baa3 (Stable) by Moody’s and BBB- (Stable) by Fitch Ratings) has asked J.P. Morgan, Barclays, BofA Securities, Citigroup, Deutsche Bank Securities and Morgan Stanley to arrange a series of fixed income investor calls to be conducted on Monday, September 29th. An offering of SEC registered senior unsecured notes may follow, subject to market conditions. A virtual presentation will be made available for the calls.

J.P. Morgan will coordinate logistics.

Company Representatives

Tom Hennigan – COO and CRO of Direct Lending, CFO of Carlyle BDCs

Nishil Mehta – Head of CGBD Shareholder Relations and Head of CLO Investing

Schedule for Monday, September 29th, 2025:

12:00 - 12:50PM ET;

1:00 - 1:50PM ET;

2:00 - 2:50PM ET;

Virtual Roadshow Investor Login Details

URL: www.netroadshow.com; Entry Code: CGBD8695

Direct Link: www.netroadshow.com/nrs/home/#!/?show=3484355f

– Convatec Group plc (Ticker: CTECLN), a leading global medical products and technologies company, rated Baa3 (stable), BBB- (positive), BBB (stable) by Moody’s, S&P and Fitch, has mandated BofA Securities, HSBC, J.P. Morgan and NatWest to arrange a series of fixed income investor calls commencing 30 September 2025. HSBC will be co-ordinating logistics. A Deal Roadshow presentation with voiceover will be made available. A USD-denominated benchmark 144A/RegS 10-year senior unsecured fixed rate offering may follow, subject to market conditions. The notes will be issued by 180 Medical, Inc. and guaranteed by Convatec Group plc, Convatec Inc. and Convatec Finance Holdings Limited.

Convatec will be represented by:

Fiona Ryder, Interim Chief Financial Officer,

Daniel Sykes, Head of Treasury

David Phillips, VP, Head of Investor Relations

About Convatec:

Convatec is an innovative global medical products and technologies company, focused on solutions for the management of chronic conditions. The company has leading positions in Advanced Wound Care, Ostomy Care, Continence Care and Infusion Care. It provides products and services in approximately 90 countries and has more than 10,000 employees. The Group’s solutions provide a range of clinical and economic benefits, including infection prevention, treatment for hard to heal wounds, at-risk skin and ulcerated tissue, to supporting debilitating conditions, improved patient outcomes and reduced care costs.

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