Commentary & Deal Flow

CFR CREDIT CLOSE: META $30bn = Massive Day, Week, Month

META’s $30bn 6-part seemed to take most by surprise.  Along with some chunky FIGs (HSBC $5bn; SANTAN $2.8bn; NWG $2.3bn) and a few sub $1bn corps, the final total for the day was $41.700bn.  October DID beat its estimate – AND THEN SOME!  We’ll let the stats tell the story.

META's $30bn deal today took over the #1 spot on the Largest Non M&A-Related Deals table, and ties for #5 on the Largest Deals All-Time Table:

META's Final Book - $116 total - took over the #1 Spot On the Largest Book List:

META's Peak Book ($125.100bn) is thought to be the Largest Peak Book on record.

CFR didn't start clocking peaks until Sept 2023 - so we can't verify this. But, the powers that be seemed pretty confident!

META beat out MARS for the #1 Largest Deal of 2025:

TURNING TO OCTOBER:

October currently sits at $132.580bn - the largest October on record – by quite a bit.

AS FOR THE WEEK:

The week is currently at $79.800bn and takes over the #1 spot on the 2025 Largest Weeks Table.

This week’s $79.800bn ranks # 7 on the All-Time Largest Week Table – behind the busiest COVID weeks and 2 Labor Day Weeks:

And notably – this is by far the largest Q4 Week the IG arena has seen - ever!

This week beat the estimate by 218%.  It’s #2 on the 2020-2025 Largest Estimate Beat Table – sandwiched between the largest COVID weeks.

Today’s $41.700bn total comes in #2 on the Largest Days 2025 table – with Labor Day Tuesday 2025 only a bit above it.

Away from Meta, Hubbel's 10y made some BBB notables.

Tying as the lowest BBB 10y coupon with Meta on 9/8:

And ranks towards the top of BBB 10y spreads:

[META] 

Meta Platforms Inc (META) exp Aa3/AA- (s/s) US$30bn SEC registered 6-pt sr notes (5y FXD due 11/15/30, 7y FXD due 11/15/32, 10y FXD due 11/15/35, 20y FXD due 11/15/45, 30y FXD due 11/15/55, and 40y FXD due 11/15/65. MWC then 1mo par call on 5y, 2mos on 7y, 3mos on 10y, 6mos on 20y, 6mos on 30y, and 6mos on 40y. Citi (B&D on 30s/40s)/MS (B&D on 5s/7s/10s/20s) joint active books. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. Marketing: ERed. UOP: gcp. Pricing 10/30. Settle 11/3 (T+2). CUSIP/ISIN: 5y: 30303MAB8/US30303MAB81, 7y: 30303MAC6/US30303MAC64, 10y: 30303MAD4/US30303MAD48, 20y: 30303M8X3/US30303M8X35, 30y: 30303MAE2/US30303MAE21, 40y: 30303M8Y1/US30303M8Y18.

VIA Citi (B&D on 30s/40s)/MS (B&D on 5s/7s/10s/20s) joint active books.

Announced overnight with benchmark size (chatter $25bn), final size came in at $30bn!! with price progression as follows: 

5yr – IPT 85a; GDNC 50#; PXD $4bn 4.20% 11/15/30 99.882 4.226% T+50. MW+10.
7yr – IPT 105a; GDNC 70#; PXD $4bn 4.60% 11/15/32 99.992 4.601% T+70. MW+15.
10yr – IPT 110a; GDNC 78#; PXD $6.5bn 4.875% 11/15/35 99.982 4.877% T+78. MW+15.
20yr – IPT 120a; GDNC 88#; PXD $4.5bn 5.50% 11/15/45 99.817 5.515% T+88. MW+15.
30yr – IPT 130a; GDNC 98#; PXD $6.5bn 5.625% 11/15/55 99.824 5.637% T+98. MW+15.
40yr – IPT 140a; GDNC 110#; PXD $4.5bn 5.75% 11/15/65 99.888 5.757% T+110. MW+20.

META 4.550% due 08/15/31 T+45bp (G40; $101.90) - $1.0bn pxd AUG 2024

META 4.750% due 08/15/34 T+48bp (G57; $101.37) - $2.5bn pxd AUG 2024

META 5.400% due 08/15/54 T+84bp ($98.81) - $3.25bn pxd AUG 2024

10yr – META Aug ‘34s G57; +4bp curve = T+61bp.at the T+78bp pricing level, 10YR CONCESSION IS 17BP.

20yr – 10yr f/v T+61bp + 10bp 10s/20s curve at IPT = T+71bp.  At the T+88bp pricing level, 20YR CONCESSION IS 17BP.

30yr – META ‘54s T+84bp. At the T+98bp pricing level, 30YR CONCESSION IS 14BP.

40yr – 30yr f/v T+84bp + 10bp 30s/40s at IPT = T+94bp f/v.  At the T+ 110bp pricing level, 40YR CONCESSION IS 16BP. 

7yr –  10yr f/v T+60bp, minus 5p 7s/10s at IPT = T+55bp. At the T+70bp pricing level, CONCESSION IS 15BP.

5yr – Aug ‘31s G40; Call 5yr f/v T+37bp.  At the T+50bp pricing level, 5YR CONCESSION IS 13BP.

FINAL BOOKS: 

$116.000bn Final
$125.100bn Peak

$4.00bn 5yr - $15.700bn (3.93x) - PEAK $18.700BN
$4.00bn 7yr - $20.500bn (5.13x) - PEAK $21.400BN
$6.50bn 10yr - $24.400bn (3.75x) - PEAK $24.900BN
$4.50bn 20yr - $15.200bn (3.38x) - PEAK $17.100BN
$6.50bn 30yr - $ 23.700bn (3.65x) - PEAK $25.500BN
$4.50bn 40yr - $16.500bn (3.67x) - PEAK $17.500BN 

[HSBC] 

HSBC Holdings plc (HSBC) exp A3/A-/A+ (s/s/s) US$5bn SEC registered 3-part sr notes (6nc5 fixed to float and/or FRN due 11/6/31 and 11nc10 fixed to float due 11/6/36). Par Redemption Dates: 6nc5: 11/6/30; 11nc10: 11/6/35. HSBC (B&D) sole bookrunner. Optional Redemption by Issuer: 6nc5 FTF: Par Redemption (par call 1 year prior to maturity), Certain tax events (any time), Loss Absorption Disqualification Event, Make Whole Call 6 month from issue date to 1 year prior to maturity; 6nc5 FRN: Par Redemption (par call 1 year prior to maturity), Certain tax events (any time), Loss Absorption Disqualification Event; 11nc10 FTF: Par Redemption (par call 1 year prior to maturity), Certain tax events (any time), Loss Absorption Disqualification Event, Make Whole Call 6 month from issue date to 1 year prior to maturity. First Interest Payment Dates: 6nc5 FTF 5/6/26; 6nc5 FRN 2/6/26; 11nc10 FTF 5/6/26. FTF Coupons: Semi-annual 30/360 until 11/6/30 then quarterly ACT/360 SOFR + Xbps until maturity.  FRN Coupon: Quarterly  ACT/360 SOFR + Xbps until maturity. Listing: Application will be made to list the Notes on the NYSE in accordance with its rules. Denominations 200,000 X 1,000. Governing Law: New York, except that the waiver of set-off provisions will be governed by the laws of England and Wales. UOP: gcp. Pricing 10/30/25. Settle 11/6/25 (T+5). 6NC5 FTF CUSIP 404280FE4 / ISIN: US404280FE46.   6NC5 FRN CUSIP 404280FF1 / ISIN US404280FF11. 11NC10 FTF CUSIP 404280FG9 / ISIN US404280FG93. 

404280FE4 / ISIN: US404280FE46.   6NC5 FRN CUSIP 404280FF1 / ISIN US404280FF11. 11NC10 FTF CUSIP 404280FG9 / ISIN US404280FG93.

VIA HSBC sole.

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

6nc5 FRN – IPT Seqv; GNDC Seqv; PXD $500m 11/6/31 FRN at SOFR+119, at 100.
6nc5 FTF – IPT 115a; GDNC 90#; PXD $2.25bn 4.619% 11/6/31 100.00 4.619% T+90. Back-end: SOFR+119.
11nc10 FTF – IPT 130a; GDNC 105#; PXD $2.25bn 5.133% 11/6/36 100.00 5.133% T+105. Back-end: SOFR+143.

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

- HSBC 5.240% due 05/13/31 (nc 30) T+81bp (G83; $102.89) - $2.25bn pxd 5/8/25 +125
- HSBC 5.790% due 05/13/36 (nc 35) T+94bp (G96; $105.68) - $2.00bn pxd 5/8/25 +140

* 11nc10:  May 36nc35 G96; +2bp curve = T+98bp. At the T+105bp pricing level, 11NC10 CONCESSION IS 7BP.

* 6nc5: May ‘31s G83 + 3bp curve = T+86bp.  At the T+90bp pricing level, 6NC5 CONCESSION IS 4BP. 

FINAL BOOK: 

$500m 6nc5 FRN - $3.30bn (6.60x) - PEAK $3.300bn
$2.25bn 6nc5 FtF - $8.90bn (3.96x) - PEAK $9.00bn
$2.25bn 11nc10 FtF - $8.850bn (3.93x) PEAK $ 9.200bn.  

[BANCO SANTANDER] 

Banco Santander SA (SANTAN) exp instrument ratings Baa1/A-/A (issuer: A1/A+/A s/s/s/) SEC-registered senior non-preferred 3-pt US$2.8bn (5-yr floating due 11/06/20330; 5-yr fixed due 11/06/2030; 10-yr fixed due 11/06/2035). Global coordinator: Santander. Bookrunners: Barclays/BofA/Jefferies/JPM/Miz/Sant (B&D), UBS. Passives and Cos TBD. 

Early Redemption for TLAC/MREL Disqualification Event, Taxation Reasons and Clean-Up Call. UOP: General Corporate Purposes. Sale into Canada: Yes - Exemption. Selling Restrictions: Canada, EEA, United Kingdom, Hong Kong, Italy, Japan, People’s Republic of China (excluding Hong Kong, Macau and Taiwan), Republic of Korea, Taiwan, Singapore, Switzerland and Australia. No publicity or marketing nor public offering which requires the registration of a prospectus in Spain. The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA and in the United Kingdom, as per the preliminary prospectus supplement. Listing: New York. Governing Law: New York Law. Denoms: 200k x 200k.

Cusips/ISINs: 5y Fixed: 05971KAR0 / US05971KAR05 5y FRN: 05971KAT6 / US05971KAT60 10y: 05971KAS8 / US05971KAS87. Price 10/30. Settle 11/06 (T+5)

Announced with benchmark size, final size came in at $2.8bn with price progression as follows:

5y FRN - IPT Seqv; GDNC Seqv; PXD $300m 11/6/30 FRN at SOFR+112, at 100.

5y FXD - IPTT+110a; GDNC; T+83#; PXD $1.25bn 4.551% 11/6/30 4.551% T+83.

10y FXD - IPT T+130a; GDNC T+103#.; PXD $1.25bn 5.127% 11/6/35 5.127% T+103.

-SANTAN 5.565% due 01/17/30 T+71bp (G75; $104.39) - $1bn pxd JAN 2025
-SANTAN 6.033% due 01/17/35 T+91bp (G96; $107.57) - $1bn pxd JAN 2025

*** 5yr: Jan ‘30 G75, add 4bp for curve gets f/v to T+79bp. At the T+83bp pricing level, 5yr CONCESSION IS 4BP.

*** 10yr: Jan ‘96, add 3bp for curve gets f/v to T+99bp. At the T+103bp pricing level, 10yr CONCESSION IS 4BP.

FINAL BOOKS:

$300m 5y FRN - $665m (2.22x) - PEAK $700m 

$1.25bn 5y FXD - $4.000bn (3.20x) - PEAK $4.600bn

$1.25bn 10yr - $4.600bn (3.68x) - PEAK $5.300bn

[NATWEST MARKETS] 

NatWest Markets PLC (NWG) A1/A/AA- US$2.30bn 144A/Reg S no reg rights 3-part sr notes (3y FXD and/or FRN due 11/6/28 and 5y FXD due 11/6/30). BofA/Citi/NatWest (B&D)/RBC/TD joint active books. UOP: gcp. Denoms: 200,000 x 1,000. Sales into Canada: yes via exemption. Listing: London Stock Exchange. Governing Law: NY. Pricing 10/30. Settle 11/6 (T+5).

 VIA BofA/Citi/NatWest (B&D)/RBC/TD joint active books.

Announced as benchmark, final size came in at $2.3bn with price progressions as follows:

 3yr FRN – IPT Seqv; GDNC S+80#; PXD $600m 11/6/28 FRN at SOFR+80, at 100.
3yr FXD – IPT T+80a; GDNC +57#; PXD $850m 4.174% 11/6/28 100.00 4.174% T+57.
5yr FXD – IPT T+95a; GDNC +70#; PXD $850m 4.412% 11/6/30 100.00 4.412% T+70.

As for r/v, outstanding senior opco NatWest Markets PLC was quoted as follows:

- NWG 4.789% due 03/21/28 T+45bp (G45; $101.64) - $750m pxd 3/18/25 +78
- NWG 5.410% due 05/17/29 T+55bp (G63; $103.72) - $1.0bn pxd MAY 2024
- NWG 5.022% due 03/21/30 T+60bp (G63; $102.81) - $900m pxd 3/18/25 +95

* 5yr – NWG 03/30s G63; + curve = T+65bp.  At the T+70bp pricing level, 5YR CONCESSION IS 5BP.

* 3yr – 5yr f/v T+65bp minus 15bp 3s/5s curve at IPT = T+50bp.  At the T+57bp pricing level, 3YR CONCESSION IS 7BP.

Sr Opco comps away:

HSBC USA Inc (A2/A-/A+)
  - HSBC 4.650% due 06/03/28 T+47bp (G47; $101.39) - $900m pxd 5/27/25 +73

Nationwide Building Society (A1/A+/A+)
  - NWIDE 4.351% due 09/30/30 T+70bp (G70; $99.72) - $700m pxd 9/23/25 +68

Nordea Bank (Aa3/AA-/AA)
  - NDAFH 4.250% due 08/28/30 T+55bp (G56; $99.91) - $600m pxd 8/20/25 +50

Sr Holdco Comps:

NatWest Group PLC (A3/A-/A+)
- NWG 5.808% due 09/13/29 (nc 28) T+64bp (G64; $104.16) - $1.25bn pxd JUN 2023
- NWG 4.964% due 08/15/30 (nc 29) T+66bp (G72; $102.00) - $1.25bn pxd AUG 2024
- NWG 5.115% due 05/23/31 (nc 30) T+75bp (G77; $102.61) - $1.25bn pxd 5/20/25 +105

Lloyds Banking Group (A3/A-/A+) 
- LLOYDS 4.818% due 06/13/29 (nc 28) T+61bp (G61; $101.45) - $1.25bn pxd 6/10/25 +83
- LLOYDS 4.425% due 11/04/31 (nc 30) T+75bp (G75; $99.80) - $1.5bn pxd 10/28/25 +82

FINAL BOOKS: 

$600m 3yr FRN - $1.50bn (2.50x) - PEAK $1.500BN
$850m 3yr FXD - $1.625bn (1.91x) - PEAK $ 2.050BN
$850m 5yr FXD - $1.900bn (2.24x) - PEAK $2.657BN 

[PPG INDUSTRIES] 

PPG Industries Inc (PPG) exp A3/BBB+/BBB+ (s/s/s) US$700m SEC registered L5y sr notes due 3/15/31. MWC then 1mo par call. Denoms: 2,000 x 1,000. Sales into Canada: yes via exemption. UOP: gcp. Pricing 10/30. Settle 11/3 (T+2). CUSIP/ISIN: 693506BY2 / US693506BY26. 

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

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

Went straight to launch at 700m L5y at T+75.

Ultimately, a $700m deal priced as follows

$700m 4.375% 3/15/31 99.570 4.467% T+75. MW+15.

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

-PPG 3.750% due 03/15/28 T+51bp (G51; $99.17) - $800m FEB 2018
-PPG 2.800% due 08/15/29 T+45bp (G51; $95.24) - $300m pxd AUG 2019
-PPG 2.550% due 06/15/30 T+57bp (G59; $92.78) - $300m pxd MAY 2020

*** Jun ‘30 G59, call new issue 5y at 61bp. Add another 4bp for L5y curve gets f/v to T+65bp. At the T+75bp pricing level, CONCESSION IS 10BP.

COPMS AWAY:

Air Products& Chemicals (A2/A)
-APD 4.750% (green) due 02/08/31 T+50bp (G49; $102.41) - $600m pxd FEB 2024

Home Depot (A2/A/A)
-HD 3.950% due 09/15/30 T+36bp (G36; $99.43) - $500m pxd 09/08/25 +45

Sherwin Williams Co (Baa2/BBB/BBB+)
-SHW 4.500% due 08/15/30 T+63bp (G64; $100.63) - $500m pxd 07/29/25 +62

FINAL BOOK:

$700m L5yr - $1.500bn (2.14x) - PEAK $1.800bn

[MSCI INC] 

MSCI Inc (MSCI) exp Baa3/BBB-/BBB- (s/s/s) US$500m SEC registered L10y FXD sr notes due 3/15/36. MWC then 3mos par call. CoC at 101. UOP: gcp. Denoms: 2,000 x 1,000. Pricing 10/30. Settle 11/6 (T+5). CUSIP/ISIN: 55354GAS9/US55354GAS93. 

VIA BofA/JPM joint books.

Announced with benchmark size, we heard initial thoughts as T+135 area.

Went straight to launch at $500m L10y at T+110.

Ultimately, a $500m deal priced as follows:

$500m 5.15% 3/15/36 99.650 5.195% T+110. MW+20.

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

-MSCI 5.250% due 09/01/35 T+102bp (G103; $101.13) - $1.25bn pxd 08/05/25 +112.5

*** Sept ‘35 G103, add 2bp for curve gets f/v to T+105bp. At the T+110bp pricing level, CONCESSION IS 5BP.

Didn't catch a book on this one…

[HUBBELL INC] 

Hubbell Incorporated (HUBB) exp Baa1/BBB+/A- (p/s/s) US$400m (no grow) SEC registered 10y sr notes due 11/15/35. MWC then 3mos par call. CoC at 101. UOP: Redeem 3.350% Senior Notes due 2026, with remaining proceeds for general corporate purposes. Denoms: 2,000 x 1,000. Sales into Canada: yes via exemption. Marketing: www.netroadshow.com Passcode: HUBB2025. Pricing 10/30. Settle 11/14 (T+10).

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

Announced as $400m no grow we heard initial thoughts as T+110 area.

Went straight to launch at T+82.

Ultimately, a $400m deal priced as follows:

$400m 4.80% 11/15/35 99.131 4.911% T+82. MW+15.

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

-HUBB 2.300% due 03/15/31 T+67bp (G63; $90.23) - $300m pxd MAR 2021

*** Mar ‘31 G63, call new 5y at 60bp. Add 20bp for 5s/10s curve gets f/v to T+80bp. At the T+82bp pricing level, CONCESSION IS 2BP.

Amphenol Corp (A3/A-)
-APH 4.625% due 02/15/36 T+72bp (G69; $98.89) - $1.6bn pxd 10/27/25 +65

Or 10bp back of APH =80bp.

Tyco Electronics Group (A3/A-/A-)
-TEL 5.000% due 05/09/35 T+71bp (G75; $101.77) - $450m pxd APRL 2025

FINAL BOOK:

$400m 10yr - $2.650bn (6.63x) - PEAK $3.300bn

[NEW MANDATES & MARKETING] 

– EPR Properties (NYSE: EPR) (“EPR” or the “Company”), has requested that J.P. Morgan, BofA Securities, Barclays and RBC Capital Markets arrange a series of fixed income update calls today, Thursday, October 30th, 2025.

J.P. Morgan will coordinate logistics.

The Company will be represented by:

       Greg Silvers – Chairman and Chief Executive Officer

       Mark Peterson – Executive Vice President, Chief Financial Officer and Treasurer

       Greg Zimmerman – Executive Vice President & Chief Investment Officer

       Ben Fox – Executive Vice President and incoming Chief Investment Officer

Call Schedule, October 30th:

      Call #1: 1:00 – 2:00 PM ET

       Call #2: 2:00 – 3:00 PM ET

       Call #3: 3:00 – 4:00 PM ET

Electronic Roadshow Details:

Review Link: https://dealroadshow.com/e/EPR2025 (Recommended) or visit https://dealroadshow.com and enter the entry code: EPR2025 (not case-sensitive)

About EPR:
EPR Properties (NYSE: EPR) is a leading diversified experiential net lease real estate investment trust (“REIT”), specializing in select enduring experiential properties in the real estate industry. EPR focuses on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. As of September 30, 2025, EPR has total assets of approximately $5.5 billion (after accumulated depreciation of approximately $1.7 billion) across 43 states and Canada. EPR adheres to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. EPR believes this focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.

– BOKF, NA, a national banking association organized under the laws of the United States (the “Bank”), and a wholly-owned subsidiary of BOK Financial Corporation (Ticker: BOKF), has requested Morgan Stanley, BOK Financial Securities, Inc., and RBC Capital Markets to arrange a series of fixed income investor marketing calls to be held October 30-31, 2025. A 3(a)(2) Exempt 15NC-10 fixed-rate reset subordinated notes offering with expected ratings of BBB+ and A-* from S&P and Fitch, respectively, may follow, subject to market conditions.

A pre-recorded DealRoadshow presentation will be made available. Morgan Stanley will be coordinating logistics.

The Bank Will Be Represented By:

Martin Grunst – EVP, Chief Financial Officer

Scott Grauer – EVP, Wealth Management; CEO of BOK Financial Securities

Christy Daboval – EVP, Chief Credit Officer

Caleb Bigham – EVP, Treasurer

Pre-Recorded Electronic Presentation Details:

Direct Link (Recommended): https://dealroadshow.com/e/BOKF_2025

Link: https://dealroadshow.com

Password: BOKF_2025

Call Schedule for Thursday, October 30th:

Call #1: 12:00 – 12:45 p.m. ET

Call #2: 1:00 – 1:45 p.m. ET

Call #3: 2:00 – 2:45 p.m. ET

Call Schedule for Friday, October 31st:

Call #4: 9:00 – 9:45 a.m. ET

Call Access Details:

Call #1: https://evercall.co/oacc/89742

Call #2: https://evercall.co/oacc/30473

Call #3: https://evercall.co/oacc/37788

Call #4: https://evercall.co/oacc/57997