Commentary & Deal Flow

   The heaviness of Monday’s trades and rough looking equity futures this morning resulted in quite a few stand downs this morning.  In what was expected to be another busy day, only 4 deals for $3.850bn hit the market.

    From what we heard:

    1 shop had 4 stand downs
    2 shops had 2 stand downs
    9 shops had 1 stand down.

    Bottom line, if tone had been better, another double-digit day was likely in the cards.

    2 out of 4 of today’s deals calendar trades – Westlake Corp and Highwoods Properties - moved forward.  The other two pipeline names that were possible today – Mattel Inc and Polaris Inc – did not emerge.

    Adding in a couple of names that were announced on Nov 3 and held calls 11/3 and 11/4 (Santos Finance and AviLease),  KEPCO (announced on 10/30), and two other additions today (Transcontinental Gas Pipeline and CBRE Group) – 7 names are now potentials for Weds. 

    So if the calendar combines with the stand downs today, we could again be looking at a double-digit day on Wednesday.

    The word this afternoon was that recent new issues had improved over the course of today – which also backs up another big wave of supply.  

    After today, the week is $11.325bn away from hitting its average estimate.

Notables today:

Two big attrition days in a row (-30.49%/-34.18% - Mon/Tues) leaves the week average at -31.10% - currently the second largest attrition week in 2025:

Here's the YTD trend in terms of weekly average attrition:NICs also remained elevated but were slightly better than Monday. This week to date concession is now at 8.18, ranking 3rd largest of the year:

ETR came in at No 2 on the 2022-2025 30nc10 Corporate Hybrid Low Coupon List

Here's where the 30.5nc5.25 landed looking back through 2023:

HERE'S TODAY'S RUNDOWN:

[ENTERGY CORP]

Entergy Corp (ETR), exp security ratings Baa3/BBB- (s/s), US$1.3bn SEC registered fixed rate reset 2-part $1000 par jr subordinated debs (30.5nc5.25 Series 2025A due 6/15/56 and 30.5nc10.25 Series 2025B due 6/15/56). Reset Dates: 30.5nc5.25: June 15, 2031 (“NC5 First Interest Reset Date”), and June 15 of every fifth year after 2031 (each, an “NC5 Interest Reset Date”); 30.5nc10.25: June 15, 2036 (together with the NC5 First Interest Reset Date, each a “First Interest Reset Date”), and June 15 of every fifth year after 2036 (each, together with each NC5 Interest Reset Date, an “Interest Reset Date”). Interest rate: (i) from and including the date of original issuance to, but not including, the applicable First Interest Reset Date at an annual rate of [•]% with respect to the NC5 Debentures and [•]% with respect to the NC10 Debentures and (ii) from and including the applicable First Interest Reset Date during each Interest Reset Period at an annual rate equal to the five-year treasury rate as of two business days prior to the most recent Interest Reset Date plus [•]% with respect to the NC5 Debentures and [•]% with respect to the NC10 Debentures; provided, that the interest rate borne by each series of the Junior Subordinated Debentures during any Interest Reset Period will not reset below the initial interest rate on such series of the Junior Subordinated Debentures. Pricing 11/4. Settle 11/7 (T+3). 

VIA  Barc/BNP/Citi/Scotia/WFS (B&D) joint active books.

Announced with benchmark size, we heard initial thoughts as 30.5nc5.25: 6.125% area, 30.5nc10.25: 6.375% area.

Guidance came in at 30.5nc5.25 5.875%#, 30.5nc10.25 6.1%#.

Ultimately, a $1.3bn deal priced as follows:

$600m 5.875% 6/15/56 100.00 5.875%. Back-end reset: T+217.9.

$700m 6.100% 6/15/56 100.00 6.100%. Back-end reset: T+201.3.

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

-ETR 7.125% due 12/01/54 nc 09/01/29 $104.98 (G203; 5.66% YTC) - $1.2bn pxd MAY 2024 b/e +267.0 (W/O floor)

30.5nc5.25 *** NC Sept ‘29 5.66%, add 15bp for ‘29/31 curve = 5.81%.

Outstanding b/e 267.0 minus outstanding G203 = 64 * 0.2 = 12.8bp.

Outstanding b/e 267.0 minus new issue b/e 218 = 49 * 0.3 = 14.7bp.

Add 14bp for b/e differential = 5.95%.

Take away 15bp for floor provision gets f/v to 5.80%. At the 5.875% pricing level, NC5.25 CONCESSION IS 7.5BP.

30.5nc10.25 *** 30.5nc5.25 f/v at 5.80%, add 25bp for IPT curve gets f/v to 6.05%. At the 6.10% pricing level, NC10.25 CONCESSION IS 5BP.

Yesterday’s Nisource 30.5nc5.25 was also seen as a relevant comp given it priced with a floor and also has the same Moody’s and S&P ratings.

NiSource (Baa3/BBB-/BB+)
-NI 5.750% due 07/15/56 nc 04/15/31 $99.75 (G206; 5.80% YTC) - $1bn pxd 11/03/25 +203.5 (with floor)

NC Aprl ‘31 now trading at 5.80% YTC which also points to a 7.5bp nic on ETR’s NC5. 

COMPS AWAY:

WEC Energy Group Inc (Baa2/BBB/BBB-)
-WEC 5.625% due 05/15/56 nc 02/15/31 $100.00 (G190; 5.63% YTC) - $600m pxd 11/03/25 b/e +190.5 (with floor)

CenterPoint Energy Inc (Baa3/BBB-/BB+)
-CNP 5.950% due 04/01/56 nc 01/01/31 $101.02 (G201; 5.72% YTC) - $700m pxd 09/30/25 b/e +222.3 (with floor)

EUSHI Finance Inc (Ba1/BB+/BB+)
-EMACN 6.250% due 04/01/56 nc 01/01/31 $99.83 (G258; 6.29% YTC) - $750m pxd 09/29/25 b/e +250.9 (with floor)

Alliant Energy (Baa3/BBB-)
-LNT 5.750% due 04/01/56 nc 01/01/31 $100.33 (G196; 5.68% YTC) - $725m pxd 09/23/25 b/e +207.7 (with floor)

American Electric Power Co Inc (Baa3/BBB-/BB+)
-AEP 5.800% due 03/15/56 nc 12/15/30 $100.10 (G207; 5.78% YTC) - $1.1bn pxd 09/23/25 +212.8 (with floor)
-AEP 6.050% due 03/15/56 nc 12/15/35 $101.25 (G178; 5.88% YTC) - $900m pxd 09/23/25 b/e +194.0 (with floor)

Sempra (Baa3/BBB-/BBB-)
-SRE 6.375% due 04/01/56 nc 01/01/31 $102.66 (G206; 5.77% YTC) - $800m pxd 08/26/25 b/e +263.2 (with floor)

Dominion Energy Inc (Baa3/BBB-/BBB-)
-D 6.000% due 02/15/56 nc 11/15/30$101.38 (G198; 5.68% YTC) - $1.45bn pxd 08/04/25 b/e +226.2 (with floor)
-D 6.200% due 02/15/56 nc 11/15/35 $101.55 (G189; 5.99% YTC) - $1.325bn pxd 08/04/25 b/e +200.6 (with floor)

NextEra Energy Capital Holdings Inc (Baa2/BBB/BBB)
-NEE 6.375% due 08/15/55 nc 05/15/30 $104.06 (G168; 5.35% YTC) - $1.5bn pxd FEB 2025 b/e +205.3 (with floor)
-NEE 6.500% due 08/15/55 nc 05/15/35 $106.87 (G150; 5.56% YTC) - $1bn pxd FEB 2025 b/e +197.9 (with floor)

Southern Co (Baa2/BBB/BBB-)
-SO 6.375% due 03/15/55 nc 12/15/34 $106.93 (G137; 5.40% YTC) - $1.8bn pxd FEB 2025 b/e +206.9 (with floor)

CMS Energy Corp (Baa3/BBB-/BB+)
-CMS 6.500% due 06/01/55 nc 03/01/35 $104.15 (G186; 5.91% YTC) - $1bn pxd FEB 2025 b/e 196.1 (W/O floor)

Exelon Corp (Baa3/BBB)
-EXC 6.500% due 03/15/55 nc 12/15/34 $105.08 (G174; 5.77% YTC) - $1bn pxd FEB 2025 b/e +197.5 (W/O floor)

Seniors:

Entergy Corp (Baa2/BBB)
-ETR 2.800% due 06/15/30 T+70bp (G72; $93.39) - $600m pxd MAY 2020
-ETR 2.400% due 06/15/31 T+84bp (G78; $89.51) - $650m pxd MAR 2021

Jun ‘30 G72, assume a new issue 5y would price at T+75. Add 25bp for 5s/10s curve, assume 10y would price at T+100.

*** NC5: 5y UST at 3.70%, add 75bp for 5y pricing level = 4.45%. At the 5.875% pricing level, NC5 Sr-Sub Differential is 142.5BP.

*** NC10: 10y UST at 4.08%, add 100bp for 10y pricing level = 5.08%. At the 6.10% pricing level, NC10 Sr-Sub Differential is 102BP.

FINAL BOOKS:

$600m 30.5nc5.25 - $900m (1.50x) - PEAK $1.950bn

$700m 30.5nc10.25 - $1.750bn (2.50x) - PEAK $2.950bn

[WESTLAKE CORP] 

Westlake Corp (WLK) exp Baa2/BBB+/BBB (s/n/s) US$1.2bn SEC registered 2-part sr notes (10y FXD due 11/15/35 and 30y FXD due 11/15/55). MWC then 3mos par call on 10y (8/15/35) and 6mos on 30y (5/15/55). 101 CoC. BofA/DB/JPM (B&D on 30y)/WFS (B&D on 10y) joint active books. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: Fund the repurchase of the 2026 Notes ($750 million outstanding) pursuant to the Tender Offer and any remaining to fund the purchase price of pending ACI Acquisition and for general corporate purposes, including working capital management. Marketing: https://dealroadshow.com | Password: WLK2025. Pricing 11/4. Settle 11/6 (T+2). CUSIP: 10y: 960413BB7, 30y: 960413BC5.

VIA BofA/DB/JPM (B&D on 30y)/WFS (B&D on 10y) joint active books

Announced as benchmark, final size came in at $1.2bn with price progression as follows:

10yr – IPT 175a; LNCH 150; PXD $600m 5.55% 11/15/35 99.717 5.587% T+150. MW+25.
30yr – IPT 200a; LNCH 175; PXD $600m 6.375% 11/15/55 99.349 6.424% T+175. MW+30.

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

- WLK 3.375% due 06/15/30 T+83bp (G85; $95.27) - $300m pxd June 2020
- WLK 2.875% due 08/15/41 T+124bp (G146; $69.38) - $350m pxd Aug 2021
- WLK 3.125% due 08/15/51 T+132bp ($62.62) - $600m pxd Aug 2021
- WLK 3.375% due 08/15/62 T+161bp ($58.82) - $450m pxd Aug 2021

However, comps away were really the focus, with WLK f/v thought to be minus 10-15bp vs LYB and DOW. 

LYB Intl Finance III (Baa2/BBB)
- LYB 6.150% due 05/15/35 T+161bp (G165; $103.22) - $500m pxd 5/6/25 + 187
- LYB 3.625% due 04/01/51 T+166bp ($66.03) - $1bn pxd OCT 2020

Dow Chemical (Baa2/BBB)
- DOW 5.350% due 03/15/35 T+141bp (G144; $98.93) - $400m pxd 2/25/25 +105
- DOW 5.650% due 03/15/36 T+159bp (G156; $99.79) - $650m pxd 9/3/25 +145

* 10yr - Focusing on the most recent trade in the group above – the Dow Mar ‘36s at G156, subtracting 15bp here gets you to T+140bp f/v.  At the T+150bp pricing level, 10YR CONCESSION IS 10BP. 

* 30yr – 10yr f/v T+140bp + 25bp 10s/30s curve at IPT = T+165bp. At the T+175bp pricing level, 30YR CONCESSION IS 10BP. 

We had originally attempted f/v vs WLK directs (all old bonds, but sporting more trading than we thought they would)

This led us down the “how to value low $” rabbit hole.

* 30yr – ‘51s T+132bp ($62.62) -.  Call 2055 f/v T+135bp

- Adding 0.5bp per $ starting at $90 = T+135bp + 14bp; (T+149).
- Adding 0.5bp per $ starting at $95 = T+135bp + 17bp (T+152).
- Adding 0.5bp per $ starting at $100 = T+135bp + 19bp (T+154)

Some also felt that because this was cyclical credit, the low $ discount should be 1bp per $.

So the opinions on low $ valuation still differ quite a bit.

But bottom line, we were told no one even looked at WLK directs – all the chatter was LYB / DOW minus. 

Other comps away:

RPM Intl Inc (Baa2/BBB/BBB)
- RPM 2.950% due 01/15/32 T+67bp (G96; $90.39) - $300m pxd JAN 2022
- RPM 4.250% due 01/15/48 T+93bp ($83.26) - $300m pxd DEC 2017

Eastman Chemical (Baa2/BBB)
- EMN 5.625% due 02/20/34 T+116bp (G129; $102.46) - $750m pxd Feb 2024
- EMN 4.650% due 10/15/44 T+135bp ($84.90) - $900m pxd MAY 2014

Albermarle Corp (Baa3/BBB-/BBB-)
- ALB 5.050% due 06/01/32 T+114bp (G138; $99.03) - $600m pxd MAY 2022
- ALB 5.650% due 06/02/52 T+196bp ($87.84) - $450m pxd MAY 2022

FINAL BOOKS:

$600m 10yr - $1.800bn (3.00x) - PEAK $3.000bn

$600m 30yr - $1.300bn (2.17x) - PEAK $2.800bn

[STANDARD CHARTERED] 

Standard Chartered PLC (STANLN), exp issue ratings Ba1/BB-/BBB- (issuer ratings A3/BBB+/A), US$1bn 144A/Reg S PerpNC10 fixed rate reset subordinated contingent convertible AT1 securities. First reset date: 5/14/36. Structuring Adviser: Standard Chartered. Optional Redemption: At the Issuer’s option, subject to certain conditions (including regulatory permission, where required), at par plus accrued and unpaid interest (such interest accruing up to (but excluding) the date fixed for redemption) in full on any day from (and including) [14] November 2035 to and including the First Reset Date or on any Reset Date thereafter. Interest: [●] per cent. per annum, payable semi-annually in arrear on [14] May and [14] November in each year, commencing on [14] May 2026, until the First Reset Date. The interest rate will reset on [14] May 2036 (the “First Reset Date”) and each date falling five, or an integral multiple of five, years after the First Reset Date (each a “Reset Date”), as a rate per annum equal to the sum of the relevant Treasury Yield plus the Margin. UOP: the net proceeds from the issue of the Securities will be used for the general business purposes of the Group and to strengthen further the regulatory capital base of the Group. Pricing 11/4. Settle 11/14 (T+7).

VIA Barc/BofA/GS/MS/StanChart (B&D)/TD joint lead managers.

Announced with benchmark size, we heard initial thoughts as 7.375% area.

Went straight to launch at $1bn PerpNC10 at 7.00%.

Ultimately, a $1bn deal priced as follows:

$1bn, 7.00% at 100. Back-end reset: T+287.3.

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

-STANLN 7.625% PerpNC 01/16/32 $105.75 (G265; 6.481% YTC) - $1bn pxd JAN 2025 b/e +302.3

We heard the Lloyds deal priced last week was the more relevant comp.

Lloyds Banking Group PLC (Baa3/NR/BBB)
-LLOYDS 6.625% PerpNC 09/27/35 $99.30 (G266; 6.777% YTC) - $1bn pxd 10/27/25 b/e +268.1

*** NC Sept ‘35 6.78%, STANLN should trade about 1/8th back of LLOYDS. Adding in this differential gets f/v to 6.90%. At the 7.00% pricing level, CONCESSION IS 10BP.

Barclays PLC (Ba1/BB-/BBB-)
-BACR 7.625% PerpNC 03/15/35 $105.50 (G281; 6.883% YTC) - $1.5bn pxd FEB 2025 b/e +368.6

FINAL BOOK:

$1bn PerpNC10 - $5.250bn (5.25x) - PEAK $5.800bn

[HIGHWOODS REALTY] 

Highwoods Realty LP (HIW) exp Baa2/BBB- (s/s) US$350m (up from $300m) SEC registered long 7y sr notes due 1/15/33. MWC then 2mos par call (11/15/32). Denoms: 2,000 x 1,000. UOP: the company intends to use the net proceeds from the sale of securities offered by us to provide additional funds for general corporate purposes, including funding our acquisition and development activity, the repayment or refinancing of outstanding debt, working capital and other general purposes. Pricing 11/4. Settle 11/14 (T+7). 

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

Announced with $300m, we heard initial price thoughts as T+180 area.

Went straight to launch at $350m L7y at T+155. 

Ultimately, a $350m deal priced as follows:

$350m 5.35% 1/15/33 99.508 5.431% T+155. MW+25.

As for r/v, outstanding HIW was quoted as follows:
-HIW 4.200% due 04/15/29 T+110bp (G118; $98.00) - $350M pxd Feb 2019
-HIW 3.050% due 02/15/30 T+128bp (G132; $92.68) - $400M pxd Sep 2019
-HIW 2.600% due 02/01/31 T+142bp (G140; $88.57) - $400M pxd Jul 2020
-HIW 7.650% due 02/01/34 T+141bp (G154; $113.84) - $350M pxd Nov 2023

**Feb 34s G154; plus 8bp for Feb ‘34 to Nov ‘35, new 10yr f/v T+162bp; minus 10-15bp for L7/10 curve, call new L7y f/v T+150bp f/v. At the T+155bp pricing level, CONCESSION IS 5BP.

Comps away:

American Assets Trust Inc (Baa3/BBB-/BBB)
-AAT 3.375% due 02/01/31 T+166bp (G164; $90.9) - $500M pxd Jan 2021
-AAT 6.150% due 10/01/34 T+183bp (G191; $101.4) - $525M pxd Sep 2024

Boston Properties LP (Baa2/BBB/N/A)
-BXP 2.900% due 03/15/30 T+96bp (G99; $93.0) - $700M pxd Aug 2019
-BXP 2.550% due 04/01/32 T+97bp (G123; $86.45) - $850M pxd Mar 2021
-BXP 2.450% due 10/01/33 T+119bp (G133; $81.93) - $850M pxd Sep 2021
-BXP 5.750% due 01/15/35 T+137bp (G143; $101.06) - $850M pxd Aug 2024

COPT Defense Properties  (Baa3/BBB-/BBB-)
-CDP 2.000% due 01/15/29 T+68bp (G78; $92.9) - $400M pxd Aug 2021
-CDP 4.500% due 10/15/30 T+95bp (G95; $99.2) - $400M pxd 9/23/25 +95
-CDP 2.750% due 04/15/31 T+100bp (G96; $90.6) - $600M pxd Mar 2021
-CDP 2.900% due 12/01/33 T+107bp (G120; $85.1) - $400M pxd Nov 2021

Kilroy Realty LP (Baa3/BBB-/BBB-)
-KRC 3.050% due 02/15/30 T+140bp (G144; $92.1) - $500M pxd Sep 2019
-KRC 2.500% due 11/15/32 T+138bp (G158; $8.92) - $425M pxd Aug 2020
-KRC 2.650% due 11/15/33 T+1146bp (G159; $81.46) - $450M pxd Sep 2021
-KRC 5.875% due 10/15/35 T+174bp (G173; $100.28) - $400M pxd 08/05/25 +180
-KRC 6.250% due 01/15/36 T+181bp (G180; $102.55) - $400M pxd Jan 2024

Cousins Properties LP (Baa2/BBB/N/A)
-CUZ 5.375% due 02/15/32 T+110bp (G116; $102.12) - $400M pxd Dec 2024
-CUZ 5.875% due 10/01/34 T+116bp (G124; $104.39) - $500M pxd Aug 2024

FINAL BOOKS:

$350m L7yr - $1.850bn (5.29x) - PEAK $2.000bn

[NEW MANDATES & MARKETING]

– CBRE Group, Inc. (the “Company” or “CBRE”) has requested that Wells Fargo Securities, BofA Securities, Citigroup and J.P. Morgan arrange a series of fixed income investor calls for the Company on Tuesday, November 4th, 2025. An electronic presentation will be made available alongside the calls, and the calls will be focused on Q&A. Wells Fargo Securities will coordinate logistics.

**Call Schedule**

Tuesday, November 4th, 2025

2:00 PM – 2:45 PM ET | Registration Link: https://evercall.co/oacc/56677

3:00 PM – 3:45 PM ET | Registration Link: https://evercall.co/oacc/38368

Note: Access to the electronic presentation will only be made available during the call times

Company Participants

Emma Giamartino: Chief Financial Officer

Chandni Luthra: Executive Vice President, Global Head of FP&A and IR

Dan McCulley: Senior Vice President, Global Treasurer

About CBRE

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development).

– Transcontinental Gas Pipe Line Company, LLC (“Transco”, Debt Ticker: “WMB”) has asked RBC Capital Markets, TD Securities, US Bancorp and Wells Fargo Securities to arrange a series of fixed income investor calls today, Tuesday, November 4th. An electronic NetRoadshow presentation and recorded voiceover has been made available via the link below. RBC Capital Markets will be coordinating logistics for the calls.

Transcontinental Gas Pipe Line Company, LLC will be represented by:

Pete Burgess – Vice President and Treasurer, The Williams Companies, Inc.

Chad Teply – Senior Vice President – Transmission, Power & Gulf Operating Area, The Williams Companies, Inc.

Electronic Investor Presentation:

Direct Link: www.netroadshow.com/nrs/home/#!/?show=3fe97c58  (Recommended)

Website: www.netroadshow.com  | Passcode: Transco25 (not case-sensitive)

Call Schedule for Tuesday, November 4th:

Investor Call #1
2:00 PM ET – 2:45 PM ET

Registration Link: https://www.netroadshow.com/events/login/LE9zwo3hUJWqq43koRBSSF9U0CWp4NAWJ2f  

Investor Call #2

3:00 PM ET – 3:45 PM ET

Registration Link: https://www.netroadshow.com/events/login/LE9zwo3hOBGTinN5UfJIXXLVKVTDWilx1fe

About Transcontinental Gas Pipe Line Company, LLC

Transcontinental Gas Pipe Linc Company, LLC (“Transco”) is an interstate natural gas transmission company that owns and operates a 9,700-mile natural gas pipeline system extending from Texas, Louisiana, Mississippi and the Gulf of America through Alabama, Georgia, South Carolina, North Carolina, Virginia, Maryland, Delaware, Pennsylvania, and New Jersey to the New York City metropolitan area. The system serves customers in Texas and the 12 southeast and Atlantic seaboard states mentioned above, including major metropolitan areas in Georgia, Washington D.C., Maryland, North Carolina, New York, New Jersey, and Pennsylvania. Transco’s principal business is the interstate transportation of natural gas which is regulated by the Federal Energy Regulatory Commission. Transco is a Delaware limited liability company and is indirectly owned by The Williams Companies, Inc.

[SSA PRICED]

– The Hashemite Kingdom of Jordan (JORDAN), exp issue ratings Ba3/BB- (issuer ratings Ba3 (stable) by Moody’s, BB- (stable) by S&P and BB- (stable) by Fitch), US$700m 144A/Reg S 7y sr notes due 11/12/32. Citi/HSBC (B&D) as Joint Lead Managers and Joint Bookrunners. Denoms: $200,000 x $1,000. Listing: LSE (Main Market). Governing Law: English Law. Clearing: Rule 144A (DTC), Regulation S (Euroclear and Clearstream, Luxembourg). Coupon: FXD SA 30/360. UOP: to finance the purchase of any or all of the outstanding U.S.$1,000,000,000 6.125% Notes due 2026 issued by the Issuer, tendered and accepted for purchase in a concurrent offer to purchase. Any remaining proceeds will be used by the Issuer for permitted purposes under the Jordanian Public Debt Management Law. Timing: Books open, Today's business (11/4). 144A CUSIP/ISIN: 418097AP6 / US418097AP66.

IPTs: 6.75% area.

GUIDANCE: 6.125% area. Books in excess of $1.8bn (ex JLM).

LAUNCHED: size set at $700m. Yield set at 5.95%. Coupon will be 5.75%. Books in excess of $2.1bn (ex JLM). Books are subject, pricing and allocations shortly.

PRICED: $700m 5.75% 11/12/32 98.868 5.95%. T+206.6.

aj@creditflowresearch.com

jdziwura@creditflowresearch.com 

sarah@creditflowresearch.com

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