Commentary & Deal Flow

Today’s $10.150bn from 12 deals leaves the week is at $48.450bn -  just shy of the average estimate.  The question for tomorrow is whether volume can push closer to the $60bn+  6 active dealers called for.   

There could be a reasonably chunky trade from Global Payments on Thursday. 

Market players were hearing a potential $5-7bn trade.

When GPN announced its acquisition of Worldpay on 04/17/25, part of the funding included a $7.7bn bridge facility. The bridge was reduced to $6.2bn following an increase to a revolver facility.

GPN held investor calls today, and will likely emerge on Thursday.

There is only one other trade on the calendar, however - Eagle Materials.

(See full details on both in the New Mandates & Marketing section)

There were at least a couple of stand downs today that may take a look tomorrow.

Here’s where the week currently sits vs estimates:

As for notables today:

Korea Electric and Gas made notables spread and coupon wise vs other utilities.

Ranking as the lowest 5y utility spread ytd and the 2nd lowest back through 2022:

Coupon wise it ranked as the lowest 5y utility back through 2023:

PCAR's 3y T+37.5 also ranked as the 5th tightest 5y FIG spread ytd (tying itself on 8/4):

As well as ranking 5th for 3y FIG coupons through 2023:

HERE'S TODAY'S RUNDOWN:

[TRANSCONTINENTAL GAS]

Transcontinental Gas Pipe Line Co LLC (WMB) exp Baa1/BBB+/BBB+ (p/s/p) US$1.7bn 144A/Reg S with reg rights 2-part sr notes (long 10y FXD due 3/15/36 and long 30y FXD due 3/15/56). MWC then 3mos par call on L10y (12/15/35) and 6mos on L30y (9/15/55). Denoms: 2,000 x 1,000. Sales into Canada: yes, via exemption. Prohibited Sales: China / Hong Kong. UOP: To fund the Redemption of all $1.0 billion principal amount of the 7.850% Notes due 2026 and to pay associated fees and expenses. Any excess net proceeds will be used for general corporate purposes, which may include the repayment of other near-term debt maturities. Pricing 11/5. Settle 11/20 (T+10). 144A CUSIP: L10y: 893574AS2, L30y: 893574AT0. 144A ISIN: L10y: US893574AS28, L30y: US893574AT01. 

VIA RBC (B&D on 30y)/TD (B&D on 10y)/USB/WFS joint books.

Announced with benchmark size, we herd initial thoughts as long 10y T+120-125, long 30y T+130-135.

Guidance came in at L10y T+95#, L30y T+105#.

Ultimately, a $2.7bn deal priced as follows:

$1bn 5.10% 3/15/36 99.936 5.109% T+95. MW+15.

$700m 5.75% 3/15/56 99.413 5.792% T+105. MW+15.

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

-WMB 3.250% due 05/15/30 T+69bp (G72; $95.13) - $700m pxd NOV 2020
-WMB 3.950% due 05/15/50 T+92bp ($77.56) - $500m pxd NOV 2020

*** L30yr: May ‘50 T+92 ($77), add 4bp for ‘50/56 curve = 96bp. Add another 9bp for low $ (0.375bp per $) gets f/v to T+105bp. At the T+105bp pricing level, 30yr CONCESSION IS FLAT.

*** L10yr: May ‘30 G72, add 3bp for long extension - 75bp. Add another 20bp for L5s/L10s curve gets f/v to T+95bp. At the T+95bp pricing level, 10yr CONCESSION FLAT.

Williams Cos Inc (Baa2/BBB+/BBB)
-WMB 5.300% due 09/30/35 T+101bp (G101; $101.01) - $750m pxd 06/26/25 +110
-WMB 6.000% due 03/15/55 T+111bp ($102.12) - $500m pxd JAN 2025

COMPS AWAY:

Gulfstream Natural Gas System LLC (Baa2/BBB)
GULFNG 5.600% due 07/23/35 T+120bp (G122; $101.80) - $900m pxd 07/09/25 +125

Eastern Energy Gas Holdings LLC (Baa1/A-)
-BRKHEC 5.800% due 01/15/35 T+98bp (G104; $104.74) - $700m pxd JAN 2025
-BRKHEC 6.200% due 01/15/55 T+118bp ($103.91) - $500m pxd JAN 2025

Southern Natural Gas (Baa2/BBB+/BBB+)
-SONGAS 5.450% due 08/01/35 T+112bp (G114; $101.29) - $300m pxd 07/21/25 +110

Florida Gas Transmission Co LLC (Baa2/BBB+)
-CITCOR 5.750% due 07/15/35 T+111bp (G113; $103.58) - $800m pxd 05/28/25 +130

FINAL BOOKS:

$1.0bn L10yr - $5.700bn (5.70x) - PEAK $5.900bn

$700m L30yr - $4.400bn (6.29x) - PEAK $4.650bn

[EQUINIX EUROPE 2 FINANCING CORP] 

Equinix Europe 2 Financing LLC (EQIX) exp Baa2/BBB+/BBB+ (p/s/s) US$1.25bn SEC registered 5y FXD sr notes due 11/15/30. MWC then 1mo par call (10/15/30). Guarantor: Equinix Inc. Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. UOP: To fund development opportunities, acquisition of additional properties or businesses, and other general corporate purposes including but not limited to refinancing upcoming maturities. Pricing 11/5. Settle 11/13 (T+5). CUSIP: 29390XAG9. ISIN: US29390XAG97. 

VIA Barc/Citi (B&D)/GS/MUFG/Miz/SMBC joint active books.

Announced with benchmark size, we heard initial thoughts as T+110 area.

Guidance came in at T+85#.

Ultimately, a $1.25bn deal priced a follows:

$1.25bn 4.60% 11/15/30 99.933 4.615% T+85. MW+15.

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

Equinox Inc (Baa2/BBB+/BBB+)
-EQIX 2.100% due 07/15/30 T+75bp (G76; $90.13) - $1.1bn pxd JUN 2020
-EQIX 2.500% (green) due 05/15/31 T+83bp (G78; $89.92) - $1bn pxd MAY 2021
Equinox Europe 2 Financing Corp LLC (Baa2/BBB+/BBB+)
-EQIX 5.500% due 06/15/34 T+91bp (G101; $102.97) - $750m pxd MAY 2024

*** EQIX Jun ‘34, add 2bp for ‘34/’35 curve gets new issue 10y at 103bp. Take away 20bp for 10s/5s curve gets f/v to T+83bp. At the T+85bp pricing level, CONCESSION IS 2BP.

COMPS AWAY:

Prologis LP (A2/A)
-PLD 4.750% due 01/15/31 T+63bp (G62; $101.63) - $500m pxd MAY 2025
-PLD 5.250% due 05/15/35 T+80bp (G83; $102.21) - $750m pxd MAY 2025

Realty Income Corp (A3/A-)
-O 3.400% due 01/15/30 T+52bp (G56; $96.66) - $485m pxd DEC 2023
-O 5.125% due 04/15/35 T+84bp (G88; 100.99) - $600m pxd APRL 2025

Digital Realty Trust LP (Baa2/BBB+/BBB)
-DLR 3.600% due 07/01/29 T+64bp (G71; $97.33) - $900m pxd JUN 2019

AT&T Inc (Baa2/BBB/BBB+)
-T 4.700% due 08/15/30 T+69bp (G70; $101.04) - $1bn pxd MAY 2025
-T 4.900% due 11/01/35 T+102bp (G100; $97.90) - $1.25bn pxd 09/18/25 +82

American Tower Corp (Baa3/BBB+/BBB+)
-AMT 4.900% due 03/15/30 T+72bp (G75; $101.62) - $850m pxd MAR 2025
-AMT 5.350% due 03/15/35 T+93bp (G97; $101.95) - $725m pxd MAR 2025

FINAL BOOK:

$1.25bn 5yr - $2.350bn (1.88x) - PEAK $2.850bn

[INTERCONTINENTAL EXCHANGE] 

Intercontinental Exchange Inc (ICE) exp A3/A- (s/s) US$1.25bn SEC registered 2-part sr notes (3y FXD due 12/1/28 and long 5y due 3/15/31). MWC then 1mo par call on 3y (11/1/28) and 1mo on L5y (2/15/31). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: to fund the repayment at maturity of the issuer’s 3.75% Senior Notes due December 1, 2025, with the remainder, if any, to fund the repayment of a portion of the issuer’s outstanding commercial paper borrowings and for general corporate purposes. Pricing 11/5. Settle 11/17 (T+7). CUSIP: 3y: 45865VAA8, L5y: 45865VAC4. ISIN: 3y: US45865VAA89, L5y: US45865VAC46.

VIA  BofA/JPM (B&D on 3y)/WFS (B&D on L5y) joint active books.

Announced as a benchmark, we heard initial price thoughts as  3y T+75 area, L5y T+90 area.

Guidance came in at 3y T+45#, L5y T+60#.

Ultimately, a $1.25bn deal priced as follows:

$600m 3.95% 12/1/28 99.577 4.099% T+45. MW+10.

$650m 4.20% 3/15/31 99.219 4.367% T+60. MW+10.

 As for r/v, outstanding ICE was quoted as follows:
-ICE 4.000% due 09/15/27 T+33bp (G31; $100.17) - $1.5B pxd May 2022
-ICE 4.350% due 06/15/29 T+37bp (G46; $100.92) - $1.25B pxd May 2022
-ICE 2.100% due 06/15/30 T+55bp (G57; $91.13) - $1.25B pxd May 2020
-ICE 5.250% due 06/15/31 T+62bp (G58; $104.52) - $750M pxd May 2024
-ICE 1.850% due 09/15/32 T+34bp (G56; $84.93) - $1.5B pxd Aug 2020
-ICE 4.600% due 03/15/33 T+38bp (G58; $100.84) - $1.5B pxd May 2022

** L5y - Jun 30s G57; plus 3bp for curve, f/v is T+60bp. At the T+60bp pricing level, L5Y CONCESSION IS FLAT.

**3y - L5y f/v T+60bp; minus 15bp 3s/L5s curve at IPT = T+45bp. At the T+45bp pricing level, 3YR CONCESSION IS FLAT.

National Secs Clearing (Aa1/AA+/N/A)
-NSCCLF 4.350% due 05/20/27 T+31bp (G27; $100.7) - $750M pxd 05/13/25 +38
-NSCCLF 5.000% due 05/30/28 T+39bp (G39; $102.42) - $600M pxd May 2023
-NSCCLF 4.700% due 05/20/30 T+47bp (G50; $102.18) - $600M pxd 05/13/25 +60

CME Group Inc (Aa3/AA-/AA-)
-CME 3.750% due 06/15/28 T+26bp (G26; $99.78) - $500M pxd Jun 2018
-CME 4.400% due 03/15/30 T+41bp (G45; $101.16) - $750M pxd Mar 2025
-CME 2.650% due 03/15/32 T+15bp (G42; $91.26) - $750M pxd Mar 2022

LSEGA Financing Plc (A3/A/N/A)
-LSELN 2.000% due 04/06/28 T+54bp (G54; $95.18) - $1B pxd Mar 2021
-LSELN 2.500% due 04/06/31 T+75bp (G71; $90.75) - $1.25B pxd Mar 2021
-LSELN 5.297% due 03/28/34 T+62bp (G74; $103.99) - $750M pxd Mar 2024

Cboe Global Markets Inc (A2/A-/N/A)
-CBOE 3.650% due 01/12/27 T+44bp (G37; $99.58) - $650M pxd Jan 2017
-CBOE 3.000% due 03/16/32 T+31bp (G57; $92.34) - $300M pxd Mar 2022

Nasdaq Inc (Baa1/BBB+/N/A)
-NDAQ 5.350% due 06/28/28 T+50bp (G50; $103.06) - $1Bb pxd Jun 2023
-NDAQ 4.500% due 02/15/32 T+84bp (G87; $107.19) - $750M pxd Jun 2023
-NDAQ 5.550% due 02/15/34 T+72bp (G85; $104.93) - $1.25B pxd Jun 2023

Verisk Analytics Inc (Baa1/BBB/N/A)
-VRSK 4.500% due 08/15/30 T+69bp (G71; $100.5) - $750M pxd 08/07/25 +72
-VRSK 5.125% due 02/15/36 T+95bp (G94; $100.72) - $750M pxd 08/07/25 +92

Fidelity National Info Service (Baa2/BBB/BBB)
-FIS 4.700% due 07/15/27 T+84bp (G81; $100.44) - $500M pxd Jul 2022
-FIS 5.100% due 07/15/32 T+64bp (G90; $102.08) - $750M pxd Jul 2022

Fiserv Inc (Baa2/BBB/N/A)
-FI 5.150% due 03/15/27 T+90bp (G84; $100.83) - $750M pxd Feb 2024
-FI 5.375% due 08/21/28 T+96bp (G96; $102.1) - $700M pxd Aug 2023
-FI 4.550% due 02/15/31 T+108bp (G105; $98.98) - $1B pxd 08/04/25 +87
-FI 5.250% due 08/11/35 T+128bp (G128; $99.15) - $1B pxd 08/04/25 +107

FINAL BOOKS:

$600m 3yr - $2.000bn (3.33x) - PEAK $3.000bn

$650m L5yr - $2.000bn (3.08x) - PEAK $3.000bn

[SANTOS FINANCE LTD] 

 Santos Finance Ltd (STOAU) exp Baa3/BBB-/BBB US$1bn 144A/Reg S 10y FXD sr notes due 11/13/35. MWC then 3mos par call (8/13/35). 101 CoC. Guarantor: Santos Limited. Guarantor ratings: Baa3/BBB-/BBB (s/s/s). Restrictive Covenants: Limitation on liens and consolidation, merger and sale of assets. Coupon: semi-annual, 30/360. Coupon Convention: following business day - unadjusted. Denoms: 2,000 x 1,000. Law: New York. Sale into Canada: Yes - exemption. UOP: gcp. Pricing 11/5. Settle 11/13 (T+5). 144A CUSIP: 803014AC3. 144A ISIN: US803014AC31.

VIA Citi (B&D)/DB/Miz/RBC joint books.

Announced overnight with benchmark size, we heard initial thoughts as T+200a. 

At the New York open IPTs were revised to 195a

The deal was launched $1bn at T+168bp

PRICED: $1bn 5.75% 11/13/35 99.423 5.827% T+168. MW+30.

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

STOAU 6.875% due 09/19/33 T+126bp (G143; $108.88) - $850m pxd SEPT 2023

* Market players felt the curve up to 10yrs for this triple-B Yankee was worth around 15bp.  Adding 15bp to the 33’s G143 lands f/v at T+158bp.  At the T+168bp pricing level, CONCESSION IS 10BP.  . 

FINAL BOOK:

$1bn 10yr - $6.000bn (6.0x) - PEAK $7.000BN 

[KOREA ELECTRIC POWER CORP] 

Korea Electric Power Corp ("KEPCO") (KORELE) exp Aa2/AA (s/s) US$1bn 144A/Reg S 2-part sr notes (3y FRN and 5y FXD). BofA/Citi (B&D)/HSBC/JPM joint books. Day Count/Business Day Convention: 3y FRN: Act/360, Adjusted / Modified Following Business Day; 5y FXD: 30/360, Unadjusted / Following Business Day. SOFR Convention: compounded Daily SOFR in arrears and paid quarterly (5 U.S. Government Securities Business Days Lookback).Terms: SGX Listing, 200k/1k Denoms, New York Law. UOP: To finance or refinance, in whole or in part, the Issuer’s existing and future funding for the development and operations of projects which meet the eligibility criteria of “Eligible Green Projects” under “Renewable Energy”, “Clean Transportation” and “Energy Efficiency”, and “Eligible Social Projects” under “SME support and job creation in SMEs” and “Access to essential services”, as defined in the KEPCO Sustainable Finance Framework dated October 2025. Pricing 11/5. Settle 11/12.

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

Announced overnight as benchmark, final size came in at $1bn with price progression as follows:

3yr FRN – IPT S+95a; GDNC S+62#; PXD $600m 11/12/28 FRN at SOFR+62, at 100.

5yr FXD – IPT T+80a; GDNC T+47#; PXD $400m 4.125% 11/12/30 99.513 4.234% T+47.

As for r/v,  the majority of issuance of fixed-rate bonds from KORELE since 2022 has been done in 3yrs (and one 5.5yr in 2022 that is now a 3yr – the 5.50% due 4/6/28).  

As such, comps away provided most of the rel val for today’s 5yr.

The most recent comp from the group below is Korea East-West Power – which just priced a $300m deal due 5/4/31 on Oct 27.  That long 5yr priced at T+48bp and is trading at G45.  At the T+47bp pricing level, KORELE’s CONCESSION IS 2BP. 

Korea Gas Corp (Aa2/AA/AA-)
- KORGAS 4.250% due 07/10/30 T+37bp (G39; $100.57) - $500m pxd 7/2/25 +47

Korea East-West Power (Aa2/NR/AA-)
- KOEWPW 4.000% due 05/04/31 T+50bp (G45; $98.83) - $300m pxd 10/27/25 +48

Export-Import Bank of Korea (Aa2/AA/AA-)
- EIBKOR 3.750% due 09/22/30 T+26bp (G27; $98.88) - $1.00bn pxd 09/15/25 +26

Korea Development Bank (Aa2/AA/AA-)
- KDB 3.750% due 09/16/30 T+26bp (G27; $98.87) - $1.00bn pxd 09/09/25 SMS+64

FRN Outstandings:

KORGAS FRN due 07/10/28 SOFR + 56 - $300m pxd 7/2/25 SOFR +65

EIBKOR FRN due 01/14/28 SOFR + 45 

We didn’t catch a book on this one. 

[AVILEASE] 

AviLease Capital Ltd (AVILE) exp Baa2/BBB by Moody's/Fitch US$850m 144A/Reg S (Cat 2)/3c7 5y FXD sr notes due 11/12/30. MWC then 1mo par call (10/12/30). CoC. Clean-up Call (75% of outstanding). Citi (B&D)/MUFG as JGCs/Active JBRs and JLMs. ADCB/BNP/FADB/HSBC/Miz as active JBRs and JLMs. Al Ahli Bank of Kuwait/BSF Capital/CACIB/Emirates NBD/GIB Capital/JPM/MS/Natixis/Riyad Capital/SNB Capital as passive JBRs and JLMs. Guarantors: Aircraft Leasing Company, Air Structured Holding Company, AviLease Finance 1 Ireland Designated Activity Company. Guarantor Ratings: Baa2/BBB (s/s) by Moody's/Fitch. Coupon: FXD, S/A, 30/360. Denoms: $200,000 x $1,000. Listing: The London Stock Exchange’s International Securities Market - The Offering Circular is, and the Pricing Supplement for the Notes will be, published on the website of the London Stock Exchange at http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html. Governing Law: English Law. Stabilisation: FCA / ICMA stabilisation applies. Documentation: Drawdown under the Global Medium Term Note Programme. Clearing: rule 144A (DTC), Regulation S (Euroclear and Clearstream, Luxembourg). UOP: gcp. Pricing 11/5. Settle 11/12. 144A ISIN: US05370HAA14. 

VIA

- Citi (B&D)/MUFG as JGCs/Active JBRs and JLMs.
- ADCB/BNP/FADB/HSBC/Miz as active JBRs and JLMs.
- Al Ahli Bank of Kuwait/BSF Capital/CACIB/Emirates NBD/GIB Capital/JPM/MS/Natixis/Riyad Capital/SNB Capital as passive JBRs and JLMs.

Announced overnight with benchmark size, final size came in at $850m with price progression as follows:

5yr – IPT T+140a; GDNC 185#;  PXD $850m 4.75% 11/12/30 99.456 4.874% T+110.

This is a debut from AviLease, so CONCEESSION IS N/A.

Comps away included the following:

SMBC Aviation Capital Finance (NR/A-/BBB+)
- SMBCAC 5.100% due 04/01/30 T+86bp (G90; $101.86) - $500m pxd 3/24/25 +103

Aercap Ireland / Global Aviation Trust (Baa1/BBB+/BBB+)
- AER 4.375% due 11/15/30 T+84bp (G84; $98.99) - $600m pxd 9/22/25 +75

DAE (Sukuk)  (Baa2/NR/BBB)
- DUBAEE 4.500% due 10/16/30 T+98bp (G100; $98.90) - $650m pxd 10/8/25 +90

Avolon Holdings Funding LTD (Baa2/BBB-/BBB)
- AVOL 4.900% due 10/10/30 T+114bp (G115; $100.02) - $650m pxd 7/7/25 +108

KSA OUTSTANDINGS:

Gaci First Investment (Aa3//NR/A+)
- PIFSKA 5.250% due 01/29/30 T+81bp (G86; $102.53) - $2.4bn pxd Jan 2025
- PIFSKA 5.000% due 09/15/35 T+88bp (G88; $99.69) - $2.0bn pxd Sept 2025

Ma’aden Sukuk Ltd (Baa1/NR/BBB+)
- MAADEN 5.250% due 02/13/30 T+81bp (G86; $102.53) - $750m pxd 2/6/25 +100
- MAADEN 5.500% due 02/13/35 T+74bp (G80; $104.32) - $750m pxd 2/6/25 +110

FINAL BOOK:

$850m 5yr - $3.10bn (3.65x) 

[APOLLO GLOBAL MANAGEMENT] 

Apollo Global Management Inc (APO) exp A2/A/A (s/s/s) US$750m SEC registered 2-part sr notes (new 5y FXD due 1/15/31 and tap of APO 5.15% 8/12/35 - $500m outstanding). MWC (T+15 on tap) then 1mo par call on 5y (12/15/30) and 3mos on 2035 tap (5/12/35). 101 CoC. Guarantors: Apollo Asset Management, Inc., Apollo Principal Holdings A, L.P., Apollo Principal Holdings B, L.P., Apollo Principal Holdings C, L.P., AMH Holdings (Delaware), L.P., Apollo Management Holdings, L.P. and any other entity that is required to become a guarantor of the notes. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 11/5. Settle 11/7 (T+2). CUSIP: 5y: 03769MAF3, 2035 tap: 03769MAE6. ISIN: 5y: US03769MAF32, 2035 tap: US03769MAE66.

VIA BofA (B&D)/Citi/JPM/WFS joint active books. Co-mgr: AGS. 

Announced with benchmark size, we heard initial thoughts as 5y T+110 area, 2035 tap T+130 area.

Went straight to launch at $400m 5y at T+85. $350m 2035 tap at T+110. 

Ultimately, a $750m deal priced as follows:

$400m 4.60% 1/15/31 99.909 4.617% T+85. MW+15.

$350m tap of 5.15% 8/12/35 at 99.183 5.257% T+110. MW+15. Total outstanding now $850m.

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

Apollo Management Holdings LP (NR/A/A)
-APO 2.650% due 06/05/30 T+97bp (G99; $91.53) - $500m pxd JUN 2020 (SEC)
Apollo Global Management Inc (A2/A/A)
-APO 5.150% due 08/12/35 T+103bp (G105; $99.79) - $500m pxd 08/07/25 +95 (144A)

*** 2035 Tap: Aug ‘35 T+103, call f/v at T+103bp. At the T+110bp pricing level, 2035 Tap CONCESSION IS 7BP.

*** 5yr: 2035 tap f/v at T+103, take away 20bp for IPT curve gets f/v to T+83bp. At the T+85bp pricing level, 5yr CONCESSION IS 2BP.

COMPS AWAY:

Blackston Reg Finance Co LLC (NR/A+/A+)
-BX 4.300% due 11/03/30 T+70bp (G70; $99.32) - $600m pxd 10/28/25 +73
-BX 4.950% due 02/15/36 T+98bp (G95; $98.60) - $600m pxd 10/28/25 +98

KKR Group Finance Co VI LLC (NR/A/A)
-KKR 3.750% due 07/01/29 T+64bp (G71; $97.84) - $750m pxd JUN 2019
KKR & Co Inc (NR/A/A)
-KKR 5.100% due 08/07/35 T+109bp (G109; $98.95) - $900m pxd 08/04/25 +93

Brookfield Asset Management (NR/A-/A)
-BAMCN 5.795% due 04/24/35 T+113bp (G117; $103.72) - $750m pxd APRL 2025

Brookfield Finance Inc (A3/A-/A-)
-BNCN 5.330% due 01/15/36 T+121bp (G119; $99.78) - $650m pxd 08/13/25 +110

Ares Finance Co II LLC (NR/BBB+/A-)
-ARES 3.250% due 06/15/30 T+102bp (G104; $93.75) - $400m pxd JUN 2020

FINAL BOOKS:

$400m 5yr - $1.200bn (3.00x) - PEAK $1.500bn

$350m 2035 Tap - $1.300bn (3.71x) - PEAK 1.500bn

[CBRE SERVICES] 

CBRE Services Inc (CBG) exp Baa1/BBB+/BBB+ (s/s/s) US$750m SEC registered L7y FXD sr notes due 1/15/33. MWC then 2mos par call (11/15/32). Guarantor: CBRG Group Inc. First pay: 7/15/26. CoC at 101. UOP: we intend to use the net proceeds to repay borrowings under our commercial paper program used in connection with the Pearce acquisition and other corporate purposes. Marketing: eRed. Denoms: 2,000 x 1,000. Sales into Canada: yes via exemption. Pricing 11/5. Settle 11/13 (T+5). CUSIP/ISIN: 12505BAL4/US12505BAL45.  

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

Announced as a benchmark, the size was expected to be ~$500m with possibility for growth (IOI was $200m). We heard initial price thoughts as T+130 area.

Guidance came in at T+98#.

Ultimately, a $750m deal priced as follows:

$750m 4.90% 1/15/33 99.813 4.929% T+98. MW+15.

As for r/v, outstanding CBG was quoted as follows:
-CBG 5.500% due 04/01/29 T+65bp (G74; $104) - $500M pxd Feb 2024
-CBG 4.800% due 06/15/30 T+74bp (G76; $101) - $600M pxd Apr 2025
-CBG 2.500% due 04/01/31 T+82bp (G78; $90) - $500M pxd Mar 2021
-CBG 5.950% due 08/15/34 T+89bp (G98; $107) - $1B pxd Jun 2023
-CBG 5.500% due 06/15/35 T+103bp (G106; $103) - $500M pxd Apr 2025

** Outstanding CBG Jun 35s G106; plus curve, call new 10y f/v T+108bp; minus 10-15bp for L7/10s curve, call new L7y f/v T+95bp. At the T+98bp pricing level, CONCESSION IS 3BP.

FINAL BOOKS:

$750m L7yr - $3.300bn (4.40x) - PEAK $4.100bn

[MATTEL INC]  

Mattel Inc (MAT) exp Baa3/BBB/BBB- (s/s/s) US$600m SEC registered 5y sr notes due 11/17/30. MWC then 1mo par call (10/17/30). CoC. First Pay: 5/17/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. UOP: proceeds will be used, together with cash on hand, to redeem all of the Company's outstanding 3.375% Senior Notes due 2026, and pay related fees and expenses. Marketing: https://www.netroadshow.com/nrs/home/ Passcode: Entertain87. Pricing 11/5. Settle 11/17 (T+7). CUSIP: 577081BG6. 

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

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

Went straight to launch at $600m 5y at T+130.

Ultimately, a $600m deal priced as follows:

$600m 5.00% 11/17/30 99.707 5.067% T+130. MW+20.

As for r/v, this is MAT’s first SEC registered trade thus CONCESSION N/A

With that said some argued building up from the 29s and adjusting for a 144A-SEC differential nic looked around 5bp.

Outstanding MAT was quoted as follows:

-MAT 3.750% due 04/01/29 T+101bp (G109; $96.84) - $600m pxd MAR 2021 (144A)
-MAT 5.450% due 11/01/41 T+145bp (G160; $92.88) - $300m pxd NOV 2011 (144A)

COMPS AWAY:

Hasbro Inc (Baa2/BBB/BBB-)
-HAS 3.900% due 11/19/29 T+81bp (G85; $97.56) - $900m pxd NOV 2019
-HAS 6.050% due 05/14/34 T+117bp (G128; $104.83) - $500m pxd MAY 2024

Dick’s Sporting Goods (Baa2/BBB)
-DKS 3.150% due 01/15/32 T+60bp (G88; $91.49) - $750m pxd JAN 2022
-DKS 4.100% due 01/15/52 T+140bp ($73.65) - $750m pxd JAN 2022

Brunswick Corp (Baa3/BBB-/BBB)
-BC 5.850% due 03/18/29 T+109bp (G118; $103.00) - $400m pxd MAR 2024
-BC 4.400% due 09/15/32 T+116bp (G138; $94.81) - $450m pxd MAR 2022
-BC 5.100% due 04/01/52 T+204bp ($79.53) - $300m pxd MAR 2022

FINAL BOOK:

$600m 5yr - $3.900bn (6.50x) - PEAK $3.900bn

[POLARIS] 

Polaris Inc (PII) exp Baa3/BBB-/BBB- (n/n/n) SEC registered US$500m L5y sr unsec notes due 03/01/31. MWC then 1 mos par call. 101 CoC. Coupon steps: 25bps per rating agency (Moody's & S&P), per notch below IG, capped at 1.00% per agency (2.00% total). UoP: Proceeds will be used to repay the Incremental Term Loan in full. Any remaining net proceeds will be used for general corporate purposes, which could include the repayment of outstanding borrowings under the Revolving Loan Facility. First pay day: 03/01/26. Denoms: 2k x 1k. Sale into Canada: Yes - Exemption. Marketing: https://dealroadshow.com; Passcode: POLARIS2025. Pricing 11/5. Settle 11/13 (T+5). CUSIP: 731068AB8. ISIN: US731068AB89. 

VIA BofA/MUFG/USB/WFS(B&D) joint active books. BMO/PNC/TSI as passive JBRs.

Announced with benchmark size, we heard initial thoughts as T+200-212.5a.

Guidance came in at T+185#.

PRICED: $500m 5.60% 3/1/31 99.941 5.615% T+185. MW+30.

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

PII 6.950% due 03/15/29 T+120bp (G130; $105.92) - $500m pxd NOV 2023

*PII 29s G130 + 20bp for the curve puts f/v at T+150bp.  At the T+185bp pricing level, quite a few market players felt the NIC on this deal was 35bp

However, while you can’t argue the math, we heard this one was really complete price discovery, with the range of thoughts and clearing levels following the investor call very wide. 

So, we’re going CONCESSION N/A on this one, with full knowledge that a case can also be made for 35bp. 

FINAL BOOK: 

$500m L5yr - $2.20bn (4.40x) - PEAK $2.500BN 

[PACCAR] 

PACCAR Financial Corp (PCAR) exp A1/A+ (s/s) US$400m (no grow) SEC registered 3y FXD sr notes, MTN's Series R, due 11/7/28. BofA/BNP/MUFG (B&D)/TD/USB joint active books. Denoms: 1,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 11/5. Settle 11/7 (T+2). CUSIP: 69371RU20. ISIN: US69371RU203. 

VIA BofA/BNP/MUFG (B&D)/TD/USB joint active books.

Announced as $400m WNG, we heard initial thoughts as T+62.5a.

The deal went straight to launch at $400m T+37.5bp.

PRICED: $400m 4.00% 11/7/28 99.944 4.020% T+37.5. 

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

- PCAR 4.250% due 06/23/27 T+24bp (G21; $100.69) - $400m pxd 6/16/25 +30
- PCAR 4.550% due 03/03/28 T+27bp (G28; $101.41) - $600m pxd 2/20/25 +30
- PCAR 4.000% due 08/08/28 T+31bp (G31; $100.29) - $400m pxd 8/04/25 +37.5
- PCAR 4.550% due 05/08/30 T+43bp (G46; $101.47) - $350m pxd 5/5/25 +62.5

Comps away: 

John Deere Capital Corp (A1/A/A+)
- DE 4.500% due 01/08/27 T+29bp (G23; $100.725) - $400m pxd 1/6/25 +25
- DE 4.250% due 06/05/28 T+34bp (G35; $100.65) - $700m pxd 6/2/25 +38
- DE 4.375% due 10/15/30 T+50bp (G50; $100.82) - $600m pxd 7/21/25 +50
- DE 5.050% due 06/12/34 T+50bp (G59; $102.76) - $800m pxd 6/6/24 +80

Deere Funding Canada Corp (A/A+)
- DE 4.150% due 10/09/30 T+50bp (G50; $99.52) - $500m pxd 10/02/25 +50

Deere & Co (A1/A/A+)
- DE 5.450% due 01/16/35 T+63bp (G70; $104.81) - $1.25bn pxd 01/13/25 +68

Caterpillar Financial Services (A2/A/A+)
- CAT 4.600% due 11/15/27 T+25bp (G25; $101.40) - $950m pxd Nov 2024
- CAT 4.100% due 08/15/28 T+35bp (G35; $100.31) - $750m pxd 8/11/25 +38
- CAT 4.800% due 01/08/30 T+21bp (G26; $103.16) - $450m pxd 1/6/25 +42

* CAT Aug ‘28s G35; DE Jun 28s G35.  Adding in curve PCAR at T+37.5bp is  FLAT CONCESSION. 

FINAL BOOK:

$400m 3yr - $1.30bn (3.25) - PEAK $1.600BN

[NORTHWESTERN CORP] 

Northwestern Corp (NWE) exp A3/A- (s/s) $100m (no grow) tap of 144A/Reg S no reg rights 5.073% 3/21/30 first mortgage bonds ($400m outstanding). MWC T+15 then 1mo par call (2/21/30). Denoms: 2k x 1k. UOP: (i) to fund future capital expenditures, (ii) finance working capital needs, including paying down indebtedness under our Second Amended and Restated Credit Agreement, dated November 29, 2023, and (iii) for general corporate purposes. Pricing 11/5. Settle 11/7 (T+2). 144A CUSIP: 66807TAA0. 144A ISIN: US66807TAA07. 

VIA BofA/BMO joint active books.

Announced as $100m no grow, we heard initial price thoughts as T+100 area.

Went straight to launch at T+77.

Ultimately, a $100m deal priced as follows:

$100m tap of 5.073% 3/21/30 at 102.077 T+77. Total outstanding now $500m.

 As for r/v, outstanding NWE was quoted as follows:
-NWE 5.073% due 03/21/30 T+69bp (G73; $103.00 ) - $400M pxd Mar 2025

** Outstanding Mar 30s T+69bp; tap f/v is T+69bp. At the T+77bp pricing level, CONCESSION IS 8BP.

Comps away:

Consumers Energy Co (A1/A/A+)
-CMS 4.500% due 01/15/31 T+56bp (G56; $101.00 ) - $500M pxd Apr 2025

Connecticut Light & Power (A2/A/A+ *-)
-ES 4.950% due 01/15/30 T+46bp (G51; $103.00 ) - $400M pxd Jan 2025

Oncor Electric Delivery (A2/A/A)
-ONCRTX 4.650% due 11/01/29 T+52bp (G58; $102.00 ) - $550M pxd Dec 2024

Centerpoint Energy Houston (A2/A/A)
-CNP 4.800% due 03/15/30 T+50bp (G54; $102.00 ) - $500M pxd Feb 2025

Entergy Texas Inc (A3/A/N/A) 
-ETR 1.750% due 03/15/31 T+59bp (G56; $88.00 ) - $600M pxd Sep 2020
-ETR 5.250% due 04/15/35 T+82bp (G86; $103.00 ) - $500M pxd Feb 2025

Dayton Power & Light Co/ (Baa1/BBB+/BBB+)
-AES 4.550% due 08/15/30 T+97bp (G98; $100.00 ) - $375M pxd 08/14/25 +75

FINAL BOOKS:

$100m 2030 Tap - $450m (4.50x) - PEAK $500m

[SSA PRICED]

– The Ministry of Finance of the People's Republic of China (CHINA) US$4bn 144A/Reg S (Cat 1) 2-part sr notes (3y FXD and 5y FXD). Bank of China/Bank of Communications/Agricultural Bank of China/BofA/China Construction Bank/China Intl Capital/Citi/CACIB/DB (B&D)/FADB/GS/HSBC/ICBC/JPM/Miz/StanChart as JLMs/JBRs. Terms: Listed on the SEHK, US$200k/US$1k denominations, English Law. Clearing System: DTC and its direct or indirect participants, including Euroclear and Clearstream, with CMU linkage. UOP: the net proceeds from the sale of the Bonds will be used by the Ministry of Finance for general governmental purposes. Netroadshow: www.netroadshow.com/nrs/home/#!/?show=9bfce107 OR Visit www.netroadshow.com and enter the entry code: MOFUSD25 (not case-sensitive). Pricing 11/5. Settle T+5.

IPTs: 3y T+25 area, 5y T+30 area.

FINAL PRICE GUIDANCE: 3y flat#, 5y T+2#.

LAUNCHED: $2bn 3y at Flat, $2bn 5y at T+2.

PRICED:

$2bn 3.625% 11/13/28 99.941 3.646% T+0 (flat).

$2bn 3.75% 11/13/30 99.833 3.787% T+2.

– The Federal Republic of Nigeria (NGERIA) exp B3/B-/B (s/s/s) US$2,347,465,000 144A/Reg S 2-part sr notes (10y FXD due 1/13/36 and 20y FXD due 1/13/46). Citi (B&D)/GS/JPM/StanChart as international bookrunners. Nigerian bookrunner: Chapel Hill Denham. Financial Adviser: FSDH Merchant Bank Ltd. Long first pay date: 7/13/26. Day Count: 30/360. Denoms: USD 200k x 1k. Listing: London Stock Exchange (Main Market), Nigerian Exchange Limited, and FMDQ Securities Exchange Limited. Law: English Law. Clearing: DTC / Euroclear / Clearstream, Luxembourg. UOP: Funding of the 2025 fiscal deficit of the Budget or to refinance outstanding indebtedness. Pricing 11/5. Settle 11/13.

IPTs: 10y 9.125% area, 20y 9.625% area.

GUIDANCE: 10y 8.75% area, 20y 9.25% area.

LAUNCHED: $1,247,465,000 10y at 8.625%, $1.1bn 20y at 9.125%.

PRICED:

$1,247,465,000 8.6308% 1/13/36 100.00 8265%.

$1.1bn 9.1297% 1/13/46 100.00 9.125%.

[NEW MANDATES & MARKETING]

– Eagle Materials Inc., rated Baa2 (stable) and BBB (stable) by Moody’s and S&P, respectively, has asked J.P. Morgan, BofA Securities, and Wells Fargo Securities to arrange a series of fixed income investor calls. The calls will be held today, November 5th from 12:00pm ET to 2:45pm ET. An electronic investor presentation will be made available.

J.P. Morgan will coordinate logistics.

A senior unsecured bond transaction may follow, subject to market conditions.

Schedule:

Wednesday, November 5th

Call #1: 12:00pm-12:45pm ET

Call #2: 1:00pm-1:45pm ET

Call #3: 2:00pm-2:45pm ET

Company Participants:

Craig Kesler – Chief Financial Officer

Alex Haddock – Senior VP of IR, Strategy and M&A

Deal Roadshow Details:

Direct Link: https://dealroadshow.com/e/CEMENT25

Link: https://dealroadshow.com | Entry code: CEMENT25

About Eagle Materials:

Eagle Materials is a leading U.S. manufacturer of heavy construction products and light building materials. Its primary products, portland cement and gypsum wallboard, are essential for building, expanding, and repairing roads, highways, and residential, commercial, and industrial structures across America.

– Global Payments (Ticker: GPN), a leading payments technology company rated Baa3 by Moody’s, BBB- by S&P, and BBB by Fitch, has asked J.P. Morgan Securities LLC, BofA Securities, Inc., and Barclays Capital Inc. to arrange a series of fixed income investor calls scheduled for today, November 5, 2025. J.P. Morgan is coordinating the logistics.

A pre-recorded electronic presentation will be made available via the link below.

Telephonic Roadshow Schedule:

Call #1 - 11:00am ET – 11:50am ET

Call #2 - 12:00pm ET – 12:50pm ET

Call #3 - 1:00pm ET – 1:50pm ET

Call #4 - 2:00pm ET – 2:50pm ET

Global Payments will be represented by:

Josh Whipple – Chief Financial Officer

Pre-Recorded Electronic Presentation Details:

URL: https://dealroadshow.com
Entry Code: GPN2025
Direct Link: https://dealroadshow.com/e/GPN2025

About Global Payments Inc.:

Global Payments is a leading payments technology company delivering innovative software and services to customers globally, with worldwide reach spanning North America, Europe, Asia-Pacific and Latin America. The payments technology industry provides financial institutions, businesses and consumers with payment processing services, merchant acceptance solutions and related information and other value-added services. Their technologies, services and team member expertise allow them to provide a broad range of solutions that enable their customers to operate their businesses more efficiently across a variety of channels around the world. Headquartered in Georgia with approximately 27,000 employees worldwide, Global Payments is a member of the S&P 500 and is traded on the New York Stock Exchange under the symbol “GPN.”

On April 17, 2025, Global Payments entered into definitive agreements to acquire 100% of Worldpay from Fidelity National Information Services, Inc. (“FIS”) and affiliates of GTCR LLC (“GTCR”) and divest its Issuer Solutions business to FIS. Worldpay is an industry leading payments technology and solutions company. The proposed acquisition of Worldpay and divestiture of Global Payments’ Issuer Solutions business will occur simultaneously, subject to regulatory approvals and other customary closing conditions.

[M&A TODAY]

Global Payments announced a series of fixed income investor calls today. A Senior notes offering may follow with proceeds going towards their $24.25bn ($22.7bn after tax assets) pending acquisition of Worldpay from GTCR (55% stake) and Fidelity (45% stake) announced on 4/17. 

Simultaneously, Global Payments is divesting Issuer Solutions for $13.5bn ($12bn after tax assets) to Fidelity National Information Services. Global payments will receive Fidelity’s stake in Worldpay plus cash. Fidelity plans on funding the cash portion with an $8bn bridge facility. 

Global Payments will fund the remaining 55% stake from GTCR with stock and cash funded by proceeds of Issuer Solutions and new debt.

At announcement, GPN obtained a $7.7bn bridge facility. On 5/15 they upsized their revolver to $7.25bn which reduced their bridge by $1.5bn down to $6.2bn.

GPN’s ratings are confirmed as Baa3/BBB- (s/s) by Moody’s and S&P.