Commentary & Deal Flow

 Today's $11.200bn total puts the two-week volume count at $138.730bn (WK Ending 10/31/25 $79.080bn; WK Ending 11/07/25 WTD $59.650bn) – the largest back-to-back weekly totals behind the big COVID weeks.  That said, there are signs investors might be getting tired as the big supply streak continues.  Today’s attrition was above 40% - good enough for # 4 on the Largest Attrition Days 2025 table. This week also ranks #3 on the Largest Attrition Weeks 2025 table.

Despite all that, Canadian National Railway today tied #1 on the 2025 Lowest 10yr Yankee Coupons Table:  

CNRCN also landed # 4 on the Lowest 10yr Yankee Spreads Table looking back through 2022 with Shell from Monday pricing just ahead at T+67:

Elsewhere, the Global Payment System $1.75bn 3yr came in at #2 on the Largest Corporate 3yr Tranche 2025 List.

This helped GPN also land in No. 2 on a list of large corporate deals that have priced only with tranches 10yrs and in.

HERE'S TODAY'S RUNDOWN

[GLOBAL PAYMENTS INC] 

Global Payments Inc (GPN) exp Baa3/BBB-/BBB (s/s/s) US$6.2bn SEC registered 4-part sr notes (3y FXD due 11/15/28, 5y FXD due 11/15/30, 7y FXD due 11/15/32 and 10y FXD due 11/15/35). MWC then 1mo par call on 3y (10/15/28), 1mo on 5y (10/15/30), 2mos on 7y (9/15/32) and 3mos on 10y (8/15/35). 101 CoC. Barc/BofA/JPM (B&D) joint active books. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: the Company intends to use the net proceeds from this offering (i) to fund cash payments in connection with the Worldpay acquisition, (ii) to repay certain outstanding indebtedness of Worldpay in connection with the Worldpay acquisition, (iii) to pay transaction costs related to the Worldpay acquisition and (iv) for general corporate purposes. Pricing 11/6. Settle 11/14 (T+5). CUSIP: 3y: 37940XAV4, 5y: 37940XAW2, 7y: 37940XAX0, 10y: 37940XAY8. ISIN: 3y: US37940XAV47, 5y: US37940XAW20, 7y: US37940XAX03, 10y: US37940XAY85.

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

Announced as $6.2bn (the amount outstanding on the acquisition bridge loan), final size came in at $6.2bn with price progression as follows.

3yr – IPT 125a; LNCH T+95bp; PXD $1.75bn 4.50% 11/15/28 99.942 4.521% T+95. MW+15.
5yr – IPT 150a; LNCH T+120bp; PXD $1.7bn 4.875% 11/15/30 99.969 4.882% T+120. MW+20.
7yr – IPT 165a; LNCH T+135bp; PXD $1bn 5.20% 11/15/32 99.878 5.221% T+135. MW+20.
10yr – IPT 175a; LNCH T+150bp; PXD $1.75bn 5.55%11/15/35 99.749 5.583% T+150. MW+25.

As for r/v, outstanding GPN as quoted as follows:

- GPN 4.950% due 08/15/27 T+78bp (G76; $100.97) - $500m pxd AUG 2022
- GPN 5.300% due 08/15/29 T+108bp (G116; $101.6) - $500m pxd AUG 2022
- GPN 5.400% due 08/15/32 T+104bp (G129; $101.2) - $750m pxd AUG 2022
- GPN 5.950% due 08/15/52 T+149bp ($96.5) - $750m pxd AUG 2022

* 10yr – ‘32s G129 + 10-15bp 7s/10s = T+142bp; At the T+150bp pricing level, 10YR CONCESSION IS 8BP.
* 7yr – 10yr f/v T+142bp minus 10bp 7s/10s at IPT = T+132bp; At the T+135bp pricing level, 7YR CONCESSION IS 3BP.
* 5yr – ‘32s G129; 29s G116.  Current 5yr f/v on this curve T+120bp. At the T+120bp pricing level 5YR CONCESSION IS FLAT.
* 3yr – 5yr f/v T+120bp minus 25bp 3s/5s = T+95bp. At the T+95bp pricing level, 3YR CONCESSION IS FLAT.

Comps away:

Nasdaq Inc (Baa1/BBB+)
- NDAQ 1.650% due 01/15/31 T+60bp (G58; $87.6) - $650m pxd DEC 2020
- NDAQ 5.550% due 02/15/34 T+75bp (G88; $104.5) - $1.25bn pxd JUN 2023
- NDAQ 5.950% due 08/15/53 T+96bp ($103.6) - $750m pxd JUN 2023

Verisk Analytics (Baa1/BBB)
- VRSK 4.500% due 08/15/30 T+72bp (G73; $100.2) - $750m pxd 8/7/25 +72
- VRSK 5.125% due 02/15/36 T+95bp (G94; $100.3) - $750m pxd 8/7/25 +92
- VRSK 3.625% due 05/15/50 T+92bp ($73.3) - $500m pxd MAY 2020

Fidelity National Info Services (Baa2/BBB/BBB)
- FIS 5.100% due 07/15/32 T+67bp (G93; $101.6) - $750m pxd JUL 2022
- FIS 5.625% due 07/15/52 T+114bp ($96.7) - $274m outstanding

Fiserv Inc (Baa2/BBB)
- FI 4.550% due 02/15/31 T+114bp (G111; $98.5) - $1bn pxd 8/4/25 +87
- FI 5.250% due 08/11/35 T+120bp (G120; $99.3) - $1bn pxd 8/4/25 +107

FINAL BOOKS:

$1.75bn 3yr - $3.50bn (2.0x) - PEAK $5.000BN

$1.70bn 5yr - $3.10bn (1.82x) - PEAK $5.300BN

$1.00bn 7yr - $2.70bn (2.70x) - PEAK $5.500BN

$1.75bn 10yr - $4.20bn (2.40x) - PEAK $7.000BN 

[TARGA RESOURCES] 

Targa Resources Corp (TRGP) exp Baa2/BBB/BBB (s/s/s) US$1.75bn SEC registered 2-part sr notes (long 3y FXD due 1/15/29 and long 10y FXD due 7/30/36). MWC then 1mo par call on L3y (12/15/28) and 3mos on long 10y (4/30/36). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: The company expects to use a portion of the net proceeds from this offering to redeem the 6.875% 2029 notes and to use the remaining net proceeds for general corporate purposes, including to repay borrowings under the Commercial Paper Program, to repay other indebtedness, to repurchase or redeem securities or to fund capital expenditures, additions to working capital or investments in our subsidiaries. Pricing 11/6. Settle 11/12 (T+3). CUSIP: L3y: 87612GAR2, L10y: 87612GAS0. ISIN: L3y: US87612GAR20, L10y: US87612GAS03.

VIA BofA (B&D on L10y)/Citi/RBC (B&D on on L3y)/TSI joint active books. 

Announced with benchmark size, we heard initial thoughts as L3y T+105 area, L10y T+155 area.

Guidance came in at L3y T+80#, L10y T+132#

Ultimately, a $1.75bn deal priced as follows:

$750m 4.35% 1/15/29 99.938 4.373% T+80. MW+15.

$1bn 5.40% 7/30/36 99.920 5.411% T+132. MW+20.

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

​​-TRGP 5.200% due 07/01/27 T+59bp (G56; $101.56) - $750m pxd JUN 2022
-TRGP 6.150% due 03/01/29 T+74bp (G84; $105.13) - $1bn pxd NOV 2023
-TRGP 4.900% due 09/15/30 T+85bp (G86; $101.53) - $750m pxd 06/04/25 +100
-TRGP 4.200% due 02/01/33 T+92bp (G111; $95.13) - $750m pxd MAR 2022
-TRGP 5.550% due 08/15/35 T+118bp (G120; $102.07) - $1bn pxd FEB 2025
-TRGP 5.650% due 02/15/36 T+124bp (G122; $102.46) - $750m pxd 06/04/25 +133
-TRGP 6.125% due 05/15/55 T+145bp ($99.82) - $1bn pxd FEB 2025

*** L10yr: TRGP recently priced a Sept 30s G86 and Feb ‘36s G122 suggesting 5s/10s curve is around 35bp. Feb ‘36 G122, add 3bp for curve given its a wider curve gets f/v to T+125bp. At the T+132bp pricing level, L10yr CONCESSION IS 7BP.

*** L3yr: L10y f/v at T+125, take away 50bp for IPT curve = 75bp. At the T+80bp pricing level, L3yr CONCESSION IS 5BP.

COMPS AWAY:

Williams Cos Inc (Baa2/BBB+/BBB)
-WMB 5.300% due 08/15/28 T+54bp (G55; $102.97) - $900m pxd AUG 2023
-WMB 4.625% due 06/30/30 T+77bp (G80; $100.66) - $750m pxd 06/26/25 +85
-WMB 5.300% due 09/30/35 T+98bp (G99; $101.71) - $750m pxd 06/26/25 +110
-WMB 6.000% due 03/15/55 T+111bp ($102.75) - $500m pxd JAN 2025

Kinder Morgan Inc (Baa2/BBB/BBB+)
-KMI 4.300% due 03/01/28 T+54bp (G55; $100.35) - $1.25bn pxd FEB 2018
-KMI 5.150% due 06/01/30 T+69bp (G72; $103.07) - $1.1bn pxd APRL 2025
-KMI 5.850% due 06/01/35 T+103bp (G107; $105.31) - $750m pxd APRL 2025
-KMI 5.950% due 08/01/54 T+122bp ($100.48) - $750m pxd JUL 2024

Energy Transfer LP (Baa2/BBB/BBB)
-ET 6.100% due 12/01/28 T+72bp (G72; $104.97) - $500m pxd OCT 2023
-ET 5.200% due 04/01/30 T+72bp (G76; $103.05) - $650m pxd FEB 2025
-ET 5.700% due 04/01/35 T+121bp (G126; $102.83) - $1.25bn pxd FEB 2025
-ET 6.200% due 04/01/55 T+161bp ($98.62) - $1.1bn pxd FEB 2025

MPLX LP (Baa2/BBB/BBB)
-MPLX 4.800% due 02/15/31 T+96bp (G95; $100.68) - $1.25bn pxd 08/07/25 +103
-MPLX 5.000% due 01/15/33 T+110bp (G108; $100.12) - $750m pxd 08/07/25 +118
-MPLX 5.400% due 09/15/35 T+124bp (G124; $100.47) - $1.5bn pxd 08/07/25 +130
-MPLX 6.200% due 09/15/55 T+151bp ($99.93) - $1bn pxd 08/07/25 +150

ONEOK Inc (Baa2/BBB/BBB)
-OKE 4.400% due 10/15/29 T+71bp (G77; $99.98) - $600m pxd SEPT 2024
-OKE 4.950% due 10/15/32 T+107bp (G107; $99.98) - $750m pxd 08/06/25 +103
-OKE 5.400% due 10/15/35 T+124bp (G123; $100.46) - $1bn pxd 08/06/25 +122
-OKE 6.250% due 10/15/55 T+157bp ($99.77) - $1.25bn pxd 08/06/25 +147
-OKE 5.850% due 11/01/64 T+156bp ($94.12) - $800m pxd SEPT 2024

Plains All American Pipeline LP (Baa2/BBB/BBB)
-PAA 3.550% due 12/15/29 T+72bp (G77; $96.78) - $1bn pxd SEPT 2019
-PAA 3.800% due 09/15/30 T+89bp (G90; $96.62) - $750m pxd JUN 2020
-PAA 4.700% due 01/15/31 T+98bp (G96; $100.13) - $700m pxd 09/03/25 +105
-PAA 5.950% due 06/15/35 T+130bp (G133; $104.04) - $1bn pxd JAN 2025
-PAA 5.600% due 01/15/36 T+139bp (G138; $100.89) - $550m pxd 09/03/25 +142

Western Midstream Operating LP (Baa3/BBB-/BBB-)
-WES 6.350% due 01/15/29 T+83bp (G94; $105.24) - $600m pxd SEPT 2023
-WES 6.150% due 04/01/33 T+112bp (G131; $105.54) - $750m pxd MAR 2023
-WES 5.450% due 11/15/34 T+137bp (G143; $99.91) - $800m pxd AUG 2024
-WES 5.250% due 02/01/50 T+170bp ($86.01) - $1bn pxd JAN 2020

FINAL BOOKS:

$750m L3yr - $3.100bn (4.13x) - PEAK $3.700bn

$1bn L10yr - $2.500bn (2.50x) - PEAK #4.600bn

[EQUINOR] 

Equinor ASA (EQNR) exp Aa2/AA- (s/s) US$1.5bn SEC registered 3-part sr notes (tap of EQNR 4.25% 6/2/28 - $550m outstanding, tap of EQNR 4.50% 9/30/30 - $400m outstanding, and new 10y FXD due 11/14/35). MWC (T+10 on 2028s and T+10 on 2030s) then 1mo par call on 2028s (8/30/30, 1mo on 2030s (8/3/30) and 3mos on 10y (8/14/35). Tax Call. Guarantor: Equinor Energy AS. Denoms: 1,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 11/6. Settle 11/14 (T+5). Cusip: 2028: 29446MAL6, 2030: 29446MAM4, 10y: 29446MAP7. ISIN: 2028: US29446MAL63, 2030: US29446MAM47, 10y: US29446MAP77. 

VIA Barc/Citi (B&D)/Miz/MS joint active books.

Announced with benchmark size, final size came in at $1.5bn with price progression as follows:

2028 tap  - IPT T+65 area; GDNC T+38#; PXD $250m tap of 4.25% 6/2/28 at 100.678 3.959% T+38. MW+10. Total outstanding now $800m.

2030 tap - IPT T+75 area; GDNC T+48#; PXD $250m tap of 4.50% 9/30/30 at 101.393 4.171% T+48. MW+10. Total outstanding now $650m.

10yr - IPT T+100 area; GDNC T+73#; PXD $1bn 4.75% 11/14/35 99.411 4.825% T+73. MW+15.

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

-EQNR 4.250% due 06/02/28 T+35bp (G36; $100.75) - $550m pxd 05/27/25 +35
-EQNR 4.500% due 09/30/30 T+44bp (G45; $101.60) - $400m pxd 05/27/25 +50
-EQNR 5.125% due 06/03/35 T+61bp (G64; $103.17) - $800m pxd 05/27/25 +70

*** 2028 tap: Outstanding Jun ‘28 spotted at T+35bp. At the T+38bp pricing level, 2028 tap CONCESSION IS 3BP.

*** 2030 tap: Outstanding Sept ‘30 spotted at T+44bp. At the T+48bp pricing level, 2030 tap CONCESSION IS 4BP.

For the new 10y, Shells L10y priced on Monday was seen as a relevant comp. Priced at +67 and currently trading around G65, EQNR should priced about 5bp back of RDSALN pointing to f/v at T+70bp. At the T+73bp pricing level, 10yr CONCESSION IS 3BP. 

COMPS AWAY:

Shell Finance US Inc (Aa2/A+/AA-)
-RDSALN 4.125% due 11/06/30 T+44bp (G44; $99.98) - $1bn pxd 11/03/25 +50
-RDSALN 4.750% due 01/06/36 T+67bp (G65; $100.01) - $1bn pxd 11/03/25 +67

Chevron USA Inc (Aa2/AA-)
-CVX 4.050% due 08/13/28 T+22bp (G22; $100.63) - $650m pxd 08/11/25 +32
-CVX 4.300% due 10/15/30 T+43bp (G44; $100.77) - $1.2bn pxd 08/11/25 +50
-CVX 4.850% due 10/15/35 T+61bp (G62; $101.13) - $900m pxd 08/11/25 +62

FINAL BOOKS:

$250m 2028 tap - $750m (3.00x) - PEAK $1.350bn

$250m 2030 tap - $1.100bn (4.40x) - PEAK $1.800bn

$1.000bn 10yr - $2.100bn (2.10x) - PEAK $3.350bn

[EAGLE MATERIALS] 

Eagle Materials Inc (EXP) exp Baa2/BBB (s/s) US$750m SEC registered L10y sr notes due 3/15/36. MWC then 3mos par call (12/15/35). CoC. UOP: to repay all outstanding borrowings under the Company's revolving credit facility and general corporate purposes. First pay: 3/15/26. Denoms: 2,000 x 1,000. Sales into Canada: yes via exemption. Marketing: https://dealroadshow.finsight.com/ Passcode: CEMENT25. Pricing 11/6. Settle 11/13 (T+4). CUSIP: 26969PAC2. 

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

Announced as benchmark, we heard initial thoughts as T+130a.

Guidance came in at T+105#.

Ultimately, a $750m deal priced as follows:

PRICED: $750m 5.00% 3/15/36 98.903 5.139% T+105.

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

- EXP 2.500% due 07/01/31 T+76bp (G70; $90.37) - $750m pxd JUN 2021

However, comps away were the focus:

CRH America Finance Inc (Baa1/BBB+)
- CRHID 5.000% due 2/09/36 T+86bp (G85; $100.48) - $1.0bn pxd 10/6/25

Amrize Finance US LLC (Baa1/BBB+)
- AMRZ 5.400% due 04/07/35 T+89bp (G94; $103.05) - $1bn pxd 4/2/25 + 120

Carlisle Cos Inc (Baa2/BBB)
- CSL 5.250% due 09/15/35 T+94bp (G95; $101.64) - $500m pxd 8/13/25 +105 

*Higher-rated CRHID ‘36s G85 + 10bp for ratings/scale (EXP is smallest of the group) = T+95b; plus a bit to account for the long 10yr = T+97bp.  

* Same-rated CSL 35s G95 + a couple for L10yr = T+97bp

F/V T+97bp.  At the T+105bp pricing level, CONCESSION IS 8BP. 

FINAL BOOK:

$750m L10yr - $1.5bn (2.0x) - PEAK $2.400BN.

[CANADIAN NATIONAL RAILWAY] 

Canadian National Railway Co (CNRCN) exp A2/A- (s/s) US$700m SEC registered 2-part sr notes (long 5y FXD due 3/12/31 and 10y FXD due 11/12/35). MWC then 1mo par call on L5y (2/12/31) and 3mos on 10y (8/12/35). 101 CoC. Denoms: 2,000 x 1,000. Sale into Canada: No. UOP: the Company plans to use such net proceeds to repay at maturity all US$500 million principal amount of its 2.75% notes due in March 2026 and for general corporate purposes, including the repayment of commercial paper. Pricing 11/6. Settle 11/12 (T+3). Cusip: L5y: 136375DV1, 10y: 136375DW9. ISIN: L5y: US136375DV17, 10y: US136375DW99.

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

Announced as benchmark, final size came in at $700m with price progression as follows:

L5yr – IPT T+75a; GDNC T+55#; PXD $300m 4.20% 3/12/31 99.844 4.234% T+55. MW+10.
10yr – IPT T+95a; GDNC T+70#; PXD $400m 4.75% 11/12/35 99.709 4.787% T+70. MW+15.

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

- CNRCN 3.850% due 08/05/32 T+38bp (G61; $96.47) - $800m pxd AUG 2022
- CNRCN 5.850% due 11/01/33 T+38bp (G54; $109.01) - $300m pxd OCT 2023
- CNRCN 4.375% due 09/18/34 T+57bp (G64; $98.00) - $750m pxd SEP 2024
- CNRCN 6.200% due 06/01/36 T+73bp (G69; $111.31) - $450m pxd 

* 10yr – Sept ‘34s G64 + 3bp curve = T+67bp.  At the T+70bp pricing level, 10YR CONCESSION IS 3BP. 

 * L5yr – 10yr f/v T+67bp minus 20bp L5yr/10yr curve = T+47bp.  At the T+55bp pricing level, L5YR CONCESSION IS 8BP. 

** some thought this landed with less NIC - factoring in the CNRCN ‘36s (T+73/G69) and pointing to 30yrs in comps away - thinking UNP and BNSF 55s T+85 implies T+70 f/v on 10yr CNRCN. 

Comps away:

Union Pacific Corp (A3/A-/A-)
- UNP 2.800% due 02/14/32 T+28bp (G55; $91.51) - $1.25bn pxd FEB 2022
- UNP 5.100% due 02/20/35 T+60bp (G65; $103.05) - $1.00bn pxd 2/10/25 +65

CSX Corp (A3/BBB+/A-)
- CSX 2.400% due 02/15/30 T+39bp (G43; $93.50) - $400m pxd SEP 2019
- CSX 5.050% due 06/15/35 T+72bp (G75; $101.84) - $900m pxd 3/6/25 +80

Norfolk Southern Corp (Baa1/BBB+)
- NSC 5.050% due 08/01/30 T+50bp (G52; $103.58) - $600m pxd JUL 2023
- NSC 5.100% due 05/01/35 T+75bp (G79; $101.97) - $400m pxd 4/28/25 +90

Canadian Pacific Railway (Baa1/BBB+)
- CP 4.800% due 03/30/30 T+49bp (G53; $102.46) - $600m pxd 3/12/25 +75
- CP 5.200% due 03/30/35 T+71bp (G76; $102.96) -  $500m pxd 3/12/25 +95

FINAL BOOKS:

$300m L5yr - $650m (2.17x) - PEAK $1.30BN

$400m 10yr - $950m (2.38x) - PEAK $1.90BN

[UNUM GROUP] 

Unum Group (UNM) exp Baa2/BBB/BBB (s/s/s) US$300m (no grow) SEC registered 10y FXD sr notes due 12/15/35. MWC then 3mos par call (9/15/35). First Pay: 6/15/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: general corporate purposes, including the replacement of cash and cash equivalents used to repay the $275 million aggregate principal amount of 3.875% Senior Notes due 2025 that matured on November 5, 2025. Pricing 11/6. Settle 11/14 (T+5). CUSIP: 91529YAU0. ISIN: US91529YAU01. 

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

Announced as $300m no grow, we heard initial thoughts as T+145-150.

Went straight to launch at T+125.

Ultimately, a $300m deal priced as follows:

$300m 5.25% 12/15/35 99.321 5.337% T+125. MW+20.

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

-UNM 4.000% due 06/15/29 T+72bp (G80; $98.64) - $400m pxd JUN 2019
-UNM 4.125% due 06/15/51 T+124bp ($76.42) - $600m pxd JUN 2021
-UNM 6.000% due 06/15/54 T+131bp ($100.18) - $400m pxd JUN 2024

*** Jun ‘54 T+130, call 10y f/v at 131bp. Take away 10-15bp for 30s/10s curve gets f/v to T+118bp.

At the T+125bp pricing level, CONCESSION IS 7BP.

COMPS AWAY:

Prudential Financial Inc (A3/A/A-)
-PRU 5.200% due 03/14/35 T+78bp (G83; $102.39) - $750m pxd MAR 2025

MetLife Inc (A3/A-/A-)
-MET 5.300% due 12/15/34 T+67bp (G74; $103.87) - $750m pxd JUN 2024

Principal Financial Group Inc (Baa1/A-/A-)
-PFG 5.375% due 03/15/33 T+62bp (G82; $

Globe Life Inc (Baa1/A/A-)
-GL 5.850% due 09/15/34 T+106bp (G115; $104.79) - $450m pxd AUG 2024

Reinsurance Group of America Inc (Baa1/A/BBB+)
-RGA 5.750% due 09/15/34 T+105bp (G114; $104.18) - $650m pxd MAY 2024

Equitable Holdings Inc (Baa1/A-)
-EQH 5.594% due 01/11/33 T+71bp (G92; $104.62) - $500m pxd JAN 2023

Athene Holding Ltd (Baa1/A-/BBB+)
-ATH 5.875% due 01/15/34 T+121bp (G135; $103.69) - $600m pxd DEC 2023

Corebridge Financial Inc (Baa2/BBB+/BBB+)
-CRBG 5.750% due 01/15/34 T+93bp (G107; $104.74) - $750m pxd DEC 2023

Voya Financial Inc (Baa2/BBB+/BBB+)
-VOYA 5.000% due 09/20/34 T+95bp (G102; $99.72) - $400m pxd SEPT 2024

Lincoln National Corp (Baa2/BBB+/BBB+)
-LNC 5.350% due 11/15/35 T+126bp (G125; $99.99) - $500m pxd 11/03/25 +125

FINAL BOOKS:

$300m 10yr - $700m (2.33x) - PEAK $1.500bn

[NEW MANDATES & MARKETING]

– Atlas Warehouse Lending Company, L.P. (“ATWALD”), expected ratings of A3 (Stable) by Moody’s, BBB+ (Stable) by S&P, and A- (Stable) by Fitch, has asked J.P. Morgan, BNP PARIBAS, Morgan Stanley, Barclays, and SMBC Nikko to arrange a series of fixed income investor calls. The calls will take place today, Thursday, November 6, 2025. An offering of senior unsecured notes pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) (without registration rights) is being made solely by means of a preliminary offering memorandum. A NetRoadshow presentation has been made available to investors via the link below.

J.P. Morgan is coordinating logistics.

ATWALD Participants:

Carey Lathrop, CEO, ATLAS SP

Steve Yaros, Interim CFO, ATLAS SP

Alex Pelzar, Head of Investor Relations, ATLAS SP

Michael Dunn Goekjian, Principal, Apollo Global Management

Schedule for Thursday, November 6, 2025:

11:00 – 11:50 AM ET

2:00 – 2:50 PM ET

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