Coming in this morning, 2025 only needed $16.861bn to take over as the Largest Year Ex-2020. Led by a Verizon $11bn 5-part along with 8 other trades, the final tally today came in at $19.250bn - more than enough to push it over the mark.

2025 now sits at $1561.560bn – surpassing 2024 (previously the largest year ex-2020 at $1559.170bn).

2025 is now only $1.517bn shy of hitting its average estimate ($1563.077bn).

FULL YEAR 2025 GOAL POST
2025 YTD	$1,561.560
2025 AVG EST	$1,563.077	$1.517
2025 HI EST	$1,750.000	$188.440
2025 LO EST	$1,400.000	-$161.560
2024	$1,559.170	-$2.390
2023	$1,221.720	-$339.840
2022	$1,219.581	-$341.979
2021	$1,490.677	-$70.883
2020	$1,813.467	$251.907
$1.6 TRN	$1,600.000	$38.440

Today’s $19.250bn total also got the week over halfway to its average $37.259bn estimate.

THIS WEEK GOAL POST
WK ENDING 11/14/25 WTD	$19,250	$ NEED TO HIT
AVG EST WK ENDING 11/14/25	$37,259	$18,009
HIGH EST WK ENDING 11/14/25	$45,000	$25,750
LOW EST WK ENDING 11/14/25	$30,000	$10,750

Other notables today include the following:

Two "All Tap" multi-tranche deals hit the market today, adding to the list of all-tap deals (with 2+ tranches) priced in in 2025:

ALL TAP DEALS (2+ TRANCHES) LOOK-BACK 2023-2025
DATE	Tranches	Deal Size	Ticker	Top Sector	MDY	SP	FTCH
11/10/25	3	$1,650	EPD	ind	A3	A-	A-
11/10/25	2	$750	PAA	ind	Baa2	BBB	BBB
10/28/25	9	$1,790	FABSJV	ind	Baa1	BBB	BBB+
10/22/25	2	$400	GMT	fin	Baa2	BBB	BBB+
9/29/25	2	$1,250	D	util	Baa3	BBB-	BBB-
9/29/25	2	$1,400	CDEL	yind	Baa2	BBB+
9/11/25	2	$575	AMT	fin	Baa3	BBB+	BBB+
8/19/25	2	$1,000	NUTRES	yind	Baa3	NR	BB+
7/31/25	2	$1,000	WELL	fin	A3	A-
2/26/24	2	$800	SO	util	Baa2	BBB	BBB+
1/4/24	2	$350	TTWO	ind	Baa2	BBB
4/27/23	4	$2,450	PM	ind	A2	A-	A
2/28/23	4	$1,300	SUMIBK	yfin	A1	A-

LYB launched inside guidance by 2bp on its 5yr tranche; the 9th inside guidance tranche in 4Q25.

INSIDE GUIDANCE TRADES 2025
Date	Ticker	MDY	SP	Size	Mat	Final	Coupon	Spread	Talk
11/10/25	LYB	Baa2	BBB	$500	5	1/15/31	5.125%	145	147#
10/27/25	APH	A3	A-	$1,600	L10	2/15/36	4.625%	65	68#
10/27/25	APH	A3	A-	$1,650	30	11/15/55	5.300%	75	78#
10/27/25	HCA	Baa2	BBB-	$500	5	11/15/30	4.300%	72	75#
10/27/25	HCA	Baa2	BBB-	$1,000	7	11/15/32	4.600%	85	88#
10/27/25	HCA	Baa2	BBB-	$1,000	10	11/15/35	4.900%	95	98#
10/27/25	HCA	Baa2	BBB-	$750	30	11/15/55	5.700%	115	118#
10/1/25	VST	Baa3	BBB-	$750	3	10/15/28	4.300%	75	77#
10/1/25	VST	Baa3	BBB-	$500	5	10/15/30	4.600%	93	95#

The Verizon 5-pt lands No 5 in terms of oversubscription on $10bn + deals:

$10bn+ DEALS LARGEST O/S
DATE	Ticker	DEAL	Tranches	Book	X CVRD
04/09/19	ARAMCO	$12,000	5	$86,600	7.22
04/29/24	BA	$10,000	6	$71,350	7.14
07/09/25	NTT	$11,250	7	$68,600	6.10
08/06/19	OXY	$13,000	10	$68,400	5.26
11/10/25	VZ	$11,000	5	$56,450	5.13
02/22/24	ABBV	$15,000	7	$76,200	5.08
08/20/24	KR	$10,500	7	$49,600	4.72
02/14/24	BMY	$13,000	9	$60,750	4.67
09/24/25	ORCL	$18,000	6	$81,950	4.55

CAT 3yr at 3.950% lands tied for #3 on the 2023-2025 3yr FIG Low Coupon List:

2023-25 3yr FIG LOW COUPONS
DATE	Ticker	Top Sector	Size	Mat	Final	Coupon	Spread
9/24/24	NYLIFE	fin	$600	3	10/1/27	3.900%	45
9/23/24	ANZ	yfin	$750	3	9/30/27	3.919%	45
11/10/25	CAT	fin	$1,050	3	11/14/28	3.950%	37
11/5/25	ICE	fin	$600	3	12/1/28	3.950%	45
9/25/25	O	fin	$400	3	2/1/29	3.950%	48
10/9/25	RABOBK	yfin	$500	3	10/17/28	3.957%	35
11/5/25	PCAR	fin	$400	3	11/7/28	4.000%	37.5
8/4/25	PCAR	fin	$400	3	8/8/28	4.000%	37.5
9/24/24	MET	fin	$500	3	10/1/27	4.000%	57

HERE'S TODAY'S RUNDOWN:

[VERIZON]

Verizon Communications Inc (VZ) exp Baa1/BBB+/A- (s/s/s) US$11bn SEC registered 5-part sr notes (long 7y FXD due 1/15/33, long 10y FXD due 1/15/36, 20y FXD due 11/30/45, 30y FXD due 11/30/55 and 40y FXD due 11/30/65). MWC then 2mos par call on L7y (11/15/32), 3mos on L10y (10/15/35), 6mos on 20y (5/30/45), 6mos on 30y (5/30/55) and 6mos on 40y (5/30/65). Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. UOP: Verizon intends to use the net proceeds from the sale to fund the acquisition of Frontier Communications Parent, Inc. (“Frontier”), including related costs and expenses, to refinance indebtedness of Frontier, and the remainder, if any, for general corporate purposes. Verizon will not receive proceeds from the portion of the notes delivered to the underwriters, for allocation to Verizon, and redelivered by Verizon to the trust. Pricing 11/10. Settle 11/24 (T+9). CUSIP: L7y: 92343VHF4, L10y: 92343VHG2, 20y: 92343VHH0, 30y: 92343VHJ6, 40y: 92343VHK3. ISIN: L7y: US92343VHF40, L10y: US92343VHG23, 20y: US92343VHH06, 30y: US92343VHJ61, 40y: US92343VHK35.

VIA BofA (B&D on L7y/L10y)/GS/JPM/MS (B&D on 20y)/WFS (B&D on 30y and 40y) joint active books.

Announced with benchmark size, final size came in at $11bn with price progression as follows:

L7yr - IPT T+120 area; GDNC T+90#; PXD $2bn 4.75% 1/15/33 99.709 4.797% T+90. MW+15.

L10yr - IPT T+130 area; GDNC T+100#; PXD $2.25bn 5.00% 1/15/36 99.142 5.108% T+100. MW+15.

20yr - IPT T+140 area; GDNC T+110#; PXD $1.5bn 5.75%11/30/45 99.587 5.785% T+110. MW+20.

30yr - IPT T+150 area; GDNC T+120#; PXD $3.25bn 5.875% 11/30/55 99.607 5.903% T+120. MW+20.

40yr - IPT T+160 area; GDNC T+130#; PXD $2bn 6.00% 11/30/65 99.953 6.003% T+130. MW+20.

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

-VZ 1.680% due 10/30/30 T+69bp (G69; $88.02) - $1.14bn pxd APRL 2021
-VZ 2.550% due 03/21/31 T+81bp (G77; $90.76) - $3.7bn pxd MAR 2021
-VZ 2.355% due 03/15/32 T+56bp (G83; $87.43) - $4.63bn pxd MAR 2022
-VZ 5.250% due 04/02/35 T+97bp (G101; $101.26) - $2.25bn pxd MAR 2025
-VZ 5.401% due 07/02/37 T+118bp (G106; $100.98) - $2.16bn pxd JUN 2025
-VZ 2.850% (green) due 09/03/41 T+89bp (G104; $71.70) - $1bn pxd SEPT 2021
-VZ 3.550% due 03/22/51 T+96bp ($71.65) - $4.5bn pxd MAR 2021
-VZ 3.875% (green) due 03/01/52 T+103bp ($74.81) - $1bn pxd FEB 2022
-VZ 5.012% due 08/21/54 T+105bp ($89.51) - $793m pxd FEB 2015
-VZ 2.987% due 10/30/56 T+105bp ($60.12) - $3.65bn pxd APRL 2021
-VZ 3.700% due 03/22/61 T+107bp ($68.78) - $3.5bn pxd MAR 2021

Market players looked at f/v on each tranche vs the closest maturity outstanding and also curve adjusting from the L10y f/v given VZ’s most recent deal Apr 2035s:

*** L10yr: Going off most recent Aprl ‘35 G101, add 1bp for ‘35/’36 curve gets f/v to T+102bp. At the T+100bp pricing level, L10yr CONCESSION IS NEG 2BP.

*** L7yr: Mar ‘32 G83 ($87), add 3bp for curve = 86bp. Add another 2bp for low $ = 88bp. L10y f/v at 102bp minus 10bp for IPT curve = 92bp. Going midpoint call f/v at T+90bp. At the T+90bp pricing level, L7yr CONCESSION IS FLAT.

*** 40yr: Mar ‘61 T+107 ($68), add 3bp for curve = 110bp. Add another 10bp for low $ = 120bp. L10y f/v at 102bp plus 30bp for IPT curve = 132bp. Going midpoint, call f/v at T+126bp. At the T+130bp pricing level, 40yr CONCESSION IS 4BP.

*** 30yr: Aug ‘54 T+105 ($89), add 1bp for curve = 106bp. Add 2bp for low $ = 108bp. L10y f/v at 102bp plus 20bp for IPT curve = 122bp. Going midpoint call f/v at T+114bp. At the T+120bp pricing level, 30yr CONCESSION IS 6BP.

*** 20yr: Sept ‘41 T+89 ($71), add 4bp for curve = 93bp. Add 8bp for low $ gets = 100bp. L10y f/v at 102bp plus 10bp for IPT curve = 112bp. Going midpoint call f/v at T+106bp. At the T+110bp pricing level, 20yr CONCESSION IS 4BP.

FINAL BOOKS:

$2bn L7yr - $12.000bn (6.00x) - PEAK $12.700bn

$2.25bn L10yr - $10.000bn (4.44x) - PEAK $13.800bn

$1.5bn 20yr - $6.250bn (4.17x) - PEAK $8.200bn

$3.25bn 30yr - $17.200bn (5.29x) - PEAK $17.600bn

$2bn 40yr - $11.000bn (5.50x) - PEAK $11.100bn

[ENTERPRISE PRODUCTS]

Enterprise Products Operating LLC (EPD) exp A3/A-/A- (s/s/s) US$1.65bn SEC registered 3-part sr notes reopening (tap of EPD 4.30% 6/20/28 - $500m o/s, tap of EPD 4.60% 1/15/31 - $750m o/s, and tap of EPD 5.20% 1/15/36 - $750m o/s). MWC ((T+10/T+10/T+15), then 1mo par call on 2028s (5/20/28), 1mo on 2031 (12/15/30) and 3mos on 2036s (10/15/35). Denoms: 1,000 x 1,000. UOP: General company purposes, including for growth capital investments and asset acquisitions, and the repayment of debt. Pricing 11/10. Settle 11/14 (T+3). CUSIP: 2028: 29379VCJ0, 2031: 29379VCK7, 2036: 29379VCL5. ISIN: 2028: US29379VCJ08, 2031: US29379VCK70, 2036: US29379VCL53.

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

Announced as a benchmark, final size came in at $1.65bn with price progression as follows:

2028s IPT - T+70 area; STL T+43; PXD $300m tap of 4.30% 6/20/28 at 100.630 4.034% T+43. MW+10.Total o/s now $800m.

2031s IPT - T+95 area; STL T+73; PXD $600m tap of 4.60% 1/15/31 at 100.693 4.445% T+73. MW+10. Total o/s now $1.35bn.

3036s IPT - T+120 area; STL T+93; PXD $750m tap of 5.20% 1/15/36 at 101.850 5.046% T+93. MW+15. Total o/s now $1.5bn.

As for r/v, outstanding EPD was quoted as follows:
-EPD 4.300% due 06/20/28 T+42bp (G43; $100.7) - $500M pxd 06/17/25 +45
-EPD 2.800% due 01/31/30 T+47bp (G51; $95.1) - $1.25B pxd Jan 2020
-EPD 4.600% due 01/15/31 T+66bp (G65; $101.1) - $750M pxd 06/17/25 +65
-EPD 5.350% due 01/31/33 T+50bp (G74; $104.5) - $1B pxd Jan 2023
-EPD 4.950% due 02/15/35 T+74bp (G80; $100.8) - $1.1B pxd Aug 2024
-EPD 5.200% due 01/15/36 T+89bp (G88; $101.7) - $750M pxd 06/17/25 +85
-EPD 5.550% due 02/16/55 T+99bp ($98.1) - $1.4B pxd Aug 2024

** 2028s tap - outstanding Jun 28s T42. At the T+43bp pricing level, 28s TAP CONCESSION IS 1BP.

** 2031s tap - outstanding Jan 31s T66. At the T+73bp pricing level, 31s TAP CONCESSION IS 7BP.

** 2036s tap - outstanding Jan 36s T+89. At the T+93bp pricing level, 36s TAP CONCESSION IS 4BP.

Comps away:

Enbridge Inc (Baa2/BBB+/BBB+)
-ENBCN 4.600% due 06/20/28 T+59bp (G60; $101) - $400M pxd 06/16/25 +67
-ENBCN 5.300% due 04/05/29 T+60bp (G69; $103.1) - $750M pxd Apr 2024
-ENBCN 4.900% due 06/20/30 T+71bp (G74; $102) - $600M pxd 06/16/25 +87
-ENBCN 5.550% due 06/20/35 T+104bp (G107; $103) - $900M pxd 06/16/25 +112
-ENBCN 5.950% due 04/05/54 T+114bp ($101.6) - $1.15B pxd Apr 2024

Williams Companies Inc (Baa2/BBB+/BBB)
-WMB 5.300% due 08/15/28 T+56bp (G56; $102.9) - $900M pxd Aug 2023
-WMB 4.800% due 11/15/29 T+57bp (G63; $101.9) - $450M pxd Aug 2024
-WMB 4.625% due 06/30/30 T+79bp (G81; $100.6) - $750M pxd 06/26/25 +85
-WMB 4.650% due 08/15/32 T+65bp (G90; $99.5) - $1B pxd Aug 2022
-WMB 5.300% due 09/30/35 T+101bp (G102; $101.5) - $750M pxd 06/26/25 +110
-WMB 6.000% due 03/15/55 T+113bp ($102.4) - $500M pxd Jan 2025

Kinder Morgan Inc (Baa2/BBB/BBB+)
-KMI 4.300% due 03/01/28 T+56bp (G57; $100.3) - $1.25B pxd Feb 2018
-KMI 5.100% due 08/01/29 T+66bp (G74; $102.5) - $500M pxd Jul 2024
-KMI 5.150% due 06/01/30 T+74bp (G77; $102.9) - $1.1B pxd Apr 2025
-KMI 5.850% due 06/01/35 T+105bp (G109; $105.2) - $750M pxd Apr 2025
-KMI 5.950% due 08/01/54 T+123bp ($100.3) - $750M pxd Jul 2024

Energy Transfer LP (Baa2/BBB/BBB)
-ET 6.100% due 12/01/28 T+73bp (G73; $105) - $500M pxd Oct 2023
-ET 5.250% due 04/15/29 T+70bp (G78; $102.8) - $1.5B pxd Jan 2019
-ET 5.200% due 04/01/30 T+70bp (G74; $103.1) - $650M pxd Feb 2025
-ET 5.700% due 04/01/35 T+122bp (G127; $102.8) - $1.25B pxd Feb 2025
-ET 6.200% due 04/01/55 T+161bp ($98.6) - $1.1B pxd Feb 2025

Oneok Inc (Baa2/BBB/BBB)
-OKE 5.650% due 11/01/28 T+76bp (G76; $103.6) - $750M pxd Aug 2023
-OKE 4.400% due 10/15/29 T+75bp (G81; $99.9) - $600M pxd Sep 2024
-OKE 4.750% due 10/15/31 T+108bp (G100; $99.9) - $1.25B pxd Sep 2024
-OKE 4.950% due 10/15/32 T+105bp (G109; $100.1) - $750M pxd 08/06/25 +103
-OKE 5.400% due 10/15/35 T+126bp (G127; $100.3) - $1B pxd 08/06/25 +122

FINAL BOOKS:

$300m 2028 Tap - $1.600bn (5.33x) - PEAK $2.000bn

$600m 2031 Tap - $2.200bn (3.67x) - PEAK $2.100bn

$750m 2036 Tap - $3.500bn (4.67x) - PEAK $4.000bn

[CATERPILLAR FINANCIAL]

Caterpillar Financial Services Corp (CAT) exp A2/A/A+ (p/s/s) US$1.6bn SEC registered 3y FXD and/or FRN 2-part sr notes due 11/14/28. Denoms: 1,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 11/10. Settle 11/14 (T+3). CUSIP: FRN: 14913UBE9, FXD: 14913UBD1.

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

Announced as benchmark, we heard initial thoughts as T+62.5a/Seqv.

Guidance came in at T+37#/S+58#.

Ultimately, a $1.6bn deal priced as follows:

$550m 11/14/28 FRN at SOFR+58, at 100.

$1.05bn 3.95% 11/14/28 99.947 3.969% T+37. MW+10.

(Today’s $1.050bn 3yr FXD tranche is the largest from CAT Financial since May 2023 - the $1.25bn 4.350% due 5/15/26. Although CAT Inc priced a $1.7bn 10yr on 5/12/25.)

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

- CAT 5.000% due 05/14/27 T+28bp (G25; $101.64) - $850m pxd MAY 2024
- CAT 4.400% due 10/25/27 T+26bp (G26; $101.05) - $650m pxd AUG 2024
- CAT 4.600% due 11/15/27 T+27bp (G27; $101.42) - $950m pxd NOV 2024
- CAT 4.400% due 03/03/28 T+34bp (G35; $101.01) - $450m pxd 2/25/25/ +33
- CAT 4.100% due 08/15/28 T+34bp (G34; $100.42) - $750m pxd 8/11/25 +38
- CAT 4.375% due 08/16/29 T+25bp (G39; $101.44) - $600m pxd AUG 2024
- CAT 4.800% due 01/08/30 T+27bp (G32; $103.12) - $450m pxd 1/6/25 +42

Outstanding CAT Aug ‘28s G34; call f/v T+35. At the T+37bp pricing level, CONCESSION IS 2BP.

Paccar Financial Corp (A1/A+)
- PCAR 4.250% due 06/23/27 T+24bp (G22; $100.65) - $400m pxd 6/16/25 +30bp
- PCAR 4.000% due 08/08/28 T+29bp (G29; $100.29) - $400m pxd 8/4/25 +37.5bp
- PCAR 4.000% due 11/07//28 T+33bp (G33; $100.21) - $400m pxd 11/5/25 +37.5
- PCAR 4.000% due 09/26/29 T+32bp (G38; $99.90) - $400m pxd SEPT 2024
- PCAR 4.550% due 05/08/30 T+43bp (G46; $101.67) - $350m pxd 5/5/25 +62.5

Toyota Motor Credit Corp (A1/A+/A+)
- TOYOTA 4.600% due 01/08/27 T+29bp (G24; $100.80) - $650m pxd 1/6/25 +35
- TOYOTA 4.500% due 05/14/27 T+33bp (G30; $100.84) - $1.00bn pxd 5/12/25 +53
- TOYOTA 4.050% due 09/05/28 T+38bp (G38; $100.22) - $1.00bn pxd 9/2/25 +47
- TOYOTA 4.800% due 05/15/30 T+53bp (G56; $102.31) - $750m pxd 5/12/25 +73

John Deere Capital Corp (A1/A/A+)
- DE 4.500% due 01/08/27 T+30bp (G24; $100.69) - $400m pxd 1/6/25 +25
- DE 4.900% due 06/11/27 T+24bp (G22; $101.64) - $700m pxd JUN 2024
- DE 4.200% due 07/15/27 T+26bp (G24; $100.57) - $800m pxd SEP 2024
- DE 4.650% due 01/07/28 T+30bp (G31; $101.55) - $500m pxd 1/6/25 +35
- DE 4.250% due 06/05/28 T+35bp (G35; $100.75) - $700m pxd 6/2/25 +38
- DE 4.850% due 06/11/29 T+35bp (G43; $102.63) - $850m pxd JUN 2024
- DE 4.375% due 10/15/30 T+50bp (G50; $100.76) - $600m pxd 7/21/25 +50

FINAL BOOKS:

$550m 3yr FRN - $1.2bn (2.18x) - PEAK $1.40BN
$1.05bn 3yr FXD - $1.90bn (1.81x) - PEAK $2.45BN

[LYB INTL]

LYB International Finance III LLC (LYB) exp Baa2/BBB/BBB US$1.5bn SEC registered 2-part sr notes (5y FXD due 1/15/31 and 10y FXD due 1/15/36). MWC then 1mo par call on 5y (12/15/31) and 3mos on 10y (10/15/35). 101 CoC. Guarantor: LyondellBasell Industries N.V. Guarantor Ratings: Baa2/BBB/BBB (n/n/s). Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: General corporate purposes, which may include the repayment of the 0.875% 2026 notes, the 3.500% 2027 notes and the 8.100% 2027 notes. Marketing: https://dealroadshow.com | Password: LYB2025. Pricing 11/10. Settle 11/13 (T+2).

VIA Citi/DB (B&D on 5y)/JPM (B&D on 10y) joint active books.

Announced as benchmark, final size came in at $1.5bn with price progression as follows. Notably, the LYB priced inside guidance::

- 5yr – IPT T+180a; GDNC T+147#; LNCH T+145; PXD $500m 5.125% 1/15/31 99.806 5.165% T+145. MW +30.
10yr – IPT T+212.5a; GDNC T+185#; LNCH T+185; PXD $1bn 5.875% 1/15/36 99.279 5.968% T+185. MW+30.

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

- LYB 6.150% due 05/15/35 T+173bp (G177; $102.22) - $500m pxd 5/6/25 +187
- LYB 5.500% due 03/01/34 T+155bp (G166; $98.97) - $750m pxd FEB 2024

* 10yr - with the May 35s at G177; f/v on today’s 1/15/36 10yr is T+180bp. At the T+185bp pricing level, 10YR CONCESSION IS 5BP.

* 5yr – 10yr f/v T+180bp minus 32.5bp 5s/10s curve at IPT = T+147.5bp At the T+145bp pricing level, 5YR CONCESSION IS NEG 2.5BP.

** One thing to note, however, LYB outsatndings moved quite a bit wider when marketing was announced on Friday - from around T+162 on 11/06 to as wide as T+176bp post the marketing call announcement.

FINAL BOOKS:

$500m 5yr - $4.500bn (9.00x) - PEAK $5.000BN

$1bn 10yr - $$3.700bn (3.70x) - PEAK $4.000BN

[THE MOSAIC CO]

The Mosaic Co (MOS) exp Baa2/BBB/BBB US$900m SEC registered 2-part sr notes (long 3y FXD due 1/15/29 and 5y FXD due 11/15/30). MWC then 1mo par call on L3y (12/15/28) and 1mo on 5y (10/15/30). 101 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - exemption. Sales Restriction: No Sales to China or Hong Kong. UOP: General corporate purposes, which may include repayment of indebtedness. Marketing: www.dealroadshow.com Passcode: MOS2025. Pricing 11/10. Settle 11/13 (T+2). CUSIP: 3y: 61945C AJ2, 5y: 61945C AK9. ISIN: 3y: US61945CAJ27, 5y: US61945CAK99.

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

Announced with benchmark size, we heard initial thoughts as L3y T+105 area, 5y T+120 area.

Went straight to launch at $500m L3y at T+77. $400m 5y at T+92.

Ultimately, a $900m deal pirced as follows:

$500m 4.35% 1/15/29 99.934 4.369% T+77. MW+15.

$400m 4.60% 11/15/30 99.885 4.626% T+92. MW+15.

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

-MOS 5.375% due 11/15/28 T+70bp (G70; $103.01) - $400m pxd DEC 2023
-MOS 5.450% due 11/15/33 T+88bp (G106; $102.84) - $500m pxd NOV 2013

*** L3yr: Going off more recent Nov ‘28 G70, add 2bp for curve gets f/v to T+72bp. At the T+77bp pricing level, L3yr CONCESSION IS 5BP.

*** 5yr: L3y f/v at T+72, add 15bp for IPT curve gets f/v to T+87bp. At the T+92bp pricing level, 5yr CONCESSION IS 5BP.

COMPS AWAY:

Nutrien Ltd (Baa2/BBB)
-NTRCN 2.950% due 05/13/30 T+70bp (G72; $94.11) - $500m pxd MAY 2020
-NTRCN 5.250% due 03/12/32 T+78bp (G85; $103.04) - $600m pxd MAR 2025
-NTRCN 5.400% due 06/21/34 T+87bp (G98; $102.84) - $600m pxd JUN 2024

Eastman Chemical Co (Baa2/BBB)
-EMN 5.000% due 08/01/29 T+80bp (G87; $101.63) - $750m pxd JUL 2024
-EMN 5.625% due 02/20/34 T+114bp (G128; $102.42) - $750m pxd FEB 2024

CF Industries Inc (Baa2/BBB/BBB)
-CF 5.150% due 03/15/34 T+95bp (G106; $100.58) - $750m pxd MAR 2024

FINAL BOOKS:

$500m L3yr - $2.000bn (4.00x) - PEAK $2.300bn

$400m 5yr - $1.400bn (3.50x) - PEAK $2.300bn

[PLAINS ALL AMERICAN]

Plains All American Pipeline LP / PAA Finance Corp (PAA) exp Baa2/BBB/BBB US$750m SEC registered 2-part sr notes reopening (tap of PAA 4.70% 1/15/31 - $700m o/s, and tap of PAA 5.60% 1/15/36 - $550m o/s). MWC (T+20 and T+25), then 1mo par call on 5y (12/15/31) and 3mos on 10y (12/15/35). Denoms: 2,000 x 1,000. Sale into Canada: No. Prohibited Sales: Sales into China and Hong Kong are prohibited. UOP: General partnership purposes, which may include, among other things, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital. Pricing 11/10. Settle 11/14 (T+3). CUSIP: 2031: 72650RBR2, 2036: 72650RBS0. ISIN: 2031: US72650RBR21, 2036: US72650RBS04.

VIA Citi (B&D)/CIBC/RBC/SMBC joint active books.

Announced as a benchmark, we heard initial price thoughts as 2031s T+130 area, 2036s: T+170 area.

Went straight to launch at $300m 2031 tap at T+102. $450m 2036 tap at T+142.

Ultimately, a $750m deal priced as follows:

$300m tap of 4.70% 1/15/31 at 99.872 4.728% T+102. MW+20. Total outstanding now $1bn.

$450m tap of 5.60% 1/15/36 at 100.518 5.532% T+142. MW+25. Total outstanding now $1bn.

As for r/v, outstanding PAA was quoted as follows:
-PAA 4.700% due 01/15/31 T+99bp (G97; $100.01) - $700M pxd 09/03/25 +105
-PAA 5.600% due 01/15/36 T+141bp (G140; $100.59) - $550M pxd 09/03/25 +142

** 2031s tap - outstanding Jan 31s T99. At the T+102bp pricing level, 31s TAP CONCESSION IS 3BP.

** 2036s tap - outstanding Jan 36s T141. At the T+142bp pricing level, 36s TAP CONCESSION IS 1BP.

FINAL BOOKS:

$300m 2031 Tap - $1.700bn (5.67x) - PEAK $2.250bn

$450m 2036 Tap - $1.950bn (4.33x) - PEAK $2.750bn

[FLEX]

Flex Ltd (FLEX) exp Baa3/BBB-/BBB- (p/s/p) US$750m SEC registered 2-part sr notes (tap of FLEX 5.25% 1/15/32 - $500m o/s, and new 10y due 11/13/35). MWC (T+25 on 2032), then 2mos par call on 2032 (11/14/31) and 3mos on 10y (8/13/35). 101 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: The issuer intends to use the net proceeds to repay or redeem the 2026 notes at or prior to their maturity, with the remaining proceeds, if any, to be used for general corporate purposes, which may include repaying, redeeming or repurchasing outstanding debt and for working capital, capital expenditures and acquisitions. Pricing 11/10. Settle 11/13 (T+2). CUSIP: 2032 tap: 33938XAF2, 10y: 33938XAG0. ISIN: 2032 tap: US33938XAF24, 10y: US33938XAG07.

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

Announced with benchmark size, we heard initial thoughts as 2032s T+130 area, 10y T+155 area.

Guidance came in at 2032s tap at T+105#, new 10y at T+130#.

Ultimately, a $750m deal priced as follows:

$150m 5.25% 1/15/32 tap at 101.561 4.946% T+105. MW+25. Total outstanding now $650m.

$600m 5.375% 11/13/35 99.732 5.410% T+130. MW+20.

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

-FLEX 6.000% due 01/15/28 T+77bp (G78; $103.23) - $400m pxd NOV 2022
-FLEX 4.875% due 06/15/29 T+82bp (G91; $101.07) - $650m pxd MAY 2019
-FLEX 4.875% due 05/12/30 T+87bp (G91; $101.14) - $650m pxd MAY 2020
-FLEX 5.250% due 01/15/32 T+95bp (G104; $102.07) - $500m pxd AUG 2024

*** 2032 tap: Outstanding spotted at T+95bp. At the T+105bp pricing level, 2032 tap CONCESSION IS 10BP.

*** 10yr: Jan ‘32 G104, add 5bp for curve call new issue 7y f/v at 110bp. Add 15bp for 7s/10s curve gets f/v to T+125bp. At the T+130bp pricing level, 10yr CONCESSION IS 5BP.

COMPS AWAY:

DXC Technology Co (Baa2/BBB-/BBB-)
-DXC 1.800% due 09/15/26 T+79bp (G70; $97.89) - $700m pxd SEPT 2021
-DXC 2.375% due 09/15/28 T+95bp (G95; $94.27) - $650m pxd SEPT 2021

Global Payments (Baa3/BBB-/BBB)
-GPN 4.500% due 11/15/28 T+96bp (G95; $99.84) - $1.75bn pxd 11/06/25 +95
-GPN 4.875% due 11/15/30 T+124bp (G124; $99.67) - $1.7bn pxd 11/06/25 +120
-GPN 5.200% due 11/15/32 T+140bp (G140; $99.43) - $1bn pxd 11/06/25 +135
-GPN 5.550% due 11/15/35 T+154bp (G153; $99.23) - $1.75bn pxd 11/96/25 +150

Arrow Electronics Inc (Baa3/BBB-/BBB-)
-ARW 5.150% due 08/21/29 T+83bp (G90; $102.05) - $500m pxd AUG 2024
-ARW 5.875% due 04/10/34 T+115bp (G110; $104.03) - $500m pxd APRL 2024

FINAL BOOKS:

$150m 2032 Tap - $1.350bn (9.00x) - PEAK $2.850bn

$600m 10yr - $1.500bn (2.50x) - PEAK $3.100bn

[AUTONATION]

AutoNation Inc (AN) exp Baa3/BBB-/BBB- (s/s/s) US$600m SEC registered long 3y FXD sr notes due 1/15/29. MWC then 1mo par call (12/15/28). 101 CoC. Denoms: 2,000 x 1,000. Coupon Frequency: Semi-Annually. Sale into Canada: Yes - Exemption. UOP: The company intends to use the net proceeds from the sale of the notes for general corporate purposes, which may include reducing existing indebtedness such as bonds, borrowings under our commercial paper program and/or the revolving credit facility under our credit agreement, strategic initiatives, acquisitions, share repurchases, and capital expenditures. Pricing 11/10. Settle 11/14 (T+3). CUSIP: 05329WAU6. ISIN: US05329WAU62.

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

Announced as a benchmark, we heard initial price thoughts as T+115 area.

Guidance came in at T+90#.

Ultimately, a $600m deal priced as follows:

$600m 4.45% 12/15/28 99.846 4.499% T+90. MW+15.

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

-AN 1.950% due 08/01/28 T+81bp (G81; $93.8) - $400M pxd Jul 2021
-AN 4.750% due 06/01/30 T+99bp (G102; $100.4) - $500M pxd May 2020
-AN 3.850% due 03/01/32 T+102bp (G131; $93.3) - $700M pxd Feb 2022
-AN 5.890% due 03/15/35 T+137bp (G142; $103.1) - $500M pxd Feb 2025

** Outstanding Jun 30s G102; call new 5y f/v T+105bp; then take off 15bp L3/5s curve = T+90bp. At the T+90bp pricing level, CONCESSION IS FLAT.

Comps away:

Autozone Inc (Baa1/BBB/BBB)
-AZO 5.100% due 07/15/29 T+55bp (G63; $102.9) - $600M pxd Jun 2024
-AZO 5.125% due 06/15/30 T+66bp (G69; $103.2) - $500M pxd Apr 2025
-AZO 5.400% due 07/15/34 T+81bp (G91; $103.3) - $700M pxd Jun 2024

O'Reilly Automotive Inc (Baa1/BBB/N/A)
-ORLY 4.350% due 06/01/28 T+47bp (G48; $100.7) - $500M pxd May 2018
-ORLY 4.700% due 06/15/32 T+54bp (G82; $100.4) - $850M pxd Jun 2022
-ORLY 5.000% due 08/19/34 T+81bp (G91; $100.7) - $500M pxd Aug 2024

Genuine Parts Co (Baa1/BBB-/ N/A)
-GPC 4.950% due 08/15/29 T+93bp (G100; $101.1) - $750M pxd Aug 2024
-GPC 1.875% due 11/01/30 T+107bp (G106; $87.4) - $500M pxd Oct 2020
-GPC 6.875% due 11/01/33 T+106bp (G122; $110.8) - $375M pxd Oct 2023

LKQ Corp (Baa3/BBB-/BBB-)
-LKQ 5.750% due 06/15/28 T+76bp (G76; $103.3) - $799M pxd Sep 2023
-LKQ 6.250% due 06/15/33 T+112bp (G131; $106.3) - $599M pxd Sep 2023

FINAL BOOKS:

$600m L3yr - $1.200bn (2.00x) - PEAK $1.700bn

[ILLUMINA INC]

Illumina Inc (ILMN) exp Baa3/BBB/BBB (s/s/s) US$500m (no grow) SEC registered 5y FXD sr notes due 12/12/30. MWC then 1mo par call (11/12/30). 101 CoC. Denoms: 2,000 x 1,000. Sales into Canada: Yes – via Exemption. UoP: The Issuer intends to use the proceeds from this offering for general corporate purposes, which may include repayment of their 5.800% notes due December 12, 2025 (the “2025 Notes”), of which $ 500.0 million aggregate principal amount was outstanding as of September 28, 2025, and the completion of the proposed acquisition of SomaLogic and the payment of any fees and expenses related thereto. Pricing 11/10. Settle 11/25 (T+10). CUSIP: 452327AR0. ISIN: US452327AR08.

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

Announced as $500m WNG, we heard initial thoughts as T+125a.

Went straight to launch at $500m 5y at T+105.

Ultimately, a $500m deal priced as follows:

US$500m 4.75% 12/12/30 99.962 4.758% T+105. MW+20.

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

ILMN 2.550% due 03/23/31 T+99bp (G96; $89.90) - $500m pxd MAR 2021 (29 back at IPT)

* Mar ‘31s G96; Call Dec ‘30s T+95bp. At the T+105bp pricing level, CONCESSION IS 10BP.

Comps away:

GE Healthcare Tech Inc (Baa2/BBB/BBB)
- GEHC 4.800% due 01/15/31 T+74bp (G73; $101.60) - $650m pxd 6/3/25 +78

Solventum Corp (Baa3/BBB/BBB)
- SOLV 5.450% due 03/13/31 T+89bp (G87; $103.92) - $1.0bn priced FEB 2024.

Royalty Pharma PLC (Baa2/BBB-/BBB-)
- RPRX 4.450% due 03/25/31 T+95bp (G91; $99.06) - $600m pxd 9/2/25 +93

FINAL BOOK:

$500m 5yr - $1.400bn (2.80x) - PEAK $1.600bn

[NEW MANDATES & MARKETING]

– Corebridge Financial, Inc. (the “Company”; Ticker: CRBG) has asked Wells Fargo Securities, BofA Securities, Citigroup, J.P. Morgan and Morgan Stanley to arrange a fixed income investor call today, Monday, November 10, 2025, at 1:00pm ET.

An SEC-registered perpetual preferred stock offering to institutional investors may follow, subject to market conditions.

A slides only investor presentation will be made available during the live call where the company will provide some brief opening remarks followed by a Q&A session.

Wells Fargo Securities will coordinate logistics.

The Company will be represented by:

Elias Habayeb – Chief Financial Officer

Schedule for Monday, November 10, 2025:

1:00pm – 2:00pm ET; Pre-Registration Link: https://evercall.co/oacc/86342

– Host Hotels & Resorts Inc. (the “Company” or “HST”) has requested that Wells Fargo Securities, Goldman Sachs & Co. LLC and J.P. Morgan arrange a series of fixed income investor calls for the Company on Monday, November 10th, 2025. The calls will be focused on Q&A (no presentation), and Wells Fargo Securities will coordinate logistics.

**Call Schedule**

Monday, November 10th, 2025

1:00 PM – 1:45 PM ET | Registration Link: https://evercall.co/oacc/21164

2:00 PM – 2:45 PM ET | Registration Link: https://evercall.co/oacc/31507

Company Participants

Deanne Brand: Senior Vice President: Strategy, Analytics & Treasurer

Hannah Killfoil: Senior Director: Corporate Finance & Treasury

About HST

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 74 properties in the United States and five properties internationally totaling approximately 42,500 rooms. The Company also holds non-controlling interests in seven domestic joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, The Luxury Collection®, Hyatt®, Fairmont®, 1 Hotels®, Hilton®, Four Seasons®, Swissôtel®, ibis® and Novotel®, as well as independent brands.

[M&A TODAY]

Verizon hit the market today with $11bn to help fund their $20bn acquisition of Frontier Communications. The transaction was announced back in September 2024 and VZ obtained a $10bn bridge facility to help fund the purchase price.

VZ now ranks as the 3^rd largest M&A deal ytd behind Mars ($26bn) and NTT (11.25bn).

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