Commentary & Deal Flow

CFR CREDIT CLOSE: Big Volume; Big AMZN Attrition

There were a couple of big headlines today. 

The first was today’s final total - $26.475bn – which gets the week to within $3.35bn of its $29.810bn average estimate. 

The second was some pretty substantial attrition on Amazon’s $15bn 6-part.  The peak book was $79.250bn.  The final book came in a $38.500bn.   That’s a percentage drop of 51.42% overall, and a dollar drop of $40.750bn.

Looking back through 2023 – which is when CFR started logging peaks – today’s $ drop from peak to final on Amazon is the largest we’ve seen: 

We received a lot of questions on Amazon's rank for % drop. It's pretty far down on this table (No. 41). Here are the largest ATT % drops.

Here’s how todays AMZN trade compares to other recent jumbos:

Today's attrition at -39.92% came in as the 5th largest of the year. Notably, 4 of the top 10 largest attrition days have occurred in just the past two weeks.

On the low spread front, AMZN's 40y T+85 ties for 6th looking back through 2009:

The 30yr ranks at T+75 looking back through 2022:

And its 7yr year also takes the #6 spot looking back through 2022:

And for low coupons, its 40y ranks 2nd ytd behind only GOOGL in April:

HERE'S TODAY'S RUNDOWN:

[AMAZON] 

Amazon.com (AMZN) exp A1/AA/AA- (p/s/s) US$15bn SEC registered 6-part sr notes (3y FXD due 11/20/28, 5y FXD due 11/20/30, long 7y FXD due 3/20/33, 10y FXD due 11/20/35, 30y FXD due 11/20/55 and 40y due 11/20/65). MWC then 1mo par call on 3y (10/20/28), 1mo on 5y (10/20/30), 2mos on L7y (1/20/26), 3mos on 10y (8/20/35), 6mos on 30y (5/20/55) and 6mos on 40y (5/20/65). First pay: 5/20/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Governing Law: State of New York. UOP: The Company intends to use the net proceeds from the sale of the notes for general corporate purposes, which may include, but are not limited to, repayment of debt, acquisitions, investments, working capital, investments in its subsidiaries, capital expenditures, and repurchases of outstanding shares of its common stock. Pricing 11/17. Settle 11/20 (T+3). Cusip: 3y: 023135CS3, 5y: 023135CT1, L7y: 023135CU8, 10y: 023135CV6, 30y: 023135CW4, 40y: 023135CY0. ISIN: 3y: US023135CS30, 5y: US023135CT13, L7y: US023135CU85, 10y: US023135CV68, 30y: US023135CW42, 40y: US023135CY08. 

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

With its last trip to the US IG primary market in 2022, this morning’s deal was announced as benchmark (the size target $12bn (some heard with a possibility of up to $15bn).  The final size ultimately came in at $15bn with price progression as follows:

 
- 3yr: IPT 60a; GDNC 30#; PXD $2.5bn 3.90% 11/20/28 99.978 3.908% T+30. MW+5.
- 5yr: IPT 70a; GDNC 40#; PXD $2.5bn 4.10% 11/20/30 99.893 4.124% T+40. MW+10.
- L7yr: IPT 75a; GDNC 47#; PXD $1.5bn 4.35% 3/20/33 99.850 4.375% T+47. MW+10.
- 10yr: IPT 85a; GDNC 55#; PXD $3.5bn 4.65% 11/20/35 99.755 4.681% T+55. MW+10.
- 30yr: IPT 105a; GDNC 75#; PXD $3bn 5.45% 11/20/55 99.517 5.483% T+75. MW+12.5.
- 40yr: IPT 115a; GDNC 85#; PXD $2bn 5.55% 11/20/65 99.474 5.583% T+85. MW+15.

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

- AMZN 1.650% due 05/12/28 T+26bp (G26; $94.79) - $2.25bn pxd MAY 2021
- AMZN 1.500% due 06/03/30 T+36bp (G38; $89.39) - $2.00bn pxd JUN 2020
- AMZN 4.700% due 12/01/32 T+17bp (G41; $102.34) - $2.25bn pxd NOV 2022
- AMZN 4.800% due 12/05/34 T+33bp (G44; $102.38) - $1.25bn pxd DEC 2014
- AMZN 3.950% due 04/13/52 T+73bp ($79.01) - $2.50bn pxd APR 2022
- AMZN 4.250% due 08/22/57 T+77bp ($81.30) - $2.25bn pxd AUG 2017
- AMZN 4.100% due 04/13/62 T+79bp ($77.77) - $1.25bn pxd APR 2022

* 30yr – Apr‘52s T+73bp/$79.01; Aug ‘57s T+77bp/$81.30;  Call today’s Nov ’55 maturity T+75bp + 5bp for lo $ (0.5 per $ starting from $90) = T+80bp f/v; At the T+75bp pricing level, 30YR CONCESSION IS NEG 5BP. 

* 40yr – Apr ‘62s T+79bp/$77.77; Call today’s Nov ’55 maturity T+80bp + 7bp for lo $ (0.5 per $ starting from $90) = T+87bp;  Or 30yr f/v T+80bp + 15bp curve at IPT = T+95bp. At the T+85bp pricing level, 40YR CONCESSION IS NEG 10BP.

* 7yr – Dec ‘32s G41; Dec 34s G44; Call 3/20/33 L7yr f/v T+41bp. At the T+47bp pricing level, 7YR CONCESSION IS 6BP.  

* 10yr – 7yr f/v T+41bp + 10bp 7s/10s = T+51bp. At the T+55bp pricing level, 10YR CONCESSION IS 4BP.

* 5yr – JUN ‘30s G38;  Or 7yr f/v T+41bp minus 5bp curve = T+36bp.  Call f/v T+37bp. At the T+40bp pricing level, 5YR CONCESSION IS 3BP. 

* 3yr – 5yr f/v T+37bp – 10bp 3s/5s = T+27bp.  At the T+30bp pricing level, 3YR CONCESSION IS 3BP.  

FINAL BOOKS:

$2.5bn 3yr - $6.000bn (2.40x) - PEAK $9.000bn

$2.5bn 5yr - $7.000bn (2.80x) - PEAK $11.900bn

$1.5bn L7yr - $5.000bn (3.33x) - PEAK $9.800bn

$3.5bn 10yr - $9.000bn (2.57x) - PEAK $17.750bn

$3bn 30yr - $6.500bn (2.17x) - PEAK $17.200bn

$2bn 40yr - $5.000bn (2.50x) - PEAK $13.600bn

[MORGAN STALNEY]

Morgan Stanley Private Bank NA (MS) exp Aa3/A+/AA- (s/s/s) US$6bn 3(a)2 exempt 3-part sr unsec bank notes (3nc2 fixed to float and/or FRN due 11/17/28, and 6nc5 fixed to float due 11/19/31). One-time call dates: 11/17/27, 11/17/27, 11/19/30. MS (B&D) sole active books. Active JLMs: 3nc2: Cabrera, 6nc5: Academy. Passive JLMs: 3nc2: Mischler, Blaylock, 6nc5: MFR, Loop. Co-mgrs: 3nc2: MTBK, Tigres, 6nc5: BANCAP, Stern. Optional redemption: MWC on FTF tranches. 1mo par call on all tranches (10/17/28 and 10/19/31). First Pay Dates: 3nc2 FTF: 5/17/26, 3nc2 FRN: 2/17/26, 6nc5: 5/19/26. Denoms: 250,000 x 1,000. Sale into Canada: Yes - Exemption. Bank Note Restriction: The notes will be offered and sold only to “accredited investors” within the meaning of Rule 501 of the Securities Act, where each owner of a beneficial interest in a note will be required to hold that beneficial interest in a minimum principal amount of $250,000 (or its equivalent in other currencies). UOP: gcp. Pricing 11/17. Settle 11/19 (T+2). Cusip: 3nc2 FTF: 61776NZU0, 3nc2 FRN: 61776NZT3, 6nc5 FTF: 61776NZW6. ISIN: 3nc2 FTF: US61776NZU08, 3nc2 FRN: US61776NZT35, 6nc5 FTF: US61776NZW63. 

VIA MS sole active books. 
Active JLMs: 3nc2: Cabrera, 6nc5: Academy.
Passive JLMs: 3nc2: Mischler, Blaylock, 6nc5: MFR, Loop.
Co-mgrs: 3nc2: MTBK, Tigres, 6nc5: BANCAP, Stern.

Announced as benchmark (size chatter $5-6bn), final size came in at $6bn with price progression as follows:

- 3nc2 FRN – IPT Seqv; STL S+78; PXD $650m 11/17/28 FRN at SOFR+78, at 100.
- 3nc2 FTF – IPT T+80a; STL T+60; PXD $2.35bn 4.204% 11/17/28 100.00 4.204% T+60. MW+10. Back-end: SOFR+78.0.
- 6nc5 FTF – IPT T+95a; STL T+75; PXD $3bn 4.465% 11/19/31 100.00 4.465% T+75. MW+12.5. Back-end: SOFR+102.0.

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

Morgan Stanley Private Bank NA (Aa3/A+/AA-)
- MS 4.466% due 07/06/28  (nc 27) T+57bp (G54; $100.45) - $2bn pxd 7/17/25 +57
- MS 4.734% due 07/18/31 (nc 30) T+69bp (G71; $101.33) - $3bn pxd 7/17/25 +75

Morgan Stanley holdco (A1/A-/A+)
- MS 4.133% due 10/18/29 (nc 28) T+65bp (G65; $99.66) - $2.1bn pxd 10/17/25 +68
- MS 4.356% due 10/22/31 (nc 30) T+75bp (G75; $99.51) - $2.5bn pxd 10/17/25 +78

* 6nc5 – MS Bank level Jul 31nc30 G71;  MS holdco Oct 31nc30 G75;  Call today’s bank Nov 31nc30 f/v T+72 f/v.  At the T+75bp pricing level, 6NC5 CONCESSION IS 3BP. 

* 3nc2 – 6nc5 f/v T+72bp minus 15bp 2s/5s curve = T+57bp.  At the T+60bp pricing level, 3NC2 CONCESSION IS 3BP. 

FINAL BOOKS: 

$650m 3nc2 FRN - $1.200bn (1.85x) 

$2.35bn 3nc2 FTF - $4.600bn (1.96x)

$3.00bn 6nc5 FTF  -$6.400bn (2.13x)

[ENBRIDGE] 

Enbridge Inc (ENBCN) exp Baa2/BBB+/BBB+ (s/s/s) US$1.5bn SEC registered 3-part sr notes (3y FXD due 11/20/28, long 5y FXD due 2/15/31 and 10y FXD due 11/20/35). MWC then 1mo par call on 3y (10/20/28), 1mo on L5y (1/15/31), and 3mos on 10y (8/20/35). Guarantors: Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP. Denoms: 2,000 x 1,000. Sales into Canada: No. Sale into HK or Mainland China: No. UOP: Reduce existing indebtedness, to finance future growth opportunities, including acquisitions, if any, and capital expenditures or for other general corporate purposes. Pricing 11/17. Settle 11/20 (T+3). Cusip: 3y: 29250NCM5, L5y: 29250NCN3, 10y: 29250NCP8. ISIN: 3y: US29250NCM56, L5y: US29250NCN30, 10y: US29250NCP87.

VIA DB/CACIB/MUFG/SMBC (B&D)/TSI joint active books. 

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

3yr - IPT T+95 area; GDNC T+63#; PXD $500m 4.20% 11/20/28 99.894 4.238% T+63. MW+10.

L5yr - IPT T+110 area; GDNC T+80#; PXD $500m 4.50% 2/15/31 99.905 4.522% T+80. MW+15.

10yr - IPT T+140 area; GDNC T+110#; PXD $500m 5.20% 11/20/35 99.715 5.237% T+110. MW+20.

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

-ENBCN 4.600% due 06/20/28 T+62bp (G62; $100.87) - $400m pxd 06/16/25 +67
-ENBCN 6.000% due 11/15/28 T+63bp (G64; $104.76) - $750m pxd NOV 2023
-ENBCN 4.900% due 06/20/30 T+72bp (G74; $101.85) - $600m pxd 06/16/25 +87
-ENBCN 6.200% due 11/15/30 T+78bp (G79; $107.29) - $750m pxd NOV 2023
-ENBCN 5.550% due 06/20/35 T+104bp (G108; $102.77) - $900m pxd 06/16/25 +112
-ENBCN 5.950% due 04/05/54 T+114bp ($101.03) - $1.15bn pxd APRL 2024

*** 10yr: Jun ‘35 G108, add 2bp for curve gets f/v to T+110bp. At the T+110bp pricing level, 10yr CONCESSION IS FLAT.

*** L5yr: 10y f/v at T+110, take away 30bp for IPT curve gets f/v to T+80bp. Also looking at Jun ‘30 G74, add 3bp for curve gets new issue 5y at 77bp, add another 3bp for long extension gets f/v to T+80bp. At the T+80bp pricing level, L5yr CONCESSION IS FLAT.

*** 3yr: L5y f/v at T+80, take away 15bp for IPT curve gets f/v to T+65bp. Also looking at Jun ‘28 G62, add 3bp for curve gets f/ vto T+65bp. At the T+63bp pricing level, 3yr CONCESSION IS NEG 2BP.

COMPS AWAY:

Enterprise Products Operating LLC (A3/A-/A-)
-EPD 4.300% due 06/20/28 T+45bp (G46; $100.56) - $800m pxd 06/17/25 +45
-EPD 4.600% due 01/15/31 T+71bp (G70; $100.75) - $1.35bn pxd 06/17/25 +65
-EPD 5.200% due 01//36 T+95bp (G94; $100.89) - $1.5bn pxd 06/17/25 +85

TransCanada PipeLines Ltd (Baa2/BBB+/BBB+)
-TRPCN 4.250% due 05/15/28 T+69bp (G70; $99.88) - $1.4bn pxd MAY 2018
-TRPCN 4.100% due 04/15/30 T+80bp (G83; $98.34) - $1.25bn pxd APRL 2020
-TRPCN 4.625% due 03/01/34 T+93bp (G105; $97.08) - $1.25bn pxd FEB 2014

Williams Companies Inc (Baa2/BBB+/BBB)
-WMB 5.300% due 08/15/28 T+58bp (G58; $102.77) - $900m pxd AUG 2023
-WMB 4.625% due 06/30/30 T+77bp (G79; $100.56) - $750m pxd 06/26/25 +85
-WMB 5.300% due 09/30/35 T+105bp (G106; $100.90) - $750m pxd 06/26/25 +110

Kinder Morgan Inc (Baa2/BBB/BBB+)
-KMI 4.300% due 03/01/28 T+56bp (G56; $100.26) - $1.25bn pxd FEB 2018
-KMI 5.150% due 06/01/30 T+72bp (G75; $102.85) - $1.1bn pxd APRL 2025
-KMI 5.850% due 06/01/35 T+107bp (G111; $104.74) - $750m pxd APRL 2025

ONEOK Inc (Baa2/BBB/BBB)
-OKE 5.650% due 11/01/28 T+73bp (G73; $103.50) - $750m pxd AUG 2023
-OKE 4.750% due 10/15/31 T+111bp (G102; $99.60) - $1.25bn pxd SEPT 2024
-OKE 5.400% due 10/15/35 T+130bp (G129; $99.75) - $1bn pxd 08/06/25 +122

Energy Transfer LP (Ba2/BBB/BBB)
-ET 6.100% due 12/01/28 T+73bp (G74; $104.84) - $500m pxd OCT 2023
-ET 5.200% due 04/01/30 T+76bp (G80; $102.78) - $650m pxd FEB 2025
-ET 5.700% due 04/01/35 T+122bp (G127; $102.50) - $1.25bn pxd FEB 2025

FINAL BOOKS:
$500m 3yr - $1.800bn (3.60x) - PEAK $3.400bn
$500m L5yr - $1.600bn (3.20x) - PEAK $2.900bn
$500m 10yr - $2.200bn (4.40x) - PEAK $3.800bn

[CON ED NY] 

Consolidated Edison Co of New York Inc (ED) exp A3/A-/A- (s/s/s) US$900m SEC registered 30y FXD sr notes due 11/15/55. MWC then 6mos par call (5/15/55). Denoms: 2,000 x 1,000. Sales into Canada: Yes via exemption. First pay: 5/15/26. UOP: general corporate purposes, including repayment of short-term debt bearing interest at variable rates. Pricing 11/17. Settle 11/19 (T+2). CUSIP/ISIN: 209111GP2/US209111GP24. 

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

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

Went straight to launch at $900m 30y at T+103.

Ultimately, a $900m deal priced as follows:

$900m 5.75% 11/15/55 99.731 5.769% T+103. MW+15.

 As for r/v, outstanding was quoted as follows:
-ED 5.900% due 11/15/53 T+93bp ($103.2) - $900M pxd Nov 2023
-ED 5.700% due 05/15/54 T+93bp ($100.4) - $1B pxd May 2024
-ED 5.500% due 03/15/55 T+97bp ($97.0) - $650M pxd Nov 2024
-ED 4.300% due 12/01/56 T+98bp ($79.5) - $500M pxd Nov 2016
-ED 3.600% due 06/15/61 T+95bp ($68.2) - $750M pxd Jun 2021

** Outstanding Mar 55s T97; call the new 30y issue f/v flat to that at T+97. At the T+103bp pricing level, CONCESSION IS 6BP. 

Comps away:

Georgia Power Co (A3/A/A)
-SO 5.500% due 10/01/55 T+87bp ($64.3) - $500M pxd 09/24/25 +77

Wisconsin Electric Power (A2/A-/A+)
-WEC 5.050% due 10/01/54 T+81bp ($92.8) - $300M pxd Sep 2024

Nstar Electric Co (A2/A-/A)
-ES 4.950% due 09/15/52 T+91bp ($90.4) - $400M pxd Sep 2022

AEP Transmission Co Llc (A2/BBB+/A)
-AEP 5.400% due 03/15/53 T+85bp ($97.3) - $700M pxd Mar 2023

Indiana Michigan Power (A3/BBB+/A)
-AEP 5.625% due 04/01/53 T+103bp ($98.0) - $500M pxd Mar 2023

Baltimore Gas & Electric (A3/A/WD)
-EXC 5.650% due 06/01/54 T+91bp ($100.0) - $400M pxd Jun 2024

Oklahoma G&E Co (A3/A-/A)
-OGE 5.800% due 04/01/55 T+97bp ($101.2) - $350M pxd Mar 2025

Virginia Elec & Power Co (A3/BBB+/A)
-D 5.600% due 09/15/55 T+102bp ($97.7) - $875M pxd 09/08/25 +92

Arizona Public Service (Baa1/BBB+/A-)
-PNW 5.900% due 08/15/55 T+102bp ($97.7) - $700M pxd 08/12/25 +105

Arizona Public Service (Baa1/BBB+/A-)
-LNT 5.600% due 10/01/55 T+111bp ($96.5) - $300M pxd 09/08/25 +95

FINAL BOOKS:

$900m 30yr - $4.400bn (4.89x) - PEAK $4.750bn

[SMURFIT WESTROCK] 

Smurfit Westrock Financing DAC (SW) exp Baa2/BBB/BBB+ (p/s/s) US$800m SEC registered long 10y Green Sr Notes due 1/15/36. MWC then 3mos par call. 101 CoC. Guarantor: Smurfit WestRock PLC. Denoms: 200,000 x 1,000. Sale into Canada: Yes - Exemption. Governing Law: New York Law. Listing: Global Exchange Market (GEM) of Euronext Dublin. UOP: the Issuer intends to (a) use the net proceeds from this Offering (i) to redeem the outstanding $500.0 million in aggregate principal amount of WRKCo 2027 Notes in full at the applicable redemption price set forth in the indenture governing the WRKCo 2027 Notes and (ii) for general corporate purposes, including the repayment of other indebtedness; and (b) use an amount equivalent to the proceeds of the Offering to finance or refinance a portfolio of Eligible Green Projects in accordance with Smurfit Westrock’s Green Finance Framework, which they may, in the future, update in line with developments in the market. WRKCo intends to issue the redemption notice for the WRKCo 2027 Notes following the pricing of the Offering. Subject to market conditions, the Company may offer euro-denominated senior notes (the “Euro Notes”) pursuant to a separate prospectus supplement (the “Concurrent Offering”). Pricing 11/17. Settle 11/21 (T+4). CUSIP: 83272YAC6. ISIN: US83272YAC66. 

VIA Citi (B&D)/CACIB/Miz/WFS joint active books.

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

Guidance came in at T+105#.

Ultimately, a $800m deal priced as follows:

$800m 5.185% 1/15/36 99.987 5.185% T+105. MW+20.

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

Smurfit Kappa Treasury ULC
-SW 5.438% (green) due 04/03/34 T+87bp (G101; $102.88) - $996m pxd APRL 2025
-SW 5.777% (green) due 04/03/54 T+104bp ($100.05) - $997mp xd APRL 2025

Smurfit Westrock Financing DAC
-SW 5.418% (green) due 01/15/35 T+94bp (G102; $102.50) - $849m pxd APRL 2025

Jan ‘35 G102, add 3bp for ‘35/’36 curve gets f/v to T+105bp. At the T+105bp pricing level CONCESSION IS FLAT.

COMPS AWAY:

Amcor Flexibles North America Inc (Baa2/BBB/BBB+)
-AMCR 5.500% due 03/17/35 T+98bp (G102; $102.83) - $750m pxd JUL 2025

Packaging Corp of America (Baa1/BBB)
-PKG 5.200% due 08/15/35 T+93bp (G95; $101.08) - $500m pxd 08/11/25 +93

FINAL BOOK:

$800m L10yr Green - $1.400bn (1.75x) - PEAK $2.800bn

[APTAR GROUP] 

AptarGroup Inc (ATR) exp Baa2/BBB/BBB (s/s/s) US$600m SEC registered L5y sr notes due 3/30/31. MWC then 1mo par call. CoC. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. First pay: 3/30/26. UOP: net proceeds will be used to repay or redeem the Company’s 2025 and 2026 private placement notes and to repay outstanding borrowings under the revolving credit facility with the remaining net proceeds to be used for general corporate purposes. Marketing: https://dealroadshow.finsight.com/ Passcode: APTAR25. Pricing 11/17. Settle 11/20 (T+3)/ CUSIP: 038336AB9.

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

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

Went straight to launch at $600m L5y at T+105.

Ultimately, a $600m deal priced as follows:

$600m 4.75% 3/30/31 99.917 4.769% T+105. MW+20.

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

-ATR 3.600% due 03/15/32 T+84bp (G111; $92.66) - $400m pxd MAR 2022

*** Mar ‘32 G111, call new issue 7y at 115bp and new issue L7y at 118bp. Take away 10-15bp for 7s/5s curve gets f/v to T+105bp. At the T+105bp pricing level, CONCESSION IS FLAT.

COMPS AWAY:

Packaging Corp of America (Baa1/BBB)
-PKG 3.000% due 12/15/29 T+54bp (G58; $95.33) - $500m pxd NOV 2019
-PKG 5.200% due 08/15/35 T+93bp (G95; $101.08) - $500m pxd 08/11/25 +93

Smurfit Kappa Treasury ULC (Baa2/BBB/BBB+)
-SW 5.200% (green) due 01/15/30 T+72bp (G76; $102.80) - $745m pxd APRL 2025
Smurfit Westrock Financing DAC (Baa2/BBB/BBB+)
-SW 5.418% (green) due 01/15/35 T+94bp (G102; $102.50) - $849m pxd APRL 2025

Amcor Flexibles North America Inc (Baa2/BBB/BBB+)
-AMCR 5.100% due 03/17/30 T+82bp (G85; $102.14) - $724m pxd JUL 2025
-AMCR 5.500% due 03/17/35 T+98bp (G102; $102.83) - $750m pxd JUL 2025

Sonoco Products Co (Baa3/BBB-/BBB)
-SON 4.600% due 09/01/29 T+74bp (G81; $100.47) - $600m pxd SEPT 2024
-SON 5.000% due 09/01/34 T+110bp (G117; $98.42) - $700m pxd SEPT 2024

FINAL BOOK:

$600m L5yr - $2.500bn (4.17x) - PEAK $2.900bn

[HYATT HOTELS] 

Hyatt Hotels Corp (H) exp Baa3/BBB-/BBB- (s/s/s) US$400m (no grow) SEC registered 10y sr notes due 12/15/35. MWC then 3mos par call. 101 CoC. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: repay all of the 4.850% notes due 2026 and any remaining net proceeds for GCP. Pricing 11/17. Settle 11/26 (T+7). Cusip: 448579AW2. ISIN: US448579AW20. 

VIA DB (B&D)/PNC/Scotia joint active books.

Announced $400m no grow, we heard initial price thoughts as T+155 area.

Went straight to launch at T+127.

Ultimately, a $400m deal priced as follows:

$400m 5.40% 12/15/35 99.958 5.405% T+127. MW+20. 

 As for r/v, outstanding was quoted as follows:
-H 5.050% due 03/30/28 T+70bp (G71; $101.57) - $500M pxd Mar 2025
-H 4.375% due 09/15/28 T+73bp (G74; $100.06) - $400M pxd Aug 2018
-H 5.250% due 06/30/29 T+78bp (G87; $102.37) - $600M pxd Jun 2024
-H 5.750% due 04/23/30 T+98bp (G103; $103.89) - $450M pxd Apr 2020
-H 5.375% due 12/15/31 T+125bp (G116; $101.98) - $450M pxd Nov 2024
-H 5.750% due 03/30/32 T+103bp (G110; $104.22) - $500M pxd Mar 2025
-H 5.500% due 06/30/34 T+103bp (G114; $102.26) - $350M pxd Jun 2024

** Using the most recent / liquid Mar 32s G110; plus curve, call new 7y f/v T+113bp, then add 10-15bp 7s/10s curve, call f/v T+125bp. (2bp)

Some also look at MAR plus 20bp:

Marriott International (Baa2/BBB/N/A)
-MAR 4.200% due 07/15/27 T+48bp (G45; $100.17) - $400M pxd 08/18/25 +47
-MAR 5.550% due 10/15/28 T+57bp (G58; $103.59) - $700M pxd Sep 2023
-MAR 4.500% due 10/15/31 T+89bp (G80; $99.34) - $500M pxd 08/18/25 +85
-MAR 5.100% due 04/15/32 T+79bp (G86; $102.08) - $500M pxd Feb 2025
-MAR 5.300% due 05/15/34 T+83bp (G95; $102.25) - $1B pxd Feb 2024
-MAR 5.250% due 10/15/35 T+103bp (G104; $100.63) - $600M pxd 08/18/25 +105
-MAR 5.500% due 04/15/37 T+116bp (G108; $101.72) - $1.5B pxd Feb 2025

** MAR Oct ‘35 G104; plus 20bp for curve, would land you at a similar level ~ T+125bp.

At the T+127bp pricing level, CONCESSION IS 2BP.

Comps away:

Host Hotels & Resorts LP (Baa2/BBB-/BBB)
-HST 4.250% due 12/15/28 T+84bp (G84; $99.4) - $400M pxd 11/12/25 +85
-HST 3.500% due 09/15/30 T+115bp (G116; $94.1) - $750M pxd Aug 2020
-HST 2.900% due 12/15/31 T+134bp (G124; $88.74) - $450M pxd Nov 2021
-HST 5.700% due 06/15/32 T+123bp (G128; $102.96) - $500M pxd May 2025
-HST 5.700% due 07/01/34 T+127bp (G138; $101.97) - $600M pxd May 2024
-HST 5.500% due 04/15/35 T+129bp (G134; $100.54) - $700M pxd Aug 2024

Choice Hotels Intl Inc (Baa3/BBB-/N/A)
-CHH 3.700% due 12/01/29 T+113bp (G119; $95.77) - $400M pxd Nov 2019
-CHH 3.700% due 01/15/31 T+140bp (G138; $93.56) - $450M pxd Jul 2020
-CHH 5.850% due 08/01/34 T+154bp (G164; $101.16) - $600M pxd Jun 2024

FINAL BOOKS:

$400m 10yr - $2.100bn (5.25x) - PEAK $2.500bn

[DTE ELECTRIC] 

DTE Electric Co (DTE) exp Aa3/A/A+ (s/s/s) US$400m (up from 350m) SEC registered 2-part general mortgage bonds reopening (tap of DTE 5.25% 5/15/35 - $500m o/s, and tap of DTE 5.85% 5/15/55 - $500m o/s). MWC (T+15 on 2035s and T+20 on 2055s), then 3mos par call on 2055 (2/15/35) and 6mos on 2055 (11/15/54). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Prohibited Sales: China and Hong Kong. UOP: Repayment of short-term borrowings, capital expenditures and for other general corporate purposes. Pricing 11/17. Settle 11/24 (T+5). Cusip: 2035: 23338VAY2, 2055: 23338VAZ9. ISIN: 2035: US23338VAY20, 2055: US23338VAZ94.

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

Announced as 350m, we heard initial price thoughts as 2035s T+105 area and 2055s T+115 area.

Went straight to launch at $200m tap of 5.25% 2035 at T+77. $200m tap of 5.85% 2055 at T+87.

Ultimately, a $400m deal priced as follows:

$200m tap of 5.25% 5/15/35 at 102.554 4.903% T+77. MW+15. New outstanding amount $700m.

$200m tap of 5.85% 5/15/55 at 103.444 5.608% T+87. MW+20. New outstanding amount $700m.

 As for r/v, outstanding was quoted as follows:
-DTE 5.250% due 5/15/35 T+76bp (G82; $102.7) - $500M pxd 05/05/25 +93
-DTE 5.850% due 5/15/55 T+86bp ($103.8) - $500M pxd 05/05/25 +103

** May 35s T+76bp. At the T+77bp pricing level, 35s TAP CONCESSION IS 1BP.

** May 55s T+86bp. AT the T+87bp pricing level, 55s TAP CONCESSION IS 1BP.

FINAL BOOKS:

$200m 2035 Tap FMB - $700m (3.50x) - PEAK $1.850bn

$200m 2055 Tap FMB - $800m (4.00x) - PEAK $1.700bn

[VOYA GLOBAL FUNDING] 

Voya Global Funding (VOYA) exp A2/A+ (s/s) US$400m 144A/Reg S 5y FXD sr secured FA-Backed due 11/24/30. GS (B&D)/JPM joint active books. FA Provider: Voya Retirement Insurance and Annuity Company (“VRIAC”). Denoms: $2,000 x $1,000. Sales into Canada: Yes – Exemption. UOP: To purchase a Funding Agreement from VRIAC. Marketing: URL: https://dealroadshow.com. Password: VOYA2025. Direct Link: https://dealroadshow.com/e/VOYA2025. Pricing 11/17. Settle 11/24 (T+5). 144A CUSIP: 92921LAA4. 144A ISIN: US92921LAA44.

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

Announced with benchmark size, we heard initial thoughts as T+115a.

The deal went straight to launch - $400m at T+90bp

PXD: $400m 4.60% 11/24/30 99.925 4.617% T+90.

This is a debut FABN from Voya, so CONCESSION IS DEBUT – N/A.

Comps away included the following:

Equitable America Global Funding (A1/A+)
- EQH 4.950% due 06/09/30 T+83bp (G85; $101.62) - $850m pxd 6/2/25 +95

Mutual of Omaha Global Funding (A1/A+)
- MUTOMA 5.000% due 04/01/30 T+83bp (G86; $101.75) - $500m pxd 3/26/25 +95

Corebridge Global Funding (A2/A+)
CRBG 4.450% due 10/02/30 T+88bp (G88; $99.36) - $500m pxd 9/29/25 +73

Lincoln Financial Global Funding (A2/A+/A+)
- LNC 4.625% due 08/18/30 T+88bp (G89; $100.10) - $500m pxd 8/11/25 +82

FINAL BOOKS: 

$400m 5yr FABN - $2.000bn (5.00x) - PEAK $2.300bn

[EVERGY MISSOURI]

Evergy Missouri West Inc (EVRG) exp Baa1/A (s/s) US$300m (no grow) 144A/Reg S no reg rights 10y first mortgage bonds due 12/15/35. MWC then 3mos par call (9/15/35). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Sale into HK / China: No. UOP: The company intends to use the net proceeds from the sale of the Bonds for general corporate purposes, including to repay a portion of their short-term debt. Pricing 11/17. Settle 11/21 (T+4). 144A Cusip: 30037EAC7. 144A ISIN: US30037EAC75. 

VIA MS/PNC/TSI/USB (B&D) joint active books.

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

Went straight to launch at T+112.5.

Ultimately, a $300m deal priced as follows:

$300m 5.25% 12/15/35 99.949 5.256% T+112.5. MW+20.

 As for r/v, outstanding was quoted as follows:
-EVRG 5.650% due 06/01/34 T+102bp (G114; $104) - $300M pxd May 2024

However, this direct comp is very illiquid and this is Evergy’s first issuance since it was downgraded by Moody’s from A3 to Baa1 in April 2025. 

Instead some said the focus was on Evergy Metro: 

Evergy Metro (A2/A/N/A)
-EVRG 2.250% due 06/01/30 T+55bp (G57; $92) - $400M pxd May 2020
-EVRG 5.125% due 08/15/35 T+89bp (G91; $101) - $400M pxd 08/11/25 +87

Calling Evergy Missouri (Baa1/A) / Evergy Metro (A2/A) differential around 15-20bp, and gets you to T+106-121bp. Plus 5bp for 144a for life vs SEC registered format differential= T+113.5bp. At the T+112.5bp pricing level, CONCESSION IS NEG 1BP.

Comps away:
Evergy Kansas Central (A2/A/N/A)
-EVRG 5.250% due 03/15/35 T+89bp (G95; $102) - $300M pxd Mar 2025
-EVRG 5.700% due 03/15/53 T+101bp ($100) - $400M pxd Mar 2023

Union Electric Co (A2/A/N/A)
-AEE 5.250% due 04/15/35 T+82bp ($103) - $500M pxd Mar 2025
-AEE 5.125% due 03/15/55 T+91bp ($93) - $450M pxd Sep 2024

Entergy Louisiana LLC (A2/A/N/A)
-ETR 5.150% due 09/15/34 T+78bp (G87; $102) - $700M pxd Aug 2024
-ETR 5.800% due 03/15/55 T+102bp ($101) - $750M pxd Jan 2025

Puget Sound Energy Inc (A2/A-/A)
-PSD 5.330% due 06/15/34 T+78bp (G89; $103) - $400M pxd Jun 2024
-PSD 5.598% due 09/15/55 T+102bp ($98) - $500M pxd 09/08/25 +88

Indianapolis Pwr & Light (A2/A-/A)
-AES 5.050% due 08/15/35 T+90bp (G92; $100) - $350M pxd 08/06/25 +85
-AES 5.700% due 04/01/54 T+106bp ($99) - $650M pxd Mar 2024

Entergy Texas Inc (A3/A/N/A)
-ETR 5.250% due 04/15/35 T+84bp (G89; $102) - $500M pxd Feb 2025
-ETR 5.550% due 09/15/54 T+103bp ($97) - $350M pxd Aug 2024

Southwestern Public Serv (A3/A-/A-)
-XEL 5.300% due 05/15/35 T+94bp (G100; $102) - $500M pxd Apr 2025
-XEL 6.000% due 06/01/54 T+109bp ($103) - $600M pxd Jun 2024

Northwestern Corp (A3/A-/N/A)
-NWE 5.073% due 03/21/30 T+73bp (G77; $103) - $500M pxd Mar 2025

Monongahela Power Co (A3/A-/A+)
-FE 5.850% due 02/15/34 T+87bp (G101; $106) - $400M pxd Sep 2023

Dayton Power & Light Co/ (Baa1/BBB+/BBB+)
-AES 4.550% due 08/15/30 T+102bp (G103; $99) - $375M pxd 08/14/25 +75

FINAL BOOKS:

$300m 10yr FMB - $2.000bn (6.67x) - PEAK $2.900bn

Also adding to todays total is Trustmark with a $175m 10nc5 FRR Sub:

[TRUSTMARK CORP]

Trustmark Corp (TRMK), exp BBB-/BBB- (s/s) by S&P/Fitch, $175m (upsized from US$150m) SEC registered 10nc5 fixed to floating subordinated notes due 12/1/35. Optional Redemption: Non-call 5-year (12/1/30) at 100% of par. Coupon Frequency: Semi-annual during fixed rate, quarterly during floating rate. First Pay: 6/1/26. Day Count: 30/360. Denoms: $1,000 x $1,000. UoP: The Company intends to use the net proceeds from this offering, after the payment of offering expenses, together with cash on hand, if needed, to repay its outstanding 3.625% Fixed-to-Floating Rate Subordinated Notes due 2030 in aggregate principal amount of up to $125 million, plus accrued interest, and for general corporate purposes. Marketing: eRed. Pricing 11/17. Settle 11/20 (T+3). CUSIP: 898402AB8. ISIN: US898402AB81.
VIA GS/KBW joint active books.

Announced with $150m, we heard initial thoughts as 6.25% area.
GUIDANCE: came in at 6.00%#. upsized at launch to $175m.

PRICED: $175m 6.00% 12/1/35 100.00 6.00%. Back-end: SOFR+260.0.

[M&A TODAY]

Spire Inc (SR) (Senior: Baa2/BBB; Jr Sub: Baa3/BBB- (s/n)) announced a series of fixed income investor calls today. An SEC registered 30.5nc5.25 and 30.5nc10.25 2-pt Jr Sub notes may follow to fund their $2.5bn pending acquisition of a business from Piedmont Natural Gas announced on 7/29. At announcement, Spire obtained a bridge facility with BMO to fund the purchase price.

Cenovus Energy Inc “CVECN” (Baa1/BBB/BBB (n/n/s)) announced a series of fixed income investor calls today. A USD & CAD notes offering may follow to fund their C$8.5bn cash and stock acquisition of MEG Energy which was completed on November 13. The transaction consists of ~C3.8bn stock, + ~C3.8bn cash, + ~$900m net debt. Cenovus obtained a C$2.7bn term loan and C$2.5bn bridge facility at announcement with CIBC and JPM to help fund the cash portion. 

Merck & Co “MRK” (Aa3/A+) entered a $9.2bn acquisition of Cidara Therapeutics on Friday. Merck announced in their investor calls today that they plan on funding the purchase price primarily with new debt and commercial paper issuance. MRK had $18bn in cash equivalents as of 9/30 and also just recently hit the market on September 2 with a 6-pt $6bn deal to help fund their $10bn acquisition of Verona Pharma.

The transaction is expected to close by Q1 2026.

Johnson & Johnson "JNJ" (Aaa/AAA) entered an agreement to acquire Halda Therapeutics OpCo Inc for $3.05bn in cash.

JNJ did not disclose how they will fund the purchase price. They had approximately $18bn in cash equivalents as of 9/28 and last issued a $5bn and €4bn deal in February 2025 to help fund their $14.6bn acquisition of Intra-Cellular Therapies Inc.

The transaction is expected to close in a few months.

[NEW MANDATES & MARKETING]

– Bangkok Bank PCL (the “Issuer”), rated Baa1 (negative) by Moody’s, BBB+ (stable) by S&P and BBB (stable) by Fitch, has mandated Morgan Stanley, Citigroup and HSBC as Joint Bookrunners to arrange a series of fixed income investor meetings across Asia, Europe and the U.S. commencing on November 17. An offering of USD-denominated 144A / Reg S 5-year and 10-year Senior Unsecured Fixed Rate Notes under the Issuer’s US$9 billion Global Medium Term Note Program, may follow, subject to market conditions.

FCA / ICMA stabilization applies

– Baxter International Inc (“Baxter”), rated Baa3 (Stable) by Moody’s and BBB- (Stable) by S&P*, has mandated Citigroup, BofA Securities, and J.P. Morgan to arrange a series of fixed income investor calls occurring today, November 17, 2025. An electronic presentation has been made available. Citigroup is coordinating logistics.

Company Participants

• Joel Grade, Executive Vice President and Chief Financial Officer

• Karen Leets, Senior Vice President and Treasurer

Investor Call Schedule for Monday, November 17th

• Call #1: 1:00pm – 1:50pm ET | Registration Link: https://evercall.co/oacc/68521

• Call #2: 2:00pm – 2:50pm ET | Registration Link: https://evercall.co/oacc/36484

• Call #3: 3:00pm – 3:50pm ET | Registration Link: https://evercall.co/oacc/60529

• Call #4: 4:00pm – 4:50pm ET | Registration Link: https://evercall.co/oacc/62350

Electronic Presentation Details

• URL: https://dealroadshow.com | Entry Code: BAX2025

• Direct Link: https://dealroadshow.com/e/BAX2025

About Baxter International Inc

Baxter International Inc is a global medical technology company providing a broad portfolio of essential healthcare products, including infusion therapies & technologies, advanced surgery, care & connectivity solutions, front line care, injectables and anesthesia, and drug compounding. These products are used by hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors' offices, and patients at home under physician supervision. Baxter’s global scale and critical nature of their products and services play a key role in expanding access to healthcare in emerging and developed countries. Their global footprint includes manufacturing sites in over 20 countries, products and services sold in over 100 countries, and 45% of revenue generated outside the US.

– Cenovus Energy (Ticker: CVECN), rated Baa1(-)/BBB(-)/BBB (Stable)/BBB(High) (Stable) by Moody’s/S&P/Fitch/DBRS, has asked CIBC Capital Markets, J.P. Morgan, Goldman Sachs & Co. LLC, Mizuho & TD Securities to organize a series of fixed income investor calls.

An electronic roadshow presentation will be made available via the link below. The calls will take place today, Monday, November 17th, 2025, at the times listed below.

USD and CAD denominated senior unsecured notes offerings may follow, subject to market conditions.

J.P. Morgan is coordinating logistics for the US and CIBC Capital Markets is coordinating logistics for Canada.

Group Investor Calls:

Call #1: 11:00AM – 11:45AM ET / 9:00AM – 9:45AM MT

Call #2: 12:00PM – 12:45PM ET / 10:00AM – 10:45AM MT

Call #3: 1:00PM – 1:45PM ET / 11:00AM – 11:45AM MT

Cenovus Energy will be represented by:

Kam Sandhar – Executive VP & CFO

Karen Graham – VP, Treasury & Risk

NetRoadshow Presentation Link:

URL: www.netroadshow.com/nrs/home/#!/?show=dd43ffbc

Final entry CODE: CVE25 (not case-sensitive)

About Cenovus Energy

Cenovus Energy is a Canadian-based integrated energy company headquartered in Calgary, committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner. Cenovus Energy operates in Canada, the United States and the Asia Pacific region. Its operations include oil sands projects in northern Alberta, thermal and conventional crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia. Cenovus Energy’s downstream operations include upgrading, refining and marketing operations in Canada and the United States.

– Global Atlantic (Fin) Company (the “Company”; Bloomberg Ticker: GBLATL) has asked Wells Fargo Securities, BNP PARIBAS, BofA Securities, Morgan Stanley, and SMBC Nikko to arrange a series of fixed income investor calls today, Monday, November 17th, 2025.

A 30NC5 $1,000 par subordinated debentures offering with expected ratings of Baa3 (stable) by Moody’s, BB+ (stable) by S&P, and BB+ (stable) by Fitch may follow, subject to market conditions. The subordinated debentures would be guaranteed by Global Atlantic Limited (Delaware). A preliminary offering memorandum and an electronic investor presentation have been made available (see details below).

Wells Fargo Securities is coordinating logistics.

The Company will be represented by:

Billy Butcher – Chief Financial Officer

Peggy Poon – Treasurer

Schedule for Monday, November 17th, 2025:

Call #1: 1:00PM-1:50PM (ET) - Registration Link: https://evercall.co/oacc/84629

Call #2: 3:00PM-3:50PM (ET) - Registration Link: https://evercall.co/oacc/46610

Deal Roadshow Investor Login Details:

URL: https://dealroadshow.com

Entry Code: GBLATL25

Direct Link: https://dealroadshow.com/e/GBLATL25

About Global Atlantic:

The Global Atlantic Financial Group LLC (together with its subsidiaries “Global Atlantic”) is a leading retirement and insurance company that provides a broad suite of protection, legacy and savings products to customers and reinsurance solutions to clients across individual and institutional markets. Global Atlantic is a wholly-owned subsidiary of KKR, a leading global investment firm.

– Fibra Prologis (“FIBRAPL”), one of the largest owners and operators of Class-A industrial real estate in Mexico, has mandated BBVA, BofA Securities, J.P. Morgan and Scotiabank as Joint Bookrunners to arrange a series of virtual fixed income investor calls commencing on Monday, November 17th. A 10-year Senior Unsecured 144A / Reg. S, USD-denominated benchmark size offering, with expected issue ratings* of BBB+ by S&P and BBB by Fitch, may follow, subject to market conditions.

BBVA will be coordinating logistics.

Fibra Prologis will be represented by:

Tim Arndt – Prologis Chief Financial Officer

Jorge Girault – Fibra Prologis Chief Financial Officer

Tracy Patel – Prologis Senior VP of Capital Markets

Alexandra Violante – Fibra Prologis VP of Finance and Investor Relations

Investor Login Details

URL: https://dealroadshow.com

Entry Code: PROLOGIS25

Direct Link: https://dealroadshow.com/e/PROLOGIS25

– Protective Life Corporation (Bloomberg Ticker: PROTLI) has asked Wells Fargo Securities, Mizuho, Morgan Stanley, PNC Capital Markets LLC, SMBC Nikko, TD Securities, and US Bancorp to arrange a series of fixed income investor calls today, Monday, November 17th, 2025. A 144A / Reg S senior notes offering with expected ratings of Baa1 (Stable) by Moody’s, A- (Stable) by S&P, and A- (Stable) by Fitch may follow, subject to market conditions. A preliminary offering memorandum and an electronic investor presentation are available (see details below). Investors can sign up for calls using the registration links below.

Wells Fargo Securities is coordinating logistics.

The Company will be represented by:

Paul Wells – Executive Vice President, Chief Financial Officer

Phil Passafiume – Executive Vice President, Chief Investment Officer

Frank Lassiter – Vice President, Head of Treasury

Schedule for Monday, November 17th, 2025:

Call #1: 12:00PM – 12:50PM (ET) - Registration Link: https://evercall.co/oacc/42223

Call #2: 1:00PM – 1:50PM (ET) - Registration Link: https://evercall.co/oacc/50971

Call #3: 3:00PM – 3:50PM (ET) - Registration Link: https://evercall.co/oacc/15057

Deal Roadshow Investor Login Details:

URL: https://dealroadshow.com

Entry Code: PLC2025

Direct Link: https://dealroadshow.com/e/PLC2025

About Protective Life Corporation:

Protective Life Corporation (together with its subsidiaries “Protective Life”) is a leading retirement and insurance company that offers life insurance, annuity, asset protection and employee benefit solutions serving nearly 17 million people. Protective Life is a wholly owned subsidiary of Daiichi Life Holdings, Inc., which is based in Tokyo, Japan. As of September 30, 2025, Protective had $139.7 billion in Total Assets and $8.5 billion in Total Shareowner’s Equity (Ex-AOCI).

– Spire Inc. (NYSE: SR) (the “Company”) has mandated BMO Capital Markets, J.P. Morgan, Wells Fargo Securities, Mizuho, Morgan Stanley, and RBC Capital Markets to arrange a series of fixed income investor calls on Monday, November 17, 2025.

A USD-denominated, SEC-registered offering of 30.5NC5.25 and 30.5NC10.25 Fixed-to-Fixed Reset Rate Junior Subordinated Notes with coupon floor provisions and expected security ratings of Baa3 (Stable) by Moody’s and BBB- (Negative) by S&P* may follow, subject to market conditions.

An electronic presentation with a voiceover recording and a preliminary prospectus supplement relating to such an offering of Junior Subordinated Notes have been made available. BMO Capital Markets is coordinating logistics.

Electronic Presentation Access Details:

URL: https://dealroadshow.com

Entry Code: SPIRE2025

Direct Link: https://dealroadshow.com/e/SPIRE2025

Company Participants

•       Adam Woodard – Executive Vice President and Chief Financial Officer

• Megan McPhail – Managing Director, Investor Relations

•       Brittany Mathis – CFO of Spire Alabama, Gulf, Mississippi, and Tennessee

•    Boyan Lalov – Vice President, Treasurer

Investor Call Schedule for Monday, November 17th

•   Call #1: 1:00pm-1:45pm ET | Pre-Registration Link: https://evercall.co/oacc/40970

•    Call #2: 2:00pm-2:45pm ET | Pre-Registration Link: https://evercall.co/oacc/56165

•    Call #3: 3:00pm-3:45pm ET | Pre-Registration Link: https://evercall.co/oacc/45000

About Spire Inc.

The Company, formed in 2000, is the holding company for Spire Missouri Inc. (which was formed in 1857), Spire Alabama Inc., other gas utilities, and gas-related businesses. Spire is committed to transforming its business and pursuing growth through growing organically, investing in infrastructure, and advancing through innovation. The Company has three reportable business segments: Gas Utility, Gas Marketing and Midstream.

– Steel Dynamics, Inc. (Ticker: STLD), corporate ratings of Baa2/BBB/BBB+ (Stable / Positive / Stable), has asked J.P. Morgan, Morgan Stanley, BofA Securities and Wells Fargo Securities to arrange a series of fixed income investor calls. The calls will take place today, Monday, November 17th. An electronic roadshow presentation will be made available during the calls.

J.P. Morgan is coordinating the logistics.

Investor Call Schedule:

Monday, November 17th

1. 1:00pm – 1:45pm
2. 2:00pm – 2:45pm

The Company will be represented by:

Theresa Wagler – EVP, Chief Financial Officer

Rick Poinsatte – SVP, Finance & Treasurer

Electronic Investor Presentation:

Direct Link: www.netroadshow.com/nrs/home/#!/?show=633e042d

Website: www.netroadshow.com | Passcode: STLD2025 (not case-sensitive)

About Steel Dynamics, Inc.

Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company is also currently investing in aluminum operations to further diversify its product offerings, with plans to supply aluminum flat rolled products with high recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.

– Western Alliance Bank (Ticker: WAL) has requested Morgan Stanley, BofA Securities, J.P. Morgan, and Keefe, Bruyette & Woods, A Stifel Company to arrange a series of fixed income investor marketing calls to be held today, November 17th, 2025. A 3(a)(2) Exempt 10NC-5 fixed-rate reset subordinated notes offering with expected ratings of Baa3, BBB-, and BBB+* from Moody’s, Fitch, and KBRA, respectively, may follow, subject to market conditions.

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

The Bank Will Be Represented By:

Ken Vecchione – President and Chief Executive Officer

Dale Gibbons – Vice Chairman, Chief Financial Officer

Pre-Recorded Electronic Presentation Details:

Direct Link (Recommended): https://dealroadshow.com/e/WAL2025

Link: https://dealroadshow.com

Password: WAL2025

Call Schedule for [Monday, November 17th]:

Call #1: 12:00 – 12:45 p.m. ET

Call #2: 1:00 – 1:45 p.m. ET

Call #3: 2:00 – 2:45 p.m. ET

Call Access Details:

Call #1: https://evercall.co/oacc/54731

Call #2: https://evercall.co/oacc/56829

Call #3: https://evercall.co/oacc/29652

– Vale S.A., rated Baa2 by Moody’s, BBB by S&P and BBB+ by Fitch*, one of the largest metals and mining companies in the world, based on market capitalization, has mandated through its subsidiary Vale Overseas Limited, Citigroup, BofA Securities, HSBC and J.P. Morgan as Global Coordinators and BTG Pactual, Morgan Stanley, MUFG, RBC Capital Markets, SMBC Nikko and UBS Investment Bank as Joint Bookrunners to arrange a series of virtual fixed income investors meetings commencing on Monday, November 17th. Citigroup will be coordinating logistics.

A new USD-denominated 144A/Reg S Subordinated Capital long 30NC5 bond offering may follow, subject to market conditions.

Company’s Representatives:

Eduardo Ajuz – Treasury Director

João Sichieri – Corporate Finance Director

Pedro Terra – Investor Relations Manager

Luciana Oliveti - Investor Relations Manager

Patrícia Tinoco - Investor Relations Manager

DealRoadshow Login Details: 

URL: https://dealroadshow.com

Entry Code: VALE2056

Direct Link: https://dealroadshow.com/e/VALE2056

– VSP Optical Group, Inc., a subsidiary of Vision Service Plan, has asked BofA Securities and KeyBanc Capital Markets to arrange a series of fixed income investor calls. The calls will be held on Tuesday, November 18, 2025. An investment grade, 144A/Reg S, USD-denominated senior unsecured debt offering may follow, subject to market conditions. A preliminary offering memorandum and electronic investor presentation have been made available.

BofA Securities will coordinate logistics.

Company Overview:

VSP is one of the largest vision benefit companies in the U.S. and a leader in health-focused vision care that operates through three strategic business pillars – insurance, network, and supply chain – that, when combined, encompass all major facets of the vision care marketplace. VSP’s businesses combine managed vision care insurance; the design, manufacture and wholesale distribution of high-quality eyewear; customized .lenses, ophthalmic lens services, practice management solutions, and retail sales of eyewear to strengthen the relationship between patients and their eye doctors. Overall, VSP serves over 91 million members through a network of approximately 45,000 doctors and operate 1,200 retail locations across 47 states.

Company Representatives:

Alec Mahmood - Chief Financial Officer

Monica Perez - Senior Vice President of Finance and Treasury

Call Schedule:

Tuesday, November 18, 2025

Call #1: 10:00am - 10:45am ET l Registration Link: https://www.netroadshow.com/events/login/LE9zwo3hyapOJeyCe2yKoV6MY3hNGGjS4Vr

Call #2: 11:00am - 11:45am ET l Registration Link: https://www.netroadshow.com/events/login/LE9zwo3hOSorANDJNz17jJdBwnv1rw2DPAm

Call #3: 12:00pm - 12:45pm ET l Registration Link: https://www.netroadshow.com/events/login/LE9zwo4AqFdXRsrZ6ndQmgnlRNvWB40y4Nt

Call #4: 1:00pm - 1:45pm ET l Registration Link: https://www.netroadshow.com/events/login/LE9zwo4C0jVK4Ipb6jrpMnIgErkXinn9zXM

Electronic Presentation Details:

Direct Link: www.netroadshow.com/nrs/home/#!/?show=dd5770cf

URL: www.netroadshow.com l Entry Code: VSP2025