Q4 2025 crossed into record territory today – beating current record holder 2021 and becoming the first Q4 ever to cross the $300bn mark. Pushing the quarter over the market were 8 deals for $7.100bn – the third day in-a-row with a deal count of 8. Today also pushed the week (now $28.500bn) above its estimate.

Record months in October ($132.580bn) and November ($140.025bn) already had Q425 sitting in second place on the Largest Q4 List with a combined $272.605bn. Coming in today we were only $621m shy of the record. With today’s $7.100bn, Q425 now sits at $301.105bn – the first Q4 ever to cross the $300bn mark.

LARGEST 4th QUARTERS
VOLUME	QUARTER
$301.105	4Q 2025
$294.625	4Q 2021
$263.733	4Q 2017
$263.175	4Q 2015
$256.242	4Q 2014
$253.193	4Q 2012
$240.650	4Q 2024
$220.478	4Q 2016
$220.131	4Q 2020
$216.938	4Q 2013
$211.700	4Q 2023
$195.080	4Q 2022

Meanwhile, Apollo Debt Solutions BDC came in with several notables for BDC transactions. It’s first BDC to re-launch for tighter spread and the second BDC to be re-launched since earlier last year. (The other one was TSLX which sized up from $300m to $350m at re-launch on 01/08/24). It also sported the Largest BDC Peak Book looking back through 2023, the 4th Largest BDC X Covered through 2020, and tied for the largest BDC IPT-PXD move through 2020.

LARGEST BDC PEAK SINCE SEP '23
DATE	Ticker	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread	Peak
12/3/25	APODS	Baa3	BBB-	BBB-	$400	3.00	12/8/28	5.200%	170	$3,500
1/6/25	SIXSLP	Baa3	BBB-	BBB-	$750	5.50	7/15/30	6.125%	185	$3,250
5/6/24	ARCC	Baa3	BBB-	BBB	$850	5.25	7/15/29	5.950%	170	$3,200
3/18/24	APODS	Baa3	BBB-		$650	5.00	4/13/29	6.900%	270	$3,100
2/19/25	GCRED	Baa3	BBB-		$500	5.25	5/1/30	5.875%	175	$2,900
1/16/24	ARCC	Baa3	BBB-	BBB	$1,000	5.25	3/1/29	5.875%	210	$2,900
1/2/25	ARCC	Baa2	BBB	BBB	$1,000	7.00	3/8/32	5.800%	150	$2,850
1/23/24	HLEND	Baa3	BBB-		$550	5.00	1/30/29	6.750%	295	$2,750
1/7/25	HLEND	Baa3	BBB-		$750	3.00	1/14/28	5.450%	135	$2,750
4/29/25	GSCRED	Baa3	NR	BBB-	$600	5.00	5/6/30	6.250%	250	$2,700

LARGEST BDC X-Covered 2020-25
DATE	Ticker	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread	X Covered
2/18/25	TSLX	Baa2	BBB-	BBB	$300	5.50	8/15/30	5.625%	150	6.33
1/10/24	MAIN	NR	BBB-	BBB-	$350	5.00	3/1/29	6.950%	300	6.14
1/25/24	NMFC	Baa3	BBB-	BBB-	$300	5.00	2/1/29	6.875%	310	5.67
12/3/25	APODS	Baa3	BBB-	BBB-	$400	3.00	12/8/28	5.200%	170	5.00
5/29/25	HLEND	Baa3	BBB-		$400	2.00	6/5/27	5.300%	155	5.00
2/19/25	GCRED	Baa3	BBB-		$500	5.25	5/1/30	5.875%	175	5.00
1/30/25	BCSF	Baa3	BBB-	BBB	$350	5.00	3/15/30	5.950%	190	5.00
10/10/24	CGBD	Baa3	NR	BBB-	$300	5.25	2/18/30	6.750%	300	5.00

LARGEST BDC IPT-PXD 2020-25
DATE	Ticker	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread	IPT	IPT/PXD
12/3/25	APODS	Baa3	BBB-	BBB-	$400	3.00	12/8/28	5.200%	170	210 area	-40.00
1/25/24	NMFC	Baa3	BBB-	BBB-	$300	5.00	2/1/29	6.875%	310	350 area	-40.00
2/17/21	GBDC	NR	BBB-	BBB-	$400	5.50	8/24/26	2.500%	200	240 area	-40.00
5/22/24	TCPC	Baa3	NR	BBB-	$325	5.00	5/30/29	6.950%	275	312.5 area	-37.50
1/21/21	ANTHOL	NR	NR	BBB-	$500	5.50	7/15/26	3.950%	375	412.5 area	-37.50
4/29/25	GSCRED	Baa3	NR	BBB-	$400	3.00	5/6/28	5.875%	225	260 area	-35.00
4/29/25	GSCRED	Baa3	NR	BBB-	$600	5.00	5/6/30	6.250%	250	285 area	-35.00
1/10/24	MAIN	NR	BBB-	BBB-	$350	5.00	3/1/29	6.950%	300	335 area	-35.00
7/27/23	ARCC	Baa3	BBB-	BBB	$600	3.50	1/15/27	7.000%	265	300 area	-35.00
9/10/21	BCRED	Baa3	NR	NR	$365	3.00	9/15/24	1.750%	140	175 area	-35.00
6/11/25	HTGC	Baa3	NR	BBB-	$350	5.00	6/16/30	6.000%	225	255 area	-30.00

FYI – re-launched deals in 2025 include the following:

RE-LAUNCHED DEALS 2025
Date	Ticker	MDY	SP	Size	Mat	Final	Coupon	IPT	Launch	Relaunched/PXD
12/3/25	APODS	Baa3	BBB-	$400	3	12/8/28	5.200%	210a	175	170
11/12/25	HST	Baa2	BBB-	$400	3	12/15/28	4.25%	120-125a	90	85
7/14/25	AYR	Baa3	BBB-	$650	5	9/15/30	5.00%	150a	120	117
1/30/25	BRKHEC	Baa2	BBB	$300	30	5/15/55	6.25%	6.75%a	6.35%	6.25%

The week is now above it’s average estimate by $4.396bn:

THIS WEEK GOAL POST
WK ENDING 12/05/25 WTD	$28,500	$ NEED TO HIT
AVG EST WK ENDING 12/05/25	$24,104	($4,396)
HIGH EST WK ENDING 12/05/25	$32,500	$4,000
LOW EST WK ENDING 12/05/25	$20,000	($8,500)

Essex also made notables for BBB FIG low coupon and spreads:

Ranking as the 2nd lowest coupon through 2023:

2023-25 10yr BBB FIG LOW COUPONS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	Size	Mat	Final	Coupon	Spread
9/12/24	KIM	fin	reit	Baa1	BBB+	$500	11	3/1/35	4.850%	118
12/3/25	ESS	fin	reit	Baa1	BBB+	$350	10	2/15/36	4.875%	93
9/23/24	INVH	fin	reit	Baa2	BBB	$500	11	2/1/35	4.875%	128
9/3/24	AER	yfin	leasing	Baa1	BBB+	$1,100	10	9/10/34	4.950%	130
9/9/24	PECO	fin	reit	Baa2	BBB	$350	10	1/15/35	4.950%	145
7/29/24	MCO	fin	serv	NR	BBB+	$500	10	8/5/34	5.000%	92
12/2/25	VTR	fin	reit	Baa1	BBB+	$500	10	2/15/36	5.000%	97
9/22/25	AER	yfin	leasing	Baa1	BBB+	$600	10	11/15/35	5.000%	97
9/16/25	AFG	fin	insurance	Baa1	BBB+	$350	10	9/23/35	5.000%	108
9/5/24	VTR	fin	reit	Baa1	BBB+	$550	10	1/15/35	5.000%	132
9/13/24	VOYA	fin	Financial	Baa2	BBB+	$400	10	9/20/34	5.000%	137.5

And in the top 5 for spread through 2022:

2022-25 10yr BBB FIG LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	Size	Mat	Final	Coupon	Spread
9/11/25	AMT	fin	reit	Baa3	BBB+	$375	10	3/15/35	5.350%	85
4/30/24	ADQABU	yfin	financial services	Aa2	NR	$1,250	10	5/8/34	5.500%	90
6/16/25	KIM	fin	reit	Baa1	BBB+	$500	11	2/1/36	5.300%	92
7/29/24	MCO	fin	serv	NR	BBB+	$500	10	8/5/34	5.000%	92
12/3/25	ESS	fin	reit	Baa1	BBB+	$350	10	2/15/36	4.875%	93
12/2/25	VTR	fin	reit	Baa1	BBB+	$500	10	2/15/36	5.000%	97
11/19/25	BBLTB	yfin	bank	Baa1	BBB+	$600	10	11/26/35	5.082%	97
9/22/25	AER	yfin	leasing	Baa1	BBB+	$600	10	11/15/35	5.000%	97
12/10/24	AJG	fin	insurance	Baa2	BBB	$1,500	10	2/15/35	5.150%	97

Here's today's rundown:

[CITIGROUP]

Citigroup Inc (C), exp security ratings Ba1/BB+/BBB-/BBBH (s/s/s/s) by Moody's/S&P/Fitch/DBRS, US$2.5bn SEC Registered PerpNC5 fixed rate reset non-cumulative preferred, Series HH. Reset Date: 2/15/31 (the “First Reset Date”) and each date falling on the fifth anniversary of the preceding reset date. Dividends: On the 15th of each February, May, August, and November (each date for payment of dividends, a “dividend payment date”) (i) from, and including, the date of issuance of the Series HH preferred stock to, but excluding, February 15, 2031 (the “First Reset Date”), at an annual rate of [ ]% on the liquidation preference amount of $25,000 per share of Series HH preferred stock, quarterly in arrears, beginning on May 15, 2026 and (ii) from, and including, the First Reset Date, for each reset period, at an annual rate equal to the five-year treasury rate as of the most recent reset dividend determination date plus [ ]% on the liquidation preference amount of $25,000 per share of Series HH preferred stock, quarterly in arrears, beginning on May 15, 2031. Optional Redemption: Citigroup may redeem the Series HH preferred stock in whole or in part, from time to time, on any dividend payment date on or after the First Reset Date or in whole but not in part at any time within 90 days following a Regulatory Capital Event (as defined in the Preliminary Prospectus Supplement dated December 3, 2025), in each case at a cash redemption price equal to 100% of the liquidation preference, plus any declared and unpaid dividends and without accumulation of any undeclared dividends, to, but excluding, the redemption date. DRD/QDI Eligible: Yes. Listing: None. Denoms: 1,000 x 1,000. Day Count: 30/360. Sale into Canada: Yes - Wrapper. UOP: Citigroup expects to use the net proceeds from the sale of the depositary shares representing interests in the Series HH preferred stock for general corporate purposes, which may include the partial or full redemption of outstanding shares of Citigroup preferred stock and related depositary shares, as applicable, and repurchases and redemptions of other outstanding securities of Citigroup and its subsidiaries, including Citigroup common stock. Pricing 12/3. Settle 12/10 (T+5). Cusip: 172967259. ISIN: US1729672592.

VIA Citi (B&D) sole active books.

Announced with benchmark size, we heard initial thoughts as 7.125% area.

Guidance came in at 6.625%#.

Ultimately, a $2.5bn deal priced as follows:

$2.5bn, 6.625% at 100. Back-end reset: T+300.1.

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

-C 6.875% PerpNC 08/15/30 $102.375 (G273; 6.34% YTC) - $2.7bn pxd 07/17/25 b/e +289.0

*** NC Aug ‘30 6.34%, add 5bp for curve call f/v at 6.40%. At the 6.625% pricing level, CONCESSION IS 22.5BP.

Seniors:

-C 4.503% due 09/11/31 nc30 T+72bp (G73; $100.67) - $3bn pxd 09/04/25 +85

*** Call new issue 6nc5 at 75bp. 5y UST at 3.62% plus 75bp = 4.37%. At the 6.625% pricing level, Sr-Sub Differential is 225bp.

FINAL BOOK:

$2.5bn PerpNC5 FRR Pfd - $11.300bn (4.52x)

[DEUTSCHE BANK]

Deutsche Bank AG New York Branch (DB) exp A1/A/A (s/s/s) US$1bn SEC registered 6NC5 fixed to float Senior Preferred due 12/10/31. 1yr par call. First Reset: 12/10/30. Denoms: 150,000 x 1,000. Sale into Canada: Yes, via wrapper. UOP: gcp. Pricing 12/3. Settle 12/10 (T+5).

VIA DB (B&D) sole active books.

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

Guidance came in at T+85#.

Ultimately, a $1bn deal priced as follows:

$1bn 4.469% 12/10/31 100.00 4.469% T+85. Back-end: SOFR+110.0.

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

- DB 5.414% SP due 05/19/29 (bullet) T+52bp (G62; $104.03) - $1bn pxd MAY 2024

- DB 4.950% NPS due 08/04/31 (nc 30) T+99bp (G101; $101.37) - $1.70bn pxd 7/28/25 +98

- DB 5.403% NPS due 09/11/35 (nc 34) T+103bp (G113; $102.22) - $1.25bn pxd SEP 2024

** Outstanding NPS Aug 31nc30 G101; call new 6nc5 NPS f/v T+101bp; minus SP/NPS differential of 10-20bp, call f/v T+85bp.

Or building from May 29s G62; plus 10bp for 4s/5s then 8bp to ‘31 = T+80bp; then add 5bp for the call premium also gets you to T+85bp.

At the T+85bp pricing level, CONCESSION IS FLAT.

FINAL BOOKS:

$1bn 6nc5 FTF SP - $4.600bn (4.60x) - PEAK $7.300bn

[AMERICAN ELECTRIC POWER]

American Electric Power Co Inc (AEP) exp Baa3/BBB-/BB+ (s/s/s) US$1bn 2-part fixed rate reset jr subordinated notes reopening (tap of AEP 5.80% 3/15/56 (NC5.25) - $1.1bn outstanding, and tap of AEP 6.05% 3/15/56 (NC10.25) - $900m outstanding). First reset dates: 3/15/31 and 3/15/36. Interest Rate: 30.5nc5.25: fixed rate until the First Reset Date, thereafter the interest rate resets on every Reset Date at the 5-year UST rate plus 2.128%, provided that the Interest Rate will not reset below 5.800%; 30.5nc10.25: Fixed rate until the First Reset Date, thereafter the interest rate resets on every Reset Date at the 5-year UST rate plus 1.940%, provided that the Interest Rate will not reset below 6.050%. Optional Redemption: At 100%, (i) on any day in the 90 days prior to the First Reset Date, and (ii) on any Interest Payment Date thereafter. At 100%, at any time following the occurrence and during the continuance of a Tax Event. At 102%, at any time following the occurrence and during the continuance of a Rating Agency Event. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Prohibited Sales: Hong Kong / Mainland China / Taiwan. UOP: The net proceeds from the sale of the Debentures will be used for general corporate purposes. Pricing 12/3. Settle 12/5 (T+2). Cusip: 30.5nc5.25: 02557TAE9, 30.5nc10.25: 02557TAF6. ISIN: 30.25nc5.25: US02557TAE91, 30.25nc10.25: US02557TAF66.

VIA GUGG/JPM/MUFG/PNC/Scotia/WFS (B&D) joint active books.

Announced with benchmark size, we heard initial thoughts as 30.25nc5.25: 6.375-6.50%, 30.25nc10.25: 6.625% area.

Guidance came in at 30.25nc5.25 6.10%#, 30.25nc10.25 6.30%#.

Ultimately, a $1bn deal priced as follows:

$400m tap of 5.80% 3/15/56 (NC.25) at 98.718 6.100% . Back-end reset: T+212.8. Total outstanding now $1.5bn.

$600m tap of 6.05% 3/15/56 (NC10.25) at 98.160 6.300%. Back-end reset: T+194.0. Total outstanding now $1.5bn.

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

-AEP 5.800% due 03/15/56 nc 12/15/30 $99.37 (G230; 5.95% YTC) - $1.1bn pxd 09/25/25 b/e +212.8
-AEO 6.050% due 03/15/56 nc 12/15/35 $99.83 (G201; 6.073% YTC) - $900m pxd 09/25/25 b/e +194.0

*** 30.5nc5.25 Tap: f/v at 5.95%. At the 6.10% pricing level, 30.5nc5.25 tap CONCESSION IS 15BP.

*** 30.5nc10.25 Tap: f/v at 6.07%. At the 6.30% pricing level, 30.5nc10.25 CONCESSION IS 23BP.

COMPS AWAY (with floors):

Spire Inc (Baa3/BBB-)
-SR 6.250% due 06/01/56 nc 03/01/31 $99.30 (G276; 6.410% YTC) - $450m pxd 11/24/25 b/e +255.6
-SR 6.450% due 06/01/56 nc 03/01/36 $100.08 (G201; 6.439% YTC) - $450m pxd 11/24/25 b/e +232.7

Entergy Corp (Baa3/BBB-)
-ETR 5.875% due 06/15/56 nc 03/15/31 $100.17 (G218; 5.835% YTC) - $600m pxd 11/07/25 b/e +217.9
-ETR 6.100% due 06/15/56 nc 03/15/36 $100.58 (G194; 6.022% YTC) - $700m pxd 11/07/25 b/e +201.3

WEC Energy Group Inc (Baa2/BBB/BBB-)
-WEC 5.625% due 05/15/56 nc 02/15/31 $101.53 (G164; 5.285% YTC) - $600m pxd 11/06/25 b/e +190.5

NiSource Inc (Baa3/BBB-/BB+)
-NI 5.750% due 07/15/56 nc 04/15/31 $101.04 (G186; 5.520% YTC) - $1bn pxd 11/07/25 b/e +203.5

FINAL BOOKS:

$400m 30.5nc5.25 Jr Sub Tap - $1.500bn (3.75x) - PEAK $1.900bn

$600m 30.5nc10.25 Jr Sub Tap - $2.500bn (4.17x) - PEAK $2.700bn

[AVOLON HOLDINGS]

Avolon Holdings Funding Limited (AVOL) exp Baa2/BBB-/BBB (s/p/s) US$850m 144A/Reg S no reg rights 5y sr notes due 1/30/31. MWC then 1mo par call. 101 CoC. Guarantors: Avolon Holdings Limited, Park Aerospace Holdings Limited, Avolon Aerospace Leasing Limited, CIT Aerospace LLC, CIT Group Finance (Ireland) Unlimited Company, CIT Aviation Finance III Ltd., CIT Aerospace International Unlimited Company. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: General corporate purposes, which may include the future repayment of outstanding indebtedness. Pricing 12/3. Settle 12/11 (T+6). 144A Cusip: 05401ABD2. 144A ISIN: US05401ABD28.

VIA CACIB/DB/MS (B&D)/SG/TSI joint active books.

Announced with benchmark size, we heard initial thoughts as T+145 area.

Guidance came in at T+115#.

Ultimately, a $850m deal priced as follows:

$850m 4.70% 1/30/31 99.666 4.772% T+115. MW+20.

As fo r/v, outstanding AVOL was quoted as follows:

-AVOL 4.950% due 01/15/28 T+85bp (G87; $101.12) - $850m pxd DEC 2024
-AVOL 5.750% due 03/01/29 T+90bp (G101; $103.51) - $1.15bn pxd JAN 2024
-AVOL 5.375% due 05/30/30 T+106bp (G110; $102.64) - $850m pxd MAR 2025
-AVOL 4.900% due 10/10/30 T+113bp (G115; $100.53) - $650m pxd 07/07/25 +108
-AVOL 4.950% due 10/15/32 T+132bp (G133; $98.79) - $1.25bn pxd 09/04/25 +120

*** Oct ‘30 G115, add 2bp for curve gets f/v to T+117bp. At the T+115bp pricing level, CONCESSION IS NEG 2BP.

COMPS AWAY:

SMBC Aviation Capital Finance Dac (A-/BBB+)
-SMBCAC 5.100% due 04/01/30 T+82bp (G87; $102.43) - $500m pxd MAR 2025
-SMBCAC 5.250% due 11/26/35 T+117bp (G117; $100.03) - $750m pxd 11/19/25 +115

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Baa1/BBB+/BBB+)
-AER 4.875% due 04/01/28 T+61bp (G62; $101.58) - $750m pxd JAN 2025
-AER 4.375% due 11/15/30 T+79bp (G79; $99.73) - $600m pxd 09/22/25 +75
-AER 5.375% due 12/15/31 T+83bp (G94; $103.59) - $750m pxd JAN 2025
-AER 5.000% due 11//35 T+103bp (G103; $99.17) - $600m pxd 09/22/25 +97

Aviation Capital Group LLC (Baa2/BBB-)
-ACGCAP 6.750% due 10//2528 T+90bp (G90; $106.09) - $500m pxd OCT 2023
-ACGCAP 5.125% due 04/10/30 T+108bp (G113; $101.54) - $500m pxd MAR 2025
-ACGCAP 4.800% due 10/24/30 T+113bp (G114; $100.09) - $750m pxd 07/10/25 +107

Aircastle Ltd / Ireland DAC (Baa2/BBB/BBB+)
-AYR 5.950% due 02/15/29 T+84bp (G96; $104.22) - $650m pxd JAN 2024
-AYR 5.000% due 09/15/30 T+112bp (G114; $100.98) - $650m pxd 07/14/25 +117
-AYR 5.750% due 10/01/31 T+122bp (G115; $104.34) - $500m pxd 07/15/24 +165

FINAL BOOK:

$850m 5yr - $2.500bn (2.94x) - PEAK $3.600bn

[PROTECTIVE LIFE]

Protective Life Global Funding (PROTLI) exp A1/AA-/AA- (s/s/s) $500m 144A/Reg S no reg rights L3yr sr secured FA-Backed due 1/15/29. FA Provider: Protective Life Insurance Company. UOP: To purchase one or more Funding Agreements from Protective Life Insurance Company. Denoms: 150,000 x 1,000. Sales into Canada: Yes via exemption. Pricing 12/3. Settle 12/10 (T+5). 144A CUSIP / ISIN: 74368CCD4 / US74368CCD48.

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

Announced as a benchmark, we heard initial price thoughts as T+90 area.

Guidance came in at T+65#.

Ultimately, a $500m deal priced as follows:

$500m 4.161% 1/15/29 99.995 4.161% T+65.

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

-PROTLI 5.467% due 12/08/28 T+69bp (G69; $103.6) - $525M pxd Dec 2023

-PROTLI 4.803% due 06/05/30 T+69bp (G72; $101.9) - $500M pxd May 2025

While the new Jan 29s at +65 priced through Dec 28s G69 (and could argue for slightly negative nic), the latter is too illiquid to use. So looking at the more recently priced Jun 30s:

** Outstanding Jun 30s G72; minus 10bp for 4s/5s curve = T+62bp. At the T+65bp pricing level, CONCESSION IS 3BP.

Comps away:

Massmutual Global Funding (Aa3/AA+/AA+)
-MASSMU 4.450% due 03/27/28 T+41bp (G42; $101.1) - $600M pxd Mar 2025

-MASSMU 4.550% due 05/07/30 T+65bp (G69; $101) - $800M pxd May 2025

Western-Southern Global (Aa3/AA-/AA)
-WSFIN 4.500% due 07/16/28 T+65bp (G66; $100.8) - $500M pxd 07/09/25 +70

-WSFIN 4.900% due 05/01/30 T+60bp (G64; $102.6) - $500M pxd Apr 2025

Met Life Global Funding I (Aa3/AA-/AA-)
-MET 4.150% due 08/25/28 T+47bp (G47; $100.4) - $600M pxd 08/19/25 +45

-MET 4.900% due 01/09/30 T+55bp (G61; $102.6) - $500M pxd Jan 2025

Met Tower Global Funding (Aa3/AA-/AA-)
-MET 4.800% due 01/14/28 T+47bp (G49; $101.6) - $600M pxd Jan 2025

-MET 4.200% due 09/16/30 T+61bp (G62; $99.7) - $500M pxd 9/9/25 +65

Pacific Life GF II (Aa3/AA-/AA-)
-PACLIF 4.450% due 05/01/28 T+38bp (G39; $101.2) - $600M pxd Apr 2025

-PACLIF 4.850% due 02/10/30 T+55bp (G60; $102.4) - $400M pxd Feb 2025

Pricoa Global Funding 1 (Aa3/AA-/AA-)
-PRU 5.100% due 05/30/28 T+49bp (G50; $102.5) - $500M pxd May 2023

-PRU 4.350% due 11/25/30 T+64bp (G64; $100.2) - $500M pxd 11/18/25 +68

RGA Global Funding (A1/AA-/N/A)
-RGA 4.350% due 08/25/28 T+66bp (G66; $100.4) - $800M pxd 08/18/25 +65

-RGA 4.600% due 11/25/30 T+93bp (G93; $100.1) - $500M pxd 11/18/25 +93

Mutual Of Omaha Global (A1/A+/N/A)
-MUTOMA 4.514% due 06/09/28 T+53bp (G54; $101.1) - $400M pxd Jun 2025

-MUTOMA 5.000% due 04/01/30 T+74bp (G78; $102.4) - $500M pxd Mar 2025

Principal Life Global Funding II (A1/A+/N/A)
-PFG 4.250% due 08/18/28 T+53bp (G53; $100.5) - $400M pxd 08/11/25 +55

-PFG 4.950% due 11/27/29 T+63bp (G69; $102.4) - $500M pxd Nov 2024

Corebridge Global Funding (A2/A+/N/A)
-CRBG 4.250% due 08/21/28 T+61bp (G61; $100.3) - $500M pxd 08/18/25 +58

-CRBG 4.450% due 10/02/30 T+86bp (G87; $99.7) - $500M pxd 09/29/25 +73

Voya Global Funding (A2/A+/N/A)
-VOYA 4.600% due 11/24/30 T+78bp (G78; $100.7) - $400M pxd 11/17/25 +90

LKQ Corp (Baa3/BBB-/BBB-)
-LKQ 6.250% due 06/15/33 T+90bp (G94; $104.687) - $599M exch. Sep 2023

FINAL BOOKS:

$500m L3yr FABN - $900m (1.80x) - PEAK $1.370bn

[WESTERN SOUTHERN GF]

Western-Southern Global Funding (WSFIN) exp Aa3/AA-/AA (s/s/s) US$500m 144A/Reg S 7y FXD sr secured FA-Backed due 12/10/32. FA-Provider: Western-Southern Life Assurance Company. FA Guarantor: The Western and Southern Life Insurance Company. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: to purchase a Funding Agreement from Western-Southern Life Assurance Company. Pricing 12/3. Settle 12/10 (T+5). 144A Cusip: 95954A2C6. 144A ISIN: US95954A2C66.

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

Announced with benchmark size, we heard initial thoughts as T+112.5 area.

Guidance came in at T+90#.

Ultimately, a $500m deal priced as follows:

$500m 4.70% 12/10/32 99.894 4.718% T+90.

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

-WSFIN 4.900% due 05/01/30 T+65bp (G69; $102.46) - $500m pxd APRL 2025

*** May ‘30 G69, call new issue 5y at 72bp. Add 15bp for 5s/7s curve gets f/v to T+87bp. At the T+90bp pricing level, CONCESSION IS 3BP.

COMPS AWAY:

Met Tower Global Funding I (Aa3/AA-/AA-)
-MET 4.200% due 09/16/30 T+64bp (G65; $99.65) - $500m pxd 09/09/25 +65
Met Life Global Funding I (Aa3/AA-/AA-)
-MET 2.400% due 01/11/32 T+44bp (G76; $88.83) - $700m pxd JAN 2022

Pricoa Global Funding (Aa3/AA-/AA-)
-PRU 4.350% due 11/25/30 T+68bp (G68; $100.13) - $500m pxd 11/18/25 +68
-PRU 4.750% due 08/26/32 T+80bp (G83; $100.65) - $600m pxd 08/19/25 +73

Pacific Life Global Funding II (Aa3/AA-/AA-)
-PACLIF 4.850% due 02/10/30 T+58bp (G63; $102.37) - $400m pxd FEB 2025
-PACLIF 4.875% due 07/17/32 T+67bp (G71; $102.07) - $600m pxd 07/10/25 +75

Northwestern Mutual Global Funding (Aa1/AA+/AAA)
-NWMLIC 4.600% due 06/03/30 T+56bp (G59; $101.61) - $400m pxd 05/27/25 +58

Guardian Life Global Funding (Aa1/AA+)
-GUARDN 4.327% due 10/06/30 T+58bp (G59; $100.44) - $650m pxd 09/30/25 +60
-GUARDN 4.673% due 09/05/32 T+74bp (G76; $100.54) - $450m pxd 09/02/25 +70

Protective Life Global (A1/AA-/AA-)
-PROTLI 4.803% due 06/05/30 T+70bp (G73; $101.86) - $500m pxd 05/29/25 +80

Equitable America Global (A1/A+)
-EQH 4.950% due 06/09/30 T+84bp (G87; $101.88) - $850m pxd 06/02/25 +95
-EQH 4.700% due 09/15/32 T+99bp (G101; $99.24) - $500m pxd 09/08/25 +93

FINAL BOOKS:

$500m 7yr FABN - $900m (1.80x) - PEAK $1.200bn

[APOLLO DEBT SOLUTIONS]

Apollo Debt Solutions BDC (APODS) exp Baa3/BBB-/BBB- (s/s/s) US$400m (WNG) 144A/Reg S w/ reg rights 3y sr notes due 12/08/28. MWC then 1 mos par call (11/08/28). 100 CoC. UoP: GCP and/or to repay indebtedness, including under our Senior Secured Facility. Denoms: 2k x 1k. Sale into Canada: Yes - Exemption. First Pay: 06/08/26. Pricing 12/3. Settle 12/8 (T+3). 144A Cusip/ISIN: 03770DAH6/US03770DAH61.

VIA Citi/MS/SMBC(B&D)/WFS joint active books.

Announced as $400m (WNG), we heard initial price thoughts as T+210 area.

Went straight to launch at T+175 and then relaunched at T+170.

Ultimately, a $400m deal priced as follows:

$400m 5.20% 12/8/28 99.995 5.202% T+170. MW+30.

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

-APODS 6.900% due 04/13/29 T+165bp (G176; $104.81) - $998M exch. Feb 2025

-APODS 5.875% due 08/30/30 T+195bp (G197; $101.16) - $500M pxd 07/14/25 +190

-APODS 6.700% due 07/29/31 T+205bp (G200; $104.76) - $994M exch. Feb 2025

-APODS 6.550% due 03/15/32 T+200bp (G209; $103.69) - $500M pxd Jan 2025

** Outstanding Aug 30s G197; plus curve, call new 5yr f/v T+200bp; minus 25bp 3s/5s curve = T+175bp f/v. At the T+170bp pricing level, CONCESSION IS NEG 5BP.

Comps away:

Ares Strategic Income Fund (Baa3/BBB-/BBB-)

-ARESSI 4.850% due 01/15/29 T+178bp (G177; $98.78) - $600M pxd 09/08/25 +160

-ARESSI 5.150% due 01/15/31 T+195bp (G194; $98.12) - $500M pxd 09/08/25 +185

-ARESSI 6.200% due 03/21/32 T+193bp (G201; $102.28) - $750M pxd Apr 2025

Blackstone Secured Lending (Baa2/BBB-/BBB)
-BXSL 5.125% due 01/31/31 T+177bp (G175; $98.79) - $500M pxd 10/06/25 +155

Blackstone Private Credit (Baa2/BBB-/N/A)
-BCRED 5.050% due 09/10/30 T+180bp (G181; $98.43) - $500M pxd 09/03/25 +160

-BCRED 6.000% due 01/29/32 T+177bp (G187; $102.04) - $1B pxd Jan 2025

Golub Capital Cap Fund (Baa3/BBB-/N/A)
-GCRED 5.450% due 08/15/28 T+173bp (G173; $100.52) - $500M pxd 07/16/25 +183

-GCRED 5.875% due 05/01/30 T+193bp (G197; $101.23) - $500M pxd May 2025

Goldman Sachs Private Credit (Baa3/BBB-/BBB-)
-GSCRED 5.375% due 01/31/29 T+190bp (G189; $99.96) - $400M pxd 10/09/25 +200

-GSCRED 5.875% due 01/31/31 T+218bp (G217; $100.33) - $500M pxd 11/19/25 +245

HPS Corporate Lending Fund (Baa2/BBB-/N/A)
-HLEND 4.900% due 09/11/28 T+170bp (G170; $99.25) - $600M pxd 09/04/25 +155

-HLEND 5.450% due 11/15/30 T+199bp (G199; $99.31) - $500M pxd 09/04/25 +#N/A N/A

-HLEND 5.950% due 04/14/32 T+195bp (G203; $100.97) - $499M exch. Feb 2025

Main Street Capital Corp (N/A/BBB-/BBB-)
-MAIN 5.400% due 08/15/28 T+180bp (G180; $100.26) - $350M pxd 08/13/25 +175

North Haven Private Inc (Baa3/N/A/BBB-)
-NHPIFS 5.125% due 09/25/28 T+175bp (G175; $99.69) - $300M pxd 09/18/25 +183

-NHPIFS 5.750% due 02/01/30 T+212bp (G217; $100.03) - $300M pxd Mar 2025

Barings BDC Inc (Baa3/N/A/BBB-)
-BBDC 5.200% due 09/15/28 T+188bp (G188; $99.55) - $300M pxd 09/08/25 +200

FINAL BOOKS:

$400m 3yr - $2.000bn (5.00x) - PEAK $3.500bn

[ESSEX PORTFOLIO]

Essex Portfolio LP (ESS) exp Baa1/BBB+ (s/s) US$350m SEC registered 10y sr notes due 2/15/36. MWC then 3mos par call (11/15/35). REIT covenants. Guarantor: Essex Property Trust Inc. Denoms: 2,000 x 1,000. Sale into Canada: No. UOP: The Issuer intends to use the net proceeds of this offering to repay upcoming debt maturities, including to fund a portion of the repayment of the Issuer’s $450.0 million aggregate principal amount outstanding of 3.375% senior notes due April 2026, and for other general corporate and working capital purposes, which may include the funding of potential acquisition opportunities. Pricing 12/3. Settle 12/12 (T+7). Cusip: 29717PBD8. ISIN: US29717PBD87.

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

Announced as a $350m, we heard initial price thoughts as T+120 area.

Guidance came in at T+93#.

Ultimately, a $350m deal priced as follows:

$350m 4.875% 2/15/36 99.093 4.988% T+93. MW+15.

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

-ESS 2.650% due 03/15/32 T+53bp (G83; $89.52) - $650M pxd Feb 2020

-ESS 5.375% due 04/01/35 T+79bp (G86; $103.83) - $400M pxd Feb 2025

-ESS 2.650% due 09/01/50 T+84bp (G73; $61.08) - $300M pxd Aug 2020

** Outstanding Apr 35s G86; plus 2bp for 10 mos extension= T+88bp f/v. (5bp)

Some also looked at MAA plus a slight pick-up:

Mid-America Apartments (A3/A-/A-)
-MAA 4.650% due 01/15/33 T+80bp (G79; $100.18) - $400M pxd 11/03/25 +85