Commentary & Deal Flow

After a well-deserved break, IG jumped-started the year with a record -- the Largest 1st Day Record volume with $37.050bn. 20 deals tie for the largest 1st Day of the Year (Deal).

$37.050bn landed 11th on the largest days (Volume) table, but taking out days with a jumbo deal, it is 5th:

20 deal also tied for the 7th largest deal day of all time:

46 tranches landed as the 6th largest tranche day all time:

There were a few notables today for FIGs, BBBs, and Utilities.

PEG's 5y at T+52 and WEC's 5y at T+55bp ranked in the top 10 for utility spread looking back through 2022:

PEG's 30y at T+80 also ranked as the 3rd lowest spread for a utility looking back through 2022:

After NEE priced a rare 40yr utility just a month ago, CEG returned today with another one:

CEG's 2y also priced as the lowest BBB coupon looking back through 2023:

And CEG's 5y ranked as the 2nd lowest BBB Utility spread looking back through 2022:

And the 3rd lowest coupon looking back through 2023 also for BBB utilities:

CAT's 2y ranks as the lowest FIG coupon looking back through 2023:

And CAT's 5y grabs the 2nd lowest coupon for FIGs looking back through 2023:

For FABNs, NYLIFE at 4.25% and MET at 4.35% rank as the 3rd and 5th lowest coupon respectively looking back through 2023:

HERE'S TODAY'S RUNDOWN:

[SUMITOMO MITSUI FINANCIAL GROUP] 

Sumitomo Mitsui Financial Group Inc (SUMIBK) exp A1/A-/A- US$5bn SEC registered 6-part sr notes (3y FXD and or FRN due 1/15/29, 6nc5 fixed to float and/or FRN due 1/15/32, 11nc10 fixed to float due 1/15/37 and 21nc20 fixed to float due 1/15/47). First call dates: 6nc5: 1/15/31, 11nc10: 1/15/36, 21nc20: 1/15/46. Denoms: 200k x 1k. Listing: Luxembourg. Sale into Canada: Yes - exemption. UOP: SMFG intends to use the net proceeds of the offering to extend unsecured loans, intended to qualify as internal TLAC, to Sumitomo Mitsui Banking Corporation (“SMBC”), and SMBC intends to use the proceeds of the loans for general corporate purposes. Pricing 1/5. Settle 1/15 (T+8).

    VIA SMBC Nikko (B&D)/GS/JPM/Jefferies joint active books

    Announced overnight with benchmark size, final size came in at $5bn with price progression as follows:

    3yr FRN – IPT Seqv; RVSD Seqv; GDNC S+76#; PXD $500m 1/15/29 FRN at SOFR+76, at 100.
    3yr FXD – IPT 87.5a; RVSD 85a; GDNC T+60#; PXD $800m 4.108% 1/15/29 100.00 4.108% T+60.
  6nc5 FRN – IPT Seqv; RVSD Seqv; GDNC S+102#; PXD $400m 1/15/32 FRN at SOFR+102, at 100.
  6nc5 FTF – IPT 110a; RVSD 105a; GDNC T+80#; PXD $1.1bn 4.494% 1/15/32 100.00 4.494% T+80. Back-end: SOFR+102.0.
11nc10 FTF – IPT 120a; RVSD 115a; GDNC T+90#; PXD $1.2bn 5.046% 1/15/37 100.00 5.046% T+90. Back-end: SOFR+122.0.
21nc20 FTF – IPT 110a; RVSD 105a; GDNC T+80#; PXD $1bn 5.570% 1/15/47 100.00 5.570% T+80. Back-end: SOFR+136.0.

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

- SUMIBK 5.716% due 09/14/28 (bullet) T+60bp (G65; $104.20) - $1.10bn pxd SEPT 2023 - -SUMIBK 2.472% due 01/14/29 (bullet) T+62bp (G61; $95.31) - $500m pxd JAN 2022
-SUMIBK 4.660% due 07/08/31 (nc 30)  T+71bp (G75; $101.01) - $700m pxd 6/30/25 +87
- SUMIBK 4.954% due 07/08/33 (nc 32) T+95bp (G79; $101.66) - $700m pxd 6/30/25 +97
- SUMIBK 5.246% due 07/08/36 (nc 35) T+79bp (G82; $102.23) - $700m pxd 6/30/25 +102
- SUMIBK 5.795% due 07/07/46 (nc 45) T+91bp ($101.13) - $1bn sub T2 priced 6/30/25 +102

11nc10 – Jul 36nc35 G82; Call f/v T+84 At the T+90bp pricing level, 11NC10 CONCESSION IS 6BP. 
6nc5 – 11nc10 f/v T+84, minus 10bp 5s/10s = T+74bp. At the T+80bp pricing level, 6NC5 CONCESSION IS 6BP
21nc20 – 11nc10 f/v T+84bp; 21nc20s have been coming 10bp inside 11nc10s; So 21nc20 f/v T+74bp.  At the T+80bp pricing level, 21NC20 CONCESSION IS 6BP.
3yr – SUMIBK 1/14/29 bullet G61. At the T+63bp pricing level, 3YR CONCESSION IS 2BP.  

 FINAL BOOKS:

$500m 3yr FRN - $2.700bn (5.40x) - PEAK $2.900bn

$800m 3yr FXD - $3.900bn (4.88x) - PEAK $4.300bn

$400m 6nc5 FRN - $3.000bn (7.50x) - PEAK $3.200bn

$1.1bn 6nc5 FTF - $6.000bn (5.45x) - PEAK $6.600bn

$1.2bn 11nc10 FTF - $6.700bn (5.58x) - PEAK $7.500bn

[CREDIT AGRICOLE] 

Credit Agricole SA (ACAFP), exp issue ratings A3/A-/A+ (issuer ratings A1/A+/A+), US$3.5 144A/Reg S 2-part fixed to floating Senior Non-Preferred (6nc5 due 1/12/32 and 11nc10 due 1/12/37). Optional Redemption Dates: 1/12/31 and 1/12/36. Pricing 1/5. Settle 1/12 (T+5). 

VIA Credit Agricole Securities (USA) as global coordinator and sole books. JLMs (no books): Citi/JPM/WFS.

Announced overnight with benchmark size, final size came in at $3.5bn with priced progression as follows:

6nc5 – IPT T+120a; GDNC 95#; PXD $1.75bn 4.656% 1/12/32 100.00 4.656% T+95. Back-end: SOFR+117.0.
11nc10 – IPT 135a; GDNC 110#; PXD $1.75bn 5.261% 1/12/37 100.00 5.261% T+110. Back-end: SOFR+143.0.

- ACAFP 5.335% due 01/10/30 (nc 29) T+74bp (G73; $102.95) - $1bn pxd JAN 2024
- ACAFP 5.222% due 05/27/31 (nc 30) T+82bp (G87; $102.76) - $1.75bn pxd 5/19/25 +115
- ACAFP 4.818% due 09/25/33 (nc 32) T+113bp (G94; $99.73) - $1.5bn pxd 9/18/25 +97
- ACAFP 5.862% due 01/09/36 (nc 35) T+94bp (G100; $105.46) - $1.75bn pxd JAN 2025

*11nc10: Jan 36nc35 G98; Call f/v T+102.5bp.  At the T+110bp pricing level, 11NC10 CONCESSION IS 7.5BP.
* 6nc5: May 31nc30 G87 + curve = T+90; Or 11nc10 f/v T+102.5; minus 6.5bp 7s/10s puts 8nc7 f/v at T+95-97 (33nc32s above were G94); then minus 6bp for 5s/7s = T+90bp 6nc5 f/v.  With both workouts coming back with T+90bp f/v, at the T+95bp pricing level, 5YR CONCESSION IS 5BP.

Comps away:

BNP Paribas (Baa1/A-/A+)
- BNP 4.792% due 05/09/29 (nc 28) T+82bp (G79; $101.09) - $1.60bn pxd 4/30/25 +120
- BNP 5.085% due 05/09/31 (nc 30) T+83bp (G89; $102.03) - $1.25bn pxd 4/30/25 +135
- BNP 5.786% due 01/13/33 (nc 32) T+111bp (G100; $104.87) - $2.25bn pxd JAN 2026

FINAL BOOKS:

$1.75bn 6nc5 SNP - $5.200bn (2.97x) – PEAK $5.400BN
$1.75bn 11nc10 SNP - $5.100bn (2.91x) – PEAK $5.300BN 

[UBS GROUP]

UBS Group AG (UBS), exp instrument ratings Baa3/BBB-/BBB-, US$3bn 144A/Reg S (Cat 2) 2-part fixed rate reset Tier 1 Capital Notes (PerpNC5.5 (July 2031) and PerpNC10.5 (July 2036)). First Reset Dates: 7/8 31 and 7/8/36. First Call Dates: 1/8/31 and 1/8/36. Pricing 1/5. Settle 1/8 (T+3). 

Via UBS sole books.

Announced with benchmark size, we heard initial thoughts as PerpNC5.5: 7.125% area, PerpNC10.5: 7.50% area.

Went straight to launch at $1.5bn Perp-Jul31 at 6.625%. $1.5bn Perp-Jul36 at 7.00%.

Ultimately, a $3bn deal priced as follows:

$1.5bn Perp-Jul31 at 6.625%, at 100.00. Back-end reset: T+324.0.

$1.5bn Perp-Jul36 at 7.00%, at 100.00. Back-end reset:  T+332.1.

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

-UBS 7.000% PerpNC 02/10/30 $102.00 (G278; 6.43% YTC) - $1.5bn pxd FEB 2025 b/e +307.7
-UBS 6.600% PerpNC 08/05/30 $101.35 (G255; 6.26% YTC) - $750m pxd JUL 2025 b/e +312.2
-UBS 7.125% PerpNC 08/10/34 $102.50 (G265; 6.74% YTC) - $1.5bn pxd FEB 2025 b/e +317.9
-UBS 7.000% PerpNC 02/05/35 $101.75 (G261; 6.74% YTC) - $1.25bn pxd JUL 2025 b/e +329.6

*** Perp NC10.5: Main comp was 7.00% NC Feb ‘35 6.74% YTC.

Outstanding b/e 329.6 minus outstanding G261 = 68.6 * 0.2 = 13.72

6.74% plus 13bp call f/v at 6.875%. At the 7.00% pricing level, NC10.5 CONCESSION IS 12.5bp.

*** Perp NC 5.5: Main comp was 7.00% NC Feb ‘30 6.43% YTC.

Outstanding b/e 307.7 minus outstanding G278 = 29.7 * 0.2 = 5.94.

6.43% plus 6bp call f/v at 6.50%. At the 6.625% pricing level, NC5.5 CONCESSION IS 12.5BP.

FINAL BOOKS:

$1.5bn PerpNC5.5 AT1 - $10.500bn (7.00x) - PEAK $10.900bn

$1.5bn PerpNC10.5 AT1 - $10.000bn (6.67x) - PEAK $10.200bn

[MITSUBISHI UFJ FINANCIAL GROUP] 

Mitsubishi UFJ Financial Group Inc (MUFG) exp A1/A-/A- US$3bn SEC registered 3-part sr notes (6nc5 Fixed Rate Reset and/or FRN due 1/14/32 and 11nc10 fixed rate reset due 1/14/37). Optional Redemption Dates: 1/14/31 and 1/14/36.. Coupon Type: 6nc5: Fixed to Fixed, Semi-Annual, 30/360 / Floating to Floating, Quarterly, Act/360; 11nc10: Fixed to Fixed, Semi-Annual, 30/360. Coupon Reset: If not redeemed, the fixed coupon resets to the 1yr Constant Maturity Treasury from the H.15 Daily Update, plus initial spread on January 14, 2031 for 6nc5 , January 14, 2036 for 11nc10. Tax Redemption: at par in the event of a tax event. Listing:Luxembourg / Euro MTF Market. Denoms: $200,000 x $1,000. Sales to Canada: YES. UOP: To fund the operations of MUFG Bank, Ltd. through loans that are intended to qualify as Internal TLAC debt. Pricing 1/4. Settle 1/14 (T+7).

    VIA MUFG (B&D 11nc10)/MS (B&D 6nc5) joint active books.

    Announced overnight with benchmark size, final size came in at $3bn With priced progression as follows:

- 6nc5 FRN – IPT Seqv; RVSD Seqv; GDNC S+102#; PXD $350m 1/14/32 FRN at SOFR+102, at 100.
    - 6nc5 FTF – IPT T+105-110; RVSD 100-105; GDNC T+80#; PXD $1.15bn 4.505% 1/14/32 100.00 4.505% T+80.
  - 11nc10 FTF IPT T+120a; RVSD 115a; GDNC T+90#; PXD $1.5bn 5.057% 1/14/37 100.00 5.057% T+90.

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

- MUFG 4.527% due 09/12/31 (nc 30)  T+68bp (G71; $100.54) - $1.0bn pxd 9/2/25 +80
- MUFG 5.188% due 09/12/36 (nc 35) T+82bp (G83; $101.51) - $1.0bn pxd 9/2/25 +93

** 11nc10 – Sept 36nc35 G83 + 1bp curve = T+84bp; At the T+90bp pricing level, 11NC10 CONCESSION IS 6BP.
** 6nc5 – Sept 31nc30 G71 + 1bp curve = T+72bp 11nc10 f/v;  T+84 – 12.5bp revised IPT curve = T+71.5bp.  At the T+80bp pricing level, 6NC5 CONCESSION IS 8BP.  

Comps away:

Sumitomo Mitsui Financial Group (A1/A-/A-)
- SUMIBK 4.660% due 07/08/31 (nc 30) T+70bp (G74; $100.88) - $700m pxd 6/30/25 +87
- SUMIBK 5.246% due 07/08/36 (nc 35) T+78p (G81; $102.07) - $700m pxd 6/30/25 +102

FINAL BOOKS:

$350m 6nc5 FRN - $2.300 bn (6.57x) - PEAK $2.700bn

$1.15bn 6nc5 FRR - $5.000bn (4.35x) - PEAK $5.400bn

$1.5bn 11nc10 FRR - $5.450bn (3.63x) - PEAK $6.500bn

[CONSTELLATION ENERGY] 

Constellation Energy Generation LLC (CEG) exp Baa1/BBB+ (s/s) US$2.75bn SEC registered 4-part sr notes (2y FXD and/or FRN due 1/8/28, 5y FXD due 1/15/31 and 40y FXD due 1/15/66). MWC on 5y/40y, then 1mo par call on 5y (12/15/30) and 6mos on 40y (6/15/65). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To retire certain outstanding indebtedness of Calpine following completion of the Calpine Acquisition. If for any reason the Calpine Acquisition is not consummated, the proceeds from this offering will be used for general corporate purposes. Pricing 1/5. Settle 1/8 (T+3). Cusip: 2y FXD: 210385AP5, 2y FRN: 210385AN0, 5y: 210385AQ3, 40y: 210385AR1. ISIN: 2y FXD: US210385AP50, 2y FRN: US210385AN03, 5y: US210385AQ34, 40y: US210385AR17.

VIA BofA (B&D on 5y)/Citi (B&D on 40y)/GS/MS (B&D on 2y tranches)/Scotia active joint books. Passive: M&T/PNC/SG/TD/TSI. 

Announced as a benchmark, final size came in at $2.75bn with price progression as follows:

2y FXD IPT - T+80 area; GDNC T+48#; PXD $900m 3.90% 1/8/28 99.933 3.935% T+48. 

2yr FRN IPT - SOFR Equiv; GDNC Seqv; PXD $300m 1/8/28 FRN at SOFR+60, at 100.

5y IPT - T+100 area; GDNC T+73#; PXD $750m 4.40% 1/15/31 99.830 4.438% T+73. MW+15.

40y IPT T+145 area; GDNC T+112.5#; PXD $800m 5.875% 1/15/66 98.438 5.978% T+112.5. MW+20.

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

-CEG 5.600% due 03/01/28 T+48bp (G47; $103.26) - $750M pxd Feb 2023
-CEG 6.125% due 01/15/34 T+67bp (G84; $108.22) - $500M pxd Sep 2023
-CEG 6.250% due 10/01/39 T+123bp (G98; $108.12) - $900M pxd Sep 2009
-CEG 6.500% due 10/01/53 T+103bp ($108.22) - $900M pxd Sep 2023
-CEG 5.750% due 03/15/54 T+99bp ($98.87) - $900M pxd Mar 2024

** 5yr – outstanding Jan 34s G84; plus 6bp for curve, new 10yr f/v is T+90bp; then minus 20bp 5s/10s curve = T+70bp. At the T+73bp pricing level,  5Y CONCESSION IS 3BP.

** 2yr – 5yr f/v T+70bp; minus 20bp 2s/5s curve at IPT = T+50bp f/v.  At the T+48bp pricing level,  2Y CONCESSION IS NEG 2BP.

** 40yr – using Mar 54s T+99; call new 30yr f/v T+100bp, then add 10-15bp for 30s/40s curve = T+112.5bp f/v. At the T+112.5bp pricing level, 40Y CONCESSION IS FLAT.

Comps away:

Nextera Energy Capital (Baa1/BBB+/A-)
-NEE 4.850% due 02/04/28 T+44bp (G43; $101.85) - $1B pxd Jan 2025
-NEE 5.050% due 03/15/30 T+49bp (G57; $103.12) - $1B pxd Jan 2025
-NEE 5.900% due 03/15/55 T+99bp ($100.68) - $750M pxd Jan 2025

Southern Co (Baa1/BBB+/BBB+)
-SO 4.850% due 06/15/28 T+54bp (G52; $101.82) - $750M pxd May 2023
-SO 5.500% due 03/15/29 T+53bp (G52; $104.06) - $1B pxd Sep 2023

Exelon Corp (Baa2/BBB+/N/A)
-EXC 5.150% due 03/15/28 T+55bp (G54; $102.26) - $1B pxd Feb 2023
-EXC 5.125% due 03/15/31 T+70bp (G69; $103.15) - $500M pxd Feb 2025
-EXC 5.600% due 03/15/53 T+100bp ($96.48) - $1.05B pxd Feb 2023
-EXC 5.875% due 03/15/55 T+102bp ($100.26) - $500M pxd Feb 2025

Duke Energy Corp (Baa2/BBB/N/A)
-DUK 4.850% due 01/05/29 T+51bp (G51; $102.18) - $650M pxd Jan 2024

FINAL BOOKS:

$300m 2yr FRN - $1.650bn (5.50x) - PEAK $1.700bn

$900m 2yr FXD - $3.200bn (3.56x) - PEAK $4.000bn

$750m 5yr - $4.400bn (5.87x) - PEAK $4.800bn

$800m 40yr - $5.900bn (7.38x) - PEAK $6.700bn

[THE WILLIAMS COS INC] 

The Williams Cos Inc (WMB) exp Baa2/BBB+/BBB (p/s/p) US$2.75bn SEC registered 3-part sr notes (tap of WMB 5.65% 3/15/33 - $750m outstanding, new 10y FXD due 3/15/36 and 30y FXD due 3/15/56). MWC (T+30 on tap), then 3mos par call on tap (12/15/32), 3mos on new 10y (12/15/35) and 6mos on new 30y (9/15/44). Denoms: 2,000 x 1,000. Day Count: 30/360. Sale into Canada: Yes - Exemption. UOP: The company intends to use the net proceeds of this offering to repay our near-term debt maturities, including the $1.1 billion of 5.400% Senior Notes due 2026, and for other general corporate purposes. Pricing 1/5. Settle 1/8 (T+3). Cusip: 2033 tap: 969457CJ7, 10y: 969457CV0, 30y: 969457CW8. ISIN: 2033 tap: US969457CJ76, 10y: US969457CV05, 30y: US969457CW87. 

VIA Barc (B&D on 7y tap and new 10y)/BofA (B&D on new 30y)/CIBC/TSI joint active books. 

Announced as a benchmark, final size came in at $2.75bn with price progression as follows:

2033 tap IPT - T+95 area; GDNC T+72#; PXD $500m tap of 5.65% 3/15/33 at 104.465 4.883% T+72. MW+30. Total outstanding now $1.25bn.

10y IPT - T+125 area; GDNC T+100#; PXD $1.25bn 5.15% 3/15/36 99.882 5.163% T+100. MW+15.

30y IPT - T+140 area; GDNC T+112.5#; PXD $1bn 5.95% 3/15/56 99.645 5.974% T+112.5. MW+20.

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

​​-WMB 5.300% due 08/15/28 T+57bp (G53; $103) - $900M pxd Aug 2023
-WMB 4.800% due 11/15/29 T+70bp (G62; $101.96) - $450M pxd Aug 2024
-WMB 4.625% due 06/30/30 T+66bp (G71; $100.97) - $750M pxd Jun 2025
-WMB 4.650% due 08/15/32 T+82bp (G67; $100.6) - $1B pxd Aug 2022
-WMB 5.650% due 03/15/33 T+64bp (G88; $104.91) - $750M pxd Feb 2023
-WMB 5.300% due 09/30/35 T+93bp (G96; $101.49) - $750M pxd Jun 2025
-WMB 6.000% due 03/15/55 T+105bp ($101.3) - $500M pxd Jan 2025

** 2033 tap f/v T+64bp. At the T+72bp pricing level, 2033 TAP CONCESSION IS 8BP.

** 10y – outstanding Sep 35s G96; plus 1bp for curve = T+97bp f/v. At the T+100bp pricing level, 10Y CONCESSION IS 3BP.

** 30y - outstanding Mar 55s T+105bp; call new 30y f/v T+105bp. (7.5bp nic)

Or 10yr T+97bp; plus 15bp 10s/30s curve at IPT, f/v T+112bp. (0.5bp nic)

Mid-point f/v 108.5bp. At the T+112.5bp pricing level, 30Y CONCESSION IS 4BP.

Comps away:

Transcont Gas Pipe Line (Baa1/BBB+/BBB+)
-WMB 3.250% due 05/15/30 T+61bp (G67; $95.74) - $700M pxd Nov 2020
-WMB 5.100% due 03/15/36 T+84bp (G83; $100.71) - $1B pxd 11/05/25 +95
-WMB 3.950% due 05/15/50 T+86bp ($76.94) - $500M pxd Nov 2020
-WMB 5.750% due 03/15/56 T+99bp ($98.67) - $700M pxd 11/05/25 +105

Enterprise Products Operating LLC (A3/A-/A-)
-EPD 4.300% due 06/20/28 T+43bp (G40; $100.9) - $800M pxd Jun 2025
-EPD 2.800% due 01/31/30 T+44bp (G52; $94.95) - $1.25B pxd Jan 2020
-EPD 4.600% due 01/15/31 T+60bp (G60; $101.23) - $1.35B pxd Jun 2025
-EPD 5.200% due 01/15/36 T+82bp (G83; $101.62) - $1.5B pxd Jun 2025
-EPD 5.550% due 02/16/55 T+94bp ($96.57) - $1.4B pxd Aug 2024

Enbridge Inc (Baa2/BBB+/BBB+)
-ENBCN 4.200% due 11/20/28 T+67bp (G62; $100.15) - $500M pxd 11/17/25 +63
-ENBCN 5.300% due 04/05/29 T+69bp (G67; $103.16) - $750M pxd Apr 2024
-ENBCN 4.900% due 06/20/30 T+63bp (G69; $102.17) - $600M pxd Jun 2025
-ENBCN 4.500% due 02/15/31 T+82bp (G81; $99.82) - $500M pxd 11/17/25 +80
-ENBCN 5.200% due 11/20/35 T+95bp (G97; $100.61) - $500M pxd 11/17/25 +110
-ENBCN 5.950% due 04/05/54 T+103bp ($100.88) - $1.15B pxd Apr 2024

Kinder Morgan Inc (Baa2/BBB/BBB+)
-KMI 5.100% due 08/01/29 T+65bp (G60; $102.95) - $500M pxd Jul 2024
-KMI 5.150% due 06/01/30 T+57bp (G63; $103.36) - $1.1B pxd Apr 2025
-KMI 5.850% due 06/01/35 T+90bp (G96; $105.66) - $750M pxd Apr 2025
-KMI 5.950% due 08/01/54 T+116bp ($99.12) - $750M pxd Jul 2024

Energy Transfer LP (Baa2/BBB/BBB)
-ET 6.100% due 12/01/28 T+72bp (G67; $105.03) - $500M pxd Oct 2023
-ET 5.200% due 04/01/30 T+68bp (G76; $103) - $650M pxd Feb 2025
-ET 5.700% due 04/01/35 T+105bp (G112; $103.41) - $1.25B pxd Feb 2025
-ET 6.200% due 04/01/55 T+151bp ($97.81) - $1.1B pxd Feb 2025

Oneok Inc (Baa2/BBB/BBB)
-OKE 4.400% due 10/15/29 T+78bp (G71; $100.29) - $600M pxd Sep 2024
-OKE 4.950% due 10/15/32 T+111bp (G94; $100.65) - $750M pxd 08/06/25 +103
-OKE 5.400% due 10/15/35 T+109bp (G112; $101.03) - $1B pxd 08/06/25 +122
-OKE 6.250% due 10/15/55 T+138bp ($100.17) - $1.25B pxd 08/06/25 +147
-OKE 5.850% due 11/01/64 T+142bp ($93.84) - $800M pxd Sep 2024

Plains All Amer Pipeline (Baa2/BBB/BBB)
-PAA 4.700% due 01/15/31 T+86bp (G86; $100.52) - $1B pxd 09/03/25 +105
-PAA 5.600% due 01/15/36 T+129bp (G130; $101.06) - $1B pxd 09/03/25 +142

Targa Resources Corp (Baa2/BBB/BBB)
-TRGP 4.350% due 01/15/29 T+74bp (G74; $100.21) - $750M pxd 11/06/25 +80
-TRGP 4.900% due 09/15/30 T+76bp (G79; $101.73) - $750M pxd Jun 2025
-TRGP 5.400% due 07/30/36 T+122bp (G118; $100.09) - $1B pxd 11/06/25 +132
-TRGP 6.125% due 05/15/55 T+135bp ($98.92) - $1B pxd Feb 2025

FINAL BOOKS: 

$500m 2033 Tap - $1.700bn (3.40x) - PEAK $1.600bn

$1.25bn 10yr - $4.100bn (3.28x) - PEAK $4.600bn

$1bn 30yr - $4.400bn (4.40x) - PEAK $4.900bn

[HYUNDAI CAPITAL AMERICA] 

Hyundai Capital America (HYNMTR) exp A3/A-/A- (s/s/s) US$2.75bn 144A/Reg S no reg rights 5-part sr notes (3y FXD and/or FRN due 1/8/29, 5y FXD and/or FRN due 1/8/31 and 7y FXD due 1/10/33). MWC (FXD tranches) then 1mo par call on 5y (12/8/30) and 2mos on 7y (11/10/32). Support Agreement Provider: Hyundai Motor Company. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Marketing: Direct Link: https://dealroadshow.com/e/HCAJAN26. Link: https://dealroadshow.com | Entry Code: HCAJAN26. Pricing 1/5. Settle 1/8 (T+3). 144A Cusip 144A: 3y FXD: 44891AED5, 3y FRN: 44891AEG8, 5y FXD: 44891AEE3, 5y FRN: 44891AEH6, 7y: 44891AEF0. 144A ISIN: 3y FXD: US44891AED54, 3y FRN: US44891AEG85, 5y FXD: US44891AEE38, 5y FRN: US44891AEH68, 7y: US44891AEF03. 

VIA BNP/Barc/Citi (B&D)/Lloyds/SG/SMBC joint active books.

Announced with benchmark size, final size came in at $2.75bn with price progression as follows:

3yr FRN - SOFR equiv; GDNC Seqv; PXD $350m 1/8/29 FRN at SOFR+89, at 100.

3yr FXD - T+105 area; GDNC T+73#; PXD $900m 4.25% 1/8/29 99.986 4.255% T+73. MW+15.

5yr FRN - SOFR equiv; GDNC Seqv; PXD $300m 1/8/31 FRN at SOFR+107, at 100.

5yr FXD - T+115 area; GDNC T+85#; PXD $700m 4.55% 1/8/31 99.951 4.561% T+85. MW+15.

7yr FXD - T+125 area; GDNC T+92#; PXD $500m 4.80% 1/10/33 99.729 4.846% T+92. MW+15.

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

-HYNMTR 4.250% due 09/18/28 T+75bp (G77; $100.08) - $700m pxd 09/15/25 +82
-HYNMTR 4.500% due 09/18/30 T+80bp (G83; $99.86) - $700m pxd 09/15/25 +97
-HYNMTR 5.400% due 06/23/32 T+107bp (G93; $103.21) - $103.22) - $500m pxd 06/17/25 +127

*** 7yr: Jun ‘32 G93, add 2bp for curve gets f/v to T+95bp. At the T+92bp pricing level, 7yr CONCESSION IS NEG 3BP.

*** 5yr: Sept ‘30 G83, add 2bp for curve gets f/v to T+85bp. At the T+85bp pricing level, 5yr CONCESSION IS FLAT.

*** 3yr: 5y f/v at T+85, take away 10bp for IPT curve gets f/v to T+75bp. At the T+73bp pricing level, 3yr CONCESSION IS NEG 2BP.

FINAL BOOKS:

$350m 3yr FRN - $2.000bn (5.71x) - PEAK $2.500bn

$900m 3yr FXD - $3.900bn (4.33x) - PEAK $4.500bn

$300m 5yr FRN - $1.500bn (5.00x) - PEAK $2.500bn

$700m 5yr FXD - $3.000bn (4.29x) - PEAK $4.500bn

$500m 7yr FXD - $2.650bn (5.30x) - PEAK $4.000bn

[SOCGEN] 

Societe Generale (SOGCEN), exp issue ratings Baa2/BBB/A- (issuer ratings A1/A/A- (n/s/s)), US$2.5bn 144A/Reg S 3-part Senior Non-Preferred Notes (4.25nc3.25 fixed to floating and/or FRN due 4/12/30 and 11.25nc10.25 fixed to floating due 4/10/37). SG as global coordinator. Joint books: BofA/JPM/MS/RBC/Scotia/SG Americas. Optional Redemption Dates: 4/12/29, 4/12/29, 4/10/36. Pricing 1/5. Settle 1/12 (T+5).

VIA Joint books: BofA/JPM/MS/RBC/Scotia/SG Americas.

Announced overnight with benchmark size, final size came in at $2.5bn with price progression as follows:

- 4.25nc3.25 FRN – IPT Seqv; GDNC Seqv; PXD $400m 4/12/30 FRN at SOFR+109.6, at 100.
- 4.25nc3.25 FTF – IPT 120a; GDNC 95#; PXD $1.1bn 4.45% 4/12/30 99.949 4.469% T+95. Back-end: SOFR+110.1.
- 11.25nc10.25 FTF – IPT 155a; GDNC 128#; PXD $1bn 5.40% 4/10/37 99.721 5.437% T+128. Back-end: SOFR+160.1.

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

- SOCGEN 5.249% due 05/22/29 (nc 28) T+85bp (G88 $102.11) - $1.0bn pxd  5/14/25 +120
- SOCGEN 5.512% due 05/22/31 (nc 30) T+99bp (G105; $103.19) - $1.0bn pxd 5/14/25 +135
- SOCGEN 5.439% due 10/03/36 (nc 35) T+125bp (G126; $100.21) - $1.25bn pxd 9/29/25 +130bp.

*11nc10 – Oct 36nc35 G126;  +1bp curve = T+127bp At the T+128bp pricing level, 11NC10 CONCESSION IS 1BP.
* 4NC3 – 11nc10 G127; minus 35bp 3s/10s = T+92bp. At the T+95bp pricing level, 4NC3 CONCESSION IS 3BP.

Comps away:

BPCE SA (A1/A+/A+)
- BPCEGP 5.281% due 05/30/29 (bullet) T+82bp (G78; $102.94) - $650m pxd MAY 2024
- BPCEGP 5.389% due 05/28/31 (nc 30) T+99bp (G104; $102.73) - $1.0bn pxd 5/21/25 +125
- BPCEGP 6.293% due 01/14/36 (nc 35) T+118bp (G125; $106.78) - $1.5bn pxe JAN 2025

BNP Paribas (Baa1/A-/A+)
- BNP 4.792% due 05/09/29 (nc 28) T+82bp (G79; $101.09) - $1.60bn pxd 4/30/25 +120
- BNP 5.085% due 05/09/31 (nc 30) T+83bp (G89; $102.03) - $1.25bn pxd 4/30/25 +135
- BNP 5.786% due 01/13/33 (nc 32) T+111bp (G100; $104.87) - $2.25bn pxd JAN 2026

Credit Agricole SA (A3/A-/A+)
- ACAFP 5.335% due 01/10/30 (nc 29) T+74bp (G73; $102.95) - $1bn pxd JAN 2024
- ACAFP 5.222% due 05/27/31 (nc 30) T+82bp (G87; $102.76) - $1.75bn pxd 5/19/25 +115
- ACAFP 4.818% due 09/25/33 (nc 32) T+113bp (G94; $99.73) - $1.5bn pxd 9/18/25 +97
- ACAFP 5.862% due 01/09/36 (nc 35) T+92bp (G98; $105.46) - $1.75bn pxd JAN 2025

FINAL BOOKS:

$400m 4.25nc3.25 SNP - $1.200bn (3.00x) - PEAK $1.400bn

$1.1bn 4.25nc3.25 FTF SNP - $3.000bn (2.73x) - PEAK $4.500bn

$1bn 11.25nc10.25 FTF SNP - $2.200bn (2.20x) - PEAK $5.700bn

[FORD MOTOR CREDIT CORP]

Ford Motor Credit Corp (F) exp Ba1/BBB-/BBB- (s/n/s) US$2.5SEC registered 3-part sr notes (long 3y FXD and or FRN due 4/6/29 and long 7y FXD due 4/6/33). MWC (FXD tranches) then 1mo par call on 3y (3/6/29) and 2mos on 7y (2/6/33). Denoms: 200,000 x 1,000. Sales into Canada: No. UOP: gcp. Pricing 1/5. Settle 1/8 (T+3). Cusip: L3y FXD: 345397J20, L3y FRN: 345397H97, 7y: 345397J38. ISIN: L3y FXD: US345397J200, L3y FRN: US345397H972, 7y: US345397J382. 

VIA BofA (B&D on 7y)/DB/BNP/SMBC (B&D on 3y tranches)/SG joint active books.

Announced with benchmark size, final size came in at $2.5bn with price progression as follows:

3yr FRN - IPT SOFR equiv; GDNC Seqv; dropped at launch

3yr FXD - IPT T+180 area; GDNC T+145#; PXD $1.5bn 4.97% 4/6/29 99.993 4.975% T+145. MW+25.

7yr FXD - IPT T+215 area; GDNC T+183#; PXD $1bn 5.753% 4/6/33 99.998 5.755% T+183. MW+30.

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

-F 5.918% due 03/20/28 T+129bp (G128; $102.29) - $1bn pxd MAR 2025
-F 5.800% due 03/08/29 T+148bp (G147; $102.16) - $1.6bn pxd MAR 2024
-F 5.875% due 11/07/29 T+156bp (G148; $102.57) - $1.25bn pxd JAN 2025
-F 5.730% due 09/05/30 T+164bp (G168; $101.38) - $1.25bn pxd 09/02/25 +198
-F 6.532% due 03/19/32 T+190bp (G179; $104.64) - $750m pxd MAR 2025
-F 5.869% due 10/31/35 T+186bp (G186; $98.51) - $1bn pxd 10/28/25 +188

*** L7yr: Mar ‘32 G179, add 4bp for ‘32/’33 curve gets f/v to T+183bp. At the T+183bp pricing level, L7yr CONCESSION IS FLAT.

*** L3yr: Mar ‘29 G147, call f/v at T+147bp. At the T+145bp pricing level, L3yr CONCESSION IS NEG 2BP.

FINAL BOOKS:

$1.5bn L3yr - $6.600bn (4.40x) - PEAK $7.200bn

$1bn L7yr - $4.700bn (4.70x) - PEAK $6.000bn

[CATERPILLAR] 

Caterpillar Financial Services Corp (CAT) exp A2/A/A+ (p/s/s) US$1.75bn SEC registered 3-pt sr unsec notes (2yr FXD and/or FRN due 01/10/28 and 5yr FXD due 01/08/31). MWC on 2yr FXD and 5yr FXD. FRN Calculation: Compounded SOFR, 2-day observation shift (no lockout or payment delay). UoP: gcp. Denominations: 1,000 x 1,000. Sale into Canada: Yes - Exemption. Pricing 1/5. Settle 1/8 (T+3). 2yr FXD/2yr FRN/5yr FXD: CUSIP 14913UBF6/ 14913UBG4/14913UBH2; ISIN: US14913UBF66/ US14913UBG40/ US14913UBH23. 

VIA BofA/Citi (B&D on 5yr)/MUFG(B&D on 2yr) joint active books. 

Announced with benchmark size, final size came in at $1.75bn with price progression as follows:

2yr FRN - IPT SOFR Equiv; GDNC S+40#; PXD $750m 1/10/28 FRN at SOFR+40, at 100.

2yr FXD - IPT T+50 area; GDNC T+27#; PXD $500m 3.70% 1/10/28 99.948 3.727% T+27. MW+5.

5yr FXD - IPT T+70 area; GDNC T+45#; PXD $500m 4.15% 1/8/31 99.964 4.158% T+45. MW+10.

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

Caterpillar Financial Services
-CAT 4.600% due 11/15/27 T+22bp (G22; $101.64) - $950m pxd NOV 2024
-CAT 4.400% due 03/03/28 T+37bp (G36; $101.18) - $450m pxd FEB 2025
-CAT 3.950% due 11/14/28 T+40bp (G34; $100.25) - $1.05bn pxd 11/10/25 +37
-CAT 4.800% due 01/08/30 T+18bp (G27; $103.35) - $450m pxd JAN 2025
Caterpillar Inc
-CAT 5.200% due 05/15/35 T+53bp (G59; $103.71) - $1.7bn pxd MAY 2025

We heard DE was the most relevant comp:

John Deere Capital Corp (A1/A/A+)
-DE 4.250% due 06/05/28 T+30bp (G27; $101.13) - $700m pxd 06/02/25 +38
Deere Funding Canada
-DE 4.150% due 10/09/30  T+43bp (G45; $100.05) - $500m pxd 10/02/25 +50
John Deere Capital Corp
-DE 4.375% due 10/15/30 T+43bp (G45; $101.02) - $600m pxd 07/21/25 +50
Deere & Co
-DE 5.450% due 01/16/35 T+53bp (G62; $105.42) - $1.25bn pxd JAN 2025

*** 2yr: DE Jun ‘28 G27, take away 2bp for curve call f/v at T+25bp. At the T+27bp pricing level, 2yr CONCESSION IS 2BP.

*** 5yr: DE Oct ‘30 G45, call fv at T+45bp. At the T+45bp pricing level, 5yr CONCESSION IS FLAT.

COMPS AWAY:

PACCAR Financial Corp (A1/A+)
-PCAR 4.000% due 08/08/28 T+30bp (G26; $100.60) - $400m pxd 08/04/25 +37.5
-PCAR 4.000% due 11/07/28 T+35bp (G29; $100.51) - $400m pxd 11/05/25 +37.5
-PCAR 4.550% due 05/08/30 T+40bp (G46; $101.74) - $350m pxd MAY 2025

FINAL BOOKS:

$750m 2yr FRN - $1.45BN (1.93X) - PEAK $1.50BN

$500m 2yr FXD - $1.200bn (2.40x) - PEAK $1.700BN

$500m 5yr FXD - $3.050bn (6.10x) - PEAK $4.00BN

[GENERAL MOTORS FINANCIAL CO INC] 

General Motors Financial Co Inc (GM) exp Baa2/BBB/BBB (s/s/p) US$1.5bn SEC registered 2-part sr notes (5y FXD due 1/8/31 and 10y FXD due 1/8/36). MWC then 1mo par call on 5y (12/8/31) and 3mos on 10y (10/8/35). UOP: gcp. Denoms: 2,000 x 1,000. Sales into Canada: yes via exemption. Pricing 1/5. Settle 1/8 (T+3). CUSIPs: 5y: 37045XFM3, 10y: 37045XFN1. ISINs: 5y: US37045XFM39, 10y: US37045XFN12. 

VIA BBVA/CIBC/Citi (B&D)/JPM/RBC/WFS joint active books. 

Announced with benchmark size, we heard initial thoughts as 5y T+120 area, 10y T+165 area.

Went straight to launch at $900m 5y at T+90. $600m 10y at T+130.

Ultimately, a $1.5bn deal priced as follows:

$900m 4.60% 1/8/31 99.978 4.605% T+90. MW+15.

$600m 5.45% 1/8/36 99.931 5.459% T+130. MW+20.

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

-GM 5.000% due 07/15/27 T+65bp (G66; $101.31) - $500m pxd MAY 2025
-GM 4.200% due 10/27/28 T+64bp (G58; $100.27) - $1bn pxd 10/22/25 +78
-GM 5.450% due 07/15/30 T+77bp (G82; $103.87) - $1bn pxd MAY 2025
-GM 5.625% due 04/04/32 T+109bp (G97; $104.30) - $750m pxd FEB 2025
-GM 6.150% due 07/15/35 T+123bp (G128; $105.45) - $750m pxd MAY 2025

*** 10yr: Jul ‘35 G128, call fv/v at T+128bp. AT the T+130bp pricing level, 10yr CONCESSION IS 2BP.

*** 5yr: Jul ‘30 G82, add 5bp for curve gets f/v to T+87bp. At the T+90bp pricing level, 5yr CONCESSION IS 3BP.

COMPS AWAY:

America Honda Finance Corp (A3/A-)
-HNDA 4.550% due 07/09/27 T+40bp (G41; $101.01) - $900m pxd 07/08/25 +65
-HNDA 4.250% due 09/01/28 T+56bp (G51; $100.58) - $700m pxd 09/02/25 +65
-HNDA 4.500% due 09/04/20 T+68bp (G71; $100.45) - $650m pxd 09/02/25 +80
-HNDA 5.150% due 07/09/32 T+91bp (G75; $102.95) - $750m pxd 07/08/25 +100
-HNDA 5.200% due 03/05/35 T+84bp (G90; $101.40) - $500m pxd MAR 2025

Hyundai Capital America (A3/A-/A-)
-HYNMTR 4.250% due 09/18/28 T+75bp (G77; $100.08) - $700m pxd 09/15/25 +82
-HYNMTR 4.500% due 09/18/30 T+80bp (G83; $99.86) - $700m pxd 09/15/25 +97
-HYNMTR 5.400% due 06/23/32 T+107bp (G93; $103.21) - $103.22) - $500m pxd 06/17/25 +127

FINAL BOOKS:

$900m 5yr - $3.500bn (3.89x) - PEAK $4.250bn

$600m 10yr - $4.600bn (7.67x) - PEAK $7.100bn

[PUBLIC SERVICE ELECTRIC & GAS] 

Public Service Electric and Gas Co (PEG) exp A1/A (s/s) US$1bn SEC registered 2-part sr secured MTNs (5y FXD due 1/1/31 and 30y FXD due 1/1/56). MWC then 1mo par call on 5y (12/1/30) and 6mos on 30y (7/1/55). Denoms: 2,000 x 1,000. Sale into Canada; Yes - exemption. UOP: To repay at maturity $450 million aggregate principal amount of 0.95% Secured Medium-Term Notes, Series N, due March 15, 2026, including accrued but unpaid interest thereon, and repay indebtedness outstanding under the commercial paper program. The remainder of the net proceeds will be used for general corporate purposes. Pricing 1/5. Settle 1/7 (T+2). 

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

Announced as a benchmark, we heard initial price thoughts as 5y T+80 area, 30y T+110 area.

Went straight to launch at $500m 5y at T+52. $500m 30y at T+80.

Ultimately, a $1bn deal priced as follows:

$500m 4.20% 1/1/31 99.876 4.228% T+52. MW+10.

$500m 5.625% 1/1/56 99.685 5.647% T+80. MW+15.

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

-PEG 1.900% due 08/15/31 T+57bp (G50; $88) - $425M pxd Aug 2021
-PEG 4.900% due 08/15/35 T+63bp (G67; $101) - $450M pxd 08/07/25 +67
-PEG 5.500% due 03/01/55 T+78bp ($98) - $500M pxd Feb 2025

** 5yr  - working down from outstanding Aug 35s G67; call new 10yr f/v T+68bp; minus 15-20bp for 5s/10s curve = T+50bp f/v. At the T+52bp pricing level, 5yr CONCESSION IS 2BP.

**30yr  - outstanding Mar 55s T+78bp; call new 30y f/v T+78. At the T+80bp pricing level, 30yr CONCESSION IS 2BP.

Comps away:

Florida Power & Light Co (Aa2/A+/AA-)
-NEE 4.625% due 05/15/30 T+39bp (G46; $102) - $500M pxd May 2023
-NEE 4.700% due 02/15/36 T+64bp (G62; $99) - $650M pxd 12/02/25 +65
-NEE 5.700% due 03/15/55 T+76bp ($101) - $950M pxd Feb 2025

MidAmerican Energy Co (Aa2/A/N/A)
-BRKHEC 5.350% due 01/15/34 T+49bp (G66; $104) - $350M pxd Sep 2023
-BRKHEC 5.500% due 11/15/56 T+81bp ($97) - $400M pxd 11/03/25 +85

FINAL BOOKS:

$500m 5yr  - $2.000bn (4.00x) - PEAK $2.800bn

$500m 30yr - $3.000bn (6.00x) - PEAK $4.400bn

[ENTERGY ARKANSAS] 

Entergy Arkansas LLC (ETR) exp A2/A (s/s) US$1bn SEC registered 2-part first mortgage bonds (10y FXD due 1/15/36 and 30y FXD due 1/15/56). MWC then 3mos par call on 10y (10/15/35) and 6mos on 30y (7/15/56). Special Redemption: 101 upon a Tax Credit Event. Denoms: 1,000 x 1,000. Sales into Canada: No. Prohibited Sales: No sales into Mainland China, Hong Kong, Russia, Iran, North Korea, Venezuela or Cuba. International Sales: No - Domestic Sales Only. UOP: (i) To repay prior to maturity the outstanding $600 million aggregate principal amount of the Company's First Mortgage Bonds, 3.5% Series due April 2026, (ii) to finance a portion of the construction of generation projects, and/or (iii) for general corporate purposes. Pricing 1/5. Settle 1/8 (T+3). Cusip: 10y: 29366MAH1, 30y: 29366MAJ7. ISIN: US29366MAH16, 30y: US29366MAJ71.

VIA BNP/BNY/Key/MUFG (B&D)/Stephens/USB joint active books.

Announced as a benchmark, we heard initial price thoughts as 10y T+110 area, 30y T+120 area.

Guidance came in at 10y T+83#, 30y T+93#.

Ultimately,  a $1bn deal pricked as follows:

$500m 4.95% 1/15/36 99.647 4.995% T+83. MW+15.

$500m 5.75% 1/15/56 99.517 5.784% T+93. MW+15.

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

-ETR 5.450% due 06/01/34 T+63bp (G77; $104.282) - $700M pxd May 2024
-ETR 5.750% due 06/01/54 T+88bp ($100.457) - $400M pxd May 2024

Other ETR comps

Entergy Louisiana LLC (A2/A/N/A)
-ETR 5.150% due 09/15/34 T+68bp (G80; $101.993) - $700M pxd Aug 2024
-ETR 5.800% due 03/15/55 T+95bp ($99.725) - $750M pxd Jan 2025

Entergy Texas Inc (A3/A/N/A)
-ETR 5.250% due 04/15/35 T+76bp (G83; $102.24) - $500M pxd Feb 2025
-ETR 5.550% due 09/15/54 T+95bp ($96.125) - $350M pxd Aug 2024

** Entergy Louisiana and Texas both have 30yr point to ~T+95; Entergy Arkansas should trade a couple inside these two, so taking off some bps, call new 30yr f/v T+90bp. At the T+93bp pricing level, 30Y CONCESSION IS 3BP. 

** 10yr - 30yr f/v T+90bp; minus 10bp 10s/30s curve = T+80bp f/v. At the T+83bp pricing level, 10Y CONCESSION IS 3BP.

Comps away:

Entergy Mississippi LLC (A2/A/N/A)
-ETR 5.000% due 09/01/33 T+57bp (G78; $101.55) - $300M pxd May 2023
-ETR 5.850% due 06/01/54 T+97bp ($100.144) - $300M pxd May 2024

Duke Energy Progress LLC (Aa3/A/N/A)
-DUK 5.050% due 03/15/35 T+66bp (G73; $101.515) - $850M pxd Mar 2025
-DUK 5.550% due 03/15/55 T+83bp ($97.883) - $750M pxd Mar 2025

PPL Electric Utilities (A1/A+/N/A)
-PPL 4.850% due 02/15/34 T+54bp (G71; $100.852) - $650M pxd Jan 2024
-PPL 5.550% due 08/15/55 T+75bp ($99.003) - $500M pxd 08/06/25 +77

Commonwealth Edison Co (A1/A/WD)
-EXC 5.300% due 06/01/34 T+54bp (G68; $103.895) - $400M pxd May 2024
-EXC 5.950% due 06/01/55 T+84bp ($103.385) - $725M pxd May 2025

Public Service Electric (A1/A/N/A)
-PEG 4.900% due 08/15/35 T+63bp (G67; $100.679) - $450M pxd 08/07/25 +67
-PEG 5.500% due 03/01/55 T+80bp ($97.595) - $500M pxd Feb 2025

Union Electric Co (A2/A/N/A)
-AEE 5.250% due 04/15/35 T+70bp (G77; $102.68) - $500M pxd Mar 2025
-AEE 5.125% due 03/15/55 T+90bp ($90.95) - $450M pxd Sep 2024

Oncor Electric Delivery (A2/A/A)
-ONCRTX 5.350% due 04/01/35 T+77bp (G84; $102.878) - $650M pxd Mar 2025
-ONCRTX 5.800% due 04/01/55 T+93bp ($100.004) - $650M pxd Mar 2025

FINAL BOOKS:

$500m 10yr FMB - $3.000bn (6.00x) - PEAK $3.500bn

$500m 30yr FMB - $3.000bn (6.00x) - PEAK $3.500bn

[METLIFE GLOBAL FUNDING]

Metropolitan Life Global Funding I (MET) exp Aa3/AA-/AA- (s/s/s) US$750m 144A/Reg S 5y sr secured FA-Backed due 1/12/31. BofA/BNP/DB/JPM (B&D) joint active books. FA Provider: Metropolitan Life Insurance Company. Denoms: 150,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: To purchase one or more Funding Agreements from Metropolitan Life Insurance Company. Pricing 1/5. Settle 1/12 (T+5).

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

    Announced with benchmark size, we heard initial thoughts as T+90a.

    Guidance came in at T+65#.

    Ultimately, a $750m deal priced as follows:

    PRICED: $750m 4.35% 1/12/31 99.951 4.361% T+65.

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

 - MET 4.150% due 08/25/28 T+52bp (G47; $100.36) - $600m pxd 8/19/25 +45
- MET 4.900% due 01/09/30 T+54bp (G63; $102.26) - $500m pxd JAN 2025
- MET 5.050% due 01/08/34 T+58bp (G73; $101.82) - $550m pxd JAN 2024 

Met Tower Global Funding (Aa3/AA-/AA-)
- MET 4.800% due 01/14/28 T+47bp (G47; $101.63) - $600m pxd JAN 2025
- MET 4.200% due 09/16/30 T+61bp (G64; $99.33) - $500m pxd 9/9/25 +65

** MET Tower Sept ‘30s G64;  Add 1bp for curve = T+65bp.  At the T+65bp pricing level, CONCESSION IS FLAT.

Comps away:

New York Life Global Funding (Aa1/AA+/AAA_
- NYLIFE 4.600% due 06/03/30 T+50bp (G55; $101.59) - $600m pxd 5/27/25 +58

Northwestern Mutual Global Funding (Aa1/AA+/AAA)
- NWMLIC 4.600% due 06/03/30 T+49bp (G55; $101.59) - $400m pxd 5/27/25 +58

Guardian Life Global Funding (Aa1/AA+)
- GUARDN 4.402% due 12/11/30 T+60bp (G60; $100.45) - $600m pxd 12/8/25 +65.

FINAL BOOKS:

$750m 5yr - $1.900bn (2.53x) – PEAK $2.450BN 

[ARES CAPITAL CORP] 

Ares Capital Corp (ARCC) exp Baa2/BBB/BBB (s/s/p) US$750m SEC registered long 5y FXD sr notes due 4/12/31. MW then 1mo par call (3/12/31). CoC at 100. UOP: Repay outstanding indebtedness. First pay 9/12/26. Denoms: 2,000 x 1,000. Sales into Canada: yes via exemption. Pricing 1/5. Settle 1/12 (T+5). CUSIP/ISIN: 04010LBM4 / US04010LBM46. 

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

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

Guidance came in at T+180#.

Ultimately, a $750m deal priced as follows:

$750m 5.25% 4/12/31 98.869 5.503% T+180. MW+30.

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

-ARCC 2.875% due 06/15/28 T+135bp (G132; $95.59) - $1.25bn pxd JUN 2021
-ARCC 5.875% due 03/01/29 T+145bp (G144; $102.53) - $1bn pxd JAN 2024
-ARCC 5.950% due 07/15/29 T+158bp (G153; $102.64) - $850m pxd MAY 2024
-ARCC 5.500% due 09/10/30 T+163bp (G167; $100.60) - $750m pxd 05/27/25 +175
-ARCC 5.100% due 01/15/31 T+170bp (G170; $98.62) - $650m pxd 09/02/25 +160
-ARCC 5.800% due 01/08/32 T+189bp (G178; $100.96) - $1bn pxd JAN 2025

*** Jan ‘31 G170, call f/v at T+170bp. At the T+180bp pricing level, CONCESSION IS 10BP.

COMPS AWAY:

Ares Strategic Income Fund (Baa3/BBB-/BBB-)
-ARESSI 5.450% due 09/09/28 T+168bp (G164; $100.74) - $600m pxd 06/02/25 +178
-ARESSI 4.850% due 01/15/29 T+176bp (G175; $98.80) - $600m pxd 09/08/25 +160
-ARESSI 5.150% due 01/15/31 T+189bp (G189; $98.02) - $500m pxd 09/08/25 +185
-ARESSI 6.200% due 03/21/32 T+200bp (G189; $102.43) - $750m pxd APRL 2025

Apollo Debt Solutions BDC (Baa3/BBB-/BBB-)
-APODS 5.200% due 12/08/28 T+173bp (G166; $100.03) - $400m pxd 12/03/25 +170
-APODS 5.875% due 08/30/30 T+193bp (G197; $100.86) - $500m pxd 07/14/25 +190
-APODS 6.550% due 03/15/32 T+211bp (G200; $103.62) - $500m pxd JAN 2025

Blackstone Private Credit (Baa2/BBB-)
-BCRED 7.300% due 11/27/28 T+151bp (G145; $106.04) - $646m pxd OCT 2024
-BCRED 5.050% due 09/10/30 T+170bp (G173; $98.37) - $500m pxd 09/03/25 +160
-BCRED 6.000% due 01/29/32 T+197bp (G187; $101.70) - $1bn pxd JAN 2025
-BCRED 6.000% due 11/22/34 T+171bp (G181; $100.83) - $796m pxd APRL 2025

Blackstone Secured Lending (Baa2/BBB-/BBB)
-BXSL 5.350% due 04/13/28 T+145bp (G143; $100.91) - $700m pxd OCT 2024
-BXSL 5.125% due 01/31/31 T+171bp (G170; $98.67) - $500m pxd 10/06/25 +155

FINAL BOOK:

$750m L5yr - $2.100bn (2.80x) - PEAK $2.400bn

[BLACKSTONE PRIVATE CREDIT FUND] 

Blackstone Private Credit Fund (BCRED) exp Baa2/BBB- (s/p) US$700m SEC registered 5y sr notes due 3/12/31. MWC then 1mo par call (2/12/31). 100 CoC. First Pay: 9/12/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: The Company intends to use the net proceeds of this offering for general corporate purposes. Pricing 1/5. Settle 1/12 (T+5). Cusip: 09261HBZ9. ISIN: US09261HBZ91.

VIA Barc/GS/MS (B&D)/RBC/WFS joint active books.

Announced with benchmark size, we heard initial thoughts as T+210 area.

Guidance came in at T+190#.

Ultimately, a $700m deal priced as follows:

$700m 5.35% 3/12/31 98.832 5.610% T+190. MW+30.

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

-BCRED 7.300% due 11/27/28 T+151bp (G145; $106.04) - $646m pxd OCT 2024
-BCRED 5.050% due 09/10/30 T+170bp (G173; $98.37) - $500m pxd 09/03/25 +160
-BCRED 6.250% due 01/25/31 T+180bp (G181; $103.20) - $592m pxd OCT 2024
-BCRED 6.000% due 01/29/32 T+197bp (G187; $101.70) - $1bn pxd JAN 2025
-BCRED 6.000% due 11/22/34 T+171bp (G181; $100.83) - $796m pxd APRL 2025

*** Jan ‘31 G181, call f/v at T+180bp. At the T+190bp pricing level, CONCESSION IS 10BP.

COMPS AWAY:

Ares Capital Corp (Baa2/BBB/BBB)
-ARCC 5.100% due 01/15/31 T+170bp (G170; $98.62) - $650m pxd 09/02/25 +160

Blackstone Secured Lending (Baa2/BBB-/BBB)
-BXSL 5.125% due 01/31/31 T+171bp (G170; $98.67) - $500m pxd 10/06/25 +155

Ares Strategic Income Fund (Baa3/BBB-/BBB-)
-ARESSI 5.150% due 01/15/31 T+189bp (G189; $98.02) - $500m pxd 09/08/25 +185

Apollo Debt Solutions BDC (Baa3/BBB-/BBB-)
-APODS 5.875% due 08/30/30 T+193bp (G197; $100.86) - $500m pxd 07/14/25 +190

FINAL BOOK:

$700m 5yr - $1.450bn (2.07x) - PEAK $1.600bn

[NEW YORK LIFE GLOBAL FUNDING] 

New York Life Global Funding (NYLIFE) exp Aa1/AA+/AAA US$650m 144A/Reg S 5y FXD  sr secured FA-Backed due 1/9/31. Funding Agreement Provider: New York Life Insurance Company. UOP: To purchase funding agreements from New York Life Insurance Company. Denoms: 2,000 x 1,000. Sales into Canada: yes via exemption. Pricing 1/5. Settle 1/9 (T+4). 144A CUSIPs: 5y FXD: 64952WFR9, 5y FRN: 64953BCC0. ISINs: 5y FXD: US64952WFR97, 5y FRN: US64953BCC00.

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

The deal was initially announced with a 5yr FRN, which was dropped at guidance.

IPT on the 5yr FXD was T+80a.

Guidance came in at 58#.

Ultimately, a $650m deal priced as follows:

$650m 4.25% 1/9/31 99.840 4.286% T+58.

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

NYLIFE 4.600% due 06/03/30 T+50bp (G55; $101.59) - $600m pxd 5/27/25 +58

Comps away:

Northwestern Mutual Global Funding (Aa1/AA+/AAA)
- NWMLIC 4.600% due 06/03/30 T+49bp (G55; $101.59) - $400m pxd 5/27/25 +58

Guardian Life Global Funding (Aa1/AA+)
- GUARDN 4.402% due 12/11/30 T+60bp (G60; $100.45) - $600m pxd 12/8/25 +65.

** Both NYLIFE and NWMLIC G55; add 2bp curve = T+57bp.  At the T+58bp pricing level, CONCESSION IS 1BP.

FINAL BOOKS: 

$650m 5yr - $1.400bn (2.15x) – PEAK $1.500BN 

[PRICOA GLOBAL FUNDING] 

Pricoa Global Funding I (PRU) exp Aa3/AA-/AA- (s/s/s) US$500m 144A/Reg S 7y FXD sr secured FA-Backed due 1/12/33. Funding Agreement: The Prudential Insurance Company of America. Denoms: 150,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To purchase a Funding Agreement from The Prudential Insurance Company of America. Pricing 1/5. Settle 1/12 (T+5). 144A Cusip: 74153WDA4. 144A ISIN: US74153WDA45.

VIA BNP/BofA/MS (B&D)/USB joint active books. Active Co-mgrs: CastleOak, SIEWIL.

Announced with benchmark size, we heard initial thoughts as T+100-105.

Guidance came in at T+77#.

Ultimately, a $500m deal priced as follows:

$500m 4.65% 1/12/33 99.740 4.694% T+77.

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

-PRU 4.350% due 11/25/30 T+60bp (G61; $100.15) - $500m pxd 11/18/25 +68
-PRU 4.750% due 08/26/32 T+95bp (G77; $100.48) - $600m pxd 08/19/25 +73
-PRU 5.350% due 05/28/35 T+79bp (G83; $102.92) - $600m pxd MAY 2025

*** Going off the most recent Nov ‘30 G61, we heard its trading technically tight so a new 5y would price around T+65. Add 10bp for 5s/7s curve call f/v at T+75bp. At the T+77bp pricing level, CONCESSION IS 2BP.

Some also looked at the Aug ‘32 G77, not adjusting for any curve with the ‘32/’35 curve pretty tight and that nic was closer to flat. 

COMPS AWAY:

Pacific Life Global Funding II (Aa3/AA-/AA-)
-PACLIF 4.875% due 07/17/32 T+83bp (G66; $101.85) - $600m pxd 07/10/25 +75

Met Tower Global Funding (Aa3/AA-/AA-)
-MET 4.200% due 09/16/30 T+56bp (G59; $99.68) - $500m pxd 09/09/25 +65

Met Life Global Funding I (Aa3/AA-/AA-)
-MET 4.900% due 01/09/30 T+53bp (G62; $102.39) - $500m pxd JAN 2025

FINAL BOOK:

$500m 7yr FABN - $1.380bn (2.76x) - PEAK $1.750bn

[LINCOLN FINANCIAL GF]

Lincoln Financial Global Funding (LNC) exp A2/A+/A+ (s/s/s) US$400m 144A/Reg S 3y FXD sr secured FA-Backed due 1/12/29. FA Provider: The Lincoln National Life Insurance Company. Denoms: 2,000 x 1.000. Sale into Canada: Yes - Exemption. UOP: To purchase one or more Funding Agreements from The Lincoln National Life Insurance Company. Pricing 1/5. Settle 1/12 (T+5). 144A Cusip: 53359KAD3. 144A ISIN: US53359KAD37. 

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

Announced as a benchmark, we heard initial price thoughts as T+100 area.

Guidance came in at T+72#.

Ultimately, a $400m deal priced as follows:

$400m 4.20% 1/12/29 99.883 4.242% T+72.

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

-LNC 4.625% due 05/28/28 T+66bp (G63; $101.1) - $500M pxd May 2025
-LNC 5.300% due 01/13/30 T+66bp (G75; $103.28) - $500M pxd Jan 2025
-LNC 4.625% due 08/18/30 T+77bp (G80; $100.48) - $500M pxd 08/11/25 +82

** Outstanding May 28s G63 and Jan 30s G75; per month is worth 0.6bp; taking off one year (12*0.6=7bp) from Jan 30s G75; new 3yr f/v is T+68bp. (4bp nic)

Or most recent Aug 30s G80; plus curve, call new 5yr f/v T+85bp; then take off 15bp 3s/5s curve = T+70bp f/v (2bp nic).

At the T+72bp pricing level, MID-POINT CONCESSION IS 3BP.

Comps away:

RGA Global Funding (A1/AA-/N/A)
-RGA 4.350% due 08/25/28 T+65bp (G60; $100.56) - $800M pxd 08/18/25 +65

Equitable America Global (A1/A+/N/A)
-EQH 4.300% due 12/15/28 T+67bp (G60; $100.42) - $500M pxd 12/08/25 +70

Athene Global Funding (A1/A+/A+)
-ATH 4.830% due 05/09/28 T+95bp (G92; $100.89) - $800M pxd May 2025

Corebridge Global Funding (A2/A+/N/A)
-CRBG 4.250% due 08/21/28 T+58bp (G53; $100.48) - $500M pxd 08/18/25 +58

FINAL BOOKS:

$400m 3yr FABN - $2.300bn (5.75x) - PEAK $2.900bn

[WISCONSIN PUBLIC SERVICE CORP] 

Wisconsin Public Service Corp (WEC) exp A2/A-/A+ (n/s/s) US$300m (WNG) SEC registered 5yr sr unsec notes due 01/15/31. MWC then 1 mos par call (12/15/30). UoP: To repay short-term debt and for general corporate purposes. Pricing 01/05. Settle 01/08 (T+3). Sale into Canada: No. Cusip: 976843BR2; ISIN: US976843BR26. 

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

Announced as $300m no grow, we heard initial price thoughts as T+80-85 area.

Went straight to launch at ​​T+55.

Ultimately, a $300m deal priced as follows:

$300m 4.25% 1/15/31 99.963 4.258% T+55. MW+10.

As for r/v, outstanding WEC was quoted as follows
Wisconsin Public Service (A2/A-/A+)
-WEC 4.550% due 12/01/29 T+29bp (G21; $102.49) - $300M pxd Dec 2024
-WEC 2.850% due 12/01/51 T+72bp ($62.74) - $450M pxd Nov 2021

The direct outstandings trade a bit illiquid, so some looked f/v as flat to Wisconsin Electric Power:

Wisconsin Electric Power (A2/A-)
-WEC 3.950% due 03/01/29 T+41bp (G39; $99.97) - $300M pxd 12/02/25 +42
-WEC 4.150% due 10/15/30 T+48bp (G50; $99.67) - $500M pxd 09/18/25 +50
-WEC 4.600% due 10/01/34 T+58bp (G67; $98.78) - $300M pxd Sep 2024
-WEC 5.050% due 10/01/54 T+78bp ($91.51) - $300M pxd Sep 2024

** Outstanding Oct 30s G50; plus 2bp for curve = T+52bp f/v. (3bp nic)

Another way to look at it is PEG (A1/A) plus a notch for the rating difference: 

** Public Service Electric and Gas Co (5y FXD due 1/1/31) priced at +52 today, plus a notch for the rating difference, f/v is T+55bp. (flat) 

All said, we have 3bp vs WEC Electric Power and flat vs PEG. MID-POINT CONCESSION IS 1.5BP.

Comps away: 

Alabama Power Co (A1/A/A+)
-SO 4.300% due 03/15/31 T+54bp (G52; $100.07) - $500M pxd 09/02/25 +60
-SO 5.100% due 04/02/35 T+61bp (G70; $102.1) - $500M pxd Mar 2025

Nstar Electric Co (A2/A-/A)
-ES 4.850% due 03/01/30 T+55bp (G64; $102.05) - $400M pxd Feb 2025
-ES 5.200% due 03/01/35 T+75bp (G83; $101.84) - $700M pxd Feb 2025

Georgia Power Co (A3/A/A)
-SO 4.850% due 03/15/31 T+56bp (G56; $102.44) - $750M pxd Feb 2025
-SO 5.200% due 03/15/35 T+67bp (G76; $102.37) - $700M pxd Feb 2025

Tampa Electric Co (A3/BBB+/A)
-TE 4.900% due 03/01/29 T+47bp (G46; $102.51) - $500M pxd Jan 2024
-TE 5.150% due 03/01/35 T+80bp (G88; $101.12) - $600M pxd Mar 2025

AEP Texas Inc (Baa3/BBB+/BBB+)
-AEP 5.450% due 05/15/29 T+56bp (G53; $104.06) - $500M pxd May 2024
-AEP 5.700% due 05/15/34 T+89bp (G103; $104.07) - $500M pxd May 2024

Baltimore Gas & Electric (A3/A/N/A)
-EXC 5.450% due 06/01/35 T+78bp (G84; $103.48) - $650M pxd May 2025

Virginia Elec & Power Co (A3/BBB+/A)
-D 4.900% due 09/15/35 T+80bp (G81; $99.29) - $825M pxd 09/08/25 +87

Wisconsin Power & Light (Baa1/A-/N/A)
-LNT 5.375% due 03/30/34 T+74bp (G89; $102.88) - $300M pxd Mar 2024

Arizona Public Service (Baa1/BBB+/A-)
-PNW 5.700% due 08/15/34 T+89bp (G101; $104.15) - $700M pxd May 2024

FINAL BOOKS:

$300m 5yr - $1.450bn (4.83x) - PEAK $1.700bn

[LATAM FYI]

[MEXICO]

United Mexican States (MEX) exp Baa2/BBB/BBB- (n/s/s) $9bn SEC-registered senior unsecured 3-part new issue (8y due 02/09/2034, 12y due 02/09/2038, 30y due 02/09/2056). MWC then 2mos par call on 8y, 3mos on 12y, 6mos on 30y. Use of Proceeds: For general purposes of the Government of Mexico. Marketing: Base Prospectus & Preliminary Prospectus Supplement. Denominations: 200k x 1k. Listing: Luxembourg. Governing law: New York. Price: 01/05. Settlement: 01/09 (T+4).

VIA Barclays (B&D), Deutsche Bank, HSBC, MS, Scotia as joint bookrunners

Announced as a benchmark, we heard initial price thoughts of T+205bp area on the 8-year, T+235bp area on the 12-year, and T+225bp area on the 30-year.

IPTs on the long bond seemed to be set slightly less attractive than the other two, and we heard demand was initially skewed to the shorter tranches, 

Indeed, there was more tightening on the two shorter tranches, with guidance coming in at T+175# (the number) on the 8-year (30bp tighter than IPTs), T+200# on the 12-year (35bp tighter), and T+200bp on the 30 year (25bp tighter).

Ultimately, Mexico launched a $9bn deal in line with guidance - the most it had space to issue (early on we heard the issuer was looking to raise at least $7bn).

It priced as follows:

$3bn 8y went to launch at T+175bp; PXD $3bn 5.625% 02/09/2034 @ 99.646 yld 5.679%. T+175bp. MW+30. 

$4bn 12y went to launch at  T+200bp; PXD $4bn 6.125% 02/09/2038 @ 99.603 yld 6.171%. T+200bp. MW+30. 

$2bn 30y went to launch at  T+200bp; PXD $2bn 6.750% 02/09/2056 @ 98.521 yld 6.866%. T+200bp. MW+30. 

As for R/V, Mexico outstanding bonds were quoted as follows:

MEX 5.375% 03/22/33 T+161 (G159; 99.0) -$4bn pxd 09/16/25 @ T+165bp

MEX 5.625% 09/22/35 T+166 (G167; 98.5) - $2.5bn pxd 09/16/25 @ T+165bp

MEX 6.625% 01/29/38 T+195 (G182; 104.3) - $2.851bn pxd 06/23/25 @ T+230bp

MEX 7.375% 05/13/55 T+194 (107.3) - $2bn pxd 01/06/25 @T+255bp

For the 8-year tranche, we used the 5.375% March 2033s at T+161bp and adjusted for curve extension. Mexico’s new 8-year Feb 2034s were pricing off the 7-year Treasury, and the 7s to 8s Treasury curve was seen as at least 7bp. Adding something for credit curve we got to fair value of T+170bp. Therefore, at T+175bp, CONCESSION IS 5BP, though some had the 2033s a little tighter/perhaps did not account for the UST curve differential so were calling it 10bp.

On the 12-year, with the sovereign’s Jan 2038s at T+195bp and the new issue maturing just 11 days later, at T+200bp the CONCESSION IS 5BP.

Finally, the best comp for the 30-year was the MEX May 2055 note priced a year ago, trading at T+194bp. This would give fair value of T+195bp for the new Feb 2056s, so at T+200bp CONCESSION IS 5BP. There could be an argument that the 107 dollar price on the 2055s could add a couple of bps to the NIC but 5bp was a fairly well backed up consensus from bankers on and off deal.

This was UMS’s largest ever conventional deal in international bond markets, though it did raise $12bn in one go via Eagle Funding Luxco’s P-Caps back in July.

BOOKS: $26.5bn (2.94x). Peak - $30bn

[M&A TODAY]

Constellation Energy hit the market with $2.75bn to refinance part of the assumed debt of Calpine. CEG announced their stock and cash acquisition of Calpine on 1/10/25 which represented an equity value of $16.4bn and an enterprise value of $26.6bn.  The transaction consisted of $11.9bn in stock, $4.5bn of cash funded with cash on hand and free cash flow, $12.7bn in Calpine net debt, plus $2.5bn in tax considerations. 

[NEW MANDATES & MARKETING]

– Aldar Properties PJSC ("Aldar"), the leading listed property developer and real estate asset manager in Abu Dhabi in terms of total assets, rated Baa2 (Stable) by Moody's, has mandated Citi as Sole Structuring Advisor, Global Coordinator and Joint Bookrunner, together with Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, IMI-Intesa Sanpaolo, J.P. Morgan, Mashreq, RAKBANK, Societe Generale and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners to arrange a Global Investor Call at 8:00 AM NYT / 1:00 PM UKT / 5:00 PM UAE / 9:00 PM HKT on Monday, 5 January 2026, along with a series of fixed income investor calls also commencing on Monday, 5 January 2026.

A benchmark-sized USD-denominated conventional 144A/Regulation S resettable subordinated notes offering with a 30.25NC7.25-year tenor and expected instrument rating of Baa3 by Moody’s will follow, subject to market conditions.

–  Dhafrah PV2 Energy Company LLC (the “Issuer”), the owner of Al Dhafrah PV2 solar plant (“ADPV2”), an independent fully operational solar photovoltaic plant in the Emirate of Abu Dhabi, rated A3 by Moody’s and A by S&P both with stable outlooks, has mandated BNP PARIBAS and HSBC as Joint Global Coordinators, and along with Crédit Agricole CIB, MUFG, Standard Chartered Bank and SMBC as Joint Lead Managers and Bookrunners to organize a series of fixed income investor calls and physical meetings in London, commencing on 5 January 2026.

ADPV2 is the largest single site solar PV project in the UAE at the time of completion (with a capacity of 2,101 MW (DC)) and has doubled the installed capacity of solar energy at the time of its implementation.

The Issuer is 60% owned by the Local Shareholder, which in turn is directly owned 66.66% by Abu Dhabi National Energy Company PJSC (TAQA) and 33.34% by Abu Dhabi Future Energy Company PJSC (Masdar). The Issuer is also 40% owned by the International Shareholder, which in turn is indirectly owned 50% by EDF power solutions S.A.  and 50% by Jinko Power (HK) Company Limited. Emirates Water & Electricity Company (“EWEC”), 100% indirectly owned by the Government of Abu Dhabi, is the sole offtaker under a power purchase agreement being extended beyond the maturity of the bonds.

A Rule 144A/Regulation S Registered senior secured U.S. Dollar fixed-rate amortizing green bond offering with a 30 June 2053 final / legal maturity and expected 17.0-year weighted average life will follow, subject to market conditions. 

Expected ratings of the Bonds are A3 by Moody’s and A by S&P. FCA / ICMA stabilisation applies.

Proceeds will be used to finance or refinance the expenditure related to ADPV2 as detailed in the Green Bond Framework. The Climate Bonds Standards Board has approved the Pre Issuance Climate Bonds Standard Certification for the Green Bond. The Issuer engaged DNV to provide the verification. The Green Bond Framework, CBI Certificate and the DNV Second Party Opinion and CBI Pre-Issuance Verification can be found: https://www.adpv2.ae/green-credentials

FCA/ICMA stabilisation applies.

UK MiFIR professionals/ECPs-only – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).

MiFID II professionals/ECPs only - Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels).

– MITSUBISHI HC FINANCE AMERICA LLC (the “Issuer”), a subsidiary of MITSUBISHI HC CAPITAL INC. (the “Guarantor”, rated A3 (stable) by Moody's, A- (stable) by S&P, and A- (stable) by Fitch), has mandated MORGAN STANLEY, CITIGROUP, BOFA SECURITIES, J.P. MORGAN, BARCLAYS and MIZUHO to arrange a series of fixed income investor calls in the U.S., Europe and Asia on January 5, 2026. Benchmark sized offering of 5-year US$-denominated 144A/Reg.S fixed rate senior unsecured notes, fully and unconditionally guaranteed on a senior, unsecured basis by MITSUBISHI HC CAPITAL INC. may follow subject to market conditions. The notes are expected to be rated A3 by Moody's and A- by S&P.

** Guarantor – Mitsubishi HC Capital Inc. **

** Date – January 5, 2026 **

** U.S. 1-on-1 or Small Group Investor Calls (NYT) – MS is coordinating **

-Monday, January 5: 10:00 – 11:00 (NYT)

Call Registration Link:

https://www.netroadshow.com/events/login/LE9zwo3hOT6Pg0cO5WUpPG8KdYf8QtVSu6r

-Monday, January 5: 11:00 – 12:00 (NYT)

Call Registration Link:

https://www.netroadshow.com/events/login/LE9zwo4AG0mqciMCiQQJhxAK5fsybfbujia

-Monday, January 5: 12:00 – 13:00 (NYT)

Call Registration Link:

https://www.netroadshow.com/events/login/LE9zwo3hNkpSMxRkEquxAHJso7GZBnocAvh

-Monday, January 5: 13:00 – 14:00 (NYT)

Call Registration Link:

https://www.netroadshow.com/events/login/LE9zwo3iYx2pmg1LTBYF3M7k46mQq7vbyFP

The company will be represented by:

Takeshi Sakai, Senior Corporate Officer, General Manager, Treasury Department, Mitsubishi HC Capital Inc.

Takuya Mimura, Senior Manager, Treasury Department, Mitsubishi HC Capital Inc.

Hiroyuki Watanabe, Project Manager, Corporate Communications Department, Mitsubishi HC Capital Inc.

Hiroki Anzenji, Project Manager, Treasury Department, Mitsubishi HC Capital Inc.

Takuma Omine, Treasurer, Mitsubishi HC Finance America LLC

Ko Matsumoto, Assistant Vice President, Mitsubishi HC Finance America LLC

Rinako Imashiro, Assistant Vice President, Mitsubishi HC Finance America LLC

Yasutoo Choba, Assistant Vice President, Mitsubishi HC Finance America LLC

NetRoadshow:

Net Roadshow: www.netroadshow.com/nrs/home/#!/?show=d48bdc87

Entry code: MHFA2601 (not case sensitive)

(NetRoadshow will be available to view ahead of the meetings)

** Dial in 5-10 minutes prior to start time using the NetRoadshow registration link. **

– Orange, (Ticker: ORAFP, Country: FR), a leading telecommunications operator and digital service provider, rated Baa1 (stable) / BBB+ (stable) / BBB+ (stable) by Moody’s/S&P/Fitch, has mandated BNP Paribas, BofA Securities and Morgan Stanley as Global Coordinators, together with BBVA, Credit Agricole CIB and MUFG, as Active Bookrunners to arrange a series of fixed income investor calls starting Monday 5th January 2026.

A USD-denominated, 144A / Reg S 3yr, 5yr, 7yr, 10yr and 30yr FXD benchmark-sized senior unsecured offering may follow, subject to market conditions.

BNP Paribas will coordinate logistics. An electronic investor presentation will be made available on Dealroadshow.

Dealroadshow: https://dealroadshow.com and enter deal entry code ORANGE26 or via direct link: https://dealroadshow.com/e/ORANGE26

Meeting Schedule – Monday 5th January 2026:

  #1 09:30 UKT / 10:30 CET : https://evercall.co/oacc/40109

  #2 10:30 UKT / 11:30 CET : https://evercall.co/oacc/57467

  #3 10:00 EST / 15:00 UKT / 16:00 CET : https://evercall.co/oacc/75039

  #4 11:00 EST / 16:00 UKT / 17:00 CET : https://evercall.co/oacc/48793

  #5 12:00 EST / 17:00 UKT / 18:00 CET (call with CFO): https://evercall.co/oacc/75227

  #6 13:00 EST / 18:00 UKT / 19:00 CET : https://evercall.co/oacc/25441

Orange will be represented by:

• Laurent Martinez – Group CFO on call #5

• Matthieu Bouchery – Head of Financing & Treasury together with its investor relationship team.

SSA:

The Export-Import Bank of Korea ("KEXIM"), rated Aa2 (Stable) by Moody’s, AA (Stable) by S&P and AA- (Stable) by Fitch, has mandated Citigroup, Deutsche Bank, HSBC, Mizuho, Morgan Stanley, MUFG and Wells Fargo Securities as the Joint Bookrunners, together with Mirae Asset Securities as a Joint Lead Manager, to arrange global investor calls, commencing on January 5, 2026. A USD-denominated SEC-registered senior unsecured notes offering with expected tenors of 3-year FXD (green notes) and/or FRN, 5-year FXD and 10-year FXD may follow, subject to market conditions.

** KEXIM - USD SEC REGISTERED BOND – GLOBAL INVESTOR CALL SCHEDULE **

Logistics Bank: DB

Date: 5 January 2026, Monday

The Export-Import Bank of Korea Representatives

FCA / ICMA stabilization applies.