Commentary & Deal Flow

​After a record-breaking Monday and despite 3 stand-downs, Tuesday ended up bringing a total of 19 deals for $35bn. The combined total for the two days is at an impressive $72.050bn and good enough for No.2 on the largest 2-day volume total 2020-2026 table. On the 2-day deal count - it ranks No. 4.

​Another four FA-backed issuers today, combined with 4 from yesterday, put this week's FABN total at 8, which ties the first week of last year for the second place on the largest all-time FABN week (deals). The $5bn total for the week ranks No. 5 in terms of volume.

We also got the first "inside guidance" trade of 2026, with ORAFP pricing all 5 tranches anywhere from 2bp to 5bp inside guidance.

HERE'S TODAY'S RUNDOWN:

[ORANGE] 

Orange (ORAFP) exp Baa1/BBB+/BBB+ (s/s/s) US$6bn 144A/Reg S no reg rights 5-part sr notes (3y FXD due 1/13/29, 5y FXD due 1/13/31, 7y FXD due 1/13/33, 10y FXD due 1/13/36, 30y FXD due 1/13/56). MWC then 1mo par call on 3y (12/13/28), 1mo on 5y (12/13/30), 2mos on 7y (11/13/32), 3mos on 10y (10/13/35) and 6mos on 30y (7/13/55). Denoms: 2,000 x 1,000. Listing: Application to Euro MTF Market of the Luxembourg Stock Exchange. Governing Law: New York. Sales into Canada: Yes - via exemption. UOP: General corporate purposes, which may include repayment of certain outstanding indebtedness of MasOrange to be assumed in connection with the Acquisition. Pending use of the net offering proceeds as described above, the Issuer may invest the funds in short-term, interest-bearing accounts, securities or similar investments. Pricing 1/6. Settle 1/13 (T+5). 

VIA BNP/BofA (B&D on 5y, 7y, 10y)/MS (B&D on 3y and 30y) as JGCs. BBVA/CACIB/MUFG as JBRs.

Announced with benchmark size, final size came in at $6bn with price progression as follows:

3yr - IPT T+90 area; GDNC T+55#; LNCH T+50; PXD $750m 4.00% 1/13/29 99.958 4.015% T+50. MW+10.

5yr - IPT T+105 area; GDNC T+75#; LNCH T+70; PXD $1.25bn 4.25% 1/13/31 99.342 4.398% T+70. MW+15.

7yr - IPT T+115 area; GDNC T+87#; LNCH T+85; PXD $1.5bn 4.75% 1/13/33 99.906 4.766% T+85. MW+15.

10yr - IPT T+125 area; GDNC T+97#; LNCH T+95; PXD $2bn 5.00% 1/13/36 99.170 5.107% T+95. MW+15.

30yr - IPT T+140 area; GDNC T+105#; LNCH T+100; PXD $500m 5.75% 1/13/56 98.622 5.848% T+100. MW+15.

As for r/v, ORAFP’s most recent active bond priced in 2014, with no decent directs, we’re going CONCESSION N/A.

-ORAFP 8.500% due 03/01/31 T+83bp (G81; $120.20) - $2.46bn pxd FEB 2002
-ORAFP 5.500% due 02/06/44 T+87bp (G95; $97.33) - $850m pxd FEB 2014

With that said some looked at VZ as a relevant comp and thought f/v could be thought of as about 5-10bp back of VZ.

COMPS AWAY:

Verizon Communications Inc (Baa1/BBB+/A-)
-VZ 2.100% due 03/22/28 T+50bp (G48; $96.09) - $2.14bn pxd MAR 2021
-VZ 4.329% due 09/21/28 T+55bp (G50; $100.81) - $2.77bn pxd SEPT 2018
-VZ 3.150% due 03/22/30 T+54bp (G61; $95.75) - $1.15bn pxd MAR 2020
-VZ 2.550% due 03/21/31 T+70bp (G68; $91.39) - $3.707bn pxd MAR 2021
-VZ 4.750% due 01/15/33 T+82bp (G82; $99.91) - $2bn pxd NOV 2025
-VZ 5.000% due 01/15/36 T+96bp (G95; $98.80) - $2.25bn pxd NOV 2025
-VZ 5.750% due 11/30/45 T+105bp (G105; $98.66) - $1.5bn pxd NOV 2025
-VZ 5.875% due 11/30/55 T+113bp ($98.09) - $3.25bn pxd NOV 2025
-VZ 6.000% due 11/30/65 T+126bp ($98.02) - $2bn pxd NOV 2025

T-Mobile USA Inc (Baa1/BBB/BBB+)
-TMUS 2.050% due 02/15/28 T+55bp (G54; $96.06) - $1.75bn pxd MAY 2021
-TMUS 4.800% due 07/15/28 T+57bp (G54; $101.78) - $900m pxd MAY 2023
-TMUS 4.850% due 01/15/29 T+53bp (G53; $102.15) - $1bn pxd JAN 2024
-TMUS 3.875% due 04/15/30 T+58bp (G65; $98.36) - $7bn pxd APRL 2021
-TMUS 5.125% due 05/15/32 T+88bp (G75; $102.78) - $1.25bn pxd MAR 2025
-TMUS 4.625% due 01/15/33 T+82bp (G82; $99.38) - $800m pxd OCT 2025
-TMUS 5.300% due 05/15/35 T+83bp (G89; $102.09) - $1bn pxd MAR 2025
-TMUS 4.950% due 11/15/35 T+ 88bp (G88; $99.13) - $1bn pxd OCT 2025
-TMUS 5.875% due 11/15/55 T+108bp ($98.91) - $1.25bn pxd MAR 2025
-TMUS 5.700% due 01/15/56 T+85bp ($99.74) - $1bn pxd OCT 2025

AT&T Inc (Baa2/BBB/BBB+)
-T 1.650% due 02/01/28 T+57bp (G56; $95.28) - $2.25bn pxd AUG 2020
-T 4.700% due 08/15/30 T+57bp (G61; $101.61) - $1bn pxd JUN 2025
-T 4.550% due 11/01/32 T+95bp (G75; $99.29) - $1.15bn pxd SEPT 2025
-T 4.900% due 11/01/35 T+91bp (G91; $98.62) - $1.25bn pxd SEPT 2025
-T 5.700% due 11/01/54 T+119bp ($95.42) - $1.5bn pxd SEPT 2025
-T 6.050% due 08/15/56 T+119bp ($99.90) - $1.25bn pxd JUN 2025

Vodafone Group PLC (Baa2/BBB/BBB)
-VOD 5.750% due 06/28/54 T+115bp ($96.30) - $2bn pxd JUN 2024
-VOD 5.875% due 06/28/64 T+124bp ($96.49) - $1bn pxd JUN 2024

FINAL BOOKS:

$750m 3yr - $4.300bn (5.73x) - PEAK $7.500bn

$1.25bn 5yr - $5.700bn (4.56x) - PEAK $8.500bn

$1.5bn 7yr - $6.900bn (4.60x) - PEAK $9.400bn

$2bn 10yr - $9.700bn (4.85x) - PEAK $13.000bn

$500m 30yr - $7.900bn (15.80x) - PEAK $13.300bn

[BROADCOM]

Broadcom Inc (AVGO) exp A3/A-/BBB+ (p/p/p) US$4.5bn SEC registered 4-part sr notes (5y FXD due 1/15/31, 7y FXD due 1/15/33, 10y FXD due 1/15/36 and 30y FXD due 1/15/56). MWC then 1mo par call on 5y (12/15/30), 2mos on 7y (11/15/32), 3mos on 10y (10/15/35), and 6mos on 30y (7/15/55). Denoms: 2,000 x 1,000. Canadian Sales: Yes - exemption. UOP: The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes and for repayment of debt. Pricing 1/6. Settle 1/13 (T+5). CUSIP: 5y: 11135FCZ2, 7y: 11135FDA6, 10y: 11135FDB4, 30y: 11135FDD0. ISIN: 5y: US11135FCZ27, 7y: US11135FDA66, 10y: US11135FDB40, 30y: US11135FDD06. 

VIA BofA (B&D on 7y and 30y)/JPM (B&D on 5y and 10y) joint active books.

Announced with benchmark size, final size came in at $4.5bn with price progression as follows:

5yr - IPT T+85 area; GDNC T+60#; PXD $750m 4.30% 1/15/31 99.902 4.322% T+60. MW+10.

7yr - IPT T+95 area; GDNC T+70#; PXD $1.25bn 4.60% 1/15/33 99.757 4.641% T+70. MW+15.

10yr - IPT T+105 area; GDNC T+78#; PXD $1.25bn 4.95% 1/15/36 99.914 4.961% T+78. MW+15.

30yr - IPT T+125 area; GDNC T+88#; PXD $1.25bn 5.70% 1/15/56 99.331 5.747% T+88. MW+15.

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

-AVGO 4.200% due 10/15/30 T+50bp (G52; $99.90) - $1bn pxd 09/22/25 +53
-AVGO 2.450% due 02/15/31 T+59bp (G57; $91.59) - $2.74bn pxd SEPT 2025
-AVGO 4.800% due 02/15/36 T+78bp (G77; $98.73) - $2.25bn pxd 09/22/25 +68
-AVGO 3.750% due 02/15/51 T+72bp ($75.36) - $1.749bn pxd SEPT 2025 

*** 30yr: Feb ‘51s T+72 ($75), add 3bp for curve = 75bp. Add another 13bp (0.5bp per $) gets f/v to T+88bp. At the T+88bp pricing level, 30yr CONCESSION IS FLAT.

Others had the 51s trading as wide as T+76 and thought nic was slightly neg.

*** 10yr: Feb ‘36 G77, call f/v at T+77bp. At the T+78bp pricing level, 10yr CONCESSION IS 1BP.

*** 7yr: 10y f/v at T+77, take away 10bp for IPT curve gets f/v to T+67bp. At the T+70bp pricing level, 7yr CONCESSION IS 3BP.

*** 5yr: Feb ‘31 G57, call f/v at T+57bp. At the T+60bp pricing level, 5yr CONCESSION IS 3BP.

FINAL BOOKS:

$750m 5yr - $4.550bn (6.07x) - PEAK $5.700bn

$1.25bn 7yr - $4.200bn (3.36x) - PEAK $5.700bn

$1.25bn 10yr - $5.450bn (4.36x) - PEAK $7.600bn

$1.25bn 30yr - $11.100bn (8.88x) - PEAK $16.200bn 

[TOTALENERGIES] 

TotalEnergies Capital USA, LLC exp Aa3/A+ (s/s) US$3.5bn SEC registered 3-part sr notes (5y FXD due 1/12/31, 5y FXD due 1/12/33, and 10y FXD due 1/12/36). MWC then 1mo par call on 5y (12/12/30), 2mos on 7y (11/12/32), 3mos on 10y (10/12/35). Guarantor: TotalEnergies SE. Guarantor ratings: Aa3/A+ (s/s). Governing Law: New York Law. UOP: general Corporate Purposes and to repay certain outstanding intercompany indebtedness. Denoms: 2,000 x 1,000. Sales into Canada: yes via exemption. Day count 30/360. Pricing 1/6. Settle 1/12 (T+5). CUSIPs: 5y: 89158TAA7, 7y: 89158TAB5, 10y: 89158TAC3. ISINs: 5y: US89158TAA79, 7y: US89158TAB52, 10y: US89158TAC36. 

VIA BofA (B&D on 10y)/Citi (B&D on 5y & 7y)/StanChart/MS/MUFG/Natixis/SMBC joint active books. 

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

5y IPT - T+80 area; GDNC T+53#; PXD $1.5bn 4.248% 1/12/31 100.00 4.248% T+53. MW+10.

7y IPT - T+90 area; GDNC T+63#; PXD $1.25bn 4.569% 1/12/33 100.00 4.569% T+63. MW+10.

10y IPT - T+95 area; GDNC T+68#; PXD $750m 4.857% 1/12/36 100.00 4.857% T+68. MW+15.

Chevron USA Inc (Aa2/AA-/N/A)
-CVX 4.300% due 10/15/30 T+34bp (G36; $101.013) - $1.2B pxd 08/11/25 +50
-CVX 4.500% due 10/15/32 T+60bp (G42; $101.025) - $1.25B pxd 08/11/25 +52
-CVX 4.850% due 10/15/35 T+53bp (G56; $101.074) - $900M pxd 08/11/25 +62

** 5yr – CVX Oct 30s G36; plus 2bp for curve = T+38bp new CVX 5yr f/v; then add 10bp for credit differential = T+48bp f/v. At the T+53bp pricing level, 5Y CONCESSION IS 5BP.

** 7yr – 5yr f/v T+48bp; plus 10bp for 5s/7s curve = T+58bp f/v.  At the T+63bp pricing level, 7Y CONCESSION IS 5BP.

** 10yr – CVX Oct 35s G56, adjusting slightly for maturity, then add 5-10bp for credit differential, new TTEFP 10y f/v is T+65bp. At the T+68bp pricing level, 10Y CONCESSION IS 3BP.

Other TTEFP entities were quoted as follows, but most felt CVX was the best comps, with the outstandings below trading technical:

TotalEnergies Cap International SA (Aa3/A+)
-TTEFP 3.455% due 02/19/29 T+45bp (G43; $98.472) - $1.25B pxd Feb 2019
-TTEFP 2.829% due 01/10/30 T+28bp (G36; $95.71) - $1.25B pxd Jul 2019

TotalEnergies Capital SA (Aa3/A+)
-TTEFP 5.150% due 04/05/34 T+43bp (G59; $103.595) - $1.25B pxd Apr 2024
-TTEFP 4.724% due 09/10/34 T+45bp (G57; $100.669) - $750M pxd Sep 2024

Comps away:

Equinor Asa (Aa2/AA-/N/A)
-EQNR 4.500% due 09/03/30 T+42bp (G45; $101.492) - $650M pxd May 2025
-EQNR 4.750% due 11/14/35 T+65bp (G65; $99.396) - $1B pxd 11/06/25 +73

Shell Finance Us Inc (Aa2/A+/AA-)
-RDSALN 4.125% due 11/06/30 T+40bp (G41; $100.026) - $1B pxd 11/03/25 +50
-RDSALN 4.750% due 01/06/36 T+62bp (G61; $99.63) - $1B pxd 11/03/25 +67

FINAL BOOKS:

$1.5bn 5yr - $4.100bn (2.73x) - PEAK $4.400bn

$1.25bn 7yr - $3.300bn (2.64x) - PEAK $4.100bn

$750m 10yr - $2.800bn (3.73x) - PEAK $3.300bn

[BPCE SA] 

BPCE SA (BPCEGP), issuer ratings A1/A+/A (n/s/s), $3.300bn 144A/Reg S 3-part. Issuer Call: The Issuer may, at its option, redeem (in whole or in part) the outstanding Notes on the Optional Redemption Date at the Optional Redemption Amount. Early Redemption Option: For certain taxation reasons or upon the occurrence of an MREL/TLAC Disqualification Event (subject to Applicable MREL/TLAC Regulations and, if required, the prior consent of the Relevant Regulator and/or the Relevant Resolution Authority) at the outstanding principal amount (the “Early Redemption Amount”), plus accrued and unpaid interest, if any. For certain taxation reasons or upon the occurrence of an MREL/TLAC Disqualification Event (subject to Applicable MREL/TLAC Regulations and, if required, the prior consent of the Relevant Regulator and/or the Relevant Resolution Authority), at the outstanding principal amount (the “Early Redemption Amount”), plus accrued and unpaid interest, if any; and upon the occurrence of a Capital Event, subject to compliance with applicable prudential regulations and the prior consent of the Relevant Regulator and/or the Relevant Resolution Authority, as applicable, at the Early Redemption Amount. Statutory Write-Down or Conversion: By its acquisition of the Notes, each Noteholder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Bail-In Power by the Relevant Resolution Authority as further detailed in the Base Offering Memorandum. Documentation: Under the Issuer’s $35,000,000,000 U.S. Medium Term Note Program. Denoms: 250k x 1k. Governing Law: New York / Status of the Notes governed by French law. Sale into Canada: Yes, via Exemption. Listing: None. UOP: gcp. Pricing 1/6. Settle T+5.

- US$1bn 6nc5 fixed to floating Senior Non-Preferred Notes due 1/6/32. Exp issuance ratings: Baa1/BBB+/A. Optional Redemption Date/Reset Date: 1/6/31. Coupon: [●]% fixed rate per annum until the Optional Redemption Date, S/A, 30/360. From (and including) the Optional Redemption Date to (but excluding) the Maturity Date at SOFR Compound w/ 2-day Observation Shift + [•] bps, Q, Act/360. 144A CUSIP / ISIN: 05583JAP7 / US05583JAP75.

- US$1.5bn 11nc10 fixed to floating Senior Non-Preferred Notes due 1/6/37. Exp issuance ratings: Baa1/BBB+/A. Optional Redemption Date/Reset Date: 1/6/36. Coupon: [●]% fixed rate per annum until the Optional Redemption Date, S/A, 30/360. From (and including) the Optional Redemption Date to (but excluding) the Maturity Date at SOFR Compound w/ 2-day Observation Shift + [•] bps, Q, Act/360. 144A CUSIP / ISIN: 05583JAQ5 / US05583JAQ58.
 

- US$800m 21nc10 fixed to floating subordinated notes due 1/6/47. Exp issuance ratings:

Baa2/BBB/BBB+. Optional Redemption Date/Reset Date: 1/6/46. Coupon: [●]% fixed rate per annum until the Optional Redemption Date, S/A, 30/360. From (and including) the Optional Redemption Date to (but excluding) the Maturity Date at SOFR Compound w/ 2-day Observation Shift + [•] bps, Q, Act/360. 144A CUSIP / ISIN: 05578QAJ2 / US05578QAJ22.

Via BofA/Citi/HSBC/JPM/MS/Natixis/Scotia/StanChart/TD/WFS joint books.

 
Announced overnight with benchmark size, final size came in at $3.300bn with price progression as follows:

6nc5 FTF SNP – IPT T+130-135; GDNC T+105#; PXD $1bn 4.76% 1/13/32 100.00 4.760% T+105. Back-end: SOFR+126.673.
11nc10 FTF SNP – IPT 150-155; GDNC T+125#; PXD $1.5bn 5.417% 1/13/37 100.00 5.417% T+125. Back-end: SOFR+156.801.
21nc20 FTF SUB – IPT 185a; GDNC T+155#; PXD $800m 6.347% 1/13/47 100.00 6.347% T+155. Back-end: SOFR+211.320.

As for r//v, starting with the SNP tranches, outstanding BPCEGP was quoted as follows:

- BPCEGP 5.389% due 05/28/31 (nc 30) T+100bp (G105; $102.59) - $1bn pxd 5/21/25 +125
- BPCEGP 6.027% due 05/28/36 (nc 35) T+122bp (G126; $104.55) - $1bn pxd 5/21/25 +145

*11nc10: BPCEGP May 36nc35 G126  +1bp curve = T+127 .  At the T+125bp pricing level, 11NC10 SNP CONCESSION IS NEG 2BP

** 6nc5:  11nc10 f/v T+127bp minus 20bp 5s/10s = T+107bp.  At the T+105bp pricing level, 6NC5 SNP CONCESSION IS NEG 2BP

 Comps away:

Credit Agricole (A3/A-/A+)
- ACAFP 4.656% due 01/12/32 (nc 31) - $1.75bn pxd 01/05/26 T+95bp
- ACAFP 4.818% due 09/25/33 (nc 32) T+113bp (G95 vs 5yr UST) - $1.5bn pxd 9/18/25 +97
- ACAFP 5.261% due 01/12/37 (nc 36) $1.75bn pxd 01/05/26 +110bp.

BNP Paribas (Baa1/A-/A+)
- BNP 5.085% due 05/09/31 (nc 30) T+85bp (G91; $101.97) - $1.25bn pxd 4/30/25 +135
- BNP 5.785% due 01/13/33 (nc 32) T+110bp (G99; $104.95) - $2.25bn pxd JAN 2025
- BNP 5.738% due 02/20/35 (nc 34) T+83bp (G98; $104.79) - $1.5bn pxd FEB 2024

Societe Generale (Baa2/BBB/A-)
- SOCGEN 5.512% due 05/22/31 (nc 30) T+100bp (G106; $103.06) - $1bn pxd 5/14/25 +135
- SOCGEN 6.100% due 04/13/33 (nc 32) T+135bp (G121; $105.43) - $1bn pxd JAN 2025
- SOCGEN 5.400% due 04/10/37 (nc 36) - $1bn pxd 01/05/26 +128bp

21nc20 Sub Tranche r/v:

 
Outstanding BCEGP subs were quoted as follows:

- BPCEGP 6.508% due 01/18/35 (nc 34) T+141bp (G156; $105.87) - $900m pxd JAN 2024
- BPCEGP 6.915% due 01/14/46 (nc 45) T+153bp (G158; $106.29) - $800m pxd JAN 2025

* Jan 46nc45 T+153bp + 2bp curve = T+155bp.  (Also, should be flat/inside the 11nc10s at G156).  At the T+155bp pricing level, 21NC10 SUB CONCESSION IS FLAT.

Comps away:

Credit Agricole (Baa1//BBB+/A-)
- ACAFP 6.251% due 01/10/35 (nc 34) T+115bp (G130; $105.94) - $1.50bn pxd JAN 2024

BNP Paribas (Baa2/BBB+/A-)
- BNP 5.906% due 11/19/35 (nc 34) T+120bp (G128; $103.66) - $1.75bn pxd NOV 2024

Societe Generale (Baa3/BBB-/BBB)
- SOCGEN 6.221% due 06/15/33 (nc 32) T+163bp (G147; $104.66) - $1.250bn pxd JUN 2022
- SOCGEN 7.132% due 01/19/55 (nc 54) T+193bp ($104.14) - $1.25bn pxd JAN 2024

FINAL BOOKS:

$1bn 6nc5 - $3.700bn (3.70x) – PEAK $5.900BN

$1.5bn 11nc10 - $4.850bn (3.23x) - PEAK $7.400BN

$800m 21nc20 - $4.350bn (5.44x) – PEAK $6.850BN

[STANDARD CHARTERED]

Standard Chartered PLC (STANLN) exp A3/BBB+/A (p/s/s) US$2.5bn 144A/Reg S 3-part sr unsec notes, unsubordinated (4nc3 fixed rated reset and/or FRN due 1/13/30 and 11nc10 fixed rate reset due 1/13/37). Optional redemption dates: 1/13/29 and 1/13/36. Barc/GS/JPM/Scotia/StanChart (B&D)/UBS joint lead managers. UOP: gcp. Pricing 1/6. Settle 1/13.

VIA Barc/GS/JPM/Scotia/StanChart (B&D)/UBS joint lead managers.

Announced overnight with benchmark size, final size came in at $2.50bn with price progression as follows:

4NC3 FRN – IPT Seqv; GDNC S+92#; PXD $500m 1/13/30 FRN at SOFR+92, at 100.
4NC3 FRR – IPT 105a; GDNC 77#; PXD $1bn 4.299% 1/13/30 100.00 4.299% T+77.
11NC10 FRR – IPT 135a; GDNC 107#; PXD $1bn 5.243% 1/13/37 100.00 5.243% T+107.

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

- STANLN 5.244% due 05/13/31 (nc 30) T+79bp (G85; $102.84) - $1bn pxd 5/6/25 +135
- STANLN 5.400% cue 08/12/36 (nc 35) T+99bp (G101; $101.72) - $2bn pxd 8/5/25 +120

* 11NC10: Aug 36nc35 G101; +2bp curve = T+103bp f/v.  At the T+107bp pricing level, 11NC10 CONCESSION IS 4BP.

* 4NC3: 11nc10 f/v to +103bp.  Minus 30bp 3s/10s curve at IPT = T+73bp. At the T+77bp pricing level, 4NC3 CONCESSION IS 4BP.

Comps away:

Barclays PLC (Baa1/BBB+/A)
- BACR 4.476% due 11/11/29 (nc 28) T+77bp (G71; $100.58) - $1.5bn pxd 8/4/25 +83
- BACR 5.785% due 02/25/36 (nc 35) T+99bp (G105; $104.41) - $2.0bn pxd FEB 2025

HSBC Holdings PLC (A3/A-/A+)
- HSBC 4.619% due 11/06/31 (nc 30) T+85bp (G86; $100.19) - $2.25bn pxd 10/30/25 +90
- HSBC 5.133% due 11/06/36 (nc 35) T+96bp (G96; $99.94) - $2.25bn pxd 10/30/25 +105

Lloyds Banking Group PLC (A3/A-/A+)
- LLOYDS 4.425% due 11/04/31 (nc 30) T+80bp (G81; $99.57) - $1.5bn pxd 10/28/25 +82
- LLOYDS 4.943% due 11/04/36 (nc 35) T+94bp (G94; $98.64) - $1.25bn pxd 10/28/25 +97

FINAL BOOKS:

$500m 4nc3 FRN - $2.30bn (4.60x) – PEAK $2.600BN
$1bn 4nc3 FRR - $3.60bn (3.60x) – PEAK $4.600BN
$1bn 11nc10 FRR - $5.80bn (5.80x – PEAK $6.70BN 

[TORONTO DOMINION BANK] 

The Toronto-Dominion Bank (TD) exp A2/A-/AA- (s/s/n) US$2.5bn SEC registered 3-part sr notes (2y FXD and/or FRN due 1/13/28, 5y FXD due 1/13/31). The Notes are subject to bail-in conversion under the Canadian bail-in regime. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 1/6. Settle 1/13 (T+5). Cusip: 2y FXD: 89115KAK6, 2y FRN: 89115KAL4, 5y FXD: 89115KAM2, 5y FRN: 89115KAN0. ISIN: 2y FXD: US89115KAK60, 2y FRN: US89115KAL44, 5y FXD: US89115KAM27, 5y FRN: US89115KAN00. 

VIA TD (B&D)/BofA/Lloyds/MS/USB joint active books.

Announced with benchmark size (with a 5yr FRN that was dropped at guidance) final size on today’s 3-part came in at $2.5bn with price progression as follows.

2yr FRN – IPT Seqv; GDNC S+58#; PXD $600m 1/13/28 FRN at SOFR+58, at 100.
2yr FXD – IPT 70a; GDNC 45#; PXD $1bn 3.913% 1/13/28 100.00 3.913% T+45.
5yr FXD – IPT 90-95a; GDNC 70#; PXD $900m 4.411% 1/13/31 100.00 4.411% T+70.

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

TD 4.109% due 10/13/28 T+52bp vs 2yr (G47; $100.34) - $1bn pxd 10/6/25 +50
TD 4.808% due 06/03/30 T+59bp (G64; $102.32) - $1.15bn pxd 5/27/25 +78
TD 4.928% due 10/15/35 T+76bp (G77; $100.03) - $1.25bn pxd 10/6/25 +77

* 5YR – TD 30s G64 + 3bp curve = T+67bp.  At the T+70bp pricing level, 5YR CONCESSION IS 3BP

* 2YR – 5yr f/v T+67bp minus 22.5bp 2s/5s curve at IPT = 44.5bp.  At the T+45bp pricing level, 2YR CONCESSION IS FLAT.  

Comps away:

Royal Bank of Canada (A1/A/AA-)
- RY 3.995% due 11/03/28 (nc 27T+48bp (G48; $100.09) - $750m pxd 10/28/25 +50
- RY 4.305% due 11/03/31 (nc 30) T+70bp (G71; $99.57) - $1bn pxd 10/28/25 +70

Bank of Montreal (A2/A-/AA-)
- BMO 4.350% due 09/22/31 (nc 30) T+66bp (G68; $99.93) - $1bn pxd 9/15/25 +75

Bank of Nova Scotia (A2/A-/AA-)
- BNS 4.338% due 9/15/31 (nc 30) T+70bp (G73; $99.70) - $850m pxd 9/8/25 +77

Canadian Imperial Bank of Commerce (A2/A-/AA-)
- CM 4.580% due 09/08/31 (nc 30) T+72bp (G75; $100.64) - $1bn pxd 9/2/25 +85

FINAL BOOKS:

$600m 2yr FRN - $1.10bn (1.83x) – PEAK $1.370BN

$1bn 2yr FXD - $1.50bn (1.50x) – PEAK 2.030BN

$900m 5yr FXD - $1.90bn (2.11x) – PEAK 2.580BN 

[NAB]

National Australia Bank Ltd / National Australia Bank Ltd, acting through New York Branch (NAB), exp issue ratings Aa2/AA- (issuer ratings Aa2/AA-/AA- (s/s/s)), US$2.5bn 4-part sr notes. SOFR Convention: SOFR, compounded daily in arrear & paid quarterly (2-day observation shift, no lockout or payment delay). Denoms: US$250k x US$1k. UOP: gcp. Pricing 1/6. Settle 1/13 (T+5).

VIA BofA/Citi/JPM/MS/nabSecs joint books.

National Australia Bank Ltd, acting through New York Branch:
  - $650m 3(a)2 exempt short 3y FXD sr notes due 12/13/28. Coupon: Fixed, semi-annual in arrears. Short first coupon on 6/13/26. CUSIP / ISIN: 632525CQ2 / US632525CQ20.  -     

   - $500m 3(a)2 exempt 5y FXD sr notes due 1/13/31. Coupon: Fixed, semi-annual in arrear. CUSIP / ISIN: 632525CR0 / US632525CR03.

National Australia Bank Ltd
  - $600m 144A/Reg S short 3y FRN due 12/13/28. Coupon: Floating, quarterly in arrear. Short first coupon on 3/13/26. 144A CUSIP / ISIN: 632525CN9 / US632525CN98. 

 - $750m 144A/Reg S 5y FRN due 1/13/31. Coupon: Floating, quarterly in arrear. 144A CUSIP / ISIN: 632525CP4 / US632525CP47. 

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

- 3yr FRN – IPT Seqv; GDNC S+53#; PXD
- 3yr FXD – IPT T+60a; GDNC T+35#; PXD
- 5yr FRN – IPT Seqv; GDNC S+68#; PXD
- 5yr FXD – IPT T+70a; GDNC T+45#; PXD

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

- NAB 4.308% due 06/13/28 T+35bp vs 2yr (G32; $101.09) - $750m pxd 6/3/25 +40
- NAB 4.534% due 06/13/30 T+38bp vs 5yr (G43; $101.68) - $750m pxd 6/3/25 +52

Most recent Aussie 3yr:

Australia & New Zealand Banking Group NY (Aa2/AA-/AA-)
- ANZ 3.919% due 12/08/28 T+32bp vs 2yr (G25; $100.31) - $750m pxd 12/01/25

Most recent Aussie 5yr:

Commonwealth Bank of Australia NY (Aa2/AA-/AA-)
- CBAAU 4.150% due 10/01/30 T+38bp (G40; $100.15) - $750m pxd 9/22/25 +45

** 5yr – Outstanding NAB G43 + curve = T+45 f/v.   Most recent Aussie 5yr CBAAU G40 + 1bp curve = T+41.  Going in between these two points puts f/v at T+43bp.  At the T+45bp pricing level, 5YR CONCESSION IS 2BP. 

** 3yr – 5yr f/v T+43bp minus 10bp 3s/5s curve at IPT = T+33bp.  At the T+35bp pricing level, 3YR CONCESSION IS 2BP. 

FINAL BOOKS: 

$600m S3yr FRN - $2.900bn (4.83x)

$650m S3yr FXD - $2.400bn (3.69x)

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

$500m 5yr FXD  - $2.650bn (5.30x)

[AMERICAN HONDA FINANCE CORP]

American Honda Finance Corp (HNDA) exp A3/A-/A (s/n/n) US$2bn SEC registered 4-part sr notes (3y FXD and/or FRN due 1/8/29, 5y FXD due 1/8/31 and 10y FXD due 1/8/36). MWC on FXD tranches. Denoms: 2,000 x 1,000. Sale into Canada: No. UOP: gcp. Pricing 1/6. Settle 1/8 (T+2). Cusip: 3y FXD: 02665WGR6, 3y FRN: 02665WGQ8, 5y: 02665WGS4, 10y: 02665WGT2. ISIN: 3y FXD: US02665WGR60, 3y FRN: US02665WGQ87, 5y: US02665WGS44, 10y: US02665WGT27.

VIA  Barc/BNP (B&D on 5y)/Citi (B&D on 10y)/JPM (B&D on 3y tranches) joint active books.

Announced with benchmark size, final size came in at $2bn with price progression as follows:

3yr FRN - IPT SOFR equiv; GDNC S+78#; PXD $300m 1/8/29 FRN at SOFR+78, at 100.

3yr FXD - IPT T+90 area; GDNC T+62#; PXD $700m 4.15% 1/8/29 99.992 4.153% T+62. MW+10.

5yr FXD - IPT T+105 area; GDNC T+77#; PXD $500m 4.45% 1/8/31 99.845 4.485% T+77. MW+15.

10yr FXD - IPT T+125 area; GDNC T+95#; PXD $500m 5.10% 1/8/36 99.822 5.123% T+95. MW+15.

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

-HNDA 4.250% due 09/01/28 T+54bp (G56; $100.40) - $700m pxd 09/02/25 +65
-HNDA 4.500% due 09/04/30 T+68bp (G71; $100.45) - $650m pxd 09/02/25 +80
-HNDA 5.150% due 07/09/32 T+94bp (G77; $102.75) - $750m pxd 07/08/25 +100
-HNDA 5.200% due 03/05/35 T+83bp (G89; $101.40) - $500m pxd MAR 2025

*** 10yr: Mar ‘35 G89, add 3bp for ‘35/’36 curve gets f/v to T+92bp. At the T+95bp pricing level, 10yr CONCESSION IS 3BP. 

*** 5yr: Sept ‘30 G71, add 4bp for curve gets f/v to T+75bp. At the T+77bp pricing level, 5yr CONCESSION IS 2BP. 

*** 3yr: Sept ‘28 G56, add 4bp for curve gets f/v to T+60bp. At the T+62bp pricing level, 3yr CONCESSION IS 2BP.

Honda Motor Co
-HNDA 4.436% due 07/08/28 T+59bp (G56; $100.90) - $700m pxd JUN 2025
-HNDA 4.688% due 07/08/30 T+66bp (G71; $101.20) - $1.3bn pxd JUN 2025
-HNDA 5.337% due 07/08/35 T+88bp (G93; $102.10) - $1bn pxd JUN 2025

Toyota Motor Credit Corp (A1/A+/A+)
-TOYOTA 4.050% due 09/05/28 T+36bp (G31; $100.52) - $800m pxd SEPT 2025
-TOYOTA 4.800% due 05/15/30 T+46bp (G52; $102.39) - $750m pxd MAY 2025
-TOYOTA 4.650% due 09/03/32 T+78bp (G60; $100.78) - $700m pxd SEPT 2025
-TOYOTA 5.350% due 01/09/35 T+54bp (G61; $104.52) - $850m pxd JAN 2025

FINAL BOOKS:

$300m 3yr FRN - $750m (2.50x) - PEAK $900m

$700m 3yr FXD - $1.900bn (2.71x) - PEAK $2.300bn

$500m 5yr - $2.300bn (4.60x) - PEAK $2.800bn

$500m 10yr - $1.500bn (3.00x) - PEAK $2.300bn

[AERCAP]

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (AER) exp Baa1/BBB+/BBB+ (s/s/s) US$1.75bn SEC registered 2-part sr notes (3y FXD due 2/28/29 and 7y FXD due 1/15/33). MWC then 1mo par call on 3y (1/28/29) and 2mos on 7y (11/15/32). CoC at 101. Guarantors: AerCap Holdings NV, AerCap Aviation Solutions BV, AerCap Ireland Ltd, International Lease Finance Corp, AerCap US Global Aviation LLC. UOP: general corporate purposes, including to acquire, invest in, finance or refinance aircraft assets and to repay indebtedness. First Pay: 3y: 8/28/26, 7y: 7/15/26. Denoms: 150,000 x 1,000. Sale into Canada: Yes - exemption. Listing: Euronext Dublin. Pricing 1/6. Settle 1/15 (T+7). CUSIPs: 3y: 00774MBT1, 7y: 00774MBU8. ISINs: 3y: US00774MBT18, 7y: US00774MBU80.

VIA CACIB/GS/JPM (B&D on 7y)/RBC/WFS (B&D on 3y) joint active books.

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

3y IPT - T+95 area; GDNC T+70#; PXD $900m 4.125% 2/28/29 99.664 4.239% T+70. MW+12.5.

7y IPT - T+120 area; GDNC T+92#; PXD $850m 4.75% 1/15/33 99.360 4.859% T+92. MW+15.

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

-AER 4.875% due 04/01/28 T+59bp (G58; $101.629) - $750M pxd Jan 2025
-AER 4.625% due 09/10/29 T+77bp (G71; $101.012) - $1.3B pxd Sep 2024
-AER 4.375% due 11/15/30 T+73bp (G74; $99.618) - $600M pxd 09/22/25 +75
-AER 5.375% due 12/15/31 T+94bp (G85; $103.549) - $750M pxd Jan 2025
-AER 4.950% due 09/10/34 T+82bp (G92; $99.579) - $1.1B pxd Sep 2024
-AER 5.000% due 11/15/35 T+100bp (G100; $98.547) - $600M pxd 09/22/25 +97

** 7yr – outstanding Dec 31s G85; plus 5bp for ‘31/’32 curve = T+90bp f/v. At the T+92bp pricing level, 7yr CONCESSION IS 2BP.

** 3yr –Outstanding Sep 29s G71; minus 4bp for curve = T+67bp f/v. At the T+70bp pricing level, 3yr CONCESSION IS 3BP.

FINAL BOOKS:

$900m 3yr - $2.500bn (2.78x) - PEAK $2.900bn

$850m 7yr - $3.200bn (3.76x) - PEAK $4.000bn

[SIMON PROPERTY GROUP] 

Simon Property Group LP (SPG), exp A3/A (s/s), US$800m SEC-registered 5y fixed sr unsecured notes due 01/15/2031.MWC then 1mo par call (12/15/30). UOP: Repayment of the $800mm 3.30% 2026 Notes and any remaining for general business purposes, including to repay other unsecured indebtedness. Denoms: 2k x 1k. Sales into Canada: Yes, via exemption. Pricing 01/06. Settle: 01/13 (T+5).

VIA BofA (B&D)/DB/GS/RBC joint active bookrunners.

Announced with benchmark size, we heard initial thoughts as T+85a.

Guidance came in at T+65#.

$800m 4.30% 1/15/31 99.697 4.368% T+65. MW+10.

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

- SPG 4.375% due 10/01/30 T+52bp (G55; $100.55) - $700m pxd 8/12/25 +62
- SPG 5.125% due 10/01/35 T+76bp (G80; $101.31) - $800m pxd 8/12/25 +90

SPG ‘30s G55 + 2bp curve = T+57bp f/v. At the T+65bp pricing level, CONCESSION IS 8BP. 

Comps away:

Public Storage Op Co (A2/A)
- PSA 4.375% due 07/01/30 T+48bp (G53; $100.69) - $475m pxd 6/26/25 +65

Prologis LP (A2/A)
- PLD 4.750% due 01/15/31 T+55bp (G56; $102.07) - $500m pxd 05/05/25 +85

FINAL BOOK:

$800m 5yr - $1.400bn (1.75x) – PEAK $1.500BN 

[HPS CORPORATE LENDING] 

HPS Corporate Lending Fund (HLEND) exp Baa2/BBB- (s/s) US$750m 144A/Reg S w/ reg rights 2-pt sr unsec notes (L3y due 04/02/29 and L5y due 04/02/31). 101 CoC. MWC then 1 mos par call on L3y (03/02/29) and 2 mos on L5y (02/02/31). UoP: (1) To make investments in accordance with HLEND’s investment strategy and policies, (2) to reduce borrowings and repay indebtedness incurred under various financing agreements HLEND has entered into and (3) for general corporate purposes. Denoms: 2k x 1k. Sale into Canada. Yes - Exemption. 144A L3s/L5s CUSIP: 40440VAU9/40440VAV7; ISIN: US40440VAU98/US40440VAV71. Pricing 01/06. Settle 01/12 (T+5).

VIA BofA/Natix/RBC (B&D)/SMBC as L3yr JBRs and BNP/BofA/JPM/MS/RBC (B&D)/SMBC as JBRs on the L5yr. 

Announced with benchmark size, we heard initial thoughts as L3y T+195 area and L5y T+215 area.

Guidance came in at L3y T+170#, L5y T+200#.

Ultimately, a $750m deal priced as follows:

$350m 5.15% 4/2/29 99.756 5.236% T+170. MW+30.

$400m 5.65% 4/2/31 99.707 5.718% T+200. MW+30.

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

-HLEND 4.900% due 09/11/28 T+159bp (G154; $99.57) - $600m pxd 09/04/25 +155
-HLEND 6.750% due 01/30/29 T+164bp (G164; $104.28) - $544m pxd JAN 2025
-HLEND 6.250% due 09/30/29 T+173bp (G167; $103.20) - $400m pxd JAN 2025
-HLEND 5.850% due 06/05/30 T+180bp (G186; $101.25) - $500m pxd MAY 2025
-HLEND 5.450% due 11/15/30 T+181bp (G182; $99.72) - $500m pxd 09/04/25 +183
-HLEND 5.950% due 04/14/32 T+194bp (G182; $101.47) - $499m pxd FEB 2025

*** L3yr: Jan ‘29 G164 add 1bp for curve = 165bp. Or Sept ‘29 G167 minus 2bp for curve gets f/v to T+165bp. At the T+170bp pricing level, L3yr CONCESSION IS 5BP. 

*** L5yr: Looking at BCRED’s Sept ‘30s G177 and Mar ‘31s G188 curve, the extension is worth around 10bp. 

Going from HLEND’s Nov ‘30 to Aprl ‘31 adding in about 10bp for curve points to f/v. at T+190bp. 

Or working from L3yr f/v at T+165, IPT curve today is just 20bp but the typical 3s/5s curve for these names is worth about 25bp so applying that points to f/v at T+190bp as well.

At the T+200bp pricing level, L5yr CONCESSION IS 10BP.

COMPS AWAY:

Blackstone Private Credit (Baa2/BBB-)
-BCRED 4.000% due 01/15/29 T+148bp (G147; $97.19) - $643m pxd JUL 2022
-BCRED 5.050% due 09/10/30 T+174bp (G177; $98.37) - $500m pxd 09/03/25 +160
-BCRED 5.300% due 03/12/31 T+190bp (G188; $98.78) - $700m pxd 01/05/26 +190

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

FINAL BOOK:

$350m L3yr - $1.650bn (4.71x) - PEAK $1.850bn

$400m L5yr - $1.000bn (2.50x) - PEAK $1000m

[F&G GLOBAL FUNDING] 

F&G Global Funding (FG) exp NR/A-/A- (-/s/s) US$750m 144A/Reg S 3y sr secured FA-Backed due 1/9/29. FA Provider: Fidelity & Guaranty Life Insurance Company. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: To purchase a Funding Agreement from Fidelity & Guaranty Life Insurance Company. Marketing: dealroadshow.com | FG2026. Pricing 1/6. Settle 1/9 (T+3).

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

Announced as a benchmark, we heard initial price thoughts as T+120 area.

Guidance came in at T+97#.

Ultimately, a $750m deal priced as follows:

$750m 4.50% 1/9/29 99.975 4.509% T+97.

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

-FG 4.650% due 09/08/28 T+89bp (G84; $100.75) - $500M pxd 09/03/25 +108
-FG 5.875% due 01/16/30 T+109bp (G118; $103.85) - $350M pxd Jan 2025

** Sep 28s G84; plus ~10bp for curve, call f/v T+95bp. At the T+97bp pricing level, CONCESSION IS 2BP.

Comps away:

Also could get to similar level (~0-2bp nic) with LNC plus 25bp delta:

Lincoln Financial Global Funding (A2/A+/A+)
-LNC 4.200% due 01/12/29 T+70bp (G69; $99.91) - $400M pxd 01/05/26 +72
-LNC 4.625% due 08/18/30 T+75bp (G79; $100.61) - $500M pxd 08/11/25 +82

** LNC Jan 29s pricing level +72 plus 25bp = T+97bp f/v, essentially making it flat nic. (and up to 2bp if taking the G69 there instead of the pricing level)

Comps away:

Athene Global Funding (A1/A+/A+)
-ATH 4.830% due 05/09/28 T+97bp (G94; $100.87) - $800M pxd May 2025
-ATH 5.033% due 07/17/30 T+106bp (G110; $101.01) - $850M pxd 07/14/25 +105
-ATH 5.543% due 08/22/35 T+129bp (G131; $100.52) - $600M pxd 08/20/25 +125

Corebridge Global Funding (A2/A+/N/A)
-CRBG 4.250% due 08/21/28 T+63bp (G58; $100.38) - $500M pxd 08/18/25 +58
-CRBG 4.450% due 10/02/30 T+82bp (G84; $99.6) - $500M pxd 09/29/25 +73
-CRBG 4.900% due 08/21/32 T+99bp (G81; $101.05) - $500M pxd 08/18/25 +88

Voya Global Funding (A2/A+/N/A)
-VOYA 4.600% due 11/24/30 T+74bp (G75; $100.59) - $400M pxd 11/17/25 +90

GA Global Funding Trust (A2/A/A)
-GBLATL 4.500% due 09/18/30 T+102bp (G105; $98.98) - $500M pxd 09/15/25 +90
-GBLATL 5.500% due 04/01/32 T+130bp (G116; $102.52) - $500M pxd Mar 2025
-GBLATL 5.900% due 01/13/35 T+137bp (G144; $102.44) - $500M pxd Jan 2025

American National GF (N/A/A/A)
-ANGINC 4.625% due 12/15/28 T+100bp (G93; $100.43) - $500M pxd 12/09/25 +100
-ANGINC 5.250% due 06/03/30 T+109bp (G114; $101.71) - $400M pxd May 2025

Jackson National Life Global (A3/A/A)
-JXN 4.700% due 06/05/28 T+77bp (G74; $101.05) - $500M pxd May 2025
-JXN 4.550% due 09/09/30 T+88bp (G91; $99.77) - $500M pxd 09/02/25 +85

CNO Global Funding (A3/A-/A)
-CNO 4.375% due 09/08/28 T+83bp (G78; $100.21) - $350M pxd 09/02/25 +75
-CNO 4.700% due 12/11/30 T+91bp (G91; $100.3) - $400M pxd 12/08/25 +98

Fortitude Global Funding (A3/N/A/A-)
-FORTRE 4.625% due 10/06/28 T+111bp (G105; $100.13) - $500M pxd 09/29/25 +100

Constellation Global Funding (N/A/N/A/A)
-CONSTL 4.850% due 10/22/30 T+127bp (G129; $99.39) - $350M pxd 10/15/25 +130

FINAL BOOKS:

$750m 3yr FABN - $1.400bn (1.87x) - PEAK $1.600bn

[PRINCIPAL LIFE GLOBAL FUNDING]

Principal Life Global Funding II (PFG) exp A1/A+ (s/s) US$700m 144A/Reg S no reg rights 5y sr secured FA-Backed due 1/13/31. FA Provider: Principal Life Insurance Company. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To purchase one or more Funding Agreements from Principal Life Insurance Company. Pricing 1/6. Settle 1/13 (T+5). 144A Cusip / ISIN: 74256LFE4 / US74256LFE48. 

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

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

Guidance came in at T+75#.

Ultimately, a $700m deal priced as follows:

$700m 4.45% 1/13/31 99.902 4.472% T+75. 

 As for r/v, outstanding PFG was quoted as follows:
-PFG 4.250% due 08/18/28 T+63bp (G58; $100.4) - $400M pxd 08/11/25 +55
-PFG 4.950% due 11/27/29 T+76bp (G67; $102.3) - $500M pxd Nov 2024

The outstandings are pretty illiquid , so looking at it as MET pxd yesterday plus 10bp delta:

Met Life Global Funding I (Aa3/AA-/AA-)
-MET 4.350% due 01/12/31 T+63bp (G63; $100) - $750M pxd 01/05/26 +65

** MET priced at +65 for a new 5yr yesterday, with PFG usually trading 10bp wide of MET, call new issue f/v T+75. At the T+75bp pricing level, CONCESSION IS FLAT.

Comps away:

Protective Life Global (A1/AA-/AA-)
-PROTLI 4.161% due 01/15/29 T+58bp (G57; $100.1) - $500M pxd 12/03/25 +65
-PROTLI 4.803% due 06/05/30 T+70bp (G75; $101.5) - $500M pxd May 2025

New York Life GF (Aa1/AA+/AAA)
-NYLIFE 4.250% due 01/09/31 T+57bp (G57; $99.8) - $650M pxd 01/05/26 +58

Guardian Life Global Funding (Aa1/AA+/N/A)
-GUARDN 4.402% due 12/11/30 T+60bp (G61; $100.3) - $600M pxd 12/08/25 +65

Voya Global Funding (A2/A+/N/A)
-VOYA 4.600% due 11/24/30 T+74bp (G75; $100.59) - $400M pxd 11/17/25 +90

FINAL BOOKS: 

$700m 5yr FABN - $1.100bn (1.57x) - PEAK $1.700bn

[CANADIAN IMPERIAL BANK OF COMMERCE] 

Canadian Imperial Bank of Commerce (CM) exp Baa3/BBB-/BBB+ (s/s/s) US$700m SEC registered 60.5nc5.5 Fixed Rate Reset Limited Recourse Capital Notes Series 9 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) due 7/28/86. Interest Reset Dates: July 28, 2031 and each fifth anniversary date thereafter. Coupon Type: Fixed for 5.5 years and then resets every 5 years at the prevailing 5-year UST plus [ ]%; Quarterly Payments. Pricing 1/6. Settle 1/13 (T+5). 

VIA  CIBC (B&D)/BNP/Citi/GS/UBS joint books.

Announced with benchmark size, we heard initial thoughts as 6.75% area.

Went straight to launch at $600m 60.5nc5.5 at 6.50%. Upsized to $700m

Ultimately, a $700m deal priced as follows:

$700m 6.50% 7/28/86 100.00 6.50%. Back-end reset: T+272.7. 

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

-CM 7.000% due 10/28/85 nc10/28/30 $104.13 (G233; $6.05% YTC) - $750m pxd JUL 2025 b/e +300.0

*** NC ‘30 6.05% YTC.

Outstanding b/e 300.0 minus outstanding G233 = 67 * 0.25 = 17bp.

6.05% add 17bp = 6.22%. 

Add another 5-10bp for curve gets call f/v at 6.30%.. At the 6.50% pricing level, CONCESSION IS 20BP.

COMPS AWAY:

Toronto-Dominion Bank (Baa2/BBB-/BBB+)
-TD 6.350% due 10/31/85 nc 10/31/30 $101.25 (G238; 6.09% YTC) - $750m pxd SEPT 2025 b/e +271.1

Bank of Montreal (Baa3/BBB-)
-BMO 6.875% due 11/26/85 nc 11/26/30 $103.13 (G245; 6.18% YTC) - $1bn pxd JUL 2025 b/e +297.3

FINAL BOOK:

$700m 60nc5.5 FRR NVCC - $2.100bn (3.00x) - PEAK $2.500bn

[COREBRIDGE] 

Corebridge Global Funding (CRBG) exp A2/A+ (s/s) US$650m 144A/Reg S FXD sr secured FA-Backed due 1/9/31. FA provider: American General Life Insurance Company. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To purchase one or more funding agreements from American General Life Insurance Company. Pricing 1/6. Settle 1/9 (T+3). 144A CUSIP/ISIN: 00138CBM9 / 00138CBM9. 

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

Announced as a benchmark, we heard initial price thoughts as T+110 area.

Went straight to launch at T+85.

Ultimately, a $650m deal priced as follows

$650m 4.55% 1/9/31 99.894 4.574% T+85.

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

Corebridge Global Funding (A2/A+/N/A)
-CRBG 4.250% due 08/21/28 T+63bp (G58; $100.38) - $500M pxd 08/18/25 +58
-CRBG 4.450% due 10/02/30 T+82bp (G84; $99.6) - $500M pxd 09/29/25 +73
-CRBG 4.900% due 08/21/32 T+99bp (G81; $101.05) - $500M pxd 08/18/25 +88

** outstanding Oct 30s G84; call f/v T+85bp. At the T+85bp pricing level, CONCESSION IS FLAT.

Comps away:

Athene Global Funding (A1/A+/A+)
-ATH 4.830% due 05/09/28 T+97bp (G94; $100.87) - $800M pxd May 2025
-ATH 5.033% due 07/17/30 T+106bp (G110; $101.01) - $850M pxd 07/14/25 +105
-ATH 5.543% due 08/22/35 T+129bp (G131; $100.52) - $600M pxd 08/20/25 +125

Voya Global Funding (A2/A+/N/A)
-VOYA 4.600% due 11/24/30 T+74bp (G75; $100.59) - $400M pxd 11/17/25 +90

Lincoln Financial Global Funding (A2/A+/A+)
-LNC 4.200% due 01/12/29 T+70bp (G69; $99.91) - $400M pxd 01/05/26 +72
-LNC 4.625% due 08/18/30 T+75bp (G79; $100.61) - $500M pxd 08/11/25 +82

GA Global Funding Trust (A2/A/A)
-GBLATL 4.500% due 09/18/30 T+102bp (G105; $98.98) - $500M pxd 09/15/25 +90
-GBLATL 5.500% due 04/01/32 T+130bp (G116; $102.52) - $500M pxd Mar 2025
-GBLATL 5.900% due 01/13/35 T+137bp (G144; $102.44) - $500M pxd Jan 2025

American National GF (N/A/A/A)
-ANGINC 4.625% due 12/15/28 T+100bp (G93; $100.43) - $500M pxd 12/09/25 +100
-ANGINC 5.250% due 06/03/30 T+109bp (G114; $101.71) - $400M pxd May 2025

Jackson National Life Global (A3/A/A)
-JXN 4.700% due 06/05/28 T+77bp (G74; $101.05) - $500M pxd May 2025
-JXN 4.550% due 09/09/30 T+88bp (G91; $99.77) - $500M pxd 09/02/25 +85

CNO Global Funding (A3/A-/A)
-CNO 4.375% due 09/08/28 T+83bp (G78; $100.21) - $350M pxd 09/02/25 +75
-CNO 4.700% due 12/11/30 T+91bp (G91; $100.3) - $400M pxd 12/08/25 +98

Fortitude Global Funding (A3/N/A/A-)
-FORTRE 4.625% due 10/06/28 T+111bp (G105; $100.13) - $500M pxd 09/29/25 +100

Constellation Global Funding (N/A/N/A/A)
-CONSTL 4.850% due 10/22/30 T+127bp (G129; $99.39) - $350M pxd 10/15/25 +130

FINAL BOOKS:

[NORTHWESTERN MUTUAL GLOBAL FUNDING] 

Northwestern Mutual Global Funding (NWMLIC) exp Aa1/AA+/AAA (s/s/s) US$600m 144A/Reg S 5y fixed sr secured FA-Backed due 1/13/31. FA Provider: The Northwestern Mutual Life Insurance Company. Denoms: 2,000 x 1,000. Sales into Canada: Yes - via exemption. UOP: To purchase one or more Funding Agreements from The Northwestern Mutual Life Insurance Company. Pricing 1/6. Settle 1/13 (T+5). 

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

Announced as a benchmark, we heard initial price thoughts as T+80 area.

Guidance came in at T+58#.

Ultimately, a $600m priced as follows

$600m 4.30% 1/13/31 99.991 4.302% T+58.

 As for r/v, NWMLIC was quoted as follows

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

** Outstanding Jun 30s G55; plus 3bp for curve = T+58bp. 

Or flat to NYLIFE pricing level (+58) yesterday:

New York Life GF (Aa1/AA+/AAA)
-NYLIFE 4.250% due 01/09/31 T+57bp (G57; $99.8) - $650M pxd 01/05/26 +58

** NYLIFE Jan 31s priced at +58 yesterday. Call new NWMLIC 5yr f/v T+58bp.

At the T+58bp pricing level, CONCESSION IS FLAT.

Comps away:

Guardian Life Global Funding (Aa1/AA+/N/A)
-GUARDN 4.402% due 12/11/30 T+60bp (G61; $100.3) - $600M pxd 12/08/25 +65

Met Life Global Funding I (Aa3/AA-/AA-)
-MET 4.350% due 01/12/31 T+63bp (G63; $100) - $750M pxd 01/05/26 +65

Protective Life Global (A1/AA-/AA-)
-PROTLI 4.161% due 01/15/29 T+58bp (G57; $100.1) - $500M pxd 12/03/25 +65
-PROTLI 4.803% due 06/05/30 T+70bp (G75; $101.5) - $500M pxd May 2025

FINAL BOOKS:

$600m 5yr FABN - $1.200bn (2.00x) - PEAK $1.500bn

[PENSKE TRUCK LEASING] 

Penske Truck Leasing Co LP / PTL Finance Corp (PENSKE) exp Baa2/BBB/BBB+ (s/s/s) US$500m 144A/Reg S no reg rights 5y FXD sr notes due 1/15/31. MWC then 1mo par call (12/15/30). 101 CoC. First Pay: 7/15/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To refinance existing indebtedness and to utilize the balance for general corporate purposes. Marketing: www.dealroadshow.com Passcode: PENSKE26. Pricing 1/6. Settle 1/13 (T+5). 144A CUSIP: 709599CC6. 

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

Announced with benchmark size, we heard initial thoughts as T+110 area.

Went straight to launch at $500m 5y at T+85.

Ultimately, a $500m deal priced as follows:

$500m 4.55% 1/15/31 99.871 4.579% T+85. MW+15.

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

-PENSKE 5.350% due 03/03/29 T+81bp (G79; $102.89) - $500m pxd MAR 2024
-PENSKE 5.250% due 07/01/29 T+84bp (G79; $102.70) - $700m pxd JUN 2024
-PENSKE 5.250% due 02/01/30 T+73bp (G81; $102.85) - $750m pxd JAN 2025

*** Feb ‘30 G81, add 5bp for ‘30/’31 curve call f/v at T+85bp. At the T+85bp pricing level, CONCESSION IS FLAT.

COPMS AWAY:

Ryder System Inc (Baa2/BBB+/BBB+)
-R 4.900% due 12/01/29 T+76bp (G67; $102.07) - $300m pxd OCT 2024
-R 5.000% due 03/15/30 T+65bp (G72; $102.30) - $300m pxd FEB 2025
-R 4.850% due 06/15/30 T+60bp (G65; $102.05) - $300m pxd APRL 2025
-R 4.300% due 12/01/30 T+68bp (G69; $99.51) - $300m pxd 10/27/25 +73

Element Fleet Management (NR/BBB/BBB+)

-EFNCN 5.037% due 03/25/30 T+75bp (G82; $102.08) - $650m pxd MAR 2025

-EFNCN 4.641% due 11/24/30 T+87bp (G89; $100.18) - $500m pxd 11/19/25 +95

FINAL BOOK:

$500m 5yr - $1.600bn (3.20x) - PEAK $2.100bn

[CNH INDUSTRIAL CAPITAL] 

CNH Industrial Capital LLC (CNHI) exp Baa2/BBB+/BBB (s/n/s) US$500m SEC registered L5y sr unsec notes due 03/07/31. Guarantor: CNH Industrial Capital America LLC, New Holland Credit Co LLC. 101 CoC. MWC then 1 mos par call (02/07/31). UoP: CNH Capital intends to add the net proceeds from this offering to its general funds and to use them for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets in the ordinary course of business, as well as repayment of indebtedness as it becomes due. Denoms: 2k x 1k. Sale into Canada: Yes - Exemption. CUSIP/ISIN: 12592B AW4; ISIN: US12592BAW46. Pricing 01/06. Pricing 01/08 (T+2). 

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

Announced as a benchmark, we heard initial price thoughts as T+110 area. 

Went straight to launch at $500m L5y at T+85.

Ultimately, a $500m deal priced as follows:

$500m 4.375% 3/7/31 99.086 4.577% T+85. MW+15. 

 As for r/v, outstanding CNHI was quoted as follows:
-CNHI 4.750% due 03/21/28 T+67bp (G66; $101.3) - $500M pxd Mar 2025
-CNHI 5.500% due 01/12/29 T+80bp (G80; $103.3) - $500M pxd Sep 2023
-CNHI 5.100% due 04/20/29 T+78bp (G76; $102.4) - $600M pxd Mar 2024
-CNHI 4.500% due 10/16/30 T+77bp (G79; $99.9) - $500M pxd 09/25/25 +78

** Outstanding Oct 30s G79; plus 3bp for curve, new L5y f/v T+82bp. At the T+85bp pricing level, CONCESSION IS 3BP.

Comps away:

General Motors Financial Co (Baa2/BBB/BBB)
-GM 4.600% due 01/08/31 T+89bp (G89; $100) - $900M pxd 01/05/26 +90

Caterpillar Financial Service (A2/A/A+)
-CAT 3.950% due 11/14/28 T+36bp (G30; $100.3) - $1.05B pxd 11/10/25 +37
-CAT 4.800% due 01/08/30 T+19bp (G28; $103.3) - $450M pxd Jan 2025

Daimler Truck Financial NA (A3/A-/N/A)
-DTRGR 4.950% due 01/13/28 T+65bp (G65; $101.6) - $700M pxd Jan 2025
-DTRGR 4.650% due 10/12/30 T+78bp (G81; $100.7) - $750M pxd 08/05/25 +92

Volkswagen Group America (Baa1/BBB+/A-)
-VW 4.550% due 09/11/28 T+88bp (G84; $100.5) - $700M pxd 09/02/25 +95
-VW 4.850% due 09/11/30 T+92bp (G96; $100.9) - $600M pxd 09/02/25 +112

General Motors Financial Co (Baa2/BBB/BBB)
-GM 4.200% due 10/27/28 T+63bp (G57; $100.3) - $1B pxd 10/22/25 +78
-GM 5.450% due 07/15/30 T+78bp (G83; $103.9) - $1B pxd May 2025

FINAL BOOKS:

$500m L5yr - $900m (1.80x) - PEAK $1.350bn

[MITSUBISHI HC FINANCE] 

Mitsubishi HC Finance America LLC (MHFA), exp security ratings A3/A- by Moody's/S&P, US$500m 144A/Reg S 5y FXD sr unsec gtd notes. Guarantor: Mitsubishi HC Capital Inc. Guarantor ratings: A3/A-/A- by Moody's/S&P/Fitch. Denoms: US$200,000 x US$1,000. Listing: Singapore Exchange Securities Trading Limited. Governing Law: New York Law. UOP: MHFA intends to use the net proceeds from the sale of the Notes for loans to MHC America Holdings Corporation ("AHC”) and/or for MHFA’s general corporate purposes. AHC intends to use the proceeds of loans from MHFA for loans and distributions to certain group companies for their general corporate purposes, including the repayment of outstanding indebtedness, or for AHC’s general corporate purposes. Netroadshow: www.netroadshow.com/nrs/home/#!/?show=d48bdc87. Entry Code: MHFA2601 (not case sensitive). Pricing 1/6. Settle 1/14 (T+6).

VIA BofA/Barc/Citi/JPM/Miz/MS joint books.

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

IPTs were revised at the NY open to T+110a.

Guidance came in a 85#.

Ultimately a $500m deal priced as follows:

$500m 4.558% 1/14/31 100.00 4.558% T+85. MW+15.

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

- MITHCC 5.807% due 09/12/28 T+79bp  (G75; $103.77) - $500m pxd SEPT 2023
- MITHCC 5.150% due 10/24/29 T+92bp  (G85; $102.36) - $500m pxd JUL 2024

Adding 3bp curve to the ‘29s puts f/v at T+88bp.  At the T+85bp pricing level, CONCESSION IS NEG 3BP.

Comps away: 

Orix Corp (A3/BBB+/A-)
- ORIX 4.650% due 09/10/29 T+69bp  (G62; $101.44) - $700m pxd SEPT 2024
- ORIX 4.450% due 09/09/30 T+72bp (G75; $100.05) - $500m pxd 9/2/25 +75
- ORIX 5.200% due 09/13/32 T+90bp (G71; $103.29) - $500m pxd SEPT 2022
- ORIX 5.400% due 02/25/35 T+83bp (G89; $102.85) -

Mitsubishi UFJ Finance Group (A1/NR/A-)
- MUFG 4.505% due 01/14/32 (nc31) - $1.15bn priced 01/15/26 at T+80bp.     

FINAL BOOK:

$500m 5yr - $3.100bn (6.20x) – PEAK $3.800BN 

[SSA PRICED]

– Asian Development Bank (ASIA) exp Aaa/AAA/AAA (s/s/s) US$ benchmark SEC exempt 10y global due 1/14/36. CACIB/JPM/MS/WFS joint books. Coupon: Fixed, semi-annual, 30/360. Denoms: US$1,000 + US$1,000. Listing: Luxembourg Stock Exchange's Regulated Market. Docs: Issuer’s Global Medium Term Note (GMTN) Program. Law: New York. Clearing: Federal Reserve, book entry system, Euroclear, Clearstream. Day Count: 30/360. Pricing 1/6. Settle 1/14 (T+6).

IPTs: SOFR MS+48 area (~CT10+12bps).

GUIDANCE: SOFR MS+46 area.

UPDATE: spread set at SOFR MS+45#. Books in excess of $18bn (excl. JLM interest).

LAUNCHED: $3.5bn 10y at SOFR MS+45. Books closed in excess of $20bn (excl. JLM interest).

PRICED: $3.5bn 4.25% 1/14/36 99.831 4.271% SOFR MS+45 (T+9.2).

– Development Bank of Japan Inc (DBJJP) exp A1/A+ (s/s) US$500m (no grow) 144A/Reg S 10y global MTN due 1/14/36. Barc/BofA (B&D)/Citi/Daiwa joint active books. Guarantor: Unconditionally and irrevocably guaranteed by Japan. List/Gov Law: Luxembourg Euro MTF unregulated market (Application made) / English Law. Denoms: US$200k x US$2k. Sale into Canada: YES. UOP: Long-term lending and investments and for working capital. Pricing 1/6. Settle 1/14.

IPTs: SOFR MS+66 area (Currently ~CT10 + 30bps area).

GUIDANCE: SOFR MS+64 area.

LAUNCHED: $500m 10y at SOFR MS+61.  Books in excess of $3.4bn (excl JLM).

PRICED: $500m  4.375% 1/14/36 99.545 4.432% SOFR MS+61 (T+24.9).

– European Investment Bank (EIB) exp Aaa/AAA/AAA US$6bn SEC registered 5y FXD global sr notes due 3/13/31. BofA/Citi/HSBC joint books. Denoms: 1k x 1k. Coupon: Fixed, SA 30/360, Short first coupon. Governing Law: New York. Listing: Luxembourg Stock Exchange’s Regulated Market. Pricing 1/6. Settle 1/13.

IPTs: SOFR MS+35 area.

LAUNCHED: $6bn 5y at SOFR MS+32.

PRICED: $6bn 3.75% 3/13/31 99.767 3.801% SOFR MS+32. 

– The Export-Import Bank of Korea (EIBKOR) exp Aa2/AA/AA- (s/s/s) US$3.5bn SEC registered 4-part sr notes (3y FXD (green), 3y FRN, 5y FXD, 10y FXD). Citi/DB/HSBC/Miz/MS/MUFG/WFS as JBRs/JLMs. Mirae Asset Securities as JLM. Day Count / Business Day Convention: FXD tranches: 30/360, Unadjusted / Following, FRN tranche: Act/360, Adjusted / Modified Following. SOFR Convention: Compounded Daily SOFR in arrear and paid quarterly (5 U.S. Government Securities Business Days Lookback). Terms: 200k/1k Denoms, New York Law. Expected Listing: LSE ISM, SGX-ST and Euro MTF of the LuxSE. UOP: The net proceeds from the sale of the 3-year fixed rate green notes will be used to finance or refinance, in whole or in part, new or existing projects or assets related to Eligible Green Projects or Assets in accordance with KEXIM’s November 2025 Sustainable Finance Framework; The net proceeds from the sale of the 3-year floating rate notes and 5-year fixed rate notes will be used for general operations, including extending foreign currency loans and repayment of maturing debt and other obligations; The net proceeds from the sale of the 10-year fixed rate notes will be used for general operations, which may include the implementation of KEXIM’s Artificial Intelligence Transformation Program (“AX Program”), extending foreign currency loans and repayment of maturing debt and other obligations. Pricing 1/6. Settle 1/13.

IPTs: 3y FXD (green) T+50 area, 3y FRN SOFR equiv, 5y T+53 area, 10y T+57 area.

FINAL PRICE GUIDANCE: 3y FXD (green) T+23#, 3y FRN SOFR+40#, 5y T+26#, 10y T+30#.

LAUNCHED: $500m 3y FRN at SOFR+40, $1.25bn 3y FXD Green at T+23, $1.25bn 5y FXD at T+26, $500m 10y FXD at T+30.

PRICED:

$500m 1/13/29 FRN at SOFR+40, at 100.

$1.25bn 3.75% 1/13/29 99.930 3.775% T+23.

$1.25bn 3.875% 1/13/31 99.488 3.989% T+26.

$500m 4.375% 1/13/36 99.137 4.483%  T+30.

– State of Israel (ISRAEL) exp Baa1/A/A US$6bn SEC registered 3-part global sr notes (5y due 1/13/31, 10y due 1/13/36 and 30y due 1/13/56). BofA/Citi/DB/GS/JPM (B&D) joint books. Coupon: semi, 30/360. First Pay: 7/13/26. Denoms: 200k x 1k. List LSE. New York Law. UOP: general budgetary purposes. Pricing 1/6. Settle 1/13. ISIN: 5y: US46515CJY12, 10y: US46515CJZ86, 30y: US46515CKR42.
IPTs: 5y T+120 area, 10y T+130 area, 30y T+150 area.
FINAL PRICE GUIDANCE: 5y T+90#, 10y T+100#, 30y T+125#.
LAUNCHED: $2.25bn 5y at T+90, $2bn 10y at T+100, $1.75bn 30y at T+125.

PRICED:
$2.25bn 4.50% 1/13/31 99.523 4.608% T+90.
$2bn 5.00% 1/13/36 98.693 5.169% T+100.
$1.75bn 5.875% 1/13/56 96.773 6.111% T+125.

[NEW MANDATES & MARKETING]

– Bank Hapoalim, the largest retail bank in Israel, has mandated Barclays, Citi, Goldman Sachs International, Jefferies, J.P. Morgan and Morgan Stanley as Joint Bookrunners to arrange a Global Investor Call at 11:00 AM NYT / 4:00 PM UKT on Tuesday, 6 January 2026, along with a series of fixed income investor calls also commencing on Tuesday, 6 January 2026.

An inaugural 144A/RegS USD-denominated 3.5-Year and 7-Year senior unsecured notes offering is expected to follow, subject to market conditions. The Notes are expected to be rated BBB+ / A- by S&P / Fitch.

Bank Hapoalim will be represented by:

Ram Gev, Chief Financial Officer

Victor Bahar, Chief Economist

Ron Meiri, Executive Vice President, ALM

Assaf Weizel, Senior Vice President

Tamar Koblenz, Head of IR

Schedule:

Tuesday, 6 January 2026

        UKT Time/NY Time

Slot 1                       14:00 PM 09:00 AM

Slot 2                        15:00 PM 10:00 AM

GLOBAL INVESTOR CALL   16:00 PM 11:00 AM

Slot 3                        20:00 PM 15:00 PM

Slot 4                        21:00 PM 16:00 PM

Investor Login Details

URL: https://dealroadshow.com

Entry Code: HAPOALIM2026

Direct Link: https://dealroadshow.com/e/HAPOALIM2026

★★★ BANK HAPOALIM – GIC REGISTRATION LINK ★★★

https://evercall.co/oacc/41674

Relevant stabilisation regulation applies, including FCA/ICMA.

– Banco Internacional del Perú S.A.A. (“Interbank”), a leading provider of financial products and banking services for retail customers and commercial clients in Perú, with a digital platform and distribution network of over 5.5 million customers, rated* Baa1/BBB-/BBB by Moody's, S&P, and Fitch, has mandated BofA Securities, Citigroup, and J.P. Morgan as Joint Bookrunners to arrange a series of fixed income investor calls starting on Monday, January 5th.

A new 144A/Reg S, USD-denominated benchmark-sized 5.5yr tenor senior unsecured offering with expected issue ratings* of Baa1 / BBB by Moody’s and Fitch may follow, subject to market conditions.

BofA Securities will be coordinating logistics.

Interbank will be represented by:

Team A

Carlos Tori – Chief Executive Officer

Alexander Woodman – EVP, Retail Banking & Channels

Cecilia Ramirez – Investor Relations Officer

Team B

Michela Casassa – Chief Financial Officer

Victor Cárcamo – EVP, Commercial Banking

Norka Revoredo – Head of Strategy

Investor Login Details:

URL: https://dealroadshow.com

Entry Code: BINTPE26

Direct Link: https://dealroadshow.com/e/BINTPE26

– Banco Santander Chile (“Santander Chile”) rated* A2 (Stable) / A- (Stable) by Moody’s / S&P, has mandated Santander, BofA Securities, Goldman Sachs, and J.P. Morgan as Global Coordinators and Joint Bookrunners, and SMBC Nikko as Passive Bookrunner, to arrange a series of fixed income investor meetings starting on Tuesday January 6th. 

A USD-denominated, Rule 144A / Reg. S Senior Unsecured benchmark-sized 5-year notes offering may follow, subject to market conditions.

Goldman Sachs will be coordinating logistics.

Santander Chile will be represented by:

Cristian Vicuña – Chief Strategy Officer & Head of IR

Pablo Carvajal – Head of Asset & Liability Management

Rowena Lambert – Investor Relations Officer

Investor Login Details

URL: https://dealroadshow.com

Entry Code: SANTCL26

Direct Link: https://dealroadshow.com/e/SANTCL26

– POSCO (Ticker: “POHANG”), rated Baa1 (Stable) by Moody’s and A- (Negative) by S&P, has mandated BNP PARIBAS, Citigroup, Crédit Agricole CIB, HSBC and Standard Chartered Bank (the “Joint Lead Managers”) to arrange a series of fixed income investor meetings in Asia, commencing on January 7, 2025. A USD-denominated Rule 144A/Reg S senior unsecured bond offering, consisting of 5-year fixed rate and/or floating rate notes and/or 10-year fixed rate notes may follow, subject to market conditions.

FCA / ICMA stabilization applies.

– Thai Oil Public Company Limited (the “Company”), rated Baa3 (Negative) by Moody’s and BBB- (Negative) by S&P has mandated BofA Securities, BNP PARIBAS, Deutsche Bank, HSBC, Mizuho and Standard Chartered Bank as Joint Lead Managers to arrange a series of fixed income investor calls in Asia, Europe and the United States commencing on 6 January, 2026.

A benchmark-sized USD-denominated 144A/REGS Subordinated Perpetual Securities (the “Securities”) of Perpetual NC5.25 Notes may follow, subject to market conditions.

The Securities will be issued by Thaioil Treasury Center Company Limited (the “Issuer”), a wholly owned subsidiary of the Company, and will be unconditionally and irrevocably guaranteed by the Company. The Securities are expected to be rated Ba2 by Moody’s and BB- by S&P.

FCA / ICMA stabilisation applies.

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

No PRIIPs KID – No PRIIPs key information document (KID) has been prepared as not available to retail in EEA