Commentary & Deal Flow

Daimler Truck Finance North America LLC (DTRGR) exp A3/A- (s/s) US$1bn 144A/Reg S (Cat 2) no reg rights 2-part sr notes (3y FXD due 1/12/29 and long 5y FXD due 4/12/31). MWC then 1mo par call on 3y (12/12/28) and 1mo on L5y (3/12/31). BBVA/BNP/JPM (B&D)/Miz/Scotia joint active books. Guarantor: Daimler Truck Holding AG, Daimler Truck AG. Denoms: 150,000 x 1,000. Sale into Canada: Yes, via exemption. UOP: gcp. Pricing 1/7. Settle 1/12 (T+3). 144A CUSIP: 3y: 233853BK5, L5y: 233853BL3. 144A ISIN: 3y: US233853BK59, L5y: US233853BL33.

IPTs: 3y T+100 area, L5y T+110 area.

GUIDANCE: 3y T+67#, L5y T+83#.

LAUNCHED:
$600m 3y at T+67.
$400m L5y at T+83.