Commentary & Deal Flow

CFR CREDIT CLOSE: Largest Tranche Week All-Time; Volume Wk Ex ’20; Close on Deals

Coming into this week, estimators thought the market would price a total of $65.964bn -- now we are looking at a 37% to the upside at $90.4bn for the week, with one more day left to go. In a matter of 3 days, IG has priced more volume than some of the previous months.

The counts for this week – 53 Deals; 113 Tranches; $90.400bn Volume are ranking on All-Time Largest Lists.

The 113 tranches priced WTD marks the Largest Tranche Week All-Time:

 The 53 deals priced WTD is No. 5 on the All-Time Largest Deal Week List; but could quickly move up the ladder with a handful of trades on Thursday:

The $90.400bn volume WTD is No. 4 All-Time Largest Volume Week table – the first week to surpass one of the 2020 Mega Weeks:

 This is by far the biggest volume start to any year:  

In addition to 8 FA-backed issuers that have come to the market on Monday and Tuesday, MET Tower and MUTOMA popped up today. This week to day is now the 2nd largest FABN deal week and 3rd largest FABN volume week of all time:

RABOBK made a few notables today with their 2yr tying low bank spreads at T+28 looking back through 2022:

And its coupon coming in as the 2nd lowest for all 2yrs back through 2023 (only behind CAT from Monday so the top 3 is now all names from 2026)

RABOBK's 5yr priced as the 3rd lowest bank spread back through 2022 at T+47 (And just behind NAB from yesterday at T+45):

And away from RABOBK, another notable was MET coming in with the 2nd lowest 3y coupon for an FABN back through 2023:

Here's today's rundown:

[TOYOTA MOTOR CREDIT CORP] 

Toyota Motor Credit Corp (TOYOTA) exp A1/A+/A+ (s/s/s) US$2.6bn SEC registered 4-part sr notes, MTNs, Series B (2y FXD and/or FRN due 1/12/28, 5y FXD due 1/10/31 and 10y FXD due 1/11/36). MWC on 5y and 10y. Denoms: 2,000 x 1,000. Sale into Canada: No. Sale into Japan: Yes. UOP: gcp. Pricing 1/7. Settle 1/12 (T+3). 

VIA Barc/BofA (B&D)/BNP/Lloyds/USB joint active books.

Announced with benchmark size, final size came in at $2.6bn with price progression as follows:

2yr FRN - IPT SOFR equiv; GDNC S+45#; PXD $600m 1/12/28 FRN at SOFR+45, at 100.

2yr FXD - IPT T+60 area; GDNC T+32#; PXD $750m 3.75% 1/12/28 99.916 3.794% T+32. 

5yr FXD - IPT T+80 area; GDNC T+52#; PXD $750m 4.20% 1/10/31 99.969 4.207% T+52. MW+10.

10yr FXD - IPT T+95 area; GDNC T+67#; PXD $500m 4.80% 1/11/36 99.969 4.804% T+67. MW+10.

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

-TOYOTA 4.050% due 09/05/28 T+36bp (G32; $100.52) - $800m pxd SEPT 2025
-TOYOTA 4.550% due 08/09/29 T+52bp (G46; $102.00) - $1bn pxd AUG 2024
-TOYOTA 4.800% due 05/15/30 T+44bp (G49; $102.39) - $750m pxd MAY 2025
-TOYOTA 4.600% due 10/10/31 T+59bp (G51; $101.60) - $750m pxd OCT 2024
-TOYOTA 4.650% due 09/03/32 T+78bp (G60; $100.78) - $700m pxd SEPT 2025
-TOYOTA 4.700% due 01/12/33 T+34bp (G58; $101.28) - $500m pxd JAN 2023
-TOYOTA 5.350% due 01/09/35 T+54bp (G61; $104.52) - $850m pxd JAN 2025

Toyota Motor Corp
-TOYOTA 4.450% (sust) due 06/30/30 T+47bp (G52; $101.15) - $500m pxd JUN 2025
-TOYOTA 5.053% (sust) due 06/30/35 T+54bp (G59; $102.74) - $500m pxd JUN 2025

*** 5yr: May ‘30 G49, add 3bp for curve gets f/v to T+52bp. At the T+52bp pricing level, 5yr CONCESSION IS FLAT.

*** 10yr: With the ‘32s, ‘33s, ‘35s, all trading on top of each other, focusing on the most recent ‘32 G60. The 5s/10s IPT curve is at 15bp which would suggest about an 8bp 5s/7s curve and a 7bp 7s/10s curve. Looking at the Sept ‘32 G60, adding in 7bp for 7s/10s curve gets f/v to T+67bp.

Can also look at 5y f/v at T+52, add 15bp for IPT curve also points to f/v at T+67bp. 

At the T+67bp pricing level, 10yr CONCESSION IS FLAT.

*** 2yr: 5y f/v at T+52, take away 20bp for IPT curve gets f/v to T+32bp. At the T+32bp pricing level, 2y CONCESSION IS FLAT.

FINAL BOOKS:

$600m 2yr FRN - $1.700bn (2.83x) - PEAK $1.750bn

$750m 2yr FXD- $2.300bn (3.07x) - PEAK $2.750bn

$750m 5yr - $2.400bn (3.20x) - PEAK $3.300bn

$500m 10yr - $2.150bn (4.30x) - PEAK $3.000bn

[BFCM]

Banque Federative du Credit Mutuel SA (BFCM) exp A1/A+/AA- US$2.25bn 144A/Reg S 3-part Senior Preferred (5y FXD and/or FRN due 1/15/31 and 10y FXD due 1/15/36). SOFR Referernce Rate: SOFR Index Average (as defined in the Base Offering Memorandum) with 2-day observation shift. Pricing 1/7. Settle 1/15 (T+6). 

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

BFCM was originally announced as a benchmark 3-part (5yr FRN dropped at guidance). Final size came in at $2.25bn with price progression as follows:

5yr FXD – IPT T+112.5a; GDNC T+85#; PXD $1.5bn 4.541% 1/15/31 100.00 4.541% T+85.
10yr FXD – IPT T+130a; GDNC T+97#; PXD $750m 5.106% 1/15/36 100.00 5.106% T+97.

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

- BFCM 4.591% due 10/16/28 T+68bp vs 2yr (G63; $101.14) - $650m pxd 7/8/25 +72
- BFCM 5.538% due 01/22/30 T+73bp (G81; $104.08) - $900m pxd JAN 2025

* 5YR BFCM: Jan 30s G81 + 4bp curve = T+85bp. At the T+85bp pricing level,  5YR CONCESSION IS FLAT.

* 10YR BFCM:  5yr f/v T+85 + 17.5bp 5s/10s curve = T+102.5bp.  At the T+97bp pricing level, 10YR CONCESSION IS NEG 5.5BP.  

Demand was strong on the 10yr given the rarity value of a senior preferred in this maturity. 

Comps away:

Credit Agricole (A1/A+/AA-)
- ACAFP 5.301% due 07/12/28 T+57bp (G54; $102.99) - $1.2bn pxd JAN 2023
- ACAFP 5.365% due 03/11/34 T+60bp (G74; $104.25) - $750m pxd MAR 2024

BNP Paribas (A1/A+/AA-)
- BNP 5.176% due 01/09/30 (nc 29) T+80bp (G97; $102.40) - $1.75bn pxd JAN 2024
- BNP 5.894% due 12/05/34 (nc 33) T+77bp (G93; $106.42) - $2.00bn pxd NOV 2023

FINAL BOOKS: 

$1.5bn 5yr SP - $4.400bn (2.93x) - PEAK $5.200bn

$750m 10yr SP - $7.000bn (9.33x) - PEAK $8.600bn

[T-MOBILE] 

T-Mobile USA Inc (TMUS) exp Baa1/BBB/BBB+ (s/p/s) US$2bn (no grow) SEC registered 2-part sr notes (10y FXD due 2/15/36 and 30y FXD due 2/15/56). MWC then 3mos par call on 10y (11/15/35) and 6mos on 30y (8/15/55). Guarantor: the Notes will be guaranteed (i) initially by T-Mobile US, Inc. (Ticker: TMUS) and each wholly-owned subsidiary of the Issuer that is not an Excluded Subsidiary and is an obligor of the Credit Agreement and (ii) by any future direct or indirect subsidiary of TMUS that is not a subsidiary of the Issuer or any other guarantor that owns capital stock of the Issuer. UOP: Refinancing existing indebtedness on an ongoing basis, or other GCP. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. 

VIA DB (B&D on 10y)/JPM (B&D on 30y)/RBC/UBS joint active books.

Announced as a $2bn deal WNG, we heard initial price thoughts as 10y T+110 area, 30y T+125 area.

Guidance came in at 10y T+87#, 30y T+103#.

Ultimately, the $2bn deal priced as follows:

$1.15bn 5.00% 2/15/36 99.915 5.01% T+87. MW+15.

$850m 5.85% 2/15/56 99.991 5.85% T+103. MW+20.

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

-TMUS 4.950% due 11/15/35 T+85bp (G85; $99.581) - $1B pxd 10/06/25 +83
-TMUS 5.875% due 11/15/55 T+105bp ($99.998) - $.251B pxd Mar 2025
-TMUS 5.700% due 01/15/56 T+105bp ($97.477) - $1B pxd 10/06/25 +98

** 10y - Outstanding TMUS Nov 35s G85; call f/v T+85bp. At the T+87bp pricing level, 10Y CONCESSION IS 2BP.

** 30y - Outstanding Nov 55s/Jan 56s both at T105; call new 39y f/v T+105bp. At the T+103bp pricing level, 30Y CONCESSION IS NEG 2BP.

Comps away:

Orange SA (Baa1/BBB+/BBB+)
-ORAFP 5.000% due 01/13/36 T+93bp (G92; $99.381) - $2B pxd 01/05/26 +95
-ORAFP 5.750% due 01/13/56 T+98bp ($99.262) - $500M pxd 01/05/26 +100

FINAL BOOKS:

$1.15bn 10yr - $2.900bn (2.52x) - PEAK $5.000bn

$850m 30yr - $2.300bn (2.71x) - PEAK $5.000bn

[BANK HAPOALIM] 

Bank Hapoalim BM (HAPOAL), exp issue ratings BBB+/A- by S&P/Fitch (issuer ratings Baa1/BBB+/A- (n/s/s), US$2bn 144A/Reg S (Cat 2) 2-part sr notes (3.5y due 7/14/29 and 7y due 1/14/33). 1mo par call on 3.5y (6/14/29) and 3mos on 7y (10/14/32). Barc/Citi/GS/Jeff/JPM (B&D)/MS joint books. Tax Redemption: Upon the occurrence of a Tax Event, as defined in the Preliminary Offering Memorandum, redeemable at the option of the Issuer at par. Listing: Tel Aviv Stock Exchange (TASE UP). Denoms: USD 200,000 x USD 1,000. Clearing and Settlement: Euroclear and Clearstream (not DTC). Governing law: New York Law, except for the waiver of set-off and ranking provisions in the Indenture and the Notes, governed by the laws of Israel. Additional Amounts - Tax: all payments of principal, interest, and premium will be made without deduction for Israeli taxes, unless required by law. If any such taxes are withheld, the Issuer will, subject to certain exceptions, pay additional amounts so investors receive the full amount as if no taxes had been withheld. UOP: gcp. Pricing 1/7. Settle 1/14. ISIN: 3.5y: IL0012343849, 7y: IL0012338161.

VIA Barc/Citi/GS/Jeff/JPM (B&D)/MS joint books.

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

3.5yr – IPT 150a; GDNC 120#; PXD $1bn 4.722% 7/14/29 100.00 4.722% T+120.

7yr – IPT 170a; GDNC 135#; PXD: $1bn 5.252% 1/14/33 100.00 5.252% T+135.

As for r/v, this is a debut senior benchmark 144a/Reg S trade from Bank Hapoalim. 

Banco Hapoalim did do a 144a / Reg S 10.25nc5.25 Green Fixed Rate Reset T2 144a/Reg S on 10/14/21 (BBB-/BBB-)  - $1bn HAPOAL 3.255% due 1/21/32 - callable 10/21/26). No way to factor a NIC from this outstanding.

Meanwhile, the last senior trade from an Israeli bank was Israel Discount Bank in Jan 2023 ($800m IDBILI 5.375% due 01/26/28) – old and illiquid.

Bottom line, CONCESSION ON TODAY’S DEAL IS DEBUT / NA

FINAL BOOKS:

$1bn 3.5yr - $2.7bn (2.7x) – PEAK $2.950BN
$1bn 7yr - $4.2bn (4.2x) – PEAK $4.600BN 

[RABOBANK] 

Cooperatieve Rabobank US/NY (RABOBK) exp Aa2/A+/AA- US$1.8bn 3(a)2 exempt 4-part Senior Preferred (2y FXD and/or FRN due 1/14/28 and 5y FXD and/or FRN due 1/14/31). Day Count: 30/360. Denoms: 250,000 x 1,000. Governing Law: New York Law. Sale into Canada: Yes - exemption. Additional Info: Agreement with Respect to the Exercise of Bail-in Power and Resolution Stay: By its acquisition of the notes, each holder of notes acknowledges, agrees to be bound by, and consents to the exercise of, any Bail-in Power (as defined in the Terms Supplement) by the Resolution Authority (as defined in the Terms Supplement). The notes are not MREL eligible liabilities. UOP: gcp. Pricing 1/7. Settle 1/14 (T+5).

VIA BofA/Citi/JPM/Miz/MS/Rabo joint active books.

Announced as benchmark, final size came in at $1.8bn with price progression as follows:

2yr FRN – IPT Seqv; GDNC S+41#; PXD $500m 1/14/28 FRN at SOFR+41, at 100.
2yr FXD – IPT T+50a; GDNC T+28#; PXD $400m 3.743% 1/14/28 100.00 3.743% T+28.
5yr FRN – IPT Seqv; GDNC S+70#; PXD $400m 1/14/31 FRN at SOFR+70, at 100.
5yr FXD – IPT T+70a; GDNC T+41#; PXD $500m 4.160% 1/14/31 100.00 4.160% T+47.

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

- RABOBK 4.372% due 05/27/27 T+28bp (G28 $100.82) - $500m pxd 5/19/25 +40
- RABOBK 4.883% due 01/21/28 T+30bp (G30; $102.15) - $700m pxd JAN 2025
- RABOBK 3.957% due 10/17/28 T+34bpvs 2yr (G29; $100.41) - $500m pxd 10/09/25 +35
- RABOBK 4.800% due 01/09/29 T+39bp (G38; $102.48) - $500m pxd JAN 2024
- RABOBK 4.494% due 10/17/29 T+44bp (G37; $101.86) - $750m pxd OCT 2024

Comps away:

Australia & New Zealand Banking Group NY (Aa2/AA-/AA-)
- ANZ 3.919% due 12/08/28 T+34bp (G28; $100.33) - $750m pxd 12/1/25 +37

Commonwealth Bank of Australia NY (Aa2/AA-/AA-)
- CBAAU 4.150% due 10/01/30 T+41bp (G43; $100.20) - $750m pxd 9/22/25 +45

Caterpillar Financial Services (A2/A/A+)
- CAT 3.700% due 01/10/28 T+26bp (G26; $99.96) - $500m pxd 1/5/26 +27
- CAT 4.150% due 01/08/31 T+43bp (G43; $100.12) - $500m pxd 1/5/26 +45

National Australia Bank (Aa2/AA-)
- NAB 3.850% due 12/13/28 T+34bp (G34; $99.98) - $650m pxd 1/6/26 +35
- NAB 4.148% due 01/13/31 T+43bp (G43; $100.11) - $500m pxd 01/06/26 +45

* 2YR - RABOBK most recent Oct ‘28s G29, minus 4bp curve = T+25bp; At the T+28bp pricing level, 2YR CONCESSION IS 3BP.

* 5YR: Recent comps away better on this one.
  - NAB 4.148s of Jan 31 and CAT 4.15s of Jan 31 both priced at T+45 and trading G43.   Going with the T+45 NAB/CAT pricing values for today’s f/v, Rabo’s  T+47bp landing level leaves the 5YR CONCESSION AT 2BP.   

FINAL BOOKS:

$500m 2yr FRN - $1.140bn (2.28x) - PEAK $1.350bn

$400m 2yr FXD - $875m (2.19x) - PEAK $1.180bn

$400m 5yr FRN- $650m (1.63x) - PEAK $800m

$500m 5yr FXD - $910m (1.82x) - PEAK $1.475bn

[BNP PARIBAS] 

BNP Paribas (BNP), exp issue ratings Baa1/A-/A+/A (High) (issuer ratings A1/A+/A+/AA (Low)), US$1.5bn 144A/Reg S no reg rights 8nc7 fixed to floating Senior Non-Preferred Notes due 1/15/34. BNP sole books. Interest: From Issue Date to (but excluding) January 15, 2033, [•]%. Payable semi-annually, non-deferrable. From January 15, 2033 to Maturity Date, floating rate based on the SOFR Compound (calculated with SOFR Index with Observation Period Shift) reset quarterly subject to the SOFR Compound conventions. Payable quarterly, non-deferrable. Pricing 1/7,. Settle 1/15 (T+6).

VIA BNP sole books.

Announced with benchmark size, we heard initial thoughts as T+130a.

Guidance emerge at T+102#.

Ultimately a $1.5bn deal priced as follows:

 PRICED: $1.5bn 4.916% 1/15/34 100.00 4.916% T+102. Back-end: SOFR+129.4.

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

- BNP 5.085% due 05/09/31 (nc 30) T+82bp (G88; $102.15) - $1.25bn pxd APR 2025
- BNP 5.786% due 01/13/33 (nc 32) T+109bp (G98; $105.17) - $2.25bn pxd JAN 2025
- BNP 5.738% due 02/20/35 (nc 34) T+82bp (G97; $105.11) - $1.50bn pxd FEB 2024

BNP Jan 33nc32s G98; +4bp curve = T+102bp.  At the T+102bp pricing level, CONCESSION IS FLAT.

Comps away:

UBS Group (A2/A-/A)
- UBS 4.844% due 11/06/33 (nc 32) T+110bp vs 5yr (G91; $100.29) - $2.0bn pxd 11/3/25 +95

Credit Agricole (A3/A-/A+)
- ACAFP 4.818% due 09/25/33 (nc 32) T+113bp (G95; $99.96) - $1.5bn pxd 9/18/25 +97
- ACAFP 5.261% due 01/12/37 (nc 36) T+105bp (G104; $100.57) - $1.75bn pxd 1/5/26 +110

Banco Santander SA (Baa1/A-/A)
- SANTAN 5.127% due 11/06/35 (bullet) T+96bp (G96; $100.22) - $1.25bn pxd 10/30/25 +103

Lloyds Banking Group PLC (A3/A-/A+)
- LLOYDS 5.679% due 01/05/35 (nc 34) T+72bp (G88; $105.41) - $2.00bn pxd JAN 2024

ING Groep NV (Baa1/A-/A+)
- INTNED 5.550% due 03/19/35 T+76bp (G90; $104.36) - $1.5bn pxd MAR 2025

ABN Amro Bank NV (Baa1/BBB/A)
- ABNANV 5.515% due 12/03/35 (nc 34) T+88bp (G96; $103.55) - $750m pxd NOV 2024

HSBC 6.254% due 03/09/34 (nc 33) T+63bp (G85; $108.93) - $2.25bn pxd MAR 2023

FINAL BOOK:

$1.5bn 8nc7 FTF SNP - $5.400bn (3.60x) - PEAK $6.800bn

[BANK OF MONTREAL] 

Bank of Montreal (BMO) exp A2/A-/AA- (s/s/s) US$1.1bn SEC registered 6nc5 fixed to floating sr notes due 1/14/32. Optional Redemption: Make Whole Call. Par Call: 1 month(s) prior to maturity. Standard Call: Non-callable Until Jan 14, 2031 then Callable on Jan 14, 2031 and thereafter at 100. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 1/7. Settle 1/14 (T+5). 

VIA BMO (B&D)/Barc/Citi/GS/Lloyds/StanChart joint active books. 

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

Guidance came in at T+75#.

Ultimately, a $1.1bn deal priced as follows:

$1.1bn 4.439% 1/14/32 100.00 4.439% T+75. Back-end: SOFR+97.0.

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

-BMO 4.350% due 09/22/31nc30 T+66bp (G68; $100) - $1B pxd 09/15/25 +75

You also had the TD 5yr bullet priced on Tuesday:

Toronto-Dominion Bank (A2/A-/AA-)
-TD 4.411% due 01/13/31 bullet T+68bp (G68; $100.2) - $900M pxd 01/06/26 +70

Working off directs, the BMO Sep 31nc30 G68; plus curve puts f/v at T+70bp. (5bp nic)

Working off the recent TD 5yr bullet at G68 + a 7bp bullet to callable differential puts BMO f/v at T+75bp (flat NIC)

Going mid-point between 5bp NIC vs BMO directs and flat vs recent TD bullet, MID-POINT CONCESSION IS 2.5BP. 

Comps away:

Royal Bank Of Canada (A1/A/AA-)
-RY 4.305% due 11/03/31nc30 T+70bp (G71; $99.6) - $1B pxd 10/28/25 +70

Bank Of Nova Scotia (A2/A-/AA-)
-BNS 4.338% due 09/15/31nc30 T+70bp (G73; $99.7) - $850M pxd 09/08/25 +77

FINAL BOOKS:

$1.1bn 6nc5 FTF - $2.900bn (2.64x) - PEAK $3.400bn

[DAIMLER TRUCK] 

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). 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. 

VIA BBVA/BNP/JPM (B&D)/Miz/Scotia joint active books.

Announced with benchmark size, we heard initial thoughts as 3y T+100 area, L5y T+110 area.

Guidance came in at 3y T+67#, L5y T+83#.

Ultimately, a $1bn deal priced as follows:

$600m 4.15% 1/12/29 99.883 4.192% T+67. MW+15.

$400m 4.50% 4/12/31 99.895 4.524% T+83. MW+15.

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

-DTRGR 4.950% due 01/13/28 T+68bp (G68; $101.51) - $700m pxd $700m pxd JAN 2025
-DTRGR 4.650% due 10/12/30 T+78bp (G81; $100.79) - $750m pxd $750m pxd 08/05/25 +92
-DTRGR 5.375% due 01/13/32 T+104bp (G95; $103.32) - $500m pxd JAN 2025

*** L5yr: Oct ‘30 G81, add 2bp for curve gets f/v to T+83bp. At the T+83bp pricing level, L5yr CONCESSION IS FLAT.

*** L3yr: Jan ‘28 G68, add 5bp for 2s/3s curve gets f/v to T+73bp. Or can look at L5y f/v at T+83, take away 10bp for IPT curve gets f/v to T+73bp.

At the T+67bp pricing level, L3yr CONCESSION IS NEG 6BP.

COMPS AWAY:

Mercedes-Benz Finance North America LLC (A2/A)
-MBGGR 4.750% due 03/31/28 T+55bp (G53; $101.58) - $450m pxd MAR 2025
-MBGGR 5.000% due 04/01/30 T+60bp (G66; $102.76) - $450m pxd MAR 2025

CNH Industrial Capital LLC (Baa2/BBB/BBB+)
-CNHI 4.375% due 03/07/31 T+85bp (G83; $99.30) - $500m pxd 01/06/26 +85

Penske Truck Leasing (Baa2/BBB+/BBB)
-PENSKE 4.550% due 01/15/31 T+84bp (G84; $100.14) - $500m pxd 01/06/26 +85

FINAL BOOKS:

$600m 3yr - $3.100bn (5.17x) - PEAK $4.500bn

$400m L5yr - $1.400bn (3.50x) - PEAK $2.200bn

[NIAGARA MOHAWK POWER] 

Niagara Mohawk Power Corp (NGGLN) exp Baa1/BBB+ (s/s) US$1bn 144A/Reg S no reg rights 2-part sr notes (new 10y due 1/12/36 and tap of NGGLN 5.996% 7/3/55 - $750m outstanding). MWC (T+20 on tap), then 3mos par call on 10y (10/12/35) and 6mos on 2055 tap (1/3/55). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 1/7. Settle 1/12 (T+3). CUSIP (144A) / ISIN (144A): 10y: 65364UAV8 / US65364UAV89; 2055 tap: 653522DV1 / US653522DV13. 

VIA BofA (B&D)/GS/ING/Lloyds/RBC joint active books.

Announced with benchmark size, we heard initial thoughts as new 10y T+125 area, 2055 tap T+135 area.

Guidance came in at new 10y T+97#, 2055 tap T+107#.

Ultimately, a $1bn deal priced as follows:

$650m 5.112% 1/12/36 100.00 5.112% T+97. MW+15.

$350m tap of 5.996% 7/3/55 at 101.519 5.886% T+107. MW+20. Total outstanding now $1.1bn.

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

-NGGLN 4.647% due 10/03/30 T+77bp (G80; $100.78) - $500m pxd 06/30/25 +85
-NGGLN 5.996% due 07/03/55 T+104bp ($101.92) - $750m pxd JUN 2025

*** 2055 tap: Outstanding Jul ‘55 spotted T+104bp. At the T+107bp pricing level, 2055 tap CONCESSION IS 3BP.

*** 10yr: Oct ‘30 G80, add 2bp call new issue 5y at 82bp. Add another 15bp for 5s/10s curve = 97bp. At the T+97bp pricing level, 10yr CONCESSION IS FLAT.

National Grid PLC (Baa2/BBB/BBB)
-NGGLN 5.418% due 01/11/34 T+71bp (G88; $103.66) - $750m pxd JAN 2024

Boston Gas Co (Baa1/BBB+)
-NGGLN 5.843% due 01/10/35 T+87bp (G96; $105.90) - $500m pxd JAN 2025

New England Power Co (A3/BBB+)
-NGGLN 5.848% due 09/08/55 T+96bp ($101.04) - $350m pxd 09/03/25 

COMPS AWAY:

Virginia Electric and Power Co (A3/BBB+/A)
-D 4.900% due 09/15/35 T+79bp (G80; $99.80) - $825m pxd 09/08/25 +87
-D 5.600% due 09/15/55 T+94bp ($97.79) - $875m pxd 09/08/25 +92

Con Edison Co of NY Inc (A3/A-/A-)
-ED 5.125% due 03/15/35 T+63bp (G71; $102.53) - $450m pxd NOV 2024
-ED 5.750% due 11/15/55 T+91bp ($100.31) - $900m pxd 11/17/25 +103

FINAL BOOKS:

$650m 10yr - $2.200bn (3.38x) - PEAK $3.300bn

$350m 2055 Tap - $1.700bn (4.86x) - PEAK $2.500bn

[ALDAR PROPERTIES] 

Aldar Properties PJSC (ALDAR), exp instrument rating Baa3 by Moody's (issuer rating Baa2 (s) by Moody's), US$1bn 144A/Reg S (Cat 2) 30.25NC7.25 resettable subordinated hybrid notes due 4/14/56. First reset date: 4/14/33. First call date: 1/14/33. CoC, tax changes call. Equity Credit: Moody’s Basket M (50% equity credit). Subordination: Direct, unsecured and subordinated obligations of the Issuer, ranking in priority only to share capital of the Issuer and deeply subordinated obligations; payments under the Notes are conditional upon the Issuer being Solvent at the time of, and immediately following, such payment. Optional Redemption: Any date during the period commencing (and including) the First Call Date to (and including) the First Reset Date or on any Interest Payment Date thereafter (each a Par Call Date) at par. Coupon: Fixed until Apr. 14, 2033; thereafter resets every 5Y to the prevailing 5Y UST+ Initial Margin + Step-Up Margin (when applicable). Step-up Date: 14 April 2036 (Year 10.25). Step-up Margin: 100bps. Make-whole Redemption: In whole but not in part at any time that is not a Par Call Date, at par plus the Make-whole Amount plus any Outstanding Payments. Special Event Redemption: Change of Control Event (500bps step-up if not called) or Substantial Repurchase Event (greater than/equal to 75%) at par; Rating Methodology Event or Tax Deductibility Event each at 101% until the First Call Date, at par thereafter, plus, in each case any Outstanding Payments. Interest Deferral: At the discretion of the Issuer; cumulative and compounding. Payment of Optionally Deferred Interest: Payable at any time (in whole or in part) at the discretion of the Issuer or mandatory settlement (in whole not in part) upon: (i) discretionary distribution to (or redemption of) any Junior Obligation or Pari Passu Obligations; (ii) the next Interest Payment Date where the Issuer elects to pay interest, (iii) the redemption or variation of the Notes; (iv) the court declaring the Issuer insolvent or appointing an administrator or sanctioning an involuntary winding-up petition; and (v) the date which is 5 years from the earliest Interest Payment Date was scheduled to be paid but not paid; all subject to customary carve-outs. Denoms: 200k x 1k. Day Count: 30/360. Governing Law: English Law. Listing: Global Exchange Market of Euronext Dublin (Official List, GEM); post issuance, Abu Dhabi Securities Exchange (ADX). UOP: GCP. Pricing 1/7. Settle 1/14. 144A ISIN: US013917AA78. 

VIA Citi (B&D) (Sole Structuring Advisor, Global Coordinator and Joint Bookrunner)/ADCB/ENBD/FADB/IMI-Intesa Sanpaolo/JPM/Mashreq/RAKBANK/SG/StanChart (as Joint Lead Managers and Joint Bookrunners). 

Announced as a benchmark, we heard initial price thoughts as  6.375% area.

Final price guidance came in at 6.00% area (+/- 5)

Ultimately, a $1bn deal priced as follows:

$1bn 5.875% 4/14/56 99.574 5.95%. MW+50. Back-end reset margin: T+201.8 (plus 100bp step-up when applicable).

We heard books was $3.4bn at Launch ex JLM interest.

[MET TOWER GF] 

Met Tower Global Funding (MET) exp Aa3/AA-/AA- (s/s/s) US$600m144A/Reg S 3y FXD sr secured FA-Backed due 1/14/29. FA Provider: Metropolitan Tower Life Insurance Company. Denoms: 150,000 x 1,000. Sale into Canada: Yes, via Exemption. UOP: Purchase the Relevant Funding Agreement from Metropolitan Tower Life Insurance Company. Pricing 1/7. Settle 1/14 (T+5). 144A Cusip: 58989V2M5. 144A ISIN: US58989V2M53. 

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

Announced as a benchmark, we heard initial price thoughts as T+ High 70s.

Guidance came in at T+52#.

Ultimately, a $600m deal priced as follows

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

-MET 4.200% due 09/16/30 T+57bp (G60; $99.669) - $500M pxd 09/09/25 +65

** Outstanding Sep 30s G60; minus 10bp for curve, new 3y f/v T+50bp.  

Similar level using Met Life priced on Monday:

MET Life GF (Aa3/AA-/AA-)
-MET 4.350% due 01/12/31 T+64bp (G64; $100.021) - $750M pxd 01/05/26 +65

** MET Jan 31s G64; minus 15bp-ish for curve, call new 3yr f/v T+50bp.

At the T+52bp pricing level, CONCESSION IS 2BP.

COMPS AWAY:

Northwestern Mutual Global Funding (Aa1/AA+/AAA)
-NWMLIC 4.300% due 01/13/31 T+58bp (G58; $100.064) - $600M pxd 01/06/26 +58

New York Life GF (Aa1/AA+/AAA)
-NYLIFE 4.250% due 01/09/31 T+58bp (G58; $99.854) - $650M pxd 01/05/26 +58

FINAL BOOKS:

$600m 3yr FABN - $1.600bn (2.67x) - PEAK $1.900bn

[FIBRA PROLOGIS] 

Banco Actinver, S.A., Institución de Banca Múltiple, Grupo Financiero Actinver, División Fiduciaria, exclusively in its capacity as trustee under the Irrevocable Trust Agreement 1721 ("Fibra Prologis"), (Ticker: FIBRAP), exp BBB+/BBB (s/s) 144A/RegS US$500m WNG senior unsecured 12-year due 01/14/2038. Use of Proceeds: We intend to use the net proceeds from this Offering, together with cash on hand, to repurchase or redeem the Terrafina 2029 notes in full.

Covenants: Limitation on Outstanding Debt ≤ 60% of Total Assets; Debt Service Coverage Ratio ≥ 1.50x; Limitation on Secured Debt ≤ 40% of Adjusted Total Assets; Maintenance of Total Unencumbered Assets ≥ 150% of Unsecured Debt. Optional Redemption: MWC, 3-Month Par Call and Tax redemption. Change of Control: No. Denominations: US$200,000 x US$1,000. Governing law: New York. Listing: Singapore Stock Exchange (SGX - ST). CUSIPs: RegS: P40692 AB4; 144A: 31575K AB1. ISINs: RegS: USP40692AB41; 144A: US31575KAB17. Sales to Canada: Yes, via exemption. Selling Restriction: No sales into Japan.

Pricing: 01/07. Settle: 01/14 (T+5)

VIA BBVA, BofA (B&D), JPM, Scotiabank, as joint bookrunners.

Announced as a $500m will-not-grow, we heard initial price thoughts as T+185bp area, and this went straight to launch at T+155bp.

Ultimately the deal was priced as follows:

$500m 5.625% 01/14/2038 @ 99.406 yld 5.694%. MW+25

As for R/V, the FIBRAP 5.500% 11/26/35 – the issuer’s debut priced less than two months ago on 11/19/26 – was spotted at 99.75, or G+139bp. Accounting for curve extension took us to fair value of 155bp, so CONCESSION IS FLAT.

Proceeds are being used to finance a tender offer for the $500m Fibra Terrafina 4.962% 2029s that was launched Tuesday. Fibra Prologis closed the acquisition of 77.14% of Terrafina’s shares in August 2024, and increased its share to 99.8% in November 2025, shortly before its international bond market debut.

Similarly to the November transaction, we heard that demand was driven by US IG focused accounts.

BOOKS: $1.9bn (3.80x). Peak - $2bn.

[MUTUAL OF OMAHA GF]

Mutual of Omaha Cos Global Funding (MUTOMA) exp A1/A+ (s/s) US$500m 144A/Reg S no reg rights 5y sr secured FA-Backed due 1/13/31. FA Provider: United of Omaha Life Insurance Company. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To purchase a Funding Agreement from United of Omaha Life Insurance Company. Pricing 1/7. Settle 1/13 (T+4). 144A Cusip: 62829D2H2. 144A ISIN: US62829D2H27.

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

Announced as a benchmark, we heard initial price thoughts as T+105 area.

Guidance came in at T+85#.

Ultimately, a $500m deal priced as follows

$500m 4.546% 1/13/31 100.00 4.546% T+85. 

 As for r/v, outstanding MUTOMA was quoted as follows:
-MUTOMA 4.514% due 06/09/28 T+64bp (G61; $100.944) - $400M pxd Jun 2025
-MUTOMA 5.000% due 04/01/30 T+73bp (G79; $102.197) - $500M pxd Mar 2025

Using PFG/CRBG priced yesterday:

Principal Life Global Funding II (A1/A+)
-PFG 4.450% due 01/13/31 T+74bp (G74; $100.075) - $700M pxd 01/06/26 +75

Corebridge Global Funding (A2/A+)
-CRBG 4.550% due 01/09/31 T+84bp (G84; $100.075) - $650M pxd 01/06/26 +85

** PFG Jan 31s priced at +75 yesterday, and CRBG Jan 31s at +85. Putting MUTOMA f/v in between the two names, call f/v T+80bp. At the T+85bp pricing level, CONCESSION IS 5BP.

Comps away:

Equitable America Global (A1/A+)
-EQH 4.950% due 06/09/30 T+75bp (G79; $102.011) - $850M pxd Jun 2025

Voya Global Funding (A2/A+/N/A)
-VOYA 4.600% due 11/24/30 T+75bp (G76; $100.677) - $400M pxd 11/17/25 +90

FINAL BOOKS:

$500m 5yr FABN - $1.000bn (2.00x) - PEAK $1.250bn

[VORNADO REALTY] 

Vornado Realty LP (VNO) exp Ba1/BBB-/BB+ (s/n/p) US$500m (up from $400m) SEC registered 7y FXD sr notes sue 2/1/33. MWC then 2mos par call (12/1/32). REIT covenants. Denoms: 2,000 x 1,000. Sale into Canada: No. UOP: We intend to use the net proceeds of this offering, together with cash on hand, to repay all of our 2026 Notes by their stated maturity and the remainder, if any, for general corporate purposes. Prior to the maturity of the 2026 Notes, such net proceeds may be temporarily invested in cash, cash equivalents and/or other liquid marketable investments. Pricing 1/7. Settle 1/14 (T+5). Cusip: 929043AN7. ISIN: US929043AN77.  

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

Announced with $400m, we heard initial thoughts as T+225 area.

Went straight to launch at $500m 7y at T+187.5.

Ultimately, a $500m deal priced as follows:

$500m 5.75% 2/1/33 99.824 5.780% T+187.5. MW+30.

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

-VNO 3.400% (green) due 06/01/31 T+172bp (G168; $90.65) - $350m pxd MAY 2021

*** Jun ‘31 G168, add 15bp for 5s/7s curve = 183bp. Adding in 2bp for low $ gets f/v to T+185bp. At the T+187.5bp pricing level, CONCESSION IS 2.5BP.

COMPS AWAY:

Boston Properties LP (Baa2/BBB)
-BXP 2.900% due 03/15/30 T+87bp (G93; $93,70) - $700m pxd AUG 2019
-BXP 6.500% (green) due 01/15/34 T+115bp (G133; $107.60) - $750m pxd MAY 2023
-BXP 5.750% due 01/15/35 T+120bp (G128; $102.81) - $850m pxd AUG 2024

Kilroy Realty LP (Baa3/BBB-/BBB-)
-KRC 3.050% due 02/15/30 T+126bp (G133; $92.99) - $500m pxd SEPT 2019
-KRC 2.650% (green) due 11/15/33 T+135bp (G152; $82.05) - $450m pxd SEPT 2021
-KRC 5.875% due 10/15/35 T+165bp (G168; $100.56) - $400m pxd 08/05/25 +180

Highwoods Realty LP (Baa2/BBB-)
-HIW 2.600% due 02/01/31 T+120bp (G119; $89.80) - $400m pxd JUL 2020
-HIW 5.350% due 01/15/33 T+140bp (G164; $98.87) - $350m pxd 11/04/25 +155
-HIW 7.650% due 02/01/34 T+125bp (G143; $114.23) - $350m pxd NOV 2023

Piedmont Operating Partnership (Baa3/BBB-/BBB-)
-PDM 5.625% due 01/15/33 T+152bp (G176; $99.75) - $400m pxd 11/13/25 +185

BrandyWine Operating Partnership (Ba2/BB+)
-BDN 6.125% due 01/15/31 T+305bp (G305; $97.38) - $300m pxd 09/29/25 +236

FINAL BOOK:

$500m 7yr - $2.900bn (5.80x) - PEAK $3.650bn

[LATAM / RETAIL / SSA PRICED] 

– Republic of Chile (CHILE) exp A2/A/A- (s/s/s) SEC-registered US$850m senior unsecured long 5-year due 04/13/2031. Joint bookrunners: CredAg, JPM (B&D), Santander, SocGen. Use of Proceeds: General governmental purposes. Optional Redemption: MWC + 1-month Par Call. Coupon: Fixed (Semi Annual, 30/360). Denomination: $200k x $1k. Listing: Application will be made for the notes to be admitted for trading to the ISM of the London Stock Exchange. Governing law: State of New York. ISIN / CUSIP: US168863EF18 / 168863EF1.

Pricing: 01/07. Settle: 01/13 (T+4)

IPTs: T+95bp area

GUIDANCE: T+70bp area (+/- 2)

LAUNCH: $850m @ T+68bp

PRICED: $850m 4.350% 04/13/2031 @ 99.904 yld 4.372%

It’s clear that the new issue came tight, in classical Chile style. So to some extent this is getting into semantics, but there was some debate as to exactly HOW tight it came – the disagreements largely coming from whether the low dollar prices on the existing 2031s/2032s was worth anything in fair value estimates, and how much – if anything – to add for curve. Estimates from sources OFF the deal went from -2bp to 3bp, while on the deal we had 0bp to “low single digits”. The Chile curve is extremely flat, and – as a single A sovereign issuing a 5-year – there was some pushback to the idea that a $90 cash price was worth the 5bp that a couple of sources were arguing. With the 2.45% Jan 2031s at T+65bp/G+64bp, the most common range of fair value estimates was 65bp-70bp. Going broadly in the middle, we’ll say CONCESSION IS 1BP.

BOOKS: $3.5bn (4.12x). Peak - $4bn.

Retail

– Triton International Ltd (TRTN), exp BB+/BB (s/s) by S&P/Fitch, $175m (upsized from US$100m) (4.3m $25 par securities) SEC registered PerpNC5 Series G fixed for life cumulative redeemable preference shares. WFS (physical)/BofA/MS/RBC/UBS joint active books. Co-mgrs: Brookfield Secs, Huntington, Regions. Pricing 1/7. Settle 1/12 (T+3).
IPTs: 7.625% area.
GUIDANCE: 7.50%#.
UPSIZED/LAUNCHED: $175m PerpNC5 at 7.50%.
PRICED: $175m, 7.50% at par.


OTHER

SSA

– Asian Infrastructure Investment Bank (AIIB) Aaa/AAA/AAA (s/s/s) US$1bn (no grow) SEC Registered 10y Global Sustainable Development Bond due 1/14/36. Barc/BMO/Nomura joint leads. Coupon: Fixed, semi-annual, 30/360. Listing: The notes are expected to be listed on the Main Market of the London Stock Exchange. Denoms: US$1k + US$1k. Docs: Issuer’s SEC Registration Statement. Pricing 1/7. Settle 1/14 (T+5). ISIN: US04522KAS50.
IPTs: SOFR MS+47 area (currently ~ CT10+11.2 area).
GUIDANCE: SOFR MS+45 area. Books in excess of $9.7bn (including JLM interest).
UPDATE: spread set at SOFR MS+43. Books in excess of $11bn (inc. 200m JLM interest).
PRICED: $1bn 4.125% 1/14/36 99.425 4.196% SOFR MS+43 (T+7.4).

– BNG Bank NV (BNG) Aaa/AAA/AAA US$2bn 144A/Reg S 10y FXD sr notes due 1/14/36. DB/MS/RBC/Sant joint books. Coupon: Semi, 30/360. List Lux. Dutch Law. Denoms: 200k x 2k. Pricing 1/7. Settle 1/14. 144A ISIN: US05591F3C22.
IPTs: SOFR MS+56 area.
GUIDANCE: SOFR MS+55 area.
UPDATE: spread set at SOFR MS+54#.
LAUNCHED: $2bn 10y at SOFR MS+54.
PRICED: $2bn 4.25% 1/14/36 99.436 4.32% SOFR MS+54 (T+18.15).

– Council of Europe Development Bank (CoE) Aaa/AAA/AAA US$1bn SEC registered 5y global due 1/14/31. BofA/BNP/Citi/JPM joint books. Coupon: Semi, 30/360. Denoms: 1k x 1k. Pricing 1/7. Settle 1/14.
IPTs: SOFR MS+34 area.
UPDATE: spread set at SOFR MS+31.
LAUNCHED: $1bn 5y at SOFR MS+31. Orderbook in excess $5.8bn incl. $100m JLM interest.
PRICED: $1bn 3.75% 1/14/31 99.968 3.757% SOFR MS+31 (T+6.8).

– Kommunalbanken AS (KBN), exp Aaa/AAA (s/s), owned 100% by Kingdom of Norway, US$1.5bn 144A/Reg S 5y FXD Sr Notes due 1/14/31. BMO/DB/MS/RBC joint books. Coupon: fixed S/A, 30/360. First Pay: 7/14/26. Denoms: 200k x 2k. List Luxembourg Stock Exchange's Regulated Market. Governing Law: English Law. Pricing 1/7. Settle 1/14.
IPTs: SOFR MS+40 area.
GUIDANCE: SOFR MS+38 area.
LAUNCHED: $1.5bn 5y at SOFR MS+37.
PRICED: $1.5bn 3.75% 1/14/31 99.644 3.829% SOFR MS+37 (T+12.6).

– Province of Quebec Canada (Q) Aa2/A+/AA- (s/s/s) US$4.5bn SEC registered 5y global sr notes due 1/14/31. CIBC/HSBC/JPM/NBC/RBC joint books. Listing: Luxembourg (Euro/MTF). Law: Quebec and Canada. Denoms: 5k x 1k. Pricing 1/7. Settle 1/14 (T+5).
IPTs: SOFR MS+47 area (~CT5+22.5).
UPDATE: spread set at SOFR MS+45#. Book in excess of $14bn (excl. JLM interest).
LAUNCHED: $4.5bn 5y at SOFR MS+45. Book closed in excess of $16bn (excl. JLM interest).
PRICED: $4.5bn 3.875% 1/14/31 99.869 3.904% SOFR MS+45 (T+20.6).

– The Republic of Turkiye (TURKEY), exp Ba3/BB- (s/s) by Moody's/Fitch, US$3.5bn SEC registered 2-part global sr notes (long 7y due 3/14/33 and 12y due 1/14/38). ADCB/BNP/Citi (B&D)/GS/StanChart joint books. Denoms: 200,000 x 1,000. Listing: Luxembourg Stock Exchange’s Regulated Market. Governing Law: New York Law. UOP: The Republic of Türkiye will use the net proceeds of the offering for general budgetary purposes. Books open, pricing today (1/7). Settle 1/14 (T+5).
IPTs: L7y 6.65% area, 12y 7.20% area.
FINAL PRICE GUIDANCE: L7y 6.35%#, 12y 6.90%#.
LAUNCHED: $2bn L7y at 6.35%, $1.5bn 12y at 6.90%.
PRICED:$2bn 6.30% 3/14/33 99.726 6.35%. T+244.7 vs 12/32s.$1.5bn 6.875% 1/14/38 99.798 6.90%. T+276.2 vs 11/35s.

[NEW MANDATES & MARKETING]

– Dubai Aerospace Enterprise (DAE) Ltd. (“DAE”) (rated Baa2 (Stable) by Moody’s and BBB (Stable) by Fitch), a global aviation services company headquartered in Dubai with a diversified portfolio of over 200 airline customers in over 80 countries worldwide, has mandated Abu Dhabi Commercial Bank, Bank of China, BNP PARIBAS, Goldman Sachs International, and Mizuho as Joint Active Bookrunners, alongside Bank ABC, Credit Agricole CIB, Emirates NBD Capital, Fifth Third Securities, First Abu Dhabi Bank, HSBC, JP Morgan, Morgan Stanley, Natixis and Truist as joint passive bookrunners, and RAKBANK as Co-Manager (together referred to as the “Managers”), to arrange a series of global fixed income investor calls on Wednesday, January 7, 2026. A presentation with audio recording will supplement the calls, and Mizuho is coordinating logistics.

A benchmark U.S. dollar-denominated Rule 144A/Regulation S senior unsecured 7-year bond, issued under DAE Funding LLC’s (the “Issuer”) Global Medium Term Note Program, irrevocably and unconditionally guaranteed by DAE (ticker: DUBAEE) is expected to follow, subject to market conditions. The notes are expected to be rated Baa2 by Moody’s and BBB by Fitch.

DAE will be represented by:

• Firoz Tarapore – Chief Executive Officer
• Sinan Kahya – Chief Financial Officer
• Deion McCarthy – VP, Investor Relations & Sustainability

Electronic Presentation Details:

• URL: www.dealroadshow.com
• Entry Code: DAE2026
• Direct Link: https://dealroadshow.finsight.com/e/DAE2026

Global Call Schedule for January 7th:

• Asia Call #1:                  15:00 HK | 07:00 London | 02:00 NY | Registration Link: https://evercall.co/oacc/43512
• Asia Call #2:                  16:00 HK | 08:00 London | 03:00 NY | Registration Link: https://evercall.co/oacc/60859
• Europe Call #1:             19:00 HK | 11:00 London | 06:00 NY | Registration Link: https://evercall.co/oacc/55869
• Europe Call #2:             21:00 HK | 13:00 London | 08:00 NY | Registration Link: https://evercall.co/oacc/72290
• US Call #1:                   23:00 HK | 15:00 London | 10:00 NY | Registration Link: https://evercall.co/oacc/41487
• US Call #2:                   08/01 00:00 HK | 16:00 London | 11:00 NY | Registration Link: https://evercall.co/oacc/65174

MiFID II and UK MiFIR professionals/ECPs-only/No EEA – Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels).