Commentary & Deal Flow

Barring any surprises tomorrow, the first week of 2026 officially logged a total of 60 deals, 120 tranches, and $95.221bn. This marks a significant 44% beat over street expectations. At this velocity, we have achieved 48% of the total monthly estimate in a single week and on track to a record-breaking January.

The 120 tranches priced WTD marked the Largest Tranche Week All-Time:

7 yankee deals today pushed the week to 60 deals. It ranked as the 2nd largest deal week of all time, only behind labor day week 2024:

The $95.221bn finished 4th on the largest weeks (volume) table, beating week ending May 1, 2020, and only ranks behind three weeks in 2020.

Here's today's rundown:

[SOCGEN] 

Societe Generale (SOCGEN), exp issue ratings Ba2/BB/BB+ (issuer ratings A1/A/A- (n/s/s)), US$1bn (no grow) 144A/Reg S PerpNC10 undated Deeply Subordinated Additional Tier 1 Capital Fixed Rate Resettable Callable Notes. Interest rate: From (and including) the Issue Date to (but excluding) the First Reset Date, [.]% per annum. Thereafter, from (and including) each Reset Date to (but excluding) the next following Reset Date, the sum of the relevant 5y U.S. Treasury Rate plus the Margin ([.]%). Reset Dates: January 15, 2036 (the “First Reset Date”) and every date which falls five (5) years, or a multiple of five (5) years thereafter. Pricing 1/8. Settle 1/15 (T+5). 

VIA SocGen as global coordinator/structuring advisor. Barc/BofA/Citi/JPM/SG (B&D)/StanChart/TD as JLMs/JBRs. 

Announced as $1bn no grow we heard initial thoughts as 7.625% area later revised to 7.50% area.

Went straight to launch at 7.125%.

Ultimately, a $1bn deal priced as follows:

$1bn, 7.125% at 100.00. Back-end reset: T+294.6. 

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

-SOCGEN 8.125% Perp NC 11/21/29 $106.000 (G271; 6.35% YTC) - $1bn pxd NOV 2024 b/e +379.0

*** NC Nov ’29 6.35% YTC, add 10bp curve gets NC5 at 6.45%. UBS priced a NC5 and a NC10 on Monday with a 37.5bp curve. Add another 37.5bp gets NC10 at 6.825%.

Outstanding b/e 379.0 minus outstanding G271 = 108 * 0.2 = 21.6bp.

Outstanding b/e 379.0 minus new issue b/e 294.6 = 84.4 * 0.3 = 25.32bp.

Add 25bp for b/e differential gets f/v to 7.075%. At the 7.125% pricing level, CONCESSION IS 5BP.

COMPS AWAY:

Credit Agricole SA (Baa3/BBB-/BBB)
-ACAFP 7.125% PerpNC 09/23/35 $104.000 (G245; 6.61% YTC) - $1.25bn pxd SEPT 2025 b/e +358.4

BNP Paribas SA (Ba1/BBB-/BBB)
-BNP 6.875% PerpNC 12/15/33 $99.875 (G288; 6.89% YTC) - $1.25bn pxd DEC 2025 b/e +285.3
-BNP 7.450% PerpNC 06/27/35 $104.625 (G263; 6.78% YTC) - $1.5bn pxd JUN 2025 b/e 313.4

UBS Group AG (Baa3/BBB-/BBB-)
-UBS 6.625% PerpNC 01/08/31 $100.375 (G281; 6.54% YTC) - $1.5bn pxd JAN 2026 b/e +324.0
-UBS 7.000% PerpNC 01/08/36 $100.750 (G271; 6.89% YTC) - $1.5bn pxd JAN 2026 b/e +332.1

Standard Chartered Bank (Ba1/BB+/BBB-)
-STANLN 7.000% PerpNC 11/14/35 $103.250 (G237; 6.55% YTC) - $1bn pxd NOV 2024 b/e +287.3

NatWest Group PLC (Baa3/BBB-/BBB)
-NWG 7.300% PerpMC 11/19/34 $106.125 (G235; 6.44% YTC) - $750m pxd NOV 2024 b/e +293.7

Lloyds Banking Group PLC (Baa3/NR/BBB)
-LLOYDS 6.625% PerpNC 09/27/35 $99.875 (G253; 6.69% YTC) - $1bn pxd OCT 2025 b/e +267.1

FINAL BOOKS:

$1bn PerpNC10 At1 - $6.100bn (6.10x) - PEAK $9.500bn

[DHAFRAH PV2 ENERGY CO] 

Dhafrah PV2 Energy Company LLC (DHAENE) exp A3/A (s/s) US$870.75m (no grow) 144A/Reg S 26.5y sr secured green bonds. Final Maturity: 6/30/53 (5-year tail to end of PPA). Repayment / Average Life: Semi-annual payments starting 30 June 2026. Expected WAL of around 17.0 years. UOP: Prepayment of all existing senior debt facilities; Payment of residual amounts under the EPC agreements; Payment of transaction costs. Pricing 1/8. Settle 1/15 (T+5). 

VIA BNP/HSBC (B&D) as JGCs. CACIB/MUFG/StanChart/SMBC as JBRs.

Announced as $870.75m no grow, we heard initial price thoughts as CT20+130 area.

Went straight to launch at CT20+100. Books over $2.1bn (ex JLM).

Ultimately, a $870.75m deal priced as follows:

$870.75m 5.794% 6/30/53 100.00 5.794% CT20+100. MW+50. 

As for r/v,  this is an SPV with 60% jointly owned by a local Abu Dhabi holding company owned by TAQA and Masdar and the other 40% owned by foreign holding company, split 50/50 between EDF renewables and Jinko power. 

This is the entity’s debut debt issuance, so CONCESSION IS N/A.

The local holding companies are quoted as follows:

Abu Dhabi National Energy Company (Aa3/NR/AA)
-TAQAUH 4.750% due 03/09/27 11.2y WAL T+85bp ($97.615; 5.031%) - $850M pxd Oct 202
-TAQAUH 4.000% due 10/03/49 23.7y WAL T+69bp ($80.461; 5.481%) - $500M pxd Sep 2019

Abu Dhabi Future Energy Co (A1/NR/AA-)
-MASDAR 5.375% due 05/21/35 T+69bp ($103.829 ;4.860%)- $500M pxd May 2025 (Reg S Only)

Comps away:

Sweihan PV Power CO PJSC (Baa1/A-)
–SWEHAN 3.625% due 01/31/49 12.6y WAL T+114bp ($85.671; 5.315%) - $700.8M pxd Jan 2022 

Galaxy Pipeline Assets (Aa2/NR/AA)
–ADGLXY 3.250% due 09/30/40 12.8y WAL T+105bp ($81.750; 5.227%) - $1.35B pxd Oct 2020

Abu Dhabi Crude Oil (NA/AA/AA)
–ADNOUH 4.600% due 11/02/47 14.1y WAL T+119bp ($92.783; 5.369%) - $2.2B pxd Oct 2017

Abu Dhabi Govt Int’l (NA/AA/AA)
-ADGB 4.250% due 10/02/35 9.7y WAL T+24bp ($98.654; 4.421%) - $2B pxd 09/25/25 +18
-ADGB 4.125% due 10/11/47 21.8y WAL T+51bp ($84.847; 5.307%)- $3B pxd Oct 2017 

FINAL BOOKS:

$870.75m 26.5yr (17y WAL) Green - $1.700bn (1.95x)

[MIZRAHI-TEFAHOT BANK]

Mizrahi-Tefahot Bank Ltd (MZRHIT), exp issue ratings BBB-/BBB by S&P/Fitch (issuer ratings BBB+/A- by S&P/Fitch), US$750m 144A/Reg S (Cat 2) 10.25nc5.25 fixed rate reset Tier 2 subordinated notes due 4/15/36. Reset Date: 4/15/31. GS (B&D)/HSBC/Jefferies as JGCs/JBRs. Interest: Fixed rate, payable semi-annually in arrear at [•]% per annum from the Issue Date to the Reset Date. From and including the Reset Date to (but excluding) the Maturity Date, the sum of the US Treasury Rate determined on the Reset Determination Date and [•] bps. Optional Redemption: Redeemable at the option of the Issuer, in whole but not in part, at par at any time during the period commencing on (and including) 15 January 2031 (three months before the Reset Date) and ending on (and including) the Reset Date, subject to certain conditions including regulatory approval, if then required. Special Event Redemption: redeemable at the option of the Issuer, in whole but not in part, at par upon occurrence of a Regulatory Event or a Tax Event, subject to certain conditions including regulatory approval, if then required. UOP: gcp. Pricing 1/8. Settle 1/15. 

VIA GS (B&D)/HSBC/Jefferies as JGCs/JBRs

Announced with benchmark size, we heard initial thoughts as T+240a.

Guidance came in at T+210#.

Ultimately a $750m deal priced as follows:

$750m 5.839% 4/15/36 100.00 5.839% T+210. 

As for r/v, today’s deal marks back-to-back days with deals from Israeli banks. Israel’s Bank Hapoalim priced on Wednesday.  Before that, the last deal from an Israeli Bank was a trade from Israel Discount Bank priced in Jan 2023 ($800m IDBILI 5.375% due 01/26/28).

MZRHIT priced a 10nc5 on 3/14/21 – the MZRHIT 3.077% due 04/07/31 (nc 26).  The dall date makes this a no go for a NIC calculation. 

As such, comps away were the main focus:

Bank Leumi Le-Israel (BBB-/BBB-)
- LUMIIT 7.129% due 07/18/33 (nc 28) T+160bp (G158; $104.33) - $500m pxd JAN 2023

First Abu Dhabi Bank PJS (A by Fitch)
-FABUH 5.804% due 01/16/35 (nc 29) T+138bp (G133; $102.80) - $750m pxd JUL 2024

Abu Dhabi Commercial Bank (A- by Fitch)
- ADCBUH 5.361% due 03/10/35 (nc 29) T+132bp (G126; $101.62) - $500m pxd SEPT 2024

OTP Bank Nyrt (Ba1/BB/BB)
- OTPHB 7.300% due 07/30/35 (nc 30) T+215bp (G223; $105.07) - $750m pxd JAN 2025

SNB Funding Ltd (BBB/BBB+)
- SNBAB 6.000% due 06/24/35 (nc 30) T+155bp (G160; $102.81)  $1.25bn pxd 6/17/25 +200

Bangkok Bank PLC/HK (Baa3 Moody’s)
- BBLTB 3.466% due 09/23/36 (nc 31) T+163bp (G156; $90.77) - $1.0bn pxd SEPT 2021

CONCESSION IS N/A.

FINAL BOOKS:

This book actually grew from guidance: 

$750m 10.25nc5.25 T2 Sub - $2.450bn (3.27x) - PEAK $2.300bn

[DAE FUNDING LLC] 

DAE Funding LLC (DUBAEE), exp Baa2/BBB (s/s) by Moody's/Fitch, US$600m 144A/Reg S 7y FXD sr notes due 1/15/33. 2mos par call. Put/Call Option: Change of Control Put Option; Clean Up Call Option. Guarantor: Dubai Aerospace Enterprise (DAE) Ltd. Coupon: Fixed, semi-annual, 30/360. Interest Payment Dates: 15 July and 15 January in each year, up to and including the Maturity Date, commencing on 15 July 2026. Denoms: 200,000 x 1,000. Listing: Nasdaq Dubai. Governing Law: English Law. UOP: gcp. Pre-Recorded IP: https://dealroadshow.finsight.com/e/DAE2026. Pricing 1/8. Settle 1/15 (T+5). 144A CUSIP / ISIN: 23371DAM6 / US23371DAM65. 

VIA:
JT ACTIVE BOOKS: ADCB/BoC/BNP/GS (B&D)/Miz
PASSIVE BOOKS: Bank ABC/CACIB/ENBD/FITB/FADB/HSBC/JPM/MS/Natixis/TSI.
PASSIVE CO-MGR: RAKBANK

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

Went straight to launch at $500m 7y at T+120. Later upsized to $600m

PRICED: $600m 4.95% 1/15/33 98.912 5.137% T+120. 

As for r/v, we didn’t see any direct comps. 

The only outstanding DUBAEE bond was done in Jan 2021 -  the DUBAEE 3.375% due 03/20/28.

This bond is very illiquid but did trade at T+117bp on Monday – bid side probably around T+119 – which would suggest a good print on DUBAEE’s 7yr at T+120bp.

That said, we’ll have to go with CONCESSION N/A.

AerCap Ireland Capital DAC / Aercap Global Aviation Trust (Baa1/BBB+/BBB+) – which has been listed as a comp for DUBAEE in the past – priced the AER 4.750% due 01/15/33 on Monday at T+92bp.

At T+120bp, today’s DUBAEE 7yr landed 28bp back of AER.

Looking back, DUBAEE also priced with a 28bp differential to AER during its last trip to the market on 06/15/21:

DUBAEE DEAL 06/15/21
PRICED: $1bn 1.55% 8/1/24 99.427 1.74%. T+140.

AER 3.150% due 02/15/24 (on 06/16/21) T+95bp (G102; $104.70) + curve at the time = T+112

This differential was initially much wider.

When DUBAEE priced a $1.25bn 2-part in Jan 2021, it landed around 100bp back of AER/AL:

DUBAEE PXD 01/12/21:

$500m 2.625% 3/20/25 99.314 2.801% T+230.
$750m 3.375% 3/20/28 98.711 3.581% T+275

Comps away 01/12/21:

Air Lease Corp (BBB/BBB)
- AL 3.375% due 07/01/25 T+124bp (G132; $106.87) -
 

AerCap Ireland (Baa3/BBB/BBB-)
- AER 3.150% due 02/15/24 T+121bp (G120; $105.03)
- AER 1.750% due 01/30/26 T+152bp (G151; $98.60)

FINAL BOOK:

$600m 7yr - $1.80bn (3.00x) - PEAK $2.00BN

[THAI OIL TREASURY CENTER] 

Thaioil Treasury Center Company Ltd, (TOPTB) exp issue ratings Ba2/BB- (issuer ratings Baa3/BBB- (n/n), US$600m 144A/3c7/Reg S (Cat 2) PerpNC5.25 subordinated guaranteed secs. First reset date: Year 5.25 (4/15/31). First call date: Year 5 (1/15/31). Guarantor: Thai Oil Public Company Limited. Issuer's Call Option: callable at par on any date during three months prior to, and including, First Reset Date and any interest payment date thereafter. Distribution: Fixed rate payable semi-annually in arrears until the First Reset Date. Distribution rate resets every 5 years thereafter to the prevailing 5-year US Treasury plus Initial Spread plus any relevant Distribution Step-Up. Distribution Step-Up: 25bps from Year 10.25; additional 75bps from Year 25.25. Optional Distribution Deferral: Yes, at Issuer’s sole discretion, on a cumulative and compounding basis, subject to dividend stopper. Special Redemption Events: Anytime redemption at par upon Tax Deductibility Event / Optional Tax Redemption / Accounting Event / Rating Agency Event / Substantial Repurchase Event. Capital Replacement Intention: intention-based replacement language, subject to carve-outs. Clearing System: DTC. UOP: The net proceeds from the issue of the Perpetual Securities will be applied by the Issuer for general corporate purposes including, but not limited to, on-lending to entities within the Group. Netroadshow Lin: URL: https://dealroadshow.com. Entry Code: TOP2026. Direct Link: https://dealroadshow.com/e/TOP2026. Pricing 1/8. Settle 1/15 (T+5). 

VIA BofA (B&D)/BNP/DB/HSBC/Miz/StanChart as JLMs.

Announced with benchmark size, we heard initial thoughts as 6.625% area.

Went straight to launch at $600m PerpNC5.25 at 6.10%.

Ultimately, a $600m deal priced as follows:

$600m, 6.10% at 99.967, yld 6.10%. Initial spread: T+237.5 (then step-up +25bps from year 10.25, additional 75bps from year 25.25). 

As for r/v, this is TOPTB’s first Perp issuance thus CONCESSION N/A.

COMPS AWAY:

GC Treasury Center Co LTD (Ba2/NR/BB)
-PTTGC 6.500% PerpNC 09/10/30 $101.39 (G260; 6.14% YTC) - $600m pxd SEPT 2025 b/e +281.5
-PTTGC 7.125% PerpNC 03/10/35 $102.89 (G276; 6.69% YTC) - $500m pxd SEPT 2025 b/e +291.2)

Cas Capital No 2 Ltd (Ba2/BB) (Reg S)
-CASHLD 6.250% PerpNC 01/13/31 $100.65 (G238; 6.09% YTC) - $675m pxd JAN 2026 b/e +253.3

FINAL BOOK:

$600m PerpNC5.25 - $6.200bn (10.33x)

[BANCO INTERNACIONAL DEL PERU - INTERBANK]

Banco Internacional del Peru SAA (BINTPE), exp issue ratings Baa1/BBB by Moody's/Fitch (issuer ratings Baa1/BBB-/BBB), US$500m 144A/Reg S 5.5y sr notes due 7/15/31. MWC. Par Call. Tax Redemption. Interest Payment: Semi-annually in arrears in January 15 and July 15 of each year, commencing July 15, 2026. Denoms: $150,000 x $1,000. Listing: Luxembourg Stock Exchange. Governing Law: New York Law. UOP: gcp. Marketing: URL: https://dealroadshow.com. Entry Code: BINTPE26. Direct Link: https://dealroadshow.com/e/BINTPE26. Pricing 1/8. Settle 1/15 (T+5). 144A CUSIP / ISIN: 05968DAH3 / US05968DAH35.

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

Announced as a benchmark size, we heard IPTs of T+140bp area.

Guidance came in at T+115bp area (+/- 2.5bp) before a $500m deal was launched at the tight end.

Ultimately the deal was priced as follows:

$500m 4.800% 07/15/2031 @ 99.685 yld 4.866%. T+112.5bp.

FINAL BOOKS: $500m 5.5yr - $930m (1.86x) - PEAK $1.250bn

As for R/V, BINTPE doesn’t have any relevant outstanding senior bonds, so fair value was estimated using spread to the Peruvian sovereign and to Peru’s largest bank, Banco de Crédito del Perú (BCP). Interbank is the third largest lender in Peru.

At T+112.5bp, leads estimate that the BINTPE new issue came just 28bp wide of the sovereign. BCP’s 5.85% 01/11/2029 bonds were at G+86bp, and a couple of investors we spoke to were adding 15bp of curve extension for a new BCP 5.5 year. This would put the BINTPE new issue just 12bp wide of BCP, which was broadly considered to be a skinny pick-up given the larger size of BCP (though both banks are rating Baa1/BBB-/BBB).

In any case there was consensus on the buyside that this came significantly inside fair value, which we consistently heard was 115bp-120bp. Taking the mid-point, CONCESSION IS NEG 5BP.

Despite the negative concession, there was a theory among some PMs that this point on the Peru sovereign curve is cheap, meaning it is ripe for being targeted for a buyback. In turn, that could soon generate additional demand for this bond and provide secondary support.

[BANCO SANTANDER CHILE] 

Banco Santander Chile (BSANCI) exp A2/A- (s/s) US$500m 144A/Reg S short 5y FXD sr notes due 11/20/30. MWC then 1mo par call. Tax Call. Coupon Type: fixed rate, payable semi-annually (30/360). Denoms: $150,000 x $1,000. Listing: Regulated Market of Euronext Dublin. Governing Law: New York. UOP: general banking purposes. Deal Roadshow: URL: https://dealroadshow.comEntry Code: SANTCL26Direct Link: https://dealroadshow.com/e/SANTCL26. Pricing 1/8. Settle 1/15 (T+5).

VIA Santander (B&D)/BofA/GS/JPM as joint global coordinators, and SMBC Nikko as passive bookrunner.

Announced as a benchmark size, we heard IPTs of T+110bp area, and observers were expected significant tightening.

Guidance came in at T+85bp area (+/- 3bp), before a $500m deal was launched at the tight end.

Ultimately the deal was priced as follows:

$500m 4.55% 11/20/30 99.971 4.558%. T+82. MW+15.

FINAL BOOKS: $500m S5yr - $1.000bn (2.00x) - PEAK $1.350bn

As for R/V, Santander Chile has an outstanding senior bond as follows:

- BSANCI 3.177% due 10/26/31 T+78bp (G69; Z97; $93.350; 4.492%)

Optically it looks very cheap to the outstandings, which caused some puzzlement in IG land. But most people were disregarding this bond, priced as a 10-year in 2021, as a reference point. “The only people buying that at this point are local Chilean investors who can get a pickup to the credit in USD vs CLP denominated instruments,” said one banker off-deal.

The key comp here was the Chile sovereign, spotted as follows:

Republic of Chile (A2/A/ A- s/s/s)                                                                              

-          CHILE  4.850% due 01/22/29 T+63bp (G62; Z81; $101.897; 4.161%)    

-          CHILE  2.450% due 01/31/31 T+69bp (G68 ; Z92; $91.246; 4.399%)       

-          CHILE  4.350% due 04/13/31 T+64bp (G61; Z87; $99.975; 4.357%)       

-          CHILE  2.550% due 01/27/32 T+86bp (G74; Z103; $89.420; 4.571%)     

This put fair value for an equivalent-maturity Chile sovereign deal at T+68bp, offering a 15bp pick-up to the government curve, which was additionally supported by the halo effect of the Spanish parent. The range of estimates for what constitutes a fair pick-up to the sovereign was 10bp-15bp, so taking the middle of the range CONCESSION IS 2.5BP.

Supporting such a slim concession: this came just 20bp wide of the Spanish parent:

-          SANTAN 5.439% due 07/15/31 T+73bp (G67; Z94; $104.845; 4.439%) 

Additionally, the level looked tight versus other single A rated DM yankee deals that have priced this week (pricing in line with BFCM and Mitsubishi, and 15bp inside Crédit Agricole’s print). These are more relevant points of comparison for crossover buyers than old less liquid BSANCI notes.

As supplementary comps, there were other Chilean bank peers:

Banco de Chile (A2/A/NR s/s)

-          BNCHIL 2.990% due 12/09/31 T+106bp (G96; Z124; $90.900; 4.773%)

Banco de Crédito e Inversiones (A2/A-/A- s/s)

-          BCICI 2.875% due 10/14/31 T+83bp (G75; Z102; $91.600; 4.547%)          

[LATAM PRICED]

– Industrial Subordinated Trust 2.0. (BANGUA), exp deal rating BB-/BB- (s/s), (issuer rating: Ba1/BB+/BB+), Rule 144A and 3(c)(7)/Reg S US$750m unsecured subordinated 10.25nc5 notes due 04/15/2036. Active joint bookrunners: DB, BofA (B&D), Citi, SMBC. Reset Date: 04/15/2031. Coupon: Fixed rate per year from and including the issuance date of the Notes to, but excluding, the Reset Date. From and after the Reset Date, Fixed rate per year resulting from the sum of (a) the 5yr Constant Maturity US Treasury Bond, plus (b) Initial Margin.

Optional Prepayment of the B Loan; Mandatory Redemption of the Notes: 3mo par call from the fifth anniversary and until the Reset Date; MWC at any time after the Reset; Tax and Regulatory event; Illegality event; paid pro rata with the C Loan. See preliminary offering memorandum.

Use of Proceeds: To acquire a participation in a subordinated loan (the “B Loan”) to be made by IFC to Banco Industrial under a subordinated tier 2 loan agreement (the “Loan Agreement”). The gross proceeds of the Loan Agreement will be used to pay transaction fees and expenses; and to finance Banco Industrial’s lending operations to eligible borrowers by way of eligible sub-loans for funding SME sub-projects.

Denoms: 200k x 1k. Marketing: www.dealroadshow.com Passcode: INDUSTRIAL2026. Listing (exp): Luxembourg. Governing law: New York, subordination provisions of the B loan under Guatemala law.

Price: 01/08. Settle: 01/15 (T+5).

IPTs: 7.000% area

GUIDANCE: 6.65% area (+/- 5bp)

LAUNCH: $750m @ 6.600%

PRICED: $750m 04/15/2036 6.550% @ 99.794 yld 6.60%. MW+45

–  Pan American Energy SL, Argentine Branch (PANAME), exp B1/BB- by Moody's/Fitch, US$375m 144A/Reg S 11y sr unsec notes due 1/15/37. 10-year WAL. Amortization: 33% in year 2035, 33% in year 2036 and 34% in year 2037. Citi/Itau BBA/JPM (B&D)/Santander joint books. Argentine Placement Agents: Balanz, Galicia and Santander Argentina. Optional Redemption: Make-whole call; HY call schedule thereafter: From January 15, 2031: Par + 50%, From January 15, 2032: Par + 25%, From January 15, 2033: Par + 12.5%, From January 15, 2034 and thereafter: Par. Guarantor: Pan American Energy SL. Denoms: $1,000 x $1,000. Governing Law: State of New York. Sales to Canada: Yes - via exemption. UOP: The Company intends to use the net proceeds from this offering, in accordance with Section 36 of the Argentine Negotiable Obligations Law, to (i) invest in exploration and development of assets in Argentina, including capital goods and other tangible assets and services; (ii) repay existing indebtedness; (iii) finance the Branch’s investment plan for expanding, acquiring, constructing, or improving refining assets and the distribution network of refined products in Argentina; (iv) acquire shares or assets as a going concern and/or finance a business line in Argentina; and/or (v) finance working capital needs in Argentina, including payments to suppliers, operating liabilities, taxes, and employee compensation. Dealroadshow: URL: https://dealroadshow.com. Entry Code: PAE2026. Direct Link: https://dealroadshow.com/e/PAE2026. Pricing 1/8. Settle 1/15 (T+5). 144A CUSIP / ISIN: 69784DAE8 / US69784DAE85.

IPTs: Low 8%.

GUIDANCE: 7.90%# (the number)
LAUNCHED: $375m 11y (10y WAL) at 7.90%

PRICED: $375m 7.750% 01/15/2037 @ 98.977 yld 7.900%

[SSA PRICED]

– Corporacion Andina de Fomento (“CAF”) Aa3/AA+/AA- (p/s/p) SEC-registered USD benchmark senior unsecured 10-year due 01/15/2036. Joint bookrunners: Barclays/BofA/JPM/Standard Chartered/TD Securities. Coupon: Fixed, S/A 30/360. Governing law: New York. Denoms: $1k x $1k. Listing: London Stock Exchange. Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible and professional counterparties only (all distribution channels). Advertisement: The applicable Final Terms, when published, will be available on the website of the London Stock Exchange. Marketing: www.netroadshow.com/nrs/home/#!/?show=27cbd3e1(Recommended) OR Visit www.netroadshow.com and enter the entry code: CAF25 (not case-sensitive). ISIN: US219868CP97.Price: 01/08. Settle: 01/15 (T+5)IPTs: SOFR MS (S/A, 30/360) +90bp area (Currently equivalent to CT10 +54.3bp)GUIDANCE: SOFR MS+87 area. IOIs in excess of $6.25bn (excl. JLM interest).UPDATE: spread set at SOFR MS+85#. Books in excess of $9.5bn (excl JLM interest).LAUNCH: $2bn @ SOFR MS+85bp. Book closed in excess of $11bn (incl. $100mm JLM interest)PRICED: $2bn 4.625% 01/15/2036 @ 99.652 yld 4.669%. MS+85bp.

– Korea Housing Finance Corp (“KHFC”), exp Aa2/AA (s/s) US$1bn 144A/3c7/Reg S 2-part sr social notes (3y FRN due 1/15/29 and 5y FXD due 1/15/31). Citi (B&D)/CACIB/HSBC/JPM/Miz/MS as JBRs/JLMs. Day Count/Business Convention: 3y FRN: Act/360, Adjusted / Modified Following, 5y FXD: 30/360, Unadjusted / Following. SOFR Convention: Compounded Daily SOFR in arrear and paid quarterly (5 U.S. Government Securities Business Days Lookback). Terms: SGX-ST, US$200k/1k Denoms, English Law. UOP: To use an amount equal to the net proceeds from the issue of the Notes to finance and/or refinance a diverse range of mortgage loan products to facilitate access to housing finance for end users in Korea as detailed in its Sustainable Financing Framework dated September 2023. Pricing 1/8. Settle 1/15. 144A ISIN: 3y FRN: US50065RAY36, 5y FXD: US50065RAZ01.

IPTs: 3y SOFR+77 area, 5y T+63 area.
GUIDANCE: 3y FRN SOFR+49#, 5y FXD T+36#.
PRICED:

$500m 1/15/29 FRN at SOFR+49, at 100.

$500m 3.875% 1/15/31 99.050 4.087% T+36. 

– ​​Oesterreichische Kontrollbank AG (OKB) exp Aa1/AA+, guaranteed explicitly by the Republic of Austria, US$1.5bn SEC registered 5y FXD global sr notes due 1/15/31. BofA/Citi/DB/JPM joint leads. Coupon: Fixed, Semi-Annual, 30/360. Governing law: New York. Listing: Luxembourg Stock Exchange's Regulated Market. Denoms: $1k x $1k. Pricing 1/8. Settle 1/15.

IPTs: SOFR MS+37 area.
UPDATE: spread set at SOFR MS+34#.
LAUNCHED: $1.5bn 5y at SOFR MS+34.
PRICED: $1.5bn 3.75% 1/15/31 99.702 3.816% SOFR MS+34 (T+9.4).

– Turkiye Ihracat Kredi Bankasi AS (Export Credit Bank of Turkiye Inc) (EXCRTU), exp issue rating Ba3 by Moody's (issuer ratings Ba3/BB- by Moody's/Fitch), US$500m 144A/Reg S (Cat 2) 5y sr notes due 1/15/31. Citi (B&D)/ENBD/ING/StanChart as JGCs. ADCB/BBVA/Citi/DB/DNBD/FADB/ING/MUFG?SMBC/SG/StanChart as JBRs. Coupon: fixed, SA 30/360. Denoms: 200,000 x 1,000. Listing: The Global Exchange Market (GEM) of Euronext Dublin. Governing Law: English Law. UOP: gcp. Investor Presentation: URL: https://dealroadshow.com. Entry Code: Turkexim2026. Direct Link: https://dealroadshow.com/e/Turkexim2026. Pricing 1/8. Settle 1/15 (T+5). 144A ISIN: US90015LAM90.

IPTs: 6.75% area.
GUIDANCE: 6.50-6.625%. Book greater than $1.2bn (excl JLM int).
LAUNCHED: $500m 5y at 6.45%. Book greater than $1.4bn (excl JLM int).
PRICED: $500m 6.375% 1/15/31 99.684 6.45%.