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CFR DAILY DOWNLOAD 011426.xlsx
CFR CONCESSION & COVERED 01-14-26.xlsx
Related Deals
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by Sarah Jiang
Jan 14, 2026 5:28 PM ET
After releasing choppy earnings yesterday, JPM forged ahead this morning with the first self-funded deal of the year—a $6bn offering of 6nc5 FTF and/or FRN and 11nc10 FTF 3-part. At $6bn, it ties ORAFP for the largest deal YTD. Two other banks also came to market today - ANZ with a $1.5bn 3-part deal that included a rare standalone 5-year floater, and BK with a $1.55bn 2-part. Bank supply accounted for 71.5% of today's total volume.
In total, seven deals priced today for $12.650bn, bringing week-to-date issuance to $24.450bn.
With this week’s average SELFIE estimate at $29.971bn and the low end at $22.5bn, JPM’s $6bn barely moves the needle, setting the stage for more deals tomorrow.
Demand across this week’s deals has been steady, with today’s 15 tranches averaging 5.45x coverage, while the day marked the second negative NIC print of the week at -2.07bp.
Among days with three or more deals, Wednesday ranked as the fifth most negative NIC day through 2025:
2025-26 LOWEST NIC DAYS (3 or more deals) | ||||||||
DATE | DAY | VOLUME | DEALS | TRANCHES | AVG IPT-PXD | AVG BOOK | AVG ATTRITION | AVG NIC |
9/4/25 | Thursday | $13,700 | 11 | 15 | -31.77 | 4.73 | -21.56% | -3.54 |
5/21/25 | Wednesday | $9,800 | 4 | 8 | -28.75 | 3.30 | -18.17% | -3.50 |
8/12/25 | Tuesday | $8,550 | 5 | 12 | -28.42 | 4.30 | -27.76% | -3.50 |
5/14/25 | Wednesday | $12,500 | 9 | 16 | -34.44 | 5.01 | -20.28% | -2.31 |
1/14/26 | Wednesday | $12,650 | 7 | 15 | -29.47 | 5.57 | -19.58% | -2.07 |
6/11/25 | Wednesday | $5,750 | 3 | 9 | -30.44 | 8.23 | -5.99% | -1.71 |
5/12/25 | Monday | $18,850 | 16 | 26 | -29.79 | 5.13 | -18.63% | -1.17 |
11/12/25 | Wednesday | $4,400 | 4 | 6 | -29.92 | 4.04 | -35.76% | -1.17 |
We saw a rare stand alone 5y FRN from ANZNZ today, just the 4th since 2020:
2020-25 5yr Stand Alone FRNs | ||||||||||
DATE | Issuer | Ticker | Top Sector | Sub 1 | MDY | SP | Size | Mat | Final | Coupon |
1/14/26 | ANZ New Zealand | ANZNZ | yfin | bank | A1 | AA- | $500 | 5 | 1/22/31 | SOFR+75 |
12/1/25 | Australia and New Zealand Banking Group | ANZ | yfin | bank | Aa2 | AA- | $500 | 5 | 12/8/30 | SOFR+68 |
3/26/25 | United Overseas Bank | UOBSP | yfin | bank | Aa1 | AA- | $300 | 5 | 4/2/30 | SOFR+65 |
3/13/25 | DBS Group Holdings Ltd | DBSSP | yfin | bank | Aa2 | NR | $500 | 5 | 3/21/30 | SOFR+65 |
For other notables today, JPM's 11nc10 at T+76bp ranks as the lowest 10yr 6 pack spread through 2009 just beating its own 11nc10 tranche at T+77bp on 10/15/25:
2009-26 10yr 6 Pack LOW SPREADS | |||||||||||
DATE | Ticker | Top Sector | Sub 1 | MDY | SP | FTCH | Size | Mat | Final | Coupon | Spread |
1/14/26 | JPM | fin | bank | A1 | A | AA- | $3,000 | 11nc10 | 1/22/37 | 4.898% | 76 |
10/15/25 | JPM | fin | bank | A1 | A | AA- | $3,000 | 11nc10 | 10/22/36 | 4.810% | 77 |
9/8/25 | WFC | fin | bank | A1 | BBB+ | A+ | $1,750 | 11nc10 | 9/15/36 | 4.892% | 85 |
1/20/21 | MS | fin | bank | A2 | BBB+ | A | $2,500 | 11nc10 | 4/28/32 | 1.928% | 85 |
11/9/20 | MS | fin | bank | A2 | BBB+ | A | $2,750 | 11nc10 | 2/13/32 | 1.794% | 85 |
JPM 10yr spread was also good enough for the 2nd lowest spread for all 11nc10s back through 2020:
2020-26 11nc10 LOW SPREADS | |||||||||||
DATE | Ticker | Top Sector | Sub 1 | MDY | SP | FTCH | Size | Mat | Final | Coupon | Spread |
4/20/21 | PNC | fin | bank | A3 | A- | A | $1,000 | 11nc10 | 4/23/32 | 2.307% | 75 |
1/14/26 | JPM | fin | bank | A1 | A | AA- | $3,000 | 11nc10 | 1/22/37 | 4.898% | 76 |
10/15/25 | JPM | fin | bank | A1 | A | AA- | $3,000 | 11nc10 | 10/22/36 | 4.810% | 77 |
11/13/24 | BK | fin | bank | Aa3 | A | AA- | $750 | 11nc10 | 11/20/35 | 5.225% | 78 |
10/20/25 | STT | fin | bank | Aa3 | A | AA- | $1,000 | 11nc10 | 10/23/36 | 4.784% | 80 |
10/20/25 | AXP | fin | financial services | A2 | A- | A | $2,000 | 11nc10 | 10/24/36 | 4.804% | 82 |
JPM's 5y at T+63 ranked as the 6th lowest spread for 6-packs back through 2009 and also the 4th lowest spread when excluding 5nc4s:
2009-2026 5yr 6 Pack LOW SPREADS | |||||||||||
DATE | Ticker | Top Sector | Sub 1 | MDY | SP | FTCH | Size | Mat | Final | Coupon | Spread |
2/10/21 | GS | fin | bank | A2 | BBB+ | A | $800 | 5nc4 | 2/12/26 | 0.855% | 40 |
10/16/20 | MS | fin | bank | A2 | BBB+ | A | $1,000 | 5nc4 | 10/21/25 | 0.864% | 55 |
4/14/14 | WFC | fin | bank | A2 | A+ | NR | $1,750 | 5 | 4/22/19 | 2.125% | 57 |
12/7/20 | MS | fin | bank | A2 | BBB+ | A | $2,500 | 6nc5 | 12/10/26 | 0.985% | 60 |
1/28/21 | JPM | fin | bank | A2 | A- | AA- | $2,000 | 6nc5 | 2/4/27 | 1.040% | 62 |
1/14/26 | JPM | fin | bank | A1 | A | AA- | $2,600 | 6nc5 | 1/22/32 | 4.347% | 63 |
10/15/25 | JPM | fin | bank | A1 | A | AA- | $2,000 | 6nc5 | 10/22/31 | 4.255% | 63 |
JPM priced a 3rd lowest 6nc5 spread back through 2022:
2022-26 6nc5 LOW SPREADS | |||||||||||
DATE | Ticker | Top Sector | Sub 1 | MDY | SP | FTCH | Size | Mat | Final | Coupon | Spread |
2/2/22 | STT | fin | bank | A1 | A | AA- | $650 | 6nc5 | 2/7/28 | 2.203% | 60 |
1/20/22 | USB | fin | bank | A2 | A+ | A+ | $1,250 | 6nc5 | 1/27/28 | 2.215% | 60 |
2/4/25 | BK | fin | bank | Aa3 | A | AA- | $1,250 | 6nc5 | 2/11/31 | 4.942% | 62 |
1/14/26 | JPM | fin | bank | A1 | A | AA- | $2,600 | 6nc5 | 1/22/32 | 4.347% | 63 |
10/15/25 | JPM | fin | bank | A1 | A | AA- | $2,000 | 6nc5 | 10/22/31 | 4.255% | 63 |
Keeping with banks, ANZNZ 3y at 4.00% ranked as the 4th lowest 3yr bank coupon, with BK's 4nc3 coming in right behind at 4.026%, both looking back through 2023.
BK's 4.026% also ranked as the lowest coupon for a 4nc3 in this time period:
2023-26 3yr BANK LOW COUPONS | |||||||||||
DATE | Ticker | Top Sector | Sub 1 | MDY | SP | FTCH | Size | Mat | Final | Coupon | Spread |
1/6/26 | NAB | yfin | bank | Aa2 | AA- | $650 | 3 | 12/13/28 | 3.850% | 35 | |
12/1/25 | ANZ | yfin | bank | Aa2 | AA- | AA- | $750 | 3 | 12/8/28 | 3.919% | 37 |
9/23/24 | ANZ | yfin | bank | Aa2 | AA- | AA- | $750 | 3 | 9/30/27 | 3.919% | 45 |
10/9/25 | RABOBK | yfin | bank | Aa2 | A+ | AA- | $500 | 3 | 10/17/28 | 3.957% | 35 |
1/14/26 | ANZNZ | yfin | bank | A1 | AA- | A+ | $500 | 3 | 1/22/29 | 4.000% | 45 |
1/14/26 | BK | fin | bank | Aa3 | A | AA- | $1,250 | 4nc3 | 1/22/30 | 4.026% | 47 |
9/8/25 | WFC | fin | bank | A1 | BBB+ | A+ | $1,500 | 4nc3 | 9/15/29 | 4.078% | 62 |
1/5/26 | SUMIBK | yfin | bank | A1 | A- | A- | $800 | 3 | 1/15/29 | 4.108% | 60 |
10/6/25 | TD | yfin | bank | A2 | A- | AA- | $1,000 | 3 | 10/13/28 | 4.109% | 50 |
BK's 4nc3 spread at T+47 was also good enough to grab the lowest 4nc3 spread since STT's T+38 on 2/2/22:
2022-26 4nc3 LOW SPREADS | |||||||||||
DATE | Ticker | Top Sector | Sub 1 | MDY | SP | FTCH | Size | Mat | Final | Coupon | Spread |
2/2/22 | STT | fin | bank | A1 | A | AA- | $300 | 4nc3 | 2/6/26 | 1.746% | 38 |
1/14/26 | BK | fin | bank | Aa3 | A | AA- | $1,250 | 4nc3 | 1/22/30 | 4.026% | 47 |
7/21/25 | AXP | fin | financial services | A2 | A- | A | $1,500 | 4nc3 | 7/20/29 | 4.351% | 55 |
9/18/25 | UBS | yfin | bank | A2 | A- | A | $1,250 | 4nc3 | 12/23/29 | 4.151% | 60 |
9/8/25 | WFC | fin | bank | A1 | BBB+ | A+ | $1,500 | 4nc3 | 9/15/29 | 4.078% | 62 |
1/16/25 | JPM | fin | bank | A1 | A | AA- | $2,000 | 4nc3 | 1/24/29 | 4.915% | 62 |
7/28/25 | RY | yfin | bank | A1 | A | AA- | $1,250 | 4nc3 | 8/6/29 | 4.498% | 62.5 |
MASSMU's 4.00% 3y at T+50 grabed the 2nd lowest FABN coupon back through 2023, tying MET from last week:
2023-26 3yr FABN LOW COUPONS | ||||||||||
DATE | Ticker | Top Sector | MDY | SP | FTCH | Size | Mat | Final | Coupon | Spread |
9/24/24 | NYLIFE | fin | Aaa | AA+ | AAA | $600 | 3 | 10/1/27 | 3.900% | 45 |
1/14/26 | MASSMU | fin | Aa3 | AA+` | AA+ | $600 | 3 | 1/22/29 | 4.000% | 50 |
1/7/26 | MET | fin | Aa3 | AA- | AA- | $600 | 3 | 1/14/29 | 4.000% | 52 |
9/24/24 | MET | fin | Aa3 | AA- | AA- | $500 | 3 | 10/1/27 | 4.000% | 57 |
9/2/25 | GUARDN | fin | Aa1 | AA | $550 | 3 | 9/5/28 | 4.066% | 45 | |
Away from FIGs, JBL's spread ranked well against other BBB- tranches. BBB- is defined as Baa3/BBB- or lower by Moody's and S&P.
JBL's 3y grabbed the lowest BBB- spread back through 2022:
2022-26 BBB- 3yr LOW SPREADS | ||||||||||
DATE | Ticker | Top Sector | MDY | SP | FTCH | Size | Mat | Final | Coupon | Spread |
1/14/26 | JBL | ind | Baa3 | BBB- | BBB- | $500 | 3 | 2/1/29 | 4.200% | 67 |
2/18/25 | HCA | ind | Baa3 | BBB- | $700 | 3 | 3/1/28 | 5.000% | 70 | |
10/7/25 | SNX | ind | Baa3 | BBB- | BBB- | $550 | 3 | 1/17/29 | 4.300% | 75 |
10/1/25 | VST | util | Baa3 | BBB- | BBB- | $750 | 3 | 10/15/28 | 4.300% | 75 |
7/23/24 | OXY | ind | Baa3 | BB+ | BBB- | $600 | 3 | 8/1/27 | 5.000% | 75 |
6/11/25 | BRO | fin | Baa3 | BBB- | BBB | $500 | 3 | 6/23/28 | 4.700% | 80 |
The JBL 7y tranche also grabbed the lowest spread back through 2022:
2022-26 BBB- 7yr LOW SPREADS | ||||||||||
DATE | Ticker | Top Sector | MDY | SP | FTCH | Size | Mat | Final | Coupon | Spread |
1/14/26 | JBL | ind | Baa3 | BBB- | BBB- | $500 | 7 | 2/1/33 | 4.750% | 97 |
2/18/25 | HCA | ind | Baa3 | BBB- | $750 | 7 | 3/1/32 | 5.500% | 103 | |
11/20/24 | APP | ind | Ba1 | BBB- | BBB- | $1,000 | 7 | 12/1/31 | 5.375% | 105 |
11/18/24 | H | ind | Baa3 | BBB- | BBB- | $450 | 7 | 12/15/31 | 5.375% | 107 |
12/9/24 | VICI | fin | Baa3 | BBB- | BBB- | $750 | 7 | 11/15/31 | 5.125% | 107 |
6/11/25 | BRO | fin | Baa3 | BBB- | BBB | $500 | 7 | 6/23/32 | 5.250% | 107 |
Here's today's rundown:
JPMorgan Chase & Co (JPM) exp A1/A/AA- US$6bn SEC registered 3-part sr unsec holdco notes (6nc5 fixed to float and/or FRN due 1/22/32 and 11nc10 fixed to float due 1/22/37). First Call Dates: 1/22/31 and 1/22/36. Optional Redemptions Par Call: 1yr prior to maturity (1X). Make Whole Call: Yes on all Fixed tranches beginning 6mos after issuance. Par Call: 1mos 6NC5 Tranches (12/22/31) and 3mos 11NC10 par call prior to maturity (10/22/36). Denoms: 2k x 1k. Canada Sales: Yes via exemption. UOP: gcp. Pricing 1/14. Settle 1/22.
VIA JPM sole books.
Announced with benchmark size, final size came in at $6bn with price progression as follows:
6nc5 FRN - IPT SOFR equiv; GDNC Seqv; PXD $400m 1/22/32 FRN at SOFR+84, at 100.
6nc5 FTF - IPT T+87.5 area; GDNC T+63#; PXD $2.6bn 4.347% 1/22/32 100.00 4.347% T+63. MW+10. Back-end: SOFR+84.0.
11nc10 FTF - IPT T+100 area; GDNC T+76#; PXD $3bn 4.898% 1/22/37 100.00 4.898% T+76. MW+12.5. Back-end: SOFR+107.0.
As for r/v, outstanding JPM the main comps were from JPM’s most recent deal done in October:
-JPM 4.255% due 10/22/31 nc30 T+61bp (G63; $99.68) - $2bn pxd 10/15/25 +63
-JPM 4.810% due 10/22/36 nc35 T+75bp (G76; $99.36) - $3bn pxd 10/15/25 +77
*** 11nc10: Oct ’36nc35 G76, call f/v at T+76bp. At the T+76bp pricing level, 11nc10 CONCESSION IS FLAT.
*** 6nc5: Oct ‘31nc30 G63, call f/v at T+63bp. At the T+63bp pricing level, 6nc5 CONCESSION IS FLAT.
FINAL BOOKS:
$400m 6nc5 FRN - $2.000bn (5.00x) - PEAK $35bn TTL
$2.6bn 6nc5 FTF - $11.800bn (4.54x) - PEAK $35bn TTL
$3bn 11nc10 FTF - $16.000bn (5.33x) - PEAK $35bn TTL
The Bank of New York Mellon Corp (BK) exp Aa3/A/AA-/AA (s/s/s/s) US$1.55bn SEC registered 2-part sr notes (4nc3 fixed to floating and/or FRN due 1/22/30). Optional Redemption: FTF: Par Call 1-Year Prior to Maturity, Par Call 1-Month Prior to Maturity (12/22/29), Make-Whole Call beginning on July [22], 2026 and ending on January [21], 2029; FRN: Par Call 1-Year Prior to Maturity, Par Call 1-Month Prior to Maturity (12/22/29). Denoms: $2,000 x $1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 1/14. Settle 1/22 (T+5). CUSIP: FTF: 06406RCG0, FRN: 06406RCK1. ISIN: FTF: US06406RCG02, FRN: US06406RCK14.
VIA BNY/Citi/JPM/Loop/MS (B&D) joint books.
Announced as a benchmark, we heard initial price thoughts as T+75 area and SOFR equiv.
Guidance came in at : 4nc3 FTF T+47#, 4nc3 FRN SOFR+63#.
Ultimately, a $1.55bn deal priced as follows:
$300m 1/22/30 FRN at SOFR+63, at 100.
$1.25bn 4.026% 1/22/30 100.00 4.026% T+47. MW+10. Back-end: SOFR+63.4.
As for r/v, outstanding BK was quoted as follows:
-BK 6.317 10/25/29NC28s T+50bp (G46; $106.005) - $900M pxd Oct 2023
-BK 4.975 03/14/30NC29s T+48bp (G46; $102.769) - $1B pxd Mar 2024
-BK 4.942 02/11/31NC30s T+45bp (G52; $102.882) - $1.25B pxd Feb 2025
-BK 5.834 10/25/33NC32s T+77bp (G59; $107.808) - $1.5B pxd Oct 2022
-BK 5.316 06/06/36NC35s T+68bp (G71; $103.753) - $750M pxd Jun 2025
29nc28 and 30nc29 trade on top of each other, and with 31nc30 trading more liquid, we build r/v from there:
** Outstanding Feb 31nc30 G52; minus 5bp 5s/6s curve, new 4nc3 f/v is T+47bp. At the T+47bp pricing level, CONCESSION IS FLAT.
FINAL BOOKS:
$300m 4nc3 FRN - $890m (2.97x) - PEAK $1.180bn
$1.25bn 4nc3 FTF - $3.800bn (3.04x) - PEAK $5.500bn
ANZ New Zealand (Int'l) Ltd, acting through its London Branch (ANZNZ) exp A1/AA-/A+ US$1.5bn 144A/Reg S 3-part sr notes (3y FXD and/or FRN due 1/22/29 and 5y FRN due 1/22/31). Guarantor: ANZ Bank New Zealand Limited. Guarantor ratings: A1 Stable / AA- Stable / A+ Stable (Moody’s / S&P / Fitch). SOFR Convention: Compounded daily in arrear & paid quarterly (2-day observation shift, no lockout or payment delay). UOP: gcp. Pricing 1/14. Settle 1/22 (T+5). 144A ISIN: 3y FXD: US00182EBV02, 3y FRN: US00182EBW84, 5y FRN: US00182EBX67. 144A CUSIP: 3y FXD: 00182EBV0, 3y FRN: 00182EBW8, 5y FRN: 00182EBX6.
VIA ANZ/Citi/HSBC/MS/RBC joint books.
Announced with benchmark size, final size came in at $1.5bn with price progression as follows:
3yr FRN - IPT SOFR equiv; RVSD IPT SOFR equiv; STL SOFR+61; PXD $500m 1/22/29 FRN at SOFR+61, at 100.
3yr FXD - IPT T+75 area; RVSD IPT T+70 area; STL T+45; PXD $500m 4.00% 1/22/29 100.00 4.00% T+45.
5yr FRN - IPT SOFR+105 area; RVSD IPT SOFR+100 area; STL SOFR+75; PXD $500m 1/22/31 FRN at SOFR+75, at 100.
As for r/v. Outstanding ANZNZ was quoted as follows:
-ANZNZ 2.550% due 02/13/30 T+51bp (G58; $93.93.79) - $750m pxd FEB 2020
NAB pricing last week was the more relevant comp:
National Australia Bank Ltd (Aa2/AA-)
-NAB 3.850% due 12/13/28 T+33bp (G33; $99.93) - $650m pxd 01/06/26 +35
-NAB 4.148% due 01/13/31 T+43bp (G43; $100.02) - $500m pxd 01/06/26 +45
-NAB FRN due 12/13/28 DM+51bp ($100.06) - $600m pxd 01/06/26 S+53
-NAB FRN due 01/13/31 DM+62bp ($100.27) - $750m pxd 01/06/26 S+68
*** 3y FXD: Dec ‘28 G33 (pxd at 35bp), call new issue NAB 3y at 35bp. Add 10-15bp for Aussie / New Zealand credit differential call f/v at T+48bp. At the T+45bp pricing level, 3yr CONCESSION IS NEG 3BP.
*** 5y FRN: Jan ‘31 DM+62bp (pxd S+68), add 10-15bp for Aussie / New Zealand credit differential gets f/v to S+80bp. At the S+75bp pricing level, 5yr CONCESSION IS NEG 5BP.
COMPS AWAY:
ASB Bank Ltd (Aa3/AA-)
-ASBBNK 4.155% due 10/29/30 T+50bp (G51; $99.73) - $500m pxd 10/21/25 +60
-ASBBNK FRN due 10/29/30 DM+73bp ($100.74) - $300m pxd 10/21/25 S+90
Westpac New Zealand Ltd (A1/AA-)
-WSTPNZ 4.218% due 09/16/30 T+58bp (G60; $99.68) - $750m pxd 09/08/25 +65
Australia & New Zealand Banking Grou Ltd (Aa2/AA-/AA-)
-ANZ 3.919% due 12/08/28 T+34bp (G29; $100.19) - $750m pxd 12/01/25 +37
-ANZ FRN due 12/08/28 DM+49bp ($100.27) - $750m pxd 12/01/25 S+59
-ANZ FRN due 12/08/30 DM +64bp ($100.27) - $500m pxd 12/01/25 S+68
FINAL BOOKS:
$500m 3yr FRN - $3.800bn (7.60x) - PEAK $4.250bn
$500m 3yr FXD - $3.750bn (7.50x) - PEAK $4.350bn
$500m 5yr FRN - $5.300bn (10.60x) - PEAK $5.500bn
Jabil Inc (JBL) exp Baa3/BBB-/BBB- (s/s/s) US$1bn SEC registered 2-pt sr notes (3y FXD due 2/1/29 and 7y FXD due 2/1/33). MWC then 1mo par call on 3y and 2mos on 7y. UOP: General corporate purposes, including the repayment of 2026 Notes at or prior to maturity. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Marketing: https://dealroadshow.com/e/JBL2026 Passcode: JBL2026. Pricing 1/14. Settle 1/23 (T+6). CUSIPs: 3y: 46656PAC8, 7y: 46656PAD6. ISINs: 3y: US46656PAC86, 7y: US46656PAD69.
VIA BNP (B&D)/Citi/CACIB/SMBC joint active books.
Announced as a benchmark, we heard initial price thoughts as 3y T+100 area, 7y T+130 area.
Went straight to launch at $500m 3y at T+67. $500m 7y at T+97.
Ultimately, a $1bn deal priced as follows:
$500m 4.20% 2/1/29 99.926 4.226% T+67. MW+15.
$500m 4.75% 2/1/33 99.198 4.886% T+97. MW+15.
As for r/v, outstanding JBL was quoted as follows:
-JBL 3.950% due 1/12/28 T+56bp (G56; $99.776) - $500M pxd Jan 2018
-JBL 5.450% due 2/1/29 T+66bp (G65; $103.426) - $300M pxd Apr 2023
-JBL 3.600% due 1/15/30 T+71bp (G79; $96.996) - $500M pxd Jan 2020
-JBL 3.000% due 1/15/31 T+85bp (G85; $93.067) - $600M pxd Jul 2020
** 7yr – Jan 31s G85; plus 15bp 5s/7s curve = T+100bp f/v. At the T+97bp pricing level, 7YR CONCESSION IS NEG 3 BP.
** 3yr – taking the 7yr f/v T+100bp minus 30bp for 3s/7s curve = T+70bp f/v. At the T+67bp pricing level, 3YR CONCESSION IS NEG 3BP.
COMPS AWAY:
Flex LTD (Baa3/BBB-/BBB-)
-FLEX 4.875% due 05/12/30 T+73bp (G80;$101.591 ) - $650M pxd May 2020
-FLEX 5.250% due 01/15/32 T+108bp (G99; $102.308) - $650M pxd Aug 2024
-FLEX 5.375% due 11/13/35 T+120bp (G120; $100.415) - $600M pxd 11/13/25
FINAL BOOKS:
$500m 3yr - $3.000bn (6.00x) - PEAK $3.600bn
$500m 7yr - $3.250bn (6.50x) - PEAK $4.300bn
Aviation Capital Group LLC (ACGCAP) exp Baa2/BBB- (s/s) US$1bn 144A/Reg S w/ no reg rights 2-pt sr notes (L3yr due 04/30/29 and 7y due 01/28/33). MWC then 1 mos par call on 3yr (03/30/29) and 2 mos on 7yr (11/28/32). 101 CoC. UoP: General corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of outstanding indebtedness. Sale into Canada: Yes - Exemption. Denominations: 2,000 x 1,000. 144A L3s/7s Cusip 05369AAV3/ 05369AAU5; ISIN: US05369AAV35/ US05369AAU51. Pricing 01/14. Settle 01/22 (T+5).
VIA BofA/JPM(B&D)/RF/TSI/WFS joint active books.
Announced with benchmark size, we heard initial thoughts as L3y T+115 area and 7y T+145 area.
Guidance came in at L3y T+83#, 7y T+115#.
Ultimately, a $1bn deal priced as follows:
$400m 4.25% 4/30/29 99.604 4.383% T+83. MW+15.
$600m 4.875% 1/28/33 98.894 5.064% T+115. MW+20.
As for r/v, outstanding ACGCAP was quoted as follows:
-ACGCAP 4.750% due 04/14/27 T+85bp (G87; $100.46) - $300m pxd MAR 2025
-ACGCAP 6.750% due 10/25/28 T+95bp (G91; $105.75) - $500m pxd OCT 2023
-ACGCAP 5.375% due 07/15/29 T+103bp (G99; $102.48) - $600m pxd JUN 2024
-ACGCAP 5.125% due 04/10/30 T+99bp (G106; $101.56) - $500m pxd MAR 2025
-ACGCAP 6.375% due 07/15/30 T+92bp (G97; $106.76) - $500m pxd JUN 2023
-ACGCAP 4.800% due 10/24/30 T+105bp (G107; $100.12) - $750m pxd 07/10/25 +107
L3y 7y IPT curve at 30bp. Call L3s/5s curve 18bp and 5s/7s curve 12bp.
*** 7yr: Oct ‘30 G107, add 1bp call 5y f/v at 108bp. Add 12bp for 5s/7s curve gets f/v to T+120bp. At the T+115bp pricing level, 7yr CONCESSION IS NEG 5BP.
*** L3yr: Oct ‘30 G107, add 1bp call 5y f/v at 108bp. Take away 18bp for 5s/L3s curve gets f/vto T+90bp. At the T+83bp pricing level, L3yr CONCESSION IS NEG 7BP.
COMPS AWAY:
SMBC Aviation Capital Finance DAC (NR/A-/BBB+)
-SMBCAC 5.450% due 05/03/28 T+73bp (G71; $102.54) - $650m pxd APRL 2023
-SMBCAC 5.100% due 04/01/30 T+76bp (G83; $102.32) - $500m pxd MAR 2025
-SMBCAC 5.250% due 11/26/35 T+113bp (G113; $99.83) - $750m pxd 11/19/25 +115
AerCap Ireland DAC / Global Aviation Trust (Baa1/BBB+/BBB+)
-AER 4.875% due 04/01/28 T+58bp (G57; $101.59) - $750m pxd JAN 2025
-AER 4.125% due 02/28/29 T+69bp (G67; $99.66) - $900m pxd 01/06/26 +70
-AER 4.375% due 11/15/30 T+74bp (G75; $99.64) - $600m pxd 09/22/25 +75
-AER 5.375% due 12/15/31 T+93bp (G85; $103.65) - $750m pxd JAN 2025 +98
-AER 4.750% due 01/15/33 T+92bp (G92; $99.52) - $850m pxd 01/06/26 +92
-AER 5.000% due 11/15/35 T+102bp (G102; $98.77) - $600m pxd 09/22/25 +97
Aircastle Ltd / Ireland DAC (Baa2/BBB/BBB+)
-AYR 5.000% due 09/15/30 T+108bp (G111; $100.83) - $650m pxd 07/14/25 +117
-AYR 5.750% due 10/01/31 T+118bp (G112; $104.12) - $500m pxd JUL 2024
Air Lease (NR/BBB/BBB)
-AL 5.400% due 06/01/28 T+85bp (G85; $104.29) - $900m pxd NOV 2023
-AL 5.100% due 03/01/29 T+94bp (G93; $101.72) - $500m pxd JAN 2024
-AL 5.200% due 07/15/31 T+110bp (G106; $101.81) - $600m pxd JUN 2024
-AL 2.875% due 01/15/32 T+110bp (G99; $90.01) - $750m pxd JAN 2022
Avolon Holdings Funding Ltd (Baa2/BBB-/BBB)
-AVOL 4.950% due 01/15/28 T+78bp (G78; $101.21) - $850m pxd DEC 2024
-AVOL 5.375% due 05/30/30 T+103bp (G107; $102.43) - $850m pxd MAR 2025
-AVOL 4.700% due 01/30/31 T+110bp (G109; $99.49) - $850m pxd 12/03/25 +115
-AVOL 4.950% due 10/15/32 T+140bp (G122; $99.07) - $1.25bn pxd 09/04/25 +120
FINAL BOOKS:
$400m L3yr - $2.400bn (6.00x) - PEAK $3.500bn
$600m 7yr - $2.700bn (4.50x) - PEAK $3.700bn
MassMutual Global Funding II (MASSMU) exp Aa3/AA+/AA+ (s/s/s) US$1bn 144A/Reg S 3y FXD and/or FRN 2-part sr secured FA-Backed due 1/22/29. FA Provider: Massachusetts Mutual Life Insurance Company. Denoms: 200,000 x 2,000. Sale into Canada: Yes - Exemption. UOP: To acquire a funding agreement from the General Account of the Massachusetts Mutual Life Insurance Company. Pricing 1/14. Settle 1/22 (T+5). 144A Cusip: 3y FXD: 57629TCB1, 3y FRN: 57629TCA3. 144A ISIN: 3y FXD: US57629TCB17, 3y FRN: US57629TCA34.
VIA Citi/JPM (B&D)/Miz/MS joint active books.
Announced as a benchmark, we heard initial price thoughts as T+Low 70 area and SOFR equiv.
Guidance came in at 3y FXD T+50#, 3y FRN SOFR+66#.
Ultimately, a $1bn deal priced as follows:
$400m 1/22/29 FRN at SOFR+66, at 100.
$600m 4.00% 1/22/29 99.874 4.045% T+50.
As for r/v, outstanding MASSMU was quoted as follows:
-MASSMU 5.150% due 05/03/29 T+62bp (G58; $102.992) - $500M pxd May 2024
-MASSMU 4.550% due 05/07/30 T+57bp (G62; $101.045) - $800M pxd May 2025
-MASSMU 4.350% due 09/17/31 T+79bp (G72; $99.115) - $500M pxd Sep 2024
** MASSMU May 30s G62; plus curve, call new 5yr f/v T+65bp; then take off 15bp 3s/5s curve = T+50bp. (flat)
Or call f/v flat to MET Tower 3yr:
MET Tower (Aa3/AA-/AA-)
-MET 4.000% due 01/14/29 T+51bp (G50; $99.826) - $600M pxd 1/7/26 +52
** MET Tower Jan 29s G50. (flat)
Both direct and MET Tower point to f/v of T+50bp. At the T+50bp pricing level, CONCESSION IS FLAT.
Other comps away:
New York Life GF (Aa1/AA+/AAA)
-NYLIFE 4.250% due 01/09/31 T+55bp (G55; $99.944) - $650M pxd 01/05/26 +58
Northwestern Mutual GF (Aa1/AA+/AAA)
-NWMLIC 4.300% due 01/13/31 T+55bp (G55; $100.152) - $600M pxd 01/06/26 +58
MET Life GF I (Aa3/AA-/AA-)
-MET 4.150% due 08/25/28 T+47bp (G44; $100.402) - $600M pxd Aug 2025
-MET 4.900% due 01/09/30 T+52bp (G60; $102.394) - $500M pxd Jan 2025
-MET 4.350% due 01/05/31 T+60bp (G60; $100.130) - $750M pxd 01/05/26 +65
FINAL BOOKS:
$400m 3yr FRN - $1.050bn (2.63x) - PEAK $1.150bn
$600m 3yr FXD - $2.000bn (3.33x) - PEAK $2.300bn
Sociedad Química y Minera de Chile S.A. (SQM), exp issue ratings Baa2/BBB- (issuer ratings Baa1/BBB+ (n/s)), US$600m 144A/Reg S 30.25nc5 fixed rate reset Direct, unconditional, unsecured and subordinated obligations hybrid bond offering due 4/22/56. First Call Date: 1/22/31 - three months prior to first reset date. Reset Dates: 4/22/31 (“First Reset Date”) and each fifth anniversary thereafter. Interest Step-ups: +25 bps at Year 10.25 (the “First Step-up Date”) and +75 bps at Year 25.25 (the “Second Step-up Date”) (100 bps cumulative). Optional Interest Deferral: Interest may be deferred on a cumulative and unlimited basis in whole or in part (“Deferred Interest”). Deferred Interest will accrue and compound during Optional Interest Deferral period at the applicable Interest Rate. Optional Interest Deferral period may not extend beyond the Maturity Date. Mandatory Deferred Interest Settlement Event: The entire amount (and not any lesser portion) of any Deferred Interest shall be paid by the Issuer upon: A dividend payment in respect of its share capital in an aggregate amount that exceeds the Minimum Required Dividend; A distribution on any Parity Securities; A repurchase, redemption or acquisition of any Parity Securities or any Junior Subordinated Capital; or An Event of Default with respect to the notes. Optional Redemption: par call for the three-month period from the First Call Date leading up to the First Reset Date, and on each interest payment date thereafter, in whole or in part. Special early redemption upon the occurrence of a Withholding Tax Event, a Substantial Repurchase Event, a Rating Methodology Event, an Accounting Event or a Tax Deductibility Event at the applicable redemption price, in whole but not in part. Special Event Redemption Price: In the case of a Withholding Tax Event or a Substantial Repurchase Event at a redemption price equal to 100%. In the case of a Rating Methodology Event, an Accounting Event or a Tax Deductibility Event at a redemption price equal to either: 101% prior to the First Call Date; or 100% on or after the First Call Date. Substitution or Variation: upon occurrence of a Rating Methodology Event, an Accounting Event, a Withholding Tax Event or a Tax Deductibility Event, the Issuer may, subject to certain conditions, substitute all (but not less than all), or vary the terms of, the notes. Expected Equity Credit: 50% Equity Credit until year 20.25 for Moody’s; 50% Equity Credit until the First Reset Date (year 5.25) for S&P. Governing Law: New York Law (but not the Chilean Subordination Statement, which is governed by Chilean Law.). Denoms: $200,000 x $1,000. UOP: Refinancing outstanding indebtedness and general corporate purposes, including funding capital expenditures program. Marketing: Deal Roadshow Investor Login Details: URL: https://dealroadshow.com, Entry Code: SQM2026, Direct Link: https://dealroadshow.com/e/SQM2026. Pricing 1/14. Settle 1/22 (T+5). 144A CUSIP / ISIN: 833636AQ6 / US833636AQ63.
VIA: BofA/GS/JPM (B&D)/Sant as joint bookrunners. Scotia as co-manager.
Announced as a benchmark size, we heard IPTs in the 6.125% area.
Guidance came in at 5.625%#, the number, at a $600m deal was launched in line.
Ultimately the deal priced as follows:
$600m 5.625% 4/22/56 100.00 5.627%. T+191.5 initial spread (plus step-ups: +25 bps at Year 10.25 and +75 bps at Year 25.25 (100 bps cumulative)).
BOOKS: $3.7bn (6.17x). PEAK - $5.3bn
As for R/V, SQM’s senior curve looked as follows:
4.250% 05/07/29 T+83 (G80; $99.550) 4.40%
6.500% 11/07/33 T+93 (G110; $108.800) 5.08%
5.500% 09/10/34 T+117 (G128; $101.150) 5.32%
4.250% 01/22/50 T+114 (G118; $78.350) 5.96%
Interpolating between SQM’s April 2029s at 4.4%, and the company’s Nov 2033s at 5.08%, the new issue – which has a first call date of 01/22/31 and a reset date of 04/22/31 – was seen coming 95bp-100bp wide of the company’s senior curve.
As SQM had no outstanding hybrids in dollars, investors were looking at other LatAm hybrids from the likes of CMPCCI (Ba1/BB+/BB+, 105bp over sr) and VALEBZ (Baa3/BB+/BBB-, 130bp over sr). This was clearly on the tight side of the range – to be expected as this is the only IG rated LatAm hybrid. Given a lack of like-for-like comps, there’s no way to come up with a fair value, so CONCESSION IS N/A, but it certainly came tighter than expectations on several sides.
Researchers at Seminario had pegged FV to be 100bp over the senior, while one investor passed saying he “loved the story and credit”, but preferred the valuation of the senior debt. Fwiw, he saw the new issue 75bp wide of senior, and said he thought it should be in the 75bp-100bp range.
Telecom Argentina S.A. exp B2 144A/Reg S US$ benchmark senior unsecured 10-year final / 9.5-year WAL due 01/20/2036. Amortization: 2 equal annual instalments of 50% each on 01/20/2035 and at maturity. Joint bookrunners and global coordinators: BBVA/Citi (B&D)/DB/JPM/Santander. Argentine placement agents: Balanz, Banco CMF, ICBC Argentina, Latin Securities, Macro Securities, Santander Argentina. Interest Payments: Fixed, Semi-annual (30/360).
Use of Proceeds: Repay/Refinance existing indebtedness, and the remainder, if any, for general corporate purposes. Optional redemption: MWC; HY call schedule thereafter: From 01/20/2031: Par + 50% of coupon. From 01/20/2032: Par + 25% of coupon. From 01/20/2033: Par + 12.5% of coupon. From 01/20/2034 and thereafter: Par. Denominations: $1 x $1. Governing law: State of New York. Listing: Luxembourg Stock Exchange / BYMA and A3 Mercados. CUSIPs/ISINs: 144A: 879273 AW0 / US879273AW09. Reg S: P9028N CE9 / USP9028NCE96. Canada Sales: Yes, via exemption. Dealroadshow: URL: https://dealroadshow.com Entry Code: TELECOMARG2026. Direct Link: https://dealroadshow.com/e/TELECOMARG2026.
Pricing: 01/14. Settle: 01/20 (T+3).
IPTs: Very low 9%
GUIDANCE: 8.750% area (+/-12.5bp)
LAUNCH: $600m @8.625%
PRICED $600m 8.500% 01/20/2036 @ 99.201 yld 8.625%. MW+50
-- African Development Bank (AFDB) exp Aaa/AAA/AAA (S/S/S) US$1bn (no grow) global SEC Exempt 10y FXD sr unsec bonds due 1/22/36. BofA/BNP/MS joint books. First Pay: 7/22/26. Day Count: 30/360. List Lux. Law: English. Pricing 1/14. Settle 1/22.
IPTs: SOFR MS+45 area.
GUIDANCE: SOFR MS+43 area. IOIs in excess of $3.5bn (incl. $200m JLM interest).
LAUNCHED: $1bn 10y at SOFR MS+41. Books in excess of $6.2bn (incl. $200m JLM interest).
PRICED: $1bn 4.125% 1/22/36 99.280 4.214% SOFR MS+41 (T+7.8).
-- Central American Bank for Economic Integration (CABEI) exp. AA+/Aa3 (s/p) 144A/Reg S US$2bn senior unsecured 3-year social bond due 01/22/2029. Joint bookrunners: Barclays/BofA/CredAg/GS (B&D). Use of Proceeds: Social Bond. Denoms: $200k x $1k. Listing: Luxembourg Stock Exchange and London Stock Exchange. Governing law: State of New York. Clearing: DTC. Advertisement: The applicable Final Terms, when published, will be available on the website of the [Luxembourg Stock Exchange and the London Stock Exchange]. DealRoadshow: URL: https://dealroadshow.com & Entry Code: CABEI2026. Direct Link: https://dealroadshow.com/e/CABEI2026.
Timing: 01/14. Settle: 01/22 (T+5)
IPTs: MS+57bp area (equivalent to CT3+38.3bps area).
GUIDANCE: MS+52 area. IOIs>$5.8bn (incl. $450mm JLMs).
UPDATE: spread set at MS+49#. Books in excess of $8.8bn (incl. $450mm JLMs).
LAUNCHED: $2bn 3y social at MS+49. Final books closed $9.3bn+ (incl. $450mm JLMs).
PRICED: $2bn 3.750% 01/22/2029 @ 99.666 yld 3.869%. MS+49bp.
-- CDP Financial Inc (CADEPO), rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/DBRS), US$1.5bn 144A/ 3c7/ Reg S 5y FXD Sr Notes due 1/22/31. CIBC/CITI/JPM (B&D/DM)/TD joint books. Guarantor: Caisse de dépôt et placement du Québec ("La Caisse"). Coupon: Fixed, SA 30/360. First Pay: 7/22/26. Listing: Irish Stock Exchange plc trading as Euronext Dublin, unregulated market (GEM). Law: New York. Denoms: US$250k + US$1k. Pricing 1/14. Settle 1/22 (T+5). 144A ISIN: US125094BL55.
IPTs: SOFR MS+45 area.
GUIDANCE: SOFR MS+43bps area. IOIs in excess of $4.1bn (excluding JLM interests).
UPDATE: Spread set at SOFR MS+42#. Books in excess of $6.3bn (excluding JLM interests).
LAUNCHED: $1.5bn 5y at SOFR MS+42. Books in excess of $6.6bn (excluding JLM interests).
PRICED: $1.5bn 3.875% 1/22/31 99.878 3.902% SOFR MS+42 (T+19.0).
-- Kreditanstalt fuer Wiederaufbau (KFW) Aaa/AAA/AAA (s/s/s), guaranteed by the Federal Republic of Germany, US$5bn SEC registered 5y Global sr notes due 3/14/31. BMO/Citi/JPM/RBC joint books. Coupon: TBD, Fixed, SA 30/360, Short first to 14-March-2026. Listing: Luxembourg Stock Exchange's regulated market. Denoms: US$1,000 x US$1,000. Pricing 1/14. Settle 1/22 (T+5).
IPTs: SOFR MS+32 area (currently ~CT5+9.4).
LAUNCHED: $5bn 5y at SOFR MS+29.
PRICED: $5bn 3.75% 3/14/31 99.888 3.775% SOFR MS+29 (T+6.25).
-- International Finance Corporation (IFC) Aaa/AAA (all stable) US$2bn Global SEC exempt 3y FXD Social Bonds due 1/22/29. Daiwa/GSI/Scotia/SEB joint leads. Coupon: TBD, Fixed, SA 30/360. Listing: Luxembourg & London Stock Exchange. Docs: Issuer’s 2023 Global Medium-Term Note Program. Law/Denoms: New York, US$1k + US$1k. Clearing: Fedwire, Euroclear, Clearstream. First Pay: 7/22/26. UOP: The proceeds from social bonds issued by IFC are exclusively used to finance projects that address social issues, especially for target populations. IFC has a cross-cutting focus on vulnerable and/or underserved populations, such as women, low-income populations, underserved communities, refugees and displaced persons, and other target populations included in the Social Bond Principles. Social project categories comprise those listed in IFC Social Bond Framework. Indicative project examples and target populations are included in IFC Social Bond Framework but are not exhaustive. While projects may align with more than one project category, projects are listed in the category that best fits their primary impact objective. Taking IOIs, expect tomorrow’s business (1/14). Settle 1/22.
IPTs: SOFR MS+26 area (currently equivalent to CT3+7.5 area).
GUIDANCE: SOFR MS+24 area.
LAUNCHED: $2bn 3y at SOFR MS+22.
PRICED: $2bn 3.50% 1/22/29 99.732 3.595% SOFR MS+22 (T+3.74).
IFC Social Bond Framework
https://www.ifc.org/content/dam/ifc/doc/2025/IFC-Social-Bond-Framework-Jan-2025.pdf
Second-Party Opinion from Sustainable Fitch
--Kuaishou Technology (1024.HK) (the “Company” or the “Issuer”), rated A3 (stable) by Moody’s, A- (stable) by S&P and A- (stable) by Fitch, has mandated banks to arrange a series of global fixed income investor conference calls commencing on January 14, 2026.
A proposed multi-tranche offering of U.S. dollar-denominated Rule 144A/Reg S (Category 2) senior unsecured notes (the “USD-denominated Notes”) and CNH-denominated Reg S (Category 2) senior unsecured notes (the “CNH-denominated Notes”, and together with the USD-denominated Notes, the “Notes”) may follow, subject to market conditions. The Notes, if issued, are expected to be rated A3 by Moody’s, A- by S&P and A- by Fitch.
The Company has mandated BofA Securities, Morgan Stanley, UBS and Jefferies as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners and Barclays as Joint Lead Manager and Joint Bookrunner, for its proposed USD-denominated Notes offering, with tenors of 5-year and 10-year.
The Company has mandated UBS, BofA Securities, Morgan Stanley, Jefferies and Industrial Bank Co., Ltd. Hong Kong Branch as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners and ICBC (Asia), Bank of China (Hong Kong), CITIC Securities, SPDB International, CMBC Capital and Barclays as Joint Lead Managers and Joint Bookrunners, for its proposed CNH-denominated Notes offering, with a tenor of 5-year.
** KUAISHOU – US$ 144A/REGS - LINK TO PRESENTATION **
www.dealroadshow.com | Entry code: KuaishouUSD2026
or direct link: https://dealroadshow.com/e/KuaishouUSD2026