Bank supply dominated the primary market today, with three regional banks alongside CIBC pricing a combined $8bn of issuance. This represented roughly 90% of the day’s total volume, and brings bank supply for the week up to $8.600bn, or 87% of weekly supply. Banks have led supply so far this year, which is on pace with 2025 YTD and the month of January as a whole:

Banks % Jan History and YTD
YEAR	BANK JAN	IG JAN TTL	Bank % Jan	BANK YTD	IG YTD	Bank % YTD	YTD Date
2026	$92,800	$165,321	56.13%	$92,800	$165,321	56.13%	Wednesday, January 21, 2026
2025	$103,750	$195,900	52.96%	$90,000	$158,850	56.66%	Wednesday, January 22, 2025
2024	$85,250	$194,570	43.81%	$63,500	$139,320	45.58%	Wednesday, January 17, 2024
2023	$85,750	$147,800	58.02%	$60,950	$105,950	57.53%	Wednesday, January 18, 2023
2022	$84,950	$152,091	55.85%	$79,600	$141,101	56.41%	Wednesday, January 19, 2022
2021	$59,760	$137,020	43.61%	$45,260	$104,895	43.15%	Wednesday, January 20, 2021
2020	$63,400	$140,090	45.26%	$52,450	$123,490	42.47%	Wednesday, January 22, 2020

Outside of the banks, two additional transactions cleared the market—ISRELE’s $500m 12-year and GSBD’s $400m 3-year—bringing total daily issuance to $8.9bn. Weekly volume now stands at just $9.9bn, well below the $29.403bn average estimate, while January issuance has risen to $164.321bn but remains more than $36bn short of its average estimated pace.

THIS WEEK GOAL POST
WK ENDING 1/23/26 WTD	$9,900	$ NEED TO HIT
AVG EST WK ENDING 1/23/26	$29,403	$19,503
HIGH EST WK ENDING 1/23/26	$40,000	$30,100
LOW EST WK ENDING 1/23/26	$22,500	$12,600

JANUARY GOAL POST
JAN MTD	$164,321	$NEED TO HIT
JAN 2026 AVG EST	$200,393	$36,072
JAN 2026 HIGH EST	$225,000	$60,679
JAN 2026 LOW EST	$175,000	$10,679
JAN 3YR AVG	$179,423	$15,102
JAN 5YR AVG	$165,476	$1,155
JAN RECORD (2025)	$195,900	$31,579

Looking ahead to Thursday, Bain Capital was added to the pipeline after announcing a roadshow scheduled for Wednesday, while at two other deals were looking this morning before opting not to move forward.

Oversubscription levels on yesterday’s 2 deals were strong with an average of 4.92x, but attrition didn’t look as good at -54.58%. It looked better on today’s deals with an average of -15.65%, which could give issuers more confidence going into what could be the last day of issuance this week.

Risk sentiment did improve in the morning after President Trump stated at the World Economic Forum in Switzerland that he had ruled out the use of military force to acquire Greenland. Indices finished the session as follows:

DOW closed up 1.21% to 49,007.23,

S&P closed up 1.16% to 6,875.62,

NASDAQ closed up 1.18% to 23,224.82.

Today's $6bn regional bank supply total brought the day to the 3rd place on the largest regional bank days (Volume) since 2020:

LARGEST REGIONAL BANK DAYS (VOLUME) 2020-26
Date	Volume	Deals
6/7/23	$7,000	PNC $3.5bn, USB $3.5bn
6/5/23	$6,750	COF $3.5bn, TFC $3.25bn
1/21/26	$6,000	PNC $3bn, USB $2.25bn, KEY $750m
7/25/22	$5,750	TFC $2.5bn, COF $2.25bn, FITB $1bn
1/23/23	$5,750	TFC $3bn, KEY $1.5bn, STT $1.25bn
10/18/22	$5,500	USB $3bn, BK $2.5bn
1/16/20	$5,250	PNC $2bn, USB $3.25bn
1/24/23	$5,000	MTB $3.5bn, BK $1.5bn
7/18/24	$5,000	PNC $2.5bn, CFG $1.25bn, USB $1.25bn
5/5/22	$5,000	COF $4bn, NTRS $1bn

Bank spread notables from today are as follows:

KEY's 10y at T+105bp ranked as the 4th lowest BBB bank spread through 2009:

2009-26 BBB BANK 10yr LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
1/28/20	HBAN	fin	bank	Baa1	BBB+	A-	$750	10	2/4/30	2.550%	95
11/19/25	BBLTB	yfin	bank	Baa1	BBB+		$600	10	11/26/35	5.082%	97
2/3/20	CFG	fin	bank	NR	BBB+	BBB+	$300	10	2/6/30	2.500%	100
1/21/26	KEY	fin	bank	Baa2	BBB	A-	$750	11nc10	1/28/37	5.305%	105
10/28/21	COF	fin	bank	Baa1	BBB	A-	$500	11nc10	11/2/32	2.618%	105
4/21/14	COF	fin	bank	Baa1	BBB	A-	$750	10	4/24/24	3.750%	105
9/15/25	SANUK	yfin	bank	Baa1	BBB	A	$1,000	11nc10	9/22/36	5.136%	110
9/4/19	KEY	fin	bank	Baa1	BBB+	A-	$750	10	10/1/29	2.550%	110
3/12/18	FITB	fin	bank	Baa1	BBB+	A-	$650	10	3/14/28	3.950%	110
7/27/21	COF	fin	bank	Baa1	BBB-	BBB	$1,000	11nc10	7/29/32	2.359%	112

USB's 11nc10 at T+78bp ranked as the 4th lowest 10y bank spread back through 2022:

2022-26 10yr BANK LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
1/19/22	BK	fin	bank	A1	A	AA-	$450	10	1/26/32	2.500%	70
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
10/6/25	TD	yfin	bank	A2	A-	AA-	$1,250	10	10/15/35	4.928%	77
1/21/26	USB	fin	bank	A3	A	A	$1,000	11nc10	1/26/37	5.033%	78
11/13/24	BK	fin	bank	Aa3	A	AA-	$750	11nc10	11/20/35	5.225%	78
6/3/24	NAB	yfin	bank	Aa3	AA-		$750	10	6/11/34	5.181%	78
1/15/26	WFC	fin	bank	A1	BBB+	A+	$3,500	11nc10	1/23/37	4.960%	80
10/20/25	STT	fin	bank	Aa3	A	AA-	$1,000	11nc10	10/23/36	4.784%	80
1/5/22	TD	yfin	bank	A1	A	AA	$600	10	1/12/32	2.450%	80

USB's 6nc5 at T+65 also ranked as the 4th 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
1/21/26	USB	fin	bank	A3	A	A	$1,250	6nc5	1/26/32	4.481%	65
11/12/25	SCHW	fin	brok	A2	A-	A	$1,000	6nc5	11/14/31	4.343%	68
10/28/25	RY	yfin	bank	A1	A	AA-	$1,000	6nc5	11/3/31	4.305%	70
7/22/25	WFC	fin	bank	A1	BBB+	A+	$1,500	6nc5	4/23/31	5.150%	72

And PNC's 3nc2 at T+48 ties as the lowest 3nc2 spread with BK on 6/3/25 back through 2022:

2022-26 3nc2 LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
1/21/26	PNC	fin	bank	A3	A-	A	$1,200	3nc2	1/26/29	4.075%	48
6/3/25	BK	fin	bank	Aa3	A	AA-	$750	3nc2	6/9/28	4.441%	48
10/28/25	RY	yfin	bank	A1	A	AA-	$750	3nc2	11/3/28	3.995%	50
7/17/25	PNC	fin	bank	A2	A	A+	$1,000	3nc2	7/21/28	4.429%	52
10/17/24	USB	fin	bank	A2	A+	A+	$1,250	3nc2	10/22/27	4.507%	52
10/16/24	MS	fin	bank	Aa3	A+	AA-	$1,750	3nc2	10/15/27	4.447%	52
9/15/25	BMO	yfin	bank	A2	A-	AA-	$750	3nc2	9/15/28	4.062%	53
11/12/24	C	fin	bank	Aa3	A+	A+	$2,200	3nc2	11/19/27	4.876%	53

Here’s today’s rundown:

[PNC FINANCIAL]

The PNC Financial Services Group Inc (PNC) US$3bn SEC registered 3-part. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 1/21. Settle 1/26 (T+3).

- $1.5bn 3nc2 fixed to floating and/or floating sr notes due 1/26/29. Ratings: A3/A-/A/AAL (s/s/s/s). Coupon reset date: 1/26/28. Optional redemption: 3nc2 FTF: Par Call: 30 day(s) prior to maturity. Standard Call: The Issuer may redeem the security on Jan 26, 2028 @ 100.000%; 3nc2 FRN: Par Call: 30 day(s) prior to maturity. Standard Call: The Issuer may redeem the security on Jan 26, 2028 @ 100.000%. First Pay: 3nc2 FTF: 7/26/26, 3nc2 FRN: 4/26/26. CUSIP: 3nc2 FTF: 693475CG8, 3nc2 FRN: 693475CH6. ISIN: 3nc2 FTF: US693475CG81, 3nc2 FRN: US693475CH64.

- $1.5bn 15nc10 fixed rate reset subordinated notes due 1/25/41. Ratings: A3/BBB+/A-/AH (s/s/s/s). Coupon reset date: 1/25/36. Optional redemption: Par Call: 90 day(s) prior to maturity. Standard Call: The Issuer may redeem the security on Jan 25, 2036 @ 100.000%. First Pay: 7/25/26. Cusip: 693475CF0. ISIN: US693475CF09.

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

Announced with benchmark size, final size came in at $3bn with price progression as follows:

3nc2 FRN - IPT SOFR equiv; GDNC S+62#; PXD $300m 1/26/29 FRN at SOFR+62, at 100.

3nc2 FTF - IPT T+75 area; GDNC T+48#; PXD $1.2bn 4.075% 1/26/29 100.00 4.075% T+48. Back-end: SOFR+61.0.

15nc10 Sub - IPT T+145 area; GDNC T+117#; PXD $1.5bn 5.423% 1/25/41 100.00 5.423% T+117 (reset).

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

-PNC 5.300% due 01/21/28 nc27 T+51bp (G56; $101.17) - $1bn pxd JAN 2024
-PNC 5.354% due 12/02/28 nc27 T+48bp (G48; $102.28) - $1bn pxd NOV 2022
-PNC 5.582% due 06/12/29 nc28 T+52bp (G49; $103.32) - $2.5bn pxd JUN 2023
-PNC 5.492% due 05/14/30 nc29 T+60bp (G57; $103.75) - $1.75bn pxd MAY 2024
-PNC 5.222% due 01/29/31 nc30 T+54bp (G62; $103.50) - $1bn pxd JAN 2025
-PNC 4.899% due 05/13/31 nc30 T+59bp (G65; $101.80) - $1.25bn pxd MAY 2025
-PNC 5.575% due 01/29/36 nc35 T+81bp (G87; $103.48) - $1.75bn pxd JAN 2025
-PNC 5.373% due 07/21/36 nc35 T+82bp (G84; $102.04) - $1.5bn pxd 07/17/25 +92

*** 3nc2: Dec ‘28nc27 G48, call f/v at T+48bp. At the T+48bp pricing level, 3nc2 CONCESSION IS FLAT.

*** 3nc2: May ‘30nc29 G57, call 4nc3 f/v at 55bp. Take away 5-10bp for 4nc3/3nc2 curve gets f/v to T+48bp. At the T+48bp pricing level, 3nc2 CONCESSION IS FLAT.

*** 15nc10 sub: Sr Jul ‘36nc35 G84, call new issue sr 11nc10 f/v at 85bp. Add 20bp for sr -> sub differential gets 11nc10 sub f/v at 105bp. Add another 10bp for 11nc10 -> 15nc10 differential call f/v at T+115bp. At the T+117bp pricing level, 15nc10 CONCESSION IS 2BP.

COMPS AWAY:

Morgan Stanley (A1/A-/A+)
-MS 4.238% due 01/09/30 nc29 T+63bp (G63; $99.83) - $2.5bn pxd 01/15/26 +65
-MS 4.892% due 10/22/36 nc35 T+84bp (G85; $98.28) - $3bn pxd 10/17/25 +90

Wells Fargo & Co (A1/BBB+/A+)
-WFC 4.182% due 01/23/30 nc29 T+58bp (G58; $99.81) - $2bn pxd 01/15/26 +58
-WFC 4.960% due 01/23/37nc36 T+78bp (G77; $99.26) - $3.5bn pxd 01/15/26 +80

Goldman Sachs Group Inc (A2/BBB+/A)
-GS 4.148% due 01/21/29 nc28 T+59bp (G59; $99.93) - $3.75bn pxd 01/15/26 +58
-GS 5.065% due 01/21/37 nc36 T+86bp (G85; $99.46) - $4.5bn pxd 01/15/26 +90

JPMorgan Chase & Co (A1/A)
-JPM 4.898% due 01/22/37 nc36 T+72bp (G71; $99.21) - $3bn pxd 01/14/26 +76

Bank of America (A1/A-/AA-)
-BAC 5.464% due 05/09/36 nc35 T+75bp (G79; $103.20) - $2bn pxd MAY 2025

11nc10 Subs:

JP Morgan Chase & Co (A2/A-/A)
-JPM 5.576% due 07/23/36 nc35 T+94bp (G96; $102.63) - $4bn pxd 07/16/25 +112.5

Bank of America (A3/BBB+/A)
-BAC 5.744% due 02/12/36 nc35 T+99bp (G105; $103.37) - $2.5bn pxd FEB 2025

Citigroup Inc (Baa2/BBB/BBB+)
-C 6.020% due 01/24/36 nc35 T+115bp (G122; $104.12) - $3bn pxd JAN 2025

15nc10 Subs:

Northern Trust Corp (A2/A/A)
-NTRS 5.117% due 11/19/40 nc35 T+95bp (G95; $99.14) - $750m pxd 11/12/25 +105

Morgan Stanley (Baa1/BBB+/A-)
-MS 5.314% due 01/18/41 nc36 T+117bp (G116; $98.97) - $1.5bn pxd 01/15/26 +117
-MS 5.942% due 02/07/39 nc34 T+96bp (G110; $104.56) - $1.5bn pxd FEB 2024
-MS 5.948% due 01/19/38 nc33 T+88bp (G110; $104.58) - $2bn pxd JAN 2023

Huntington Bancshares Inc (Baa1/BBB/BBB+)
-HBAN 6.141% due 11/18/39 T+127bp (G137; $103.99) - $600m pxd NOV 2024

Citigroup Inc (Baa2/BBB/BBB+)
-C 5.411% due 09/19/39 nc34 T+127bp (G122; $99.66) - $1.1bn pxd SEPT 2024

FINAL BOOKS:

$300m 3nc2 FRN - $800m (2.67x) - PEAK $1000m

$1.2bn 3nc2 FTF - $4.000bn (3.33x) - PEAK $5.000bn

$1.5bn 15nc10 Sub - $9.000bn (6.00x) - PEAK $9.800bn

[US BANCORP]

US Bancorp (USB) exp A3/A/A/AAL (s/s/s/s) US$2.25bn SEC registered 3-part sr notes (6nc5 fixed to floating and/or FRN due 1/26/32 and 11nc10 fixed to floating due 1/26/37. Optional Redemption: 6nc5 FTF: Make Whole Call. Par Call: 1 month(s) prior to maturity (12/26/31). Standard Call: The Issuer may redeem the security on Jan 26, 2031 @ 100.000%; 6nc5 FRN: Par Call: 1 month(s) prior to maturity (12/26/31). Standard Call: The Issuer may redeem the security on Jan 26, 2031 @ 100.000%; 11nc10: Make Whole Call. Par Call: 3 month(s) prior to maturity (10/26/36). Standard Call: The Issuer may redeem the security on Jan 26, 2036 @ 100.000%. Denoms: 1,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 1/21. Settle 1/26 (T+3). Cusip: 6nc5 FTF: 91159HJW1, 6nc5 FRN: 91159HJX9, 11nc10: 91159HJY7. ISIN: 6nc5 FTF: US91159HJW16, 6nc5 FRN: US91159HJX98, 11nc10: US91159HJY71.

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

Final size came in at $2.25bn with price progression as follows:

6nc5 FRN IPT - SOFR equiv; dropped at guidance

6nc5 FTF IPT - T+90 area; GDNC T+65#; PXD $1.25bn 4.481% 1/26/32 100.00 4.481% T+65. MW+10. Back-end: SOFR+86.7.

11nc10 FTF IPT - T+105 area; GDNC T+78#; PXD $1bn 5.033% 1/26/37 T+78. 100.00 5.033% MW+15. Back-end: SOFR+110.1.

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

-USB 5.046% due 02/12/31nc30 T+55bp (G63; $103) - $1.3B pxd Feb 2025

-USB 5.424% due 02/12/36nc35 T+69bp (G75; $103.5) - $1.2B pxd Feb 2025

** 6nc5 - Outstanding Feb 31nc30 G63; plus curve, call new Jan 32nc31 f/v T+65bp. At the T+65bp pricing level, 6NC5 CONCESSION IS FLAT.

** 11nc10 - outstanding Feb 36nc35 G75; plus curve, call f/v T+78bp. At the T+78bp pricing level, 11nc10 CONCESSION IS FLAT.

Comps away:

PNC Financial Services (A3/A-/A)
-PNC 4.899% due 05/13/31nc30 T+56bp (G62; $102.4) - $1.25B pxd May 2025

-PNC 5.373% due 07/21/36nc35 T+80bp (G83; $102.3) - $1.5B pxd Jul 2025

Truist Financial Corp (Baa1/A-/A-)
-TFC 5.071% due 05/20/31nc30 T+63bp (G69; $102.8) - $1.25B pxd May 2025

-TFC 4.964% due 10/23/36nc35 T+94bp (G95; $97.8) - $1.25B pxd 10/20/25 +98

JP Morgan Chase & Co (A1/A/N/A)
-JPM 4.347% due 01/22/32nc31 T+62bp (G61; $99.4) - $2.6B pxd 01/14/26 +63

-JPM 4.898% due 01/22/37nc36 T+73bp (G72; $99) - $300M pxd 01/14/26 +76

FINAL BOOKS:

$1.25bn 6nc5 FTF - $4.000bn (3.20x) - PEAK $5.600bn

$1bn 11nc10 FTF - $3.500bn (3.50x) - PEAK $6.600bn

[CIBC]

Canadian Imperial Bank of Commerce (CM) exp A2/A-/AA- (s/s/s) US$2bn SEC registered 4nc3 fixed to floating and/or floating sr notes due 1/29/30. MWC (FTF) then 1mo par call (12/29/29). Bail-in Language: Notes are subject to bail-in conversion under Canadian Bail-In regulations. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: gcp. Pricing 1/21. Settle 1/29 (T+6). Cusip: 4nc3 FTF: 13607QWB4, 4n3 FRN: 13607QWA6. ISIN: 4nc3 FTF: US13607QWB49, 4nc3 FRN: US13607QWA65.

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

Announced with benchmark size, we heard initial thoughts as T+90 area and SOFR equiv.

Guidance came in at T+63# and SOFR+80#.

Ultimately, a $2bn deal priced as follows:

$400m 1/29/30 FRN at SOFR+80, at 100.

$1.6bn 4.283% 1/29/30 100.00 4.283% T+63. MW+10. Back-end: SOFR+79.0.

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

-CM 4.857% due 03/31/29 nc28 T+55bp (G53; $102.2) - $1.4bn pxd MAR 2025
-CM 4.631% due 09/11/30 nc29 T+65bp (G59; $101.4) - $750m pxd SEPT 2024
-CM 4.580% due 09/08/31 nc30 T+64bp (G67; $100.5) - $1bn pxd 09/02/25 +85

*** Mar ‘29nc28 G53, call 3nc2 f/v at 53bp. Add 5-10bp for 3nc2 / 4nc3 curve gets f/v to T+60bp. At the T+60bp pricing level, CONCESSION IS 3BP.

COMPS AWAY:

Bank of Montreal (A2/A-/AA-)
-BMO 4.439% due 01/14/32 nc31 T+68bp (G68; $99.6) - $1.1bn pxd 01/07/26 +75

Royal Bank of Canada (A1/A/AA-)
-RY 3.995% due 11/03/28 nc27 T+48bp (G49; $99.8) - $750m pxd 10/28/25 +50
-RY 4.305% due 11/03/31 nc30 T+69bp (G70; $98.9) - $1bn pxd 01/28/25 +70

FINAL BOOKS:

$400m 4nc3 FRN - $675m (1.69x) - PEAK $675m

$1.6bn 4nc3 FTF - $4.900bn (3.06x) - PEAK $5.100bn

[KEYCORP]

KeyCorp (KEY) exp Baa2/BBB/A- (p/s/s) US$750m SEC registered 11nc10 fixed to floating sr notes due 1/28/37. Optional Redemption: MWC then 3mos par call (10/28/36). Standard Call: The Issuer may redeem the security on Jan 28, 2036 @ 100.000%. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 1/21. Settle 1/28 (T+5). CUSIP: 49326EER0. ISIN: US49326EER09.

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

Announced as a benchmark, we heard initial price thoughts as T+135 area.

Went straight to launch at $750m 11nc10 at T+105.

Ultimately, a $750m deal priced as follows:

$750m 5.305% 1/28/37 100.00 5.305% T+105. MW+20. Back-end: SOFR+136.7.

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

-KEY 5.121% due 04/04/31nc30 T+71bp (G78; $102.16) - $750M pxd Feb 2025

-KEY 6.401% due 03/06/35nc34 T+91bp (G104; $107.98) - $1B pxd Feb 2024

** Outstanding Mar 35nc34 G104; plus 4bp for curve, new Jan 37nc36 f/v is T+108bp. At the T+105bp pricing level, CONCESSION IS NEG 3BP.

Comps away:

Citizens Financial Group (Baa1/BBB+/BBB+)
-CFG 5.253% due 03/05/31nc30 T+80bp (G88; $102.28) - $750M pxd Feb 2025

-CFG 6.645% due 04/25/35nc34 T+95bp (G107; $109.43) - $750M pxd Apr 2024

Fifth Third Bancorp (Baa1/BBB+/A-)
-FITB 4.895% due 09/06/30nc29 T+78bp (G72; $101.52) - $750M pxd Sep 2024

-FITB 5.631% due 01/29/32nc31 T+74bp (G73; $104.67) - $1B pxd Jan 2024

Huntington Bancshares (Baa1/BBB+/A-)
-HBAN 5.272% due 01/15/31nc30 T+70bp (G79; $102.64) - $1.15B pxd Nov 2024

-HBAN 5.709% due 02/02/35nc34 T+82bp (G96; $104.02) - $1.25B pxd Jan 2024

M&T Bank Corporation (Baa1/BBB+/A)
-MTB 5.179% due 07/08/31nc30 T+73bp (G77; $102.44) - $750M pxd Jun 2025

-MTB 5.385% due 01/16/36nc35 T+95bp (G101; $101.15) - $1B pxd Dec 2024

FINAL BOOKS:

$750m 11nc10 FTF - $6.700bn (8.93x) - PEAK $7.500bn

[ISRAEL ELECTRIC CORP]

The Israel Electric Corp Ltd (ISRELE) exp Baa2/BBB+ (n/s) US$500m (no grow) 144A/Reg S 12y FXD sr secured notes due 1/28/38. CoC put option if the Company ceases to be directly or indirectly Controlled by the Government. Coupon: Fixed, Payable semi-annual in arrear, 30/360. Denoms: $200,000 x $1,000. Listing: TASE-UP. Clearing: Euroclear / Clearstream. Benchmark: T 4 11/15/35. UOP: The Company intends to use the net proceeds of the Notes to finance the Company’s capital investment program, to refinance existing debt and or other corporate purposes as the Company may determine. Pricing 1/21. Settle 1/28. ISIN: 0012349887IL.

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

Announced as $500m no grow, we heard initial thoughts as T+170 area.

Ultimately, a $500m deal priced as follows:

$500m 5.633% 1/28/38 100.00 5.633% T+135.

As for r/v, we heard the Israeli Sovereign was the most relevant comp:

Israel Government International Bond (Baa1/A)

-ISRAEL 5.000% due 01/13/36 T+91bp (G90; $98.50) - $2bn pxd 01/06/26 +100
-ISRAEL 5.875% due 01/13/56 T+117bp ($97.49) - $1.75bn pxd 01/06/26 +125

*** ISRAEL Jan ‘36 G90, call 10y f/v at 90bp. Add 10bp for 10s/12s curve gets 12yr f/v at 100bp.

Sovereign differential worth around 40bp which points to f/v around T+140bp. At the T+135bp pricing level, CONCESSION IS NEG 5BP.

FINAL BOOK:

$500m 12yr - $5.000bn (10.00x) - PEAK $5.000bn

[GOLDMAN SACHS BDC]

Goldman Sachs BDC Inc (GSBD), exp Baa3/BBB- (s/s) by Moody's/Fitch, US$400m (up from $300m) SEC registered 3y FXD sr notes due 1/28/29. MWC then 1mo par call (12/28/27). 100 CoC. Denoms: $2,000 x $1,000. Sale into Canada: Yes - Exemption. UOP: Pay down a portion of the Revolving Credit Facility and for general corporate purposes. Pricing 1/21. Settle 1/28 (T+5). CUSIP / ISIN: 38147U AG2 / US38147UAG22.

VIA BofA/HSBC/MUFG/SMBC (B&D)/TSI joint active books.

Announced with a $300m size, we heard initial price thoughts as T+200 area.

Upsized and went straight to launch at $400m 3y at T+170.

Ultimately, a $400m deal priced as follows:

$400m 5.10% 1/28/29 99.283 5.362% T+170. MW+30.

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

-GSBD 6.375% due 03/11/27 T+106bp (G111; $101.9) - $400M pxd Mar 2024

-GSBD 5.650% due 09/09/30 T+185bp (G188; $99.86) - $400M pxd 09/04/25 +200

** Outstanding Sep 30s G188; call new 5yr f/v T+190bp then take off 25bp for 3s/5s curve to get to T+165bp f/v. At the T+170bp pricing level, CONCESSION IS 5BP.

(Again, some would argue for a slightly steeper 3s/5s curve and use 30bp instead, which would land a 162.5 f/v and 7.5bp nic)

Comps away:

Goldman Sachs Private Credit (Baa3/BBB-/BBB-)

-GSCRED 5.875% due 05/06/28 T+137bp (G135; $101.9) - $400M pxd Apr 2025

-GSCRED 6.250% due 05/06/30 T+188bp (G195; $102) - $600M pxd Apr 2025

-GSCRED 5.375% due 01/31/29 T+170bp (G170; $100.06) - $660M pxd 10/09/25 +200

-GSCRED 5.875% due 01/31/31 T+210bp (G209; $99.72) - $500M pxd 11/19/25 +245

Ares Capital Corp (Baa2/BBB/BBB)
-ARCC 5.875% due 03/01/29 T+135bp (G134; $102.4) - $1B pxd Jan 2024

-ARCC 5.500% due 09/01/30 T+159bp (G163; $100.3) - $750M pxd May 2025
-ARCC 5.250% due 04/12/31 T+178bp (G175; $98.38) - $750M pxd 01/05/26 +180

Ares Strategic Income Fund (Baa3/BBB-/BBB-)
-ARESSI 4.850% due 01/15/29 T+169bp (G169; $98.66) - $600M pxd 09/08/25 +160

-ARESSI 5.150% due 01/15/31 T+189bp (G189; $97.54) - $500M pxd 09/08/25 +185

Blackstone Secured Lending (Baa2/BBB-/BBB)
-BXSL 5.350% due 04/13/28 T+140bp (G139; $100.7) - $700M pxd Oct 2024

-BXSL 5.300% due 06/30/30 T+162bp (G167; $99.4) - $500M pxd Feb 2025
-BXSL 5.125% due 01/31/31 T+172bp (G171; $98.13) - $500M pxd 10/06/25 +155

Golub Capital BDC (Baa2/BBB-/BBB)
-GBDC 7.050% due 12/05/28 T+147bp (G140; $105.2) - $700M pxd Nov 2023

-GBDC 6.000% due 07/15/29 T+165bp (G161; $102.1) - $750M pxd Jan 2024

Blue Owl Capital Corp (Baa3/BBB-/BBB)

-OBDC 5.950% due 03/15/29 T+201bp (G199; $100.8) - $1B pxd Jan 2024

-OBDC 6.200% due 07/15/30 T+215bp (G219; $100.9) - $500M pxd May 2025

Blackstone Private Credit Fund (Baa2/BBB-)
-BCRED 4.000% due 01/15/29 T+138bp (G138; $97.2) - $642M pxd Jul 2022

-BCRED 5.250% due 04/01/30 T+170bp (G177; $98.9) - $397M pxd Apr 2025
-BCRED 5.350% due 03/12/31 T+194bp (G192; $98.11) - $700M pxd 01/05/26 +190

Golub Capital Private Credit Fund (Baa3/BBB-/N/A)
-GCRED 5.450% due 08/15/28 T+165bp (G161; $100.53) - $500M pxd Jul 2025

Sixth Street Specialty (Baa2/BBB-/BBB)
-TSLX 5.625% due 08/15/30 T+164bp (G168; $100.59) - $300M pxd Feb 2025

Apollo Debt Solutions Bd (Baa3/BBB-/BBB-)
-APODS 5.200% due 12/08/28 T+166bp (G159; $99.91) - $400M pxd 12/03/25 +170

-APODS 5.700% due 01/23/31 T+194bp (G193; $99.67) - $750M pxd 01/15/26 +195

HPS Corporate Lending Fund (Baa2/BBB-/N/A)
-HLEND 5.150% due 04/02/29 T+166bp (G164; $99.54) - $350M pxd 01/06/26 +170

-HLEND 5.650% due 04/02/31 T+194bp (G191; $99.46) - $400M pxd 01/06/26 +200

Morgan Stanley Direct Lending (Baa3/N/A/BBB-)
-MSDL 6.150% due 05/17/29 T+149bp (G147; $103) - $347M pxd Jan 2025
-MSDL 6.000% due 05/19/30 T+170bp (G176; $101.73) - $350M pxd May 2025

FINAL BOOKS:

$400m 3yr - $1.800bn (4.50x) - PEAK $2.200bn

[NEW MANDATES & MARKETING]

Bain Capital Specialty Finance, Inc. has asked Wells Fargo Securities, J.P. Morgan, Natixis, and SMBC Nikko to arrange a series of fixed income investor calls to be conducted on Wednesday, January 21st. An electronic presentation has been made available. An offering of SEC-Registered senior unsecured notes (expected to be rated Baa3 (Stable) by Moody’s / BBB- (Stable) by Fitch and BBB (Stable) by KBRA*) may follow, subject to market conditions.

Wells Fargo Securities is coordinating logistics.

Company Participants:

Michael Ewald: Partner, Global Head of Private Credit and CEO of BCSF

Mike Boyle: Partner, President of BCSF

Amit Joshi: CFO for BCSF & Bain Capital Private Credit

Katherine Schneider: Managing Director, Investor Relations

Schedule for Wednesday, January 21st, 2026:

Call #1: 12:00pm-1:00pm ET; Pre-Registration Link: https://evercall.co/oacc/78750

Call #2: 1:00pm-2:00pm ET; Pre-Registration Link: https://evercall.co/oacc/43652

Call #3: 2:00pm-3:00pm ET; Pre-Registration Link: https://evercall.co/oacc/80247

Slides will be available 15 minutes before and 15 minutes after each scheduled call

[SSA PRICED]

– Province of Ontario (ONT), rated Aa3/AA-/AA-/AA (Moody's/S&P/Fitch/DBRS, stb/stb/stb/stb), US$3.5bn SEC registered 3y FXD global sr notes due 1/29/29. Barc/HSBC/JPM/Scotia (B&D) joint books. Coupon: TBD, Fixed, SA 30/360. Denoms: $5,000 x $1,000. Listing: Luxembourg (Euro MTF Market). Law: Province of Ontario/Canada. Pricing 1/21. Settle 1/29 (T+6).

IPTs: SOFR MS+36 area (currently equiv ~CT3+16.3).
SPREAD SET: SOFR MS+34# (IOIs in excess of $5.4bn (incl. $200mm JLM interest).
LAUNCHED: $3.5bn 3y at SOFR MS+34. Book closed in excess of $8.4bn (incl. $200mm JLM interest).

PRICED: $3.5bn 3.80% 1/29/29 99.978 3.808% SOFR MS+34 (T+14.6).