Commentary & Deal Flow

The IG market returned to action on Thursday after President Trump walked back tariff threats against several European countries, with today marking the first slate of 10+ deals in just over two weeks (since Jan. 7, when 14 deals priced). In the end, 10 deals priced for $12.500bn, bringing the weekly tally to $22.400bn.

Five banks accounted for $8.95bn of new paper today, bringing the weekly bank total to $17.550bn. Barring any surprises tomorrow, the week will end up about $7bn under the average guess. 

Away from the banks, three BDCs came today all in the 5 year maturity: ARESSI $700m, GCRED $500m and BCSF $350m. The combined total of $1.55bn ranks as the 3rd largest BDC day dating back to 2020:

Other notables on today's deals include BNS's 8nc7 at T+77 came in as the 2nd lowest bank 7yr spread back through 2022:

With BNS's 4nc3 at T+57 ranking as the 4th lowest 4nc3 spread back through 2022. CM from yesterday wasn’t too far behind at T+63.

 TFC and CFG came in as the 5th and 8th lowest 3nc2 coupons respectively since 2023:

With TFC's and CFG's spreads landing towards the top of this list through 2022 as well:

Here's Today's Rundown:

[TRUIST]

Truist Bank / Truist Financial Corp (TFC) US$2.85bn 3-part. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 1/22. Settle 1/27 (T+3).

- Truist Bank, exp A3/A/A/AA (s/s/s/s), US$1.6bn 3a2 exempt 3nc2 fixed to float and/or floating sr bank notes 2-part due 1/27/29. MWC then 1mo par call (12/27/28). Denoms: 250,000 x 1,000. Cusip: 3nc2 FTF: 89788JAJ8, 3nc2 FRN: 89788JAK5. ISIN: 3nc2 FTF: US89788JAJ88, 3nc2 FRN: US89788JAK51. 

- Truist Financial Corp, exp Baa1/A-/A-/AAL (s/s/s/s), US$1.25bn SEC registered 6nc5 fixed to float sr unsec holdco notes due 1/27/32. MWC then 1mo par call (12/27/31). Denoms: 2,000 x 1,000. CUSIP: 89788MAW2. ISIN: US89788MAW29. 

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

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

3nc2 FRN - IPT SOFR equiv; GDNC S+66#; PXD $350m 1/27/29 FRN at SOFR+66, at 100.

3nc2 FTF - IPT T+80 area; GDNC T+53#; PXD $1.25bn 4.144% 1/27/29 100.00 4.144% T+53. Back-end: SOFR+66.2.

6nc5 FTF - IPT T+100 area; GDNC T+75#; PXD $1.25bn 4.597% 1/27/32 100.00 4.597% T+75. Back-end: SOFR+96.5.

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

Truist Bank
-TFC 4.420% due 07/24/28 nc27 T+53bp (G56; $100.39) - $1.5bn pxd 07/21/25 +57
-TFC 4.136% due 10/23/29 nc28 T+68bp (G62; $99.53) - $1.25bn pxd 10/20/25 +67

*** 3nc2 bank: Oct ‘29 nc28 G62, call new issue 4nc3 at 63bp. take away 5-10bp for 4nc3 / 3nc2 curve gets f/v to T+55bp. At the T+53bp pricing level, 3nc2 CONCESSION IS NEG 2BP.

Truist Financial Corp
-TFC 4.873% due 01/26/29 nc28 T+57bp (G56; $101.31) - $1.5bn pxd JAN 2023
-TFC 5.071% due 05/20/31 nc30 T+63bp (G69; $102.26) - $1.25bn pxd MAY 2025

*** 6nc5 sr: May ‘31 nc30 G69, add 3bp for curve gets f/v to T+72bp. At the T+75bp pricing level, 6nc5 CONCESSION IS 3BP.

Fifth Third Bank Inc (A3/A-/A-)
-FITB 4.967% due 01/28/28 nc27 T+59bp (G65; $99.75) - $700m pxd JAN 2025

Huntington National Bank (A3/A-/A-)
-HABN 4.871% due 04/12/28 nc27 T+69bp (G70; $100.66) - $1bn pxd FEB 2025
Huntington Bancshares (Baa1/BBB+/A-)
-HBAN 5.272% due 01/15/31 nc30 T+72bp (G81; $102.50) - $1.15bn pxd NOV 2024

Manufactures & Traders Trust Co (A3/A-/A)
-MTB 4.762% due 07/06/28 nc27 T+58bp (G61; $100.79) - $750m pxd JUN 2025

PNC Bank (A3/A-/A+)
-PNC 4.429% due 07/21/28 nc27 T+45bp (G48; $100.52) - $1bn pxd JUL 2025
PNC Financial Services Group (A3/A-/A)
-PNC 4.075% due 01/26/29 nc28 T+46bp (G45; $100.05) - $1.2bn pxd 01/21/26 +48
-PNC 4.899% due 05/15/31 nc30 T+56bp (G62; $101.88) - $1.25bn pxd MAY 2025

US Bank NA (A2/A+/A+)
-USB 4.730% due 05/15/28 nc27 T+45bp (G49; $100.83) - $1.25bn pxd MAY 2025

US Bancorp (A3/A/A)
-USB 4.481% due 01/26/32 nc31 T+62bp (G62; $100.03) - $1.25bn pxd 01/21/26 +65

FINAL BOOKS:

$350m 3nc2 - $680m (1.94x) - PEAK $811m

$1.25bn 3nc2 FTF - $3.500bn (2.80x) - PEAK $4.500bn

$1.25bn 6nc5 FTF - $5.900bn (4.72x) - PEAK $6.200bn

[BANK OF NOVA SCOTIA]

The Bank of Nova Scotia (BNS), exp security ratings A2/A-/AA- (s/s/s), US$2.75bn SEC registered 3-part sr notes (4nc3 fixed to floating and/or FRN due 2/2/30 and 8nc7 fixed to floating due 2/2/34). MWC on FTF tranches. Optional Redemption: 4nc3 FTF: Make-whole call; par call on February 2, 2029; par call within 1 month of maturity (1/2/30); 4nc3 FRN: Par call on February 2, 2029; par call within 1 month of maturity (1/2/30); 8nc7: Make-whole call; par call on February 2, 2033; par call within 2 months of maturity (12/2/33). Bail-In Acknowledgement: The Notes are subject to bail-in conversion under the Canadian bail-in regime. Denoms: $2,000 x $1,000. Sales into Canada: Yes - Exemption (Sales to Canada only through Scotiabank). UOP: gcp. Pricing 1/22. Settle 2/2 (T+7). CUSIP: 4nc3 FTF: 06418GAY3, 4nc3 FRN: 06418GAX5, 8nc7: 06418GAZ0. ISIN: 4nc3 FTF: US06418GAY35, 4nc3 FRN: US06418GAX51, 8nc7: US06418GAZ00. 

VIA Scotia (B&D)/BNP/Citi/GS/Sant joint books.

Announced with benchmark size, final size came in at $2.75bn with price progression as follows:

4nc3 FRN - IPT SOFR equiv; GDNC S+73#; PXD $300m 2/2/30 FRN at SOFR+73, at 100.

4nc3 FTF - IPT T+85 area; GDNC T+57#; PXD $1.35bn 4.247% 2/2/30 100.00 4.247% T+57. MW+10. Back-end: SOFR+73.0.

8nc7 FTF - IPT T+105 area; GDNC T+77#; PXD $1.1bn 4.813% 2/2/34 100.00 4.813% T+77. MW+15. Back-end: SOFR+104.5.

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

-BNS 4.404% due 09/08/28 nc27 T+49bp (G51; $100.48) - $1.1bn pxd SEPT 2024
-BNS 4.338% due 09/15/31 nc30 T+64bp (G66; $99.41) - $850m pxd 09/08/25 +77
-BNS 4.740% due 11/10/32 nc31 T+77bp (G68; $100.65) - $650m pxd SEPT 2024

*** 4nc3: Most recent Sept ‘31 nc30 G66, a new 6nc5 would price around 70bp. Take away 10bp for 6nc5 / 4nc3 curve gets f/v to T+60bp. At the T+57bp pricing level, 4nc3 CONCESSION IS NEG 3BP.

*** 8nc7: Most recent Sept ‘31 nc30 G66, a new 6nc5 would price around 70bp. Add 10bp for 6nc5 / 8nc7 curve gets f/v to T+80bp. At the T+77bp pricing level, 8nc7 CONCESSION IS NEG 3BP.

Comps away:

Bank of Montreal (A2/A-/AA)
-BMO 5.004% due 01/27/29 nc28 T+50bp (G50; $101.72) - $750m pxd JAN 2025
-BMO 4.439% due 01/14/32 nc31 T+67bp (G67; $99.69) - $1.1bn pxd 01/07/26 +75

Canadian Imperial Bank of Commerce (A2/A-/AA)
-CM 4.857% due 03/30/29 nc28 T+55bp (G53; $101.43) - $1.4bn pxd MAR 2025
-CM 4.283% due 01/29/30 nc29 T+58bp (G58; $100.09) - $1.6bn pxd 01/21/26 +
-CM 4.580% due 09/08/31 nc30 T+64bp (G67; $100.41) - $1bn pxd SEPT 2025

Royal Bank of Canada (A1/A/AA-)
-RY 4.498% due 06/06/29 nc28 T+52bp (G48; $100.80) - $1.25bn pxd JUL 2025
-RY 4.305% due 11/03/31 nc30 T+64bp (G65; $99.25) - $1bn pxd 10/28/25 +70

Toronto Dominion Bank (A2/A-/AA-)
-TD 3.913% due 01/13/28 (bullet) T+38bp (G38; $99.87) - $1bn pxd 01/06/26 +45
-TD 4.411% due 01/13/31 (bullet) T+53bp (G53; $100.18) - $900m pxd 01/06/26 +70
-TD 5.298% due 01/30/32 (bullet) T+65bp (G54; $104.23) - $750m pxd JAN 2025

FINAL BOOKS:

$300m 4nc3 FRN - $800m (2.67x) - PEAK $1000m

$1.35bn 4nc3 FTF - $3.800bn (2.81x) - PEAK $4.600bn

$1.1bn 8nc7 FTF - $4.350bn (3.95x) - PEAK $5.150bn

[WESTPAC NEW ZEALAND]

Westpac New Zealand Ltd (WSTPNZ), exp issue ratings A1/AA- (issuer ratings A1/AA-/A+ (s/s/s)), US$1.5bn 144A/Reg S 2-part sr notes (3y FXD due 1/29/29 and 5y FRN due 1/30/31). BofA/Citi/HSBC/MS/Westpac joint books. Optional Redemption: WSTPNZ may, at its option, redeem all, but not less than all, of the Notes upon the occurrence of certain tax-related events. SOFR Convention: SOFR, compounded daily in arrears & paid quarterly (2-day observation shift, no lockout or payment delay). Denoms: $200,000 x $1,000. Listing: None. UOP: gcp. Pricing 1/22. Settle: 3y FXD: 1/29 (T+5), 5y FRN: 1/30 (T+6). 144A CUSIP: 3y FXD: 96122FAF4, 5y FRN: 96122FAH0. 144A ISIN: 3y FXD: US96122FAF45, 5y FRN: US96122FAH01.

Announced overnight with benchmark size (books at NY open $1.85bn 3yr FXD; $3.25bn 5yr FRN) final size came in at $1.5bn with price progression as follows:

3yr FXD: IPT T+70a; STL T+45; PXD $750m 4.127% 1/29/29 100.00 4.127% T+45. 

5yr FRN: IPT SOFR+100a; STL S+75; PXD $750m 1/30/31 FRN at SOFR+75, at 100.

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

-WSTPNZ 4.218% due 09/16/30 T+55bp (G58; $99.20) - $750m pxd 09/08/25 +65

We heard ANZNZ pricing last week was the more relevant comp:

ANZ New Zealand (A1/AA-/A+)
-ANZNZ 4.000% due 01/22/ 29 T+39bp (G39; $99.78) - $500m pxd 01/14/26 +45
-ANZNZ FRN due 01/22/29 DM+61 ($100.00) - $500m pxd 01/14/26 S+61
-ANZNZ FRN due 01/22/31 DM+72 ($100.14) - $500m pxd 01/14/26 S+75

*** 3yr FXD: ANZNZ Jan ‘29 G39 (pxd T+45). Call f/v at their pricing spread of T+45bp. At the T+45bp pricing level, 3yr FXD CONCESSION IS FLAT.

*** 5yr FRN: ANZNZ Jan ‘31 FRN DM+72 (pxd S+75). Call f/v at their pricing spread of S+75bp. At the S+75bp pricing level, 5yr FRN CONCESSION IS FLAT.

Other comps away:

 National Australia Bank Ltd (Aa2/AA-)
-NAB 3.850% due 12/13/28 T+30bp (G31; $99.62) - $650m pxd 01/06/26 +35
-NAB FRN due 12/13/28 DM+55bp ($99.95) - $600m pxd 01/06/26 S+53
-NAB 4.148% due 01/13/31 T+38bp (G38; $99.58) - $500m pxd 01/06/26 +45
-NAB FRN due 01/13/31 DM+65 ($100.14) - $750m pxd 01/06/26 S+68

FINAL BOOKS:

$750m 3yr FXD - $4.200bn (5.60x) - PEAK $4.650bn

$750m 5yr FRN - $4.500bn (6.00x) - PEAK $4.650bn

[CFE]

Comisión Federal de Electricidad ("CFE") (Ticker: CFELEC) exp Baa2/BBB/BBB- (n/s/s) US$1.5bn 144A/Reg S 2-part sr notes (8y FXD bullet due 1/28/34 and 25y FXD amortizing (12-yr WAL) due 1/28/51). MWC then 2mos par call on 8y (11/28/33) and 3mos on 25y (10/28/50). Denoms: $200,000 x $1,000. Governing Law: New York. Expected Listing: Luxembourg Stock Exchange / Euro MTF. Sales to Canada: Yes, via Exemption. UOP: Refinance existing debt, including the redemption of USD 2027s and the repurchase of USD 2029s, USD 2045s and USD 2052s tendered and accepted for purchase in the Tender Offer, and financing of long-term infrastructure projects. NetRoadshow: Direct Link: https://dealroadshow.com/e/CFE2026. Pricing 1/22. Settle 1/28 (T+4). 144A CUSIP: 8y: 200447AQ3, 25y: 200447AR1. 144A ISIN: 8y: US200447AQ31, 25y: US200447AR14.

VIA BBVA/BofA (B&D)/Citi/HSBC/JPM as joint global coordinators, MS/Sant/Scotia as joint books.

Announced as a benchmark size, we heard IPTs of T+240 area on the 8-year bullet, and T+270bp area for the 25-year, which has a 12-year average life.

Guidance came in at 205bp area (+/-5bp) for the 8-year, and 230bp# (the number) for the longer bond.

A $1.5bn deal was launched at 8y $1bn @ T+200bp, 12y WAL $500m @ T+230bp.

Ultimately, a $1.5bn deal priced as follows:

$1bn 6.045% 01/28/2034 @ 100.00 yld 6.045%. T+200. MW+30. (Bullet)

$500m 6.500% 01/28/2051 @ 99.619 yld 6.551%. T+230. MW+30. (Amortizing, 12y WAL)

FINAL BOOKS: 
$1bn 8yr - $5.300bn (5.30x) - PEAK $5.800bn
$500m 25yr (12y WAL) - $4.300bn (8.60x) - PEAK $4.500bn

As for R/V, the most relevant bonds in the CFELEC curve were the 3.875% 07/26/2033s and the company’s 6.45% 01/24/2035s, which leads saw at G+187bp and G+195bp, respectively.

Interpolating for curve, this got them to fair value of 200bp for the 8-year, and 230bp for the 12-year WAL bond, so CONCESSION IS FLAT. Some bankers away from the trade were spotting the 2033s and 2035s quite a way tighter - at G+173bp/G+195bp at Wednesday’s close - and some of the NIC estimates were as wide as 15bp on the 8-year and 5-10bp on the 12-year WAL.

Additionally, this bond came historically tight to the Mexico sovereign, though views were again split as to just HOW tight. (On the deal we heard 37.5bp over UMS, others 50bp back, depending on where you spotted the MEX 2034s and 2038s). We had heard that leads were targeting a landing level of 45bp over the sovereign.

For context, last time CFE issued in September 2024, they landed a 10-year 95bp back of the sovereign, and a 5-year 90bp back. The 2035s have traded on average 60bp over the sovereign, but have gradually tightened - about 37.5bp on average for the last month.

This data point, alongside the book size, backs up the zero NIC assessment.

Proceeds from the 8-year are slated to redeem CFE’s 4.75% 2027s, which have $489m outstanding, and to finance a tender offer of up to $500m for the issuer’s 2029s, 2045s and 2052s. In other words, a straightforward extension and cleaning up of the global bond curve.

The reasoning for the amortising 25 year tranche was to match the costs and revenues of electricity infrastructure projects known as Pidiregas. This should better align the company’s debt structure with the long term nature of its assets and investments. Previously, in 2017- 2020, CFE issued amortising bonds in Taiwan’s Formosa market as a way of matching its debt profile to Pidiregas.

[CITIZENS]

Citizens Bank NA Providence RI / Citizens Financial Group Inc (CFG) US$1.15bn 2-part. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 1/22. Settle 1/29 (T+5).

- Citizens Bank NA/Providence RI, exp A3/A-/BBB+ (s/s/p), US$750m 3a2 exempt 3nc2 fixed to floating sr notes due 1/29/29. Optional Redemption: One Time Par Call 1-Year Prior to Maturity (1/29/28). Par Call Beginning 1-Month Prior to Maturity (12/29/28). Denoms: 250,000 x 1,000. CUSIP: 75524KSA3. ISIN: US75524KSA33.

- Citizens Financial Group Inc, exp Baa1/BBB/BBB (s/s/p), US$400m SEC registered 10nc5 fixed rate reset subordinated notes due 1/29/36. Coupon Reset Bnchmrk: 5y CMT. Optional Redemption: One Time Par Call 5-Years Prior to Maturity (1/29/35). Par Call Beginning 3-Months Prior to Maturity (10/29/35). Regulatory Capital Treatment Event Call. Denoms: 2,000 x 1,000. CUSIP: 174610BK0. ISIN: US174610BK00. 

VIA Citi/GS/MS (B&D)/TD (active) / CITJMP (passive) joint books.

Announced with benchmark size, final size came in at $1.15bn with price progression as follows:

3nc2 FTF - IPT T+90 area; STL T+58; PXD $750m 4.192% 1/29/29 100.00 4.192% T+58.

10nc5 Sub - IPT T+180 area; STL T+145; PXD $400m 5.299% 1/29/36 100.00 5.299% T+145.

As for r/v, outstanding CFG Seniors were quoted as follows:

Citizens Bank NA
-CFG 4.575% due 08/09/28 nc27 T+58bp (G60; $100.60) - $800m pxd AUG 2022

*** 3nc2 bank: Aug ‘28nc 27 G60, add 3bp for curve call f/v at T+63bp. At the T+58bp pricing level, 3nc2 CONCESSION IS NEG 5BP.
Citizens Financial Group
-CFG 5.841% due 01/23/30 nc29 T+68bp (G67; $104.21) - $1.25bn pxd JAN 2024
-CFG 5.253% due 03/05/31 nc30 T+81bp (G88; $102.27) - $750m pxd FEB 2025
-CFG 6.645% due 04/25/35 nc34 T+96bp (G108; $109.52) - $750m pxd APRL 2024

COMPS AWAY:

Manufacturers & Trader Trust Co (A3/A-/A)
-MTB 4.762% due 07/06/28 nc27 T+60bp (G63; $100.79) - $750m pxd JUN 2025

M&T Bank Corp (Baa1/BBB+/A)
-MTB 5.179% due 07/08/31 nc30 T+75bp (G79; $102.39) - $750m pxd JUN 2025
-MTB 5.385% due 01/16/36 nc35 T+95bp (G102; $101.32) - $1bn pxd DEC 2024

Huntington National Bank (A3/A-/A-)
-HBAN 4.871% due 04/12/28 nc27 T+64bp (G69; $100.74) - $1bn pxd FEB 2025

Fifth Third Bank Inc (A3/A-/A-)
-FITB 4.967% due 01/28/28 nc28 T+56bp (G63; $100.80) - $700m pxd JAN 2025

Citigroup Inc (A3/BBB+/A)
-C 4.503% due 09/11/31 nc30 T+68bp (G71; $99.96) - $3bn pxd 09/04/25 +85
-C 5.174% due 09/11/36 nc35 T+84bp (G85; $100.72) - $3bn pxd 09/04/25 +100

Outstanding Subs:

M&T Bank Corp (Baa1/BBB/A-)
-MTB 5.400% due 07/30/35 nc30 T+143bp (G147; $100.56) - $750m pxd JUL 2025

*** MTB Jul ‘35 nc30 G147, add a few bp for curve call new MTB 10nc5 sub f/v at 150bp. CFG should price about 5bp back of MTB pointing to CFG 10nc5 sub f/v at T+155bp. At the T+145bp pricing level, 10nc5 CONCESSION IS NEG 10BP.

Citizens Financial Group (Baa1/BBB/BBB)
-CFG 5.641% due 05/21/37 nc32 T+157bp (G143; $101.27) - $400m pxd MAY 2022

Huntington Bancshares (Baa1/BBB/BBB+)
-HBAN 6.141% due 11/18/39 nc34 T+127bp (G136; $104.21) - $600m pxd NOV 2024

Citigroup Inc (Baa2/BBB/BBB+)
-C 5.592% due 11/19/34 nc29 T+125bp (G118; $102.34) - $1.25bn pxd NOV 2024

FINAL BOOKS:

$750m 3nc2 FTF - $3.250bn (4.33x) - PEAK $4.200bn

$400m 10nc5 Sub - $7.000bn (17.50x) - PEAK $8.100bn

[ARES STRATEGIC INCOME FUND]

Ares Strategic Income Fund (ARESSI) exp Baa3/BBB-/BBB- (s/s/s), US$700m 144A/Reg S w/ reg rights L5yr sr notes due 04/15/31. MWC then 1 mos par call (03/15/31). 101 CoC. UoP: The company expects to use the net proceeds of the offering to repay outstanding indebtedness under its credit facilities. Sale into Canada: Yes - Exemption. Denominations: 2,000 x 1,000. Pricing 01/22. Settle 01/29 (T+5). 144A Cusip/ISIN: 04020EAU1/US04020EAU10.

VIA Barc/BNP/BofA(B&D)/JPM/RBC/SMBC/WFS as joint active books.

Announced as a benchmark, we heard initial price thoughts as T+220 area.

Guidance came in at T+195#.

Ultimately, a $700m deal priced as follows:

$700m 5.55% 4/15/31 98.943 5.790% T+195. MW+30.

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

-ARESSI 5.700% due 03/15/28 T+148bp (G147; $101.2) - $100M pxd Nov 2024
-ARESSI 4.850% due 01/15/29 T+173bp (G173; $98.54) - $600M pxd 09/08/25 +160
-ARESSI 5.600% due 02/15/30 T+170bp (G178; $100.2) - $750M pxd Sep 2024
-ARESSI 5.150% due 01/15/31 T+190bp (G190; $97.42) - $500M pxd 09/08/25 +185

** Outstanding ARESSI Jan 31s G190; no curve for 3 months extension, call new L5yr f/v T+190bp. At the T+195bp pricing level, CONCESSION IS 5BP.

Ares Capital Corp (Baa2/BBB/BBB)
-ARCC 5.100% due 01/15/31 T+166bp (G166; $98.34) - $650M pxd 09/02/25 +160
-ARCC 5.250% due 04/12/31 T+173bp (G170; $98.64) - $750M pxd 01/05/26 +180

Comps away:

Blackstone Secured Lending (Baa2/BBB-/BBB)
-BXSL 5.300% due 06/30/30 T+166bp (G170; $99.28) - $500M pxd Feb 2025
-BXSL 5.125% due 01/31/31 T+173bp (G172; $98.14) - $500M pxd 10/06/25 +155

Blackstone Private Credit Fund (Baa2/BBB-/N/A)
-BCRED 5.050% due 09/10/30 T+175bp (G178; $97.88) - $500M pxd 09/03/25 +160
-BCRED 5.350% due 03/12/31 T+193bp (G191; $98.2) - $700M pxd 01/05/26 +190

HPS Corporate Lending Fund (Baa2/BBB-/N/A)
-HLEND 5.150% due 04/02/29 T+166bp (G164; $99.52) - $350M pxd 01/06/26 +170
-HLEND 5.650% due 04/02/31 T+195bp (G192; $99.44) - $400M pxd 01/06/26 +200

Apollo Debt Solutions BDC (Baa3/BBB-/BBB-)
-APODS 5.200% due 12/08/28 T+170bp (G164; $99.75) - $400M pxd 12/03/25 +170
-APODS 5.700% due 01/23/31 T+193bp (G192; $99.76) - $750M pxd 01/15/26 +195

Blue Owl Credit Income Fund (Baa3/BBB-/BBB-)
-OCINCC 6.600% due 09/15/29 T+220bp (G215; $102.35) - $899M exch. Apr 2025
-OCINCC 5.800% due 03/15/30 T+222bp (G229; $99.1) - $998M exch. Apr 2025

Blue Owl Capital Corp (Baa3/BBB-/BBB)
-OBDC 5.950% due 03/15/29 T+205bp (G204; $100.67) - $1B pxd Jan 2024
-OBDC 6.200% due 07/15/30 T+214bp (G219; $100.89) - $500M pxd May 2025

Sixth Street Specialty Lending Inc (Baa2/BBB-/BBB)
-TSLX 5.625% due 08/15/30 T+162bp (G166; $100.7) - $300M pxd Feb 2025

Sixth Street Specialty (Baa2/BBB-/BBB)
-SIXSLP 6.125% due 07/15/30 T+174bp (G179; $102.1) - $750M exch. 11/25/25

Golub Capital Private Credit Fund (Baa3/BBB-/N/A)
-GCRED 5.875% due 05/01/30 T+170bp (G176; $101.23) - $500M pxd May 2025

Goldman Sachs BDC Inc (Baa3/N/A/BBB-)
-GSBD 5.650% due 09/09/30 T+184bp (G187; $99.88) - $400M pxd 09/04/25 +200

FINAL BOOKS:

$700m L5yr - $2.700bn (3.86x) - PEAK $3.000bn

[MIZRAHI-TEFAHOT BANK]

Mizrahi-Tefahot Bank Ltd (MZRHIT), exp BBB+/A- by S&P/Fitch, US$700m 144A/Reg S (Cat 2) 5y FXD sr notes due 1/28/31. Optional Redemption: Redeemable at the option of the Issuer, in whole but not in part, at any time during the period commencing on (and including) 28 December 2030 (1 month before the Maturity Date) and ending on (and including) the Maturity Date at 100% of the then outstanding principal amount together with accrued but unpaid interest, if any, on the then outstanding principal amount of the Notes to, but excluding, the date fixed for redemption. Tax Redemption: Redeemable at the option of the Issuer, in whole but not in part, at par upon occurrence of a Tax Event. Denoms: $200k x 1k. Listing: Tel Aviv Stock Exchange (TASE-UP). Governing Law: New York law, except for waiver of set off and ranking provisions governed by the laws of Israel. Sales into Canada: Yes - Exemption. UOP: gcp. Pricing 1/22. Settle 1/28 (T+4).

VIA GS (B&D)/HSBC/Jeff as JGCs and active JBRs.

Announced with benchmark size, we heard initial thoughts as T+155 area

Spread set at T+120#  Books >$3bn.

Ultimately, a $700m deal priced as follows:

$700m 5.049% 1/28/31 100.00 5.049% T+120.

As for r/v, we heard recently price HAPOAL with same ratings was the relevant comp:

Bank Hapoalim BM (NR/BBB+/A-)
-HAPOAL 4.723% due 07/14/29 T+112bp (G108; $99.75) - $1bn pxd 01/07/26 +120
-HAPOAL 5.252% due 01/14/33 T+126bp (G126; $99.70) - $1bn pxd 01/07/26 +135

*** Jul ‘29 G108, call 3y f/v at 105bp. Jan ‘33 G126, call 7y f/v at 126bp. Call 5yr f/v in between at T+115bp. At the T+120bp pricing level, CONCESSION IS 5BP.

Mizrahi Tefahot Bank Ltd (NR/BBB-/BBB)
-MZRHIT 5.8367% Sub due 04/15/36 nc31 T+183bp (G183; $100.68) - $750m pxd 01/08/26 +210

Israel Government International Bond (Baa1/A/A)
-ISRAEL 4.500% due 01/13/31 T+80bp (G80; $99.33) - $2.25bn pxd 01/06/26 +90

FINAL BOOK:

$700m 5yr - $2.200bn (3.14x) - PEAK $3.000bn

[GOLUB CAPITAL PRIVATE CREDIT FUND]

Golub Capital Private Credit Fund (GCRED) exp Baa3/BBB- (s/s) US$500m 144A/Reg S with reg rights 5y FXD sr notes due 4/15/31. MWC then 1mo par call (3/15/31). 100 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To repay outstanding indebtedness. Pricing 1/22. Settle 1/29 (T+5). 144A Cusip: 38179RAG0. 144A ISIN: US38179RAG02. 

VIA JPM/Natix/SMBC/WFS (B&D) joint active books. 

Announced as a benchmark, we heard initial price thoughts as T+225 area.

Went straight to launch at $500m 5y at T+200.

Ultimately, a $500m deal priced as follows:

$500m 5.60% 4/15/31 98.863 5.851% T+200. MW+30. 

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

-GCRED 5.450% due 08/15/28 T+165bp (G161; $100.45) - $500M pxd Jul 2025
-GCRED 5.800% due 09/12/29 T+183bp (G178; $100.95) - $499M exch. May 2025
-GCRED 5.875% due 05/01/30 T+170bp (G176; $101.23) - $500M exch. May 2025

** Outstanding May 30s G176; using a 25-30bp 3s/5s curve, each year is worth 12.5-15bp; call ‘30/’31 curve 14bp. G176 plus 14bp ‘30/’31 curve, f/v is T+190. At the T+200bp pricing level, CONCESSION IS 10BP.

Comps away:

Golub Capital BDC (Baa2/BBB-/BBB)
-GBDC 7.050% due 12/05/28 T+147bp (G141; $105.07) - $700M pxd Nov 2023
-GBDC 6.000% due 07/15/29 T+165bp (G162; $102.08) - $750M pxd Jan 2024

Ares Strategic Income Fund (Baa3/BBB-/BBB-)
-ARESSI 4.850% due 01/15/29 T+173bp (G173; $98.54) - $600M pxd 09/08/25 +160
-ARESSI 5.150% due 01/15/31 T+193bp (G193; $97.35) - $500M pxd 09/08/25 +185

Sixth Street Specialty (Baa2/BBB-/BBB)
-SIXSLP 6.500% due 03/11/29 T+160bp (G159; $103.42) - $749M pxd Dec 2024
-SIXSLP 6.125% due 07/15/30 T+174bp (G179; $102.1) - $750M exch. 11/25/25

Blackstone Secured Lending (Baa2/BBB-/BBB)
-BXSL 5.300% due 06/30/30 T+166bp (G170; $99.28) - $500M pxd Feb 2025
-BXSL 5.125% due 01/31/31 T+173bp (G172; $98.14) - $500M pxd 10/06/25 +155

Blackstone Private Credit Fund (Baa2/BBB-/N/A)
-BCRED 5.050% due 09/10/30 T+175bp (G178; $97.88) - $500M pxd 09/03/25 +160
-BCRED 5.350% due 03/12/31 T+193bp (G191; $98.2) - $700M pxd 01/05/26 +190

Apollo Debt Solutions BDC (Baa3/BBB-/BBB-)
-APODS 5.200% due 12/08/28 T+170bp (G164; $99.75) - $400M pxd 12/03/25 +170
-APODS 5.700% due 01/23/31 T+193bp (G192; $99.76) - $750M pxd 01/15/26 +195

Blue Owl Credit Income Fund (Baa3/BBB-/BBB-)
-OCINCC 6.600% due 09/15/29 T+220bp (G215; $102.35) - $899M exch. Apr 2025
-OCINCC 5.800% due 03/15/30 T+222bp (G229; $99.1) - $998M exch. Apr 2025

Blue Owl Technology Fina (Baa3/BBB-/BBB-)
-OTF 6.125% due 01/23/31 T+249bp (G248; $99.15) - $400M pxd 01/20/26 +255

Goldman Sachs Private Credit Fund (Baa3/BBB-/BBB-)
-GSCRED 5.375% due 01/31/29 T+173bp (G173; $99.93) - $660M pxd 10/09/25 +200
-GSCRED 5.875% due 01/31/31 T+211bp (G210; $99.66) - $500M pxd 11/19/25 +245

Goldman Sachs BDC Inc (Baa3/N/A/BBB-)
-GSBD 5.100% due 01/28/29 T+164bp (G164; $99.43) - $400M pxd 01/21/26 +170
-GSBD 5.650% due 09/09/30 T+184bp (G187; $99.88) - $400M pxd 09/04/25 +200

HPS Corporate Lending Fund (Baa2/BBB-/N/A)
-HLEND 5.150% due 04/02/29 T+166bp (G164; $99.52) - $350M pxd 01/06/26 +170
-HLEND 5.650% due 04/02/31 T+195bp (G192; $99.44) - $400M pxd 01/06/26 +200

Oaktree Strategic Credit (Baa3/N/A/BBB-)
-OAKSCF 6.500% due 07/23/29 T+187bp (G183; $102.95) - $400M pxd Sep 2024
-OAKSCF 6.190% due 07/15/30 T+231bp (G235; $100.14) - $400M pxd Jul 2025

FINAL BOOKS:  

$500m L5yr - $2.800bn (5.60x) - PEAK $2.800bn

[WESTERN SOUTHERN GLOBAL FUNDING]

Western-Southern Global Funding (WSFIN) exp Aa3/AA-/AA (s/s/s) US$500m 144A/Reg S 3y FXD sr secured FA-Backed due 1/29/29. FA Provider: Western-Southern Life Assurance Company. FA Guarantor: The Western and Southern Life Insurance Company. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To purchase a Funding Agreement from Western-Southern Life Assurance Company. 144A Cusip: 95954A2D4. 144A ISIN: US95954A2D40. 

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

Announced as a benchmark, we heard initial price thoughts as T+low 80s.

Guidance came in at T+60#.

Ultimately, a $500m deal priced as follows:

$500m 4.25% 1/29/29 99.919 4.279% T+60.

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

-WSFIN 4.500% due 07/16/28 T+68bp (G64; $100.53) - $500M pxd Jul 2025
-WSFIN 4.900% due 05/01/30 T+62bp (G68; $101.73) - $500M pxd Apr 2025
-WSFIN 4.700% due 12/10/32 T+105bp (G85; $98.96) - $500M pxd 12/03/25 +90

Looking at the WSFIN secondaries (Dec 32s G85 minus 3s/7s curve) would point to a slightly negative concession, however, we heard that the fair value level was pegged against the more recently priced AA rated FABNs:

Massmutual GF (Aa3/AA+/AA+)
-MASSMU 4.000% due 01/22/29 T+47bp (G47; $99.63) - $600M pxd 01/14/26 +50
-MASSMU 4.550% due 05/07/30 T+58bp (G64; $100.53) - $800M pxd May 2025

Met Tower GF (Aa3/AA-/AA-)
-MET 4.000% due 01/14/29 T+46bp (G46; $99.66) - $600M pxd 01/07/26 +52
-MET 4.200% due 09/16/30 T+52bp (G54; $99.36) - $500M pxd 09/09/25 +65

***MASSMU and MET both priced a 3yr this January, call a new 3yr for these names 48-50bp f/v; WSFIN should land 10bp back, so f/v is 58-60bp. At the T+60bp pricing level, CONCESSION IS 0-2BP.

Comps away:

Northwestern Mutual GF (Aa1/AA+/AAA)
-NWMLIC 4.125% due 08/25/28 T+42bp (G38; $100.26) - $500M pxd 08/18/25 +40
-NWMLIC 4.300% due 01/13/31 T+55bp (G55; $99.64) - $600M pxd 01/06/26 +58

New York Life GF (Aa1/AA+/AAA)
-NYLIFE 4.150% due 07/25/28 T+43bp (G39; $100.3) - $700M pxd Jul 2025
-NYLIFE 4.250% due 01/09/31 T+52bp (G52; $99.56) - $650M pxd 01/05/26 +58

Guardian Life GF (Aa1/AA+/N/A)
-GUARDN 4.066% due 09/05/28 T+50bp (G45; $99.93) - $550M pxd 09/02/25 +45
-GUARDN 4.402% due 12/11/30 T+56bp (G56; $100.06) - $600M pxd 12/08/25 +65

Met Life GF I (Aa3/AA-/AA-)
-MET 4.150% due 08/25/28 T+49bp (G45; $100.16) - $600M pxd 08/19/25 +45
-MET 4.350% due 01/12/31 T+58bp (G58; $99.72) - $750M pxd 01/05/26 +65

Pricoa Global Funding 1 (Aa3/AA-/AA-)
-PRU 4.350% due 11/25/30 T+56bp (G57; $99.8) - $500M pxd 11/18/25 +68

Pacific Life GF II(Aa3/AA-/AA-)
-PACLIF 4.450% due 05/01/28 T+42bp (G40; $100.93) - $600M pxd Apr 2025
-PACLIF 4.850% due 02/10/30 T+55bp (G63; $101.7) - $400M pxd Feb 2025

Principal Life GF II (A1/A+/N/A)
-PFG 4.250% due 08/18/28 T+61bp (G57; $100.1) - $400M pxd 08/11/25 +55
-PFG 4.450% due 01/13/31 T+71bp (G71; $99.58) - $700M pxd 01/06/26 +75

Protective Life Global (A1/AA-/AA-)
-PROTLI 4.161% due 01/15/29 T+58bp (G58; $99.77) - $500M pxd 12/03/25 +65

FINAL BOOKS:

$500m 3yr FABN - $1.250bn (2.50x) - PEAK $1.500bn

[BAIN]

Bain Capital Specialty Finance Inc (BCSF), exp Baa3/BBB- (s/s) by Moody's/Fitch, US$350m SEC registered 5y FXD sr notes due 3/1/31. MWC then 1mo par call (2/1/31). 100 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To repay outstanding secured indebtedness under financing arrangements and for general corporate purposes. Marketing: https://dealroadshow.com Passcode: BAINCAPITAL26. Pricing 1/22. Settle 1/29 (T+5). Cusip: 05684BAF4. ISIN: US05684BAF40.

VIA JPM/Natixis/SMBC/WFS (B&D) joint active books. 

Announced as a benchmark, we heard initial price thoughts as T+260 area.

Guidance came in at T+235#.

Ultimately, a $350m  deal priced as follows:

$350m 5.95% 3/1/31 98.935 6.195% T+235. MW+40.

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

-BCSF 5.950% due 03/15/30 T+205bp (G210; $100.26) - $350M pxd Jan 2025

** Outstanding Mar 30s G210; plus 15bp ‘30/’31 curve to get to f/v of T+225bp. At the T+235bp pricing level, CONCESSION IS 10BP. 

Comps away:

Ares Capital Corp (Baa2/BBB/BBB)
-ARCC 5.250% due 04/12/31 T+173bp (G170; $98.57) - $750M pxd 01/05/26 +180

Ares Strategic Income Fund (Baa3/BBB-/BBB-)
-ARESSI 4.850% due 01/15/29 T+173bp (G173; $98.54) - $600M pxd 09/08/25 +160
-ARESSI 5.150% due 01/15/31 T+193bp (G193; $97.35) - $500M pxd 09/08/25 +185

Blackstone Secured Lending (Baa2/BBB-/BBB)
-BXSL 5.300% due 06/30/30 T+166bp (G170; $99.28) - $500M pxd Feb 2025
-BXSL 5.125% due 01/31/31 T+173bp (G172; $98.14) - $500M pxd 10/06/25 +155

Blackstone Private Credit Fund (Baa2/BBB-/N/A)
-BCRED 5.350% due 03/12/31 T+193bp (G191; $98.2) - $700M pxd 01/05/26 +190

Blue Owl Capital Corp (Baa3/BBB-/BBB)
-OBDC 5.950% due 03/15/29 T+205bp (G204; $100.67) - $1B pxd Jan 2024
-OBDC 6.200% due 07/15/30 T+214bp (G219; $100.89) - $500M pxd May 2025

Blue Owl Credit Income Fund (Baa3/BBB-/BBB-)
-OCINCC 6.600% due 09/15/29 T+220bp (G215; $102.35) - $899M exch. Apr 2025
-OCINCC 5.800% due 03/15/30 T+222bp (G229; $99.1) - $998M exch. Apr 2025

Blue Owl Technology Fina (Baa3/BBB-/BBB-)
-OTF 6.125% due 01/23/31 T+249bp (G248; $99.15) - $400M pxd 01/20/26 +255

Golub Capital BDC (Baa2/BBB-/BBB)
-GBDC 6.000% due 07/15/29 T+165bp (G162; $102.08) - $750M pxd Jan 2024

Golub Capital Private Credit Fund (Baa3/BBB-）
-GCRED 5.450% due 08/15/28 T+165bp (G161; $100.45) - $500M pxd Jul 2025
-GCRED 5.875% due 05/01/30 T+170bp (G176; $101.23) - $500M exch. May 2025

-TSLX 5.625% due 08/15/30 T+161bp (G165; $100.69) - $300M pxd Feb 2025

Sixth Street Specialty (Baa2/BBB-/BBB)
-SIXSLP 6.500% due 03/11/29 T+160bp (G159; $103.42) - $749M pxd Dec 2024
-SIXSLP 6.125% due 07/15/30 T+174bp (G179; $102.1) - $750M exch. 11/25/25

Oaktree Specialty Lending (Baa3/N/A/BBB-)
-OCSL 6.340% due 02/27/30 T+230bp (G238; $100.69) - $300M pxd Feb 2025

Oaktree Strategic Credit (Baa3/N/A/BBB-)
-OAKSCF 6.190% due 07/15/30 T+231bp (G235; $100.14) - $400M pxd Jul 2025

Barings BDC Inc (Baa3/N/A/BBB-)
-BBDC 7.000% due 02/15/29 T+206bp (G206; $103.43) - $300M pxd Feb 2024

Goldman Sachs BDC Inc (Baa3/N/A/BBB-)
-GSBD 5.100% due 01/28/29 T+164bp (G164; $99.43) - $400M pxd 01/21/26 +170
-GSBD 5.650% due 09/09/30 T+184bp (G187; $99.88) - $400M pxd 09/04/25 +200

FINAL BOOKS:

$350m 5yr - $1.300bn (3.71x) - PEAK $1.400bn

[LATAM PRICED]

See the Latam close for r/v and color on the below deals:

– Banco BTG Pactual S.A., acting through its Cayman Islands Branch (BTGPBZ), exp Ba1/BB+ by Moody's/Fitch, US$ benchmark 144A/Reg S 5y FXD sr unsec notes due 1/27/31. MWC then 1mo par call (12/27/30). BTG Pactual/Bradesco BBI/GS (B&D)/Itaú BBA/Safra/UBS as JLMs. Coupon Type: Fixed Rate, payable semi-annually (30/360). First Pay: 7/27/26. Denoms: $200k x $1k. Listing: Luxembourg Stock Exchange, Euro MTF. Governing Law: English Law. UOP: gcp. Pricing 1/22. Settle 1/27 (T+3). 144A CUSIP / ISIN: 05971A AM3 / US05971AAM36.
IPTs: 5.85% area.

GUIDANCE: 5.500%# (the number)

LAUNCH: $750m at 5.500%
PRICED: $750m 5.50% 1/27/31 100.00 5.50% T+165.3. MW+25.

Net Roadshow:

URL: https://netroadshow.com

Entry Code: King25 (not case-sensitive)

Direct Link: www.netroadshow.com/nrs/home/#!/?show=da9640e0

– Republic of Trinidad and Tobago (Ticker: TRITOB) exp Ba2/BBB- (n/n) 144A/Reg S US$ benchmark senior unsecured 10-year due 01/28/2036. Joint bookrunners: BofA (B&D)/JPM. Development Finance Structuring Agent: JPM. Interest Payments: Each 01/28 and 07/28 of each year, commencing 07/28/2026.

Use of Proceeds: The net proceeds will be used to pay the consideration for the Tender Offer and accrued and unpaid interest on the 4.500% USD Notes due 2026 validly tendered and accepted, and for general budgetary purposes. Opt Redemption: MWC, 3mo par call. Denoms: $200k x $1k. Listing: Luxembourg Stock Exchange. Governing law: New York. CUSIPs/ISINs: 144A: 896292 AN9 / US896292AN92, Reg S: P93960 AL9 / USP93960AL92. Marketing: URL: https://dealroadshow.com Entry Code: TRINIDAD2026. Direct Link: https://dealroadshow.com/e/TRINIDAD2026.

Pricing: 01/22. Settle: 01/28 (T+4).

IPTs: T+265bp area
GUIDANCE: T+245#

LAUNCH: $1bn @ T+245bp

PRICED: $1bn 6.500% 01/28/2036 @ 98.552 yld 6.701%. T+245

– YPF S.A. (Ticker: YPFDAR) exp. B2 / B- (Moody’s/S&P) 144A / Reg S US$550m reopening of senior unsecured 8.250% notes due 01/17/2034. Amortization: 30% in January 2032, 30% in January 2033, 40% at Maturity. Global coordinators and joint bookrunners: Citi/Itaú/JPM (B&D)/Santander. Joint bookrunner: Balanz.

Use of Proceeds: The Company intends to use the net proceeds from the offering, in compliance with the requirements of Article 36 of the Negotiable Obligations Law, to (i) refinance existing indebtedness, including the full or partial pre-payment of the CAF A/B Loan, (ii) finance the acquisition of shares of companies or businesses located in Argentina, (iii) finance working capital and/or (iv) finance investments in fixed assets in Argentina. Optional redemption: MWC at T+50bps; Redeemable at 104.125 from 01/2029, at 102.063 from 01/2030, and from 01/2031 and thereafter at 100.000. Min denoms: $1 x $1. Listing: Luxembourg Stock Exchange and A3 Mercados and BYMA. Governing law: New York. CUSIPs / ISINs 144A: 984245 BB5 / US984245BB55 Reg S: P989MJ BY6 / USP989MJBY67 Temporary Reg S: P989MJ CA7 / USP989MJCA72. Sales to Canada: Yes – via exemption.

Pricing: 01/22. Settlement: 01/27 (T+3).

IPTs: Mid 8%s – yield to average life (worst)

GUIDANCE: 8.10%# (the number)
LAUNCHED: $550m tap of 8.25% 1/17/24 at 8.10%.

PRICED: $550m tap of 8.25% 01/17/2024 @100.789 yld 8.100%.

Total outstanding now $1.65bn. (Original new issue: $1.1bn 8.25% 1/17/34 98.561 8.50% priced 01/08/2025.)

Current WAL: 7.1 years

[SSA PRICED]

– Asian Development Bank (ASIA) Aaa/AAA/AAA (All Stable) US$1.5bn Global SEC Exempt 5y Sr FRN due 1/29/31. GS/MS/Scotia/TD joint books. Denoms: 1,000 x 1,000. List Lux. Law: New York. Pricing 1/22. Settle 1/29.

IPTs: SOFR+31 area.
GUIDANCE: SOFR+29 area.
UPDATE: spread set at SOFR+28#.
PRICED: $1.5bn 1/29/31 FRN at SOFR+28, at 100.

–Caisse d'Amortissement de la Dette Sociale, (CADES) exp A+/A+/AA/A+ (s/s/s/n) by S&P/Fitch/DBRS/Scope, US$4bn 144A/Reg S (3c7) 5y FXD Social sr notes due 2/12/31. Citi/HSBC/JPM/SG joint books. First Pay: 8/12/26. Day Count: 30/360. Denoms: US$200k x US$1k. List Euronext-Paris. English Law. UOP: An amount equal to the proceeds from the issue of the notes will be exclusively used by CADES to finance and/or refinance eligible social expenditures as set out in CADES Social Bond framework. Books open. Pricing today (1/22). Settle 1/29 (T+5).

IPTs: SOFR MS+60 area (currently equiv. ~CT5+35bps).
GUIDANCE: SOFR MS+59 area (IOIs are in excess of $6.5bn (excl. JLM interest).
UPDATE: spread set at SOFR MS+57#. Books >$13bn (excl. JLM interest).
LAUNCHED: $4bn 5y at SOFR MS+57. Orderbooks are in excess of $17bn (excl. JLM interest).
PRICED: $4bn 4.00% 2/12/31 99.184 4.181% SOFR MS+57 (T+33.7).

– Georgia (acting through the Ministry of Finance of Georgia), exp Ba2/BB/BB (n/s/s), US$500m 144A/Reg S 5y FXD sr notes due 1/28/31. Citi/ICBC/JPM (B&D)/SG as JBRs/JLMs. Galt & Taggart and TBC Capital as JLMs. Coupon: Fixed, payable semi-annually in arrears, 30/360. First Pay: 7/28/26. Denoms: USD 200k x USD 1k. Listing: London Stock Exchange (Main Market). Governing Law: English Law. Clearing: Euroclear, Clearstream and DTC. UOP: The Issuer intends to use the gross proceeds of the Notes to fund the purchase of outstanding 2.750% Notes due 2026 (the “2026 Notes”) via a concurrent any-and-all cash tender offer, cover related fees and expenses, and for general governmental purposes, , including potential repayment of any remaining 2026 Notes at maturity. Some fees and expenses will also be paid from the State Budget. Pricing 1/22. Settle 1/28 (T+4). 144A ISIN: US373357AA08. 144A Cusip: 373357AA0.

IPTs: 6.00% area.
FINAL PRICE GUIDANCE: 5.50-5.625%.
PRICED: $500m 5.125% 1/28/31 98.917 5.375%.

– Republic of Benin (BENIN), exp issue ratings B1/BB- (obligor ratings B1/BB-/B+ (p/s/p)), USD850m 2-part via Citi (B&D on 2038 tap)/ENBD/HSBC (B&D on 7y Sukuk)/JPM as JGCs; Arqaam Capital as JBR. ENBD/HSBC as Joint Sukuk Structurers. Denomms: USD 200k x 1k. Governing Law: English Law. UOP: general budgetary purposes. Pricing 1/22. Settle 1/29.

- Benin Sukuk SA US$500m 144A/3c7/Reg S (Cat 2) 7y FXD Sukuk (Sukuk Al-Ijara) due 1/29/33. Obligor: The Republic of Benin, represented by the Ministry of Economy and Finance. Profit rate / coupon: Fixed, Semi-annual, 30/360. Listing: International Securities Market of the London Stock Exchange. IPTs: 6.875% area. GUIDANCE: 6.375% area. UPDATE: yld set at 6.2%.

- The Republic of Benin, represented by the Ministry of Economy and Finance US$350m 144A/3c7/Reg S (Cat 1) tap of 7.96% 2/13/38 notes. Profit rate / coupon: 7.960%, Fixed, Semi-annual, 30/360. Listing: London Stock Exchange plc. IPTs: 7.900% area. GUIDANCE: 7.50% area. UPDATE: yld set at 7.4%.

LAUNCHED:
$500m 7y Sukuk at 6.20%. Book >$1.9bn.
$350m 38s Tap at 7.40%. Book >$2.0bn. Total outstanding now $1.1bn.

PRICED:

$500m 6.20% 1/29/33 100.00 6.20%.

$350m tap of 7.96% 2/13/38 at 104.163, yld 7.40%. 

[NEW MANDATES & MARKETING]

Old National Bancorp (Evansville, IN; ticker: ONB) has requested Keefe, Bruyette & Woods, A Stifel Company and Morgan Stanley to arrange a series of fixed income investor calls to be held on Thursday, January 22nd and Friday, January 23rd.  An SEC-registered subordinated debt offering with an expected rating of Baa1 (neg) by Moody’s may follow, subject to market conditions.  Keefe, Bruyette & Woods, A Stifel Company will be coordinating logistics, and investors can register for calls using the call access links below.

The Company will be represented by:

John Moran – Chief Financial Officer

Tim Burke – President & Chief Operating Officer

Carrie Goldfeder – Chief Credit Officer

Mike Loyd – Treasurer

Thursday, January 22nd Call Schedule

Call #1: 2:00 – 3:00 p.m. ET

Call #2: 3:00 – 4:00 p.m. ET 

Friday, January 23rd Call Schedule

Call #3: 11:00 a.m. – 12:00 p.m. ET 

Call #4: 12:00 – 1:00 p.m. ET (National Group Call)

Call Access Details:

Call #1: https://www.netroadshow.com/events/login/LE9zwo4Aq6orV7T5Wtu9oFkzYjnDqAjGxFQ 

Call #2: https://www.netroadshow.com/events/login/LE9zwo3i59hSGliuFWcSoatAJr41um0n0gC 

Call #3: https://www.netroadshow.com/events/login/LE9zwo3ifE6jKXFhhI68lWshZ6ocAGPDuZl 

Call #4: https://www.netroadshow.com/events/login/LE9zwo4AF9Ulm8DKLYAGlAzDdjxCNqPsPdy