February maintained its momentum today, recording back-to-back $20bn+ issuance sessions for the first time since early January ($37.05bn on 1/5/26 and $35bn on 1/6/26). With that, weekly issuance has already cleared the $40.661bn average estimate.

THIS WEEK GOAL POST
WK ENDING 2/06/26 WTD	$48,950	$ NEED TO HIT
AVG EST WK ENDING 2/06/26	$40,661	($8,289)
HIGH EST WK ENDING 2/06/26	$51,000	$2,050
LOW EST WK ENDING 2/06/26	$30,000	($18,950)

Volume was led by BAC’s $7bn three-part deal, bringing year-to-date six-pack issuance to $57.5bn. Citi remains the only six-pack issuer yet to access the market this year.

GS: $18.5bn

MS: $15bn

JPM: $9bn

WFC: $8bn

BAC: $7bn

Visa returned to the primary market for the first time since 2020, with today’s issuance featuring prominently across multiple low-spread tables and ranking historically back through 2009 (see spreads table below). NRUC and NEE also marked a milestone, pricing the first domestic utility deals since VST on January 12. Notably, NRUC priced a rare 1.5yr FRN tranche—the first of its kind since DE on 6/2/25.

Here are the spreads notables for the day:

Visa’s 10yr at T+45bp ranks as the 3rd lowest 10yr FIG spread through 2009:

2009-26 10yr FIG LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
7/26/21	TEMASE	yfin	cons	Aaa	AAA		$750	10	8/2/31	1.625%	40
11/15/21	MA	fin	serv	A1	A+		$750	10	11/18/31	2.000%	43
2/3/26	V	fin	serv	Aa3	AA-		$650	10	2/12/36	4.700%	45
9/29/20	TEMASE	yfin	cons	Aaa	AAA		$750	10	10/6/30	1.000%	47.5
3/2/21	MA	fin	serv	A1	A+		$600	10	3/15/31	1.900%	50
6/14/21	DE	fin	capfin	A2	A	A	$600	10	6/17/31	2.000%	52
5/7/24	MA	fin	serv	Aa3	A+		$1,000	10	5/9/34	4.875%	55
2/4/21	PLD	fin	reit	A3	A-		$400	10	3/15/31	1.625%	55
1/21/21	BK	fin	bank	A1	A	AA-	$500	10	1/28/31	1.650%	55

Visa 7yr at T+40bp ranks as the 2nd lowest 7yr FIG spread back through 2009, trailing only Visa’s 8/10/20 print:

2009-26 7yr FIG LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
8/10/20	V	fin	serv	Aa3	AA-		$500	7	8/15/27	0.750%	35
2/3/26	V	fin	serv	Aa3	AA-		$700	7	2/12/33	4.400%	40
4/19/21	BK	fin	bank	A1	A	AA-	$500	7	7/14/28	1.650%	42
10/20/21	BK	fin	bank	A1	A	AA-	$400	7	1/25/29	1.900%	45
5/24/21	NWMLIC	fin	insurance	Aaa	AA+	AAA	$500	7	6/1/28	1.700%	45
3/1/21	DE	fin	capfin	A2	A	A	$500	7	3/6/28	1.500%	45
2/18/25	MA	fin	serv	Aa3	A+		$500	7	3/15/32	4.950%	50

Visa 5yr at T+30bp ranks as the 2nd lowest 5yr FIG spread back through 2009, behind only a BRK $100m tap:

2009-26 5yr FIG LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
1/6/14	BRK	fin	Financial	Aa2	AA	NR	$100	5	8/15/18	2.000%	25
2/3/26	V	fin	serv	Aa3	AA-		$750	5	2/12/31	4.100%	30
6/14/21	DE	fin	capfin	A2	A	A	$550	5	6/17/26	1.050%	30
5/4/21	PCAR	fin	capfin	A1	A+		$300	5	5/11/26	1.100%	30
10/7/21	DE	fin	capfin	A2	A	A	$400	5	10/13/26	1.300%	32
1/20/26	WOORIB	yfin	bank	A1	A+		$300	5	1/27/31	4.125%	33
1/4/22	DE	fin	capfin	A2	A	A	$500	5	1/11/27	1.700%	35
1/3/22	CAT	fin	capfin	A2	A	A	$500	5	1/8/27	1.700%	35
6/15/21	TOYOTA	fin	auto	A1	A+	A+	$600	5	6/18/26	1.125%	35
2/22/21	CAT	fin	capfin	A3	A	A	$750	5	3/2/26	0.900%	35
1/21/21	BK	fin	bank	A1	A	AA-	$700	5	1/28/26	0.750%	35
10/22/20	PCAR	fin	capfin	A1	A+		$100	5	2/6/25	1.800%	35

And Visa’s 3yr at T+20bp ties as the 3rd lowest 3yr FIG spread through 2009:

2009-26 3yr FIG LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
10/20/21	BK	fin	bank	A1	A	AA-	$700	3	10/25/24	0.850%	17
11/2/21	PCAR	fin	capfin	A1	A+		$300	3	11/8/24	0.900%	18
10/26/21	NYLIFE	fin	insurance	Aaa	AA+	AAA	$500	3	10/29/24	0.900%	18
6/7/21	DE	fin	capfin	A2	A	A	$600	3	6/7/24	0.450%	18
2/3/26	V	fin	serv	Aa3	AA-		$900	3	2/12/29	3.800%	20
9/13/21	INDKOR	yfin	bank	Aa2	NR	AA-	$500	3	9/17/24	0.625%	20
8/3/21	PCAR	fin	capfin	A1	A+		$300	3	8/9/24	0.500%	20
6/15/21	TOYOTA	fin	auto	A1	A+	A+	$850	3	6/18/24	0.500%	20
5/10/21	CAT	fin	capfin	A2	A	A	$1,100	3	5/17/24	0.450%	20
4/19/21	BK	fin	bank	A1	A	AA-	$600	3	4/26/24	0.500%	20
2/1/21	NRUC	fin	fin services	A2	A	A	$500	3	2/8/24	0.350%	20
1/28/21	PCAR	fin	capfin	A1	A+		$400	3	2/2/24	0.350%	20
11/30/20	BK	fin	bank	A1	A	AA-	$750	3	12/7/23	0.350%	20

Beyond Visa, additional spread standouts included:

AXP’s 3nc2 at T+45bp, the tightest 3nc2 spread dating back to 2022:

2022-26 3nc2 LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
2/3/26	AXP	fin	financial services	A2	A-	A	$1,350	3nc2	2/9/29	4.009%	45
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

AXP’s 6nc5 at T+63bp and BAC’s 6nc5 at T+63bp, tying for the 3rd lowest 6nc5 spreads 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
2/3/26	BAC	fin	bank	A1	A-	AA-	$2,750	6nc5	2/6/32	4.456%	63
2/3/26	AXP	fin	financial services	A2	A-	A	$1,000	6nc5	2/10/32	4.456%	63
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

BAC’s 11nc10 at T+78 ranks as the 3rd lowest 6 pack 10yr spread through 2009:

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
2/3/26	BAC	fin	bank	A1	A-	AA-	$3,750	11nc10	2/6/37	5.045%	78
1/15/26	WFC	fin	bank	A1	BBB+	A+	$3,500	11nc10	1/23/37	4.960%	80
1/29/26	MS	fin	bank	A1	A-	A+	$4,000	11nc10	1/30/37	5.073%	85
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

NEE’s 5yr at T+57 ranks as the 2nd lowest BBB utility spread through 2009:

2009-26 5yr BBB UTIL LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
8/12/20	PEG	util	elec	Baa1	BBB		$550	5	8/15/25	0.800%	55
8/11/20	ES	util	elec	Baa1	BBB+	BBB+	$300	5	8/15/25	0.800%	55
2/3/26	NEE	util	elec	Baa1	BBB+	A-	$700	5	3/1/31	4.400%	57
1/5/21	SO	util	elec	Baa1	BBB+	BBB+	$400	5	1/15/26	0.900%	57
8/10/21	ES	util	elec	Baa1	BBB+	BBB+	$300	5	8/15/26	1.400%	60
12/8/21	NEE	util	elec	Baa1	BBB+	A-	$1,000	5	1/15/27	1.875%	62
10/29/21	XEL	util	g&e	Baa1	BBB+	BBB+	$500	6	3/15/27	1.750%	62

And NEE’s 30yr at T+97 ranks as the 2nd lowest BBB utility spread through 2009:

2009-26 30yr BBB UTIL LOW SPREADS
DATE	Ticker	Top Sector	Sub 1	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
9/8/25	LNT	util	elec	Baa1	BBB+		$300	30	10/1/55	5.600%	95
2/3/26	NEE	util	elec	Baa1	BBB+	A-	$600	30	3/1/56	5.850%	97
9/8/25	DUK	util	G&E	Baa2	BBB		$750	30	9/15/55	5.700%	103
11/5/25	WMB	util	g&e	Baa1	BBB+	BBB+	$700	31	3/15/56	5.750%	105
8/12/25	PNW	util	elec	Baa1	BBB+	A-	$700	30	8/15/55	5.900%	105
2/26/18	GXP	util	Utilities	Baa1	BBB+	#N/A N/A	$300	30	3/15/48	4.200%	105
5/5/14	AEP	util	Utilities	Baa1	BBB	A-	$300	30	5/15/44	4.400%	105
3/19/13	PNW	util	Utilities	Baa1	BBB+	A-	$100	29	4/1/42	4.500%	105

Here's today's rundown:

[BANK OF AMERICA]

Bank of America Corp ( BAC ) exp A1/A-/AA- (s/s/s) US$7bn SEC registered 3-part sr notes (6nc5 fixed to floating and/or FRN and 11nc10 fixed to floating). UOP: gcp. Pricing 2/3.

VIA BofA (B&D) sole books.

Announced with benchmark size, final size came in at $7bn with price progression as follows:

6nc5 FRN - IPT SOFR equiv (~S+108); GDNC Seqv; PXD $500m 2/6/32 FRN at SOFR+87, at 100.

6nc5 FTF - IPT T+85 area; GDNC T+63#; PXD $2.75bn 4.456% 2/6/32 100.00 4.456% T+63. MW+10. Back-end: SOFR+87.0.

11nc10 FTF - IPT T+100 area; GDNC T+78#; PXD $3.75bn 5.045% 2/6/37 100.00 5.045% T+78. MW+15. Back-end: SOFR+113.0.

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

-BAC 5.162% due 01/24/31 nc30 T+50bp (G59; $102.95) - $2.75B pxd Jan 2025

-BAC 5.511% due 01/24/36 nc35 T+71bp (G77; $103.72) - $3.5B pxd Jan 2025
-BAC 5.464% due 05/09/36 nc35 T+72bp (G76; $103.35) - $2bn pxd MAY 2025

*** 11nc10: Jan ‘36 nc35 G77 and May ‘36 nc35 G76, Add 1-2bp for curve gets f/v to T+78bp. At the T+78bp pricing level, 11nc10 CONCESSION IS FLAT.

*** 6nc5: Jan ‘31 nc30 G59, add 4bp for curve = 63bp. 11nc10 f/v at T+78 minus 15bp for IPT curve gets f/v to T+63bp. At the T+63bp pricing level, 6nc5 CONCESSION IS FLAT.

FINAL BOOKS:

$500m 6nc5 FRN - $800m (1.60x)

$2.75bn 6nc5 FTF - $8.400bn (3.05x)

$3.75bn 11nc10 FTF - $10.800bn (2.88x)

[AMERICAN EXPRESS]

American Express Co (AXP) US$3.5bn SEC registered 4-part. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Wrapper. UOP: gcp. Pricing 2/3. Settle 2/10 (T+5).

- US$2bn 3nc2 fixed to float and/or floating sr unsec notes due 2/9/29. Exp ratings: A2/A-/A (s/s/s). Optional Par Redemption: In whole, but not in part, on February 9, 2028; In whole or in part during the 31-day period prior to the maturity date. Optional MW Redemption (FTF): in whole or in part, on or after August 10, 2026 and prior to February 9, 2028. CUSIP: 025816EN5. ISIN: US025816EN59. IPTs: and.

- US$1bn 6nc5 fixed to floating sr unsec notes due 2/10/32. Exp ratings: A2/A-/A (s/s/s). Optional Par Redemption: In whole, but not in part, on February 10, 2031; In whole or in part during the 31-day period prior to the maturity date. Optional MW Redemption: In whole or in part, on or after August 10, 2026 and prior to February 10, 2031. CUSIP: 025816EP0. ISIN: US025816EP08. IPTs:.

- US$500m WNG 15nc10 fixed rate reset subordinated notes due 2/8/41. Exp ratings: A3/BBB+/BBB+ (s/s/s). Optional Par Redemption: In whole but not in part during the 3-month period prior to, and including, February 8, 2036; In whole or in part during the 3-month period prior to the maturity date; In whole but not in part at any time within 90 days following the occurrence of a Regulatory Capital Event. Optional MW redemption: In whole or in part, on or after February 12, 2031 and prior to November 8, 2035. Coupon Reset Benchmark: 5-Business-Day average of the Treasury Constant Maturity yield preceding the Reset Determination Date. CUSIP: 025816ES4. ISIN: US025816ES47. IPTs:.

VIA Barc/GS/Miz/MS (B&D)/RBC/WFS joint active books.

Announced with benchmark size for seniors & $500m WNG for the 15nc10 sub, final size came in at $3.5bn with price progression as follows:

3nc2 FRN - IPT SOFR equiv; GDNC S+59#; PXD $650m 2/9/29 FRN at SOFR+59, at 100.

3nc2 FTF - IPT T+75 area; GDNC T+45#; PXD $1.35bn 4.009% 2/9/29 100.00 4.009% T+45. MW+10. Back-end: SOFR+58.1.

6nc5 FTF - IPT T+90 area; GDNC T+63#; PXD $1bn 4.456% 2/10/32 T+63. 100.00 4.456% MW+10. Back-end: SOFR+86.7.

15nc10 sub - IPT T+145 area; GDNC T+115#; PXD $500m 5.412% 2/8/41 100.00 5.412% T+115 (reset). MW+20.

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

-AXP 4.351% due 07/20/29 nc28 T+54bp (G50; $100.70) - $1.5bn pxd JUL 2025
-AXP 5.016% due 04/25/31 nc30 T+53bp (G60; $103.00) - $1.5bn pxd APRL 2025
-AXP 4.804% due 10/24/36 nc35 T+80bp (G80; $97.70) - $2bn pxd OCT 2025

*** 6nc5: April ‘31nc30, add 3bp for curve gets f/v to T+63bp. At the T+63bp pricing level, 6nc5 CONCESSION IS FLAT.

*** 3nc2: 6nc5 f/v at T+63, take away 15bp for IPT curve gets f/v to T+48bp. At the T+45bp pricing level, 3nc2 CONCESSION IS NEG 2BP.

*** 15nc10 sub:

Oct ‘36 nc35 G80, call 11nc10 sr f/v at 80bp.

Add 20bp for sr-sub differential gets 11nc10 sub f/v at 100bp.

Add another 10bp for 11nc10 to 15nc10 extension gets f/v to T+110bp. At the T+115bp pricing level, 15nc10 CONCESSION IS 5BP.

Subs:

American Express (A3/BBB+/BBB+)
-AXP 5.915% due 04/25/35 nc34 T+79bp (G94; $106.1) - $500m pxd APRL 2024

FINAL BOOKS:

$650m 3nc2 FRN - $1.100bn (1.69x) - PEAK $1.600bn

$1.35bn 3nc2 FTF - $2.800bn (2.07x) - PEAK $5.200bn

$1bn 6nc5 FTF - $2.300bn (2.30x) - PEAK $5.600bn

$500m 15nc10 FRR Sub - $2.900bn (5.80x) - PEAK $6.900bn

[VISA]

Visa Inc (V) exp Aa3/AA- (s/s) US$3bn SEC registered 4-part sr notes (3y FXD due 2/12/29, 5y FXD due 2/12/31, 7y FXD due 2/12/33 and 10y FXD due 2/12/36). MWC then 1mo par call on 3y (1/12/29), 1mo on 5y (1/12/31), 2mos on 7y (12/12/32) and 3mos on 10y (11/12/35). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Wrapper. UOP: The company intends to use the net proceeds from the offering of the notes for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness. Pricing 2/3. Settle 2/12 (T+7).

Cusip	92826CAY8	92826CAZ5	92826CBA9	92826CBB7
ISIN	US92826CAY84	US92826CAZ59	US92826CBA99	US92826CBB72

VIA Barc (B&D on 3y/5y))/BofA/JPM (B&D on 7y)/RBC/TD/USB/WFS (B&D on 10y) joint active books.

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

3y IPT - T+50 area; GDNC T+20#; PXD $900m 3.80% 2/12/29 99.885 3.841% T+20. MW+5.

5y IPT - T+55 area; GDNC T+30#; PXD $750m 4.10% 2/12/31 99.866 4.130% T+30, MW+5.

7y IPT - T+65 area; GDNC T+40#; PXD $700m 4.40% 2/12/33 99.744 4.443% T+40. MW+10.

10y IPT - T+70-75; T+45#; GDNC PXD $650m 4.70% 2/12/36 99.881 4.715% T+45. MW+10.

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

-V 2.050% due 04/15/30 T+13bp (G21; $92.6) - $1.5B pxd Mar 2020

-V 1.100% due 02/15/31 T+17bp (G17; $86.846) - $1B pxd Aug 2020

-V 4.150% due 12/14/35 T+34bp (G34; $96.229) - $1.5B pxd Dec 2015

This is V’s first issuance since August 2020, and the outstandings trade a bit technical, so we heard that most built r/v off Mastercard:

Mastercard Inc (Aa3/A+/N/A)
-MA 4.550% due 03/15/28 T+19bp (G19; $101.508) - $450M pxd Feb 2025

-MA 4.950% due 03/15/32 T+49bp (G39; $103.185) - $500M pxd Feb 2025

-MA 4.550% due 01/15/35 T+40bp (G47; $98.999) - $1.1B pxd Sep 2024

** 10yr – MA Jan 35s G47 plus curve, then take off 2-3bp for credit differential, call V 10yr f/v T+45bp. At the T+45bp pricing level, 10YR CONCESSION IS FLAT.

** 7yr – MA Mar 32s G39; plus 3bp curve call new 7y f/v T+42bp; minus 2bp for credit differential to get to T+40bp. At the T+40p pricing level, 7YR CONCESSION IS FLAT.

** 5yr - V 7yr f/v T+40bp; minus 10bp for 5s/7s curve to get to T+30bp f/v. At the T+30p pricing level, 5YR CONCESSION IS FLAT.

** 3yr - V 5yr T+30bp minus 10bp curve = T+20bp. At the T+20bp pricing level, 3YR CONCESSION IS FLAT.

Comps away:

Apple Inc (Aaa/AA+/N/A)
-AAPL 4.000% due 05/10/28 T+11bp (G10; $100.638) - $1.5B pxd May 2023

-AAPL 4.200% due 05/12/30 T+15bp (G23; $100.773) - $1B pxd May 2025

-AAPL 4.500% due 05/12/32 T+29bp (G17; $101.958) - $1B pxd May 2025

-AAPL 4.750% due 05/12/35 T+22bp (G28; $101.804) - $1B pxd May 2025

Alphabet Inc (Aa2/AA+/N/A)
-GOOGL 3.875% due 11/15/28 T+16bp (G11; $100.339) - $1B pxd 11/03/25 +30

-GOOGL 4.100% due 11/15/30 T+27bp (G29; $99.935) - $2.5B pxd 11/03/25 +40

-GOOGL 4.375% due 11/15/32 T+51bp (G33; $100.146) - $1.25B pxd 11/03/25 +50

-GOOGL 4.700% due 11/15/35 T+50bp (G50; $99.33) - $3.5B pxd 11/03/25 +62

Amazon.Com Inc (A1/AA/AA-)
-AMZN 3.900% due 11/20/28 T+23bp (G18; $100.224) - $2.5B pxd 11/17/25 +30

-AMZN 4.100% due 11/20/30 T+31bp (G33; $99.764) - $2.5B pxd 11/17/25 +40

-AMZN 4.350% due 03/20/33 T+42bp (G41; $99.213) - $1.5B pxd 11/17/25 +47

-AMZN 4.650% due 11/20/35 T+52bp (G52; $98.784) - $3.5B pxd 11/17/25 +55

Cisco Systems Inc (A1/AA-/N/A)
-CSCO 4.550% due 02/24/28 T+21bp (G21; $101.436) - $1B pxd Feb 2025

-CSCO 4.750% due 02/24/30 T+26bp (G36; $102.337) - $1B pxd Feb 2025

-CSCO 4.950% due 02/24/32 T+56bp (G46; $102.827) - $1B pxd Feb 2025

-CSCO 5.100% due 02/24/35 T+52bp (G60; $102.09) - $1.25B pxd Feb 2025

FINAL BOOKS:

$900m 3yr - $1.825bn (2.03x) - PEAK $3.250bn

$750m 5yr - $1.450bn (1.93x) - PEAK $2.600bn

$700m 7yr - $1.400bn (2.00x) - PEAK $2.350bn

$650m 10yr - $1.425bn (2.19x) - PEAK $2.900bn

[LLOYDS]

Lloyds Banking Group PLC (LLOYDS), issuer ratings A3/A-/A+ (s/s/s), US$2.75bn SEC

registered 3-part global senior unsecured notes. 4nc3 FRR/FRN due 2/10/30

(optional redemption date 2/10/29); 21nc20 FRR due 2/10/47 (optional redemption

date 2/10/46). Par Call: 1 year(s) prior to maturity or upon the occurrence of

a Loss Absorption Disqualification Event (any time) or a certain tax event (any

time). VIA LLOYDS (B&D)/BMO/JPM/MS/SANTAN/TD. Fixed rate reset coupon: 1-yr

U.S. Treasury Rate + bps during the Reset Fixed Rate Period. Business Day

Convention: FRR: Following, Unadjusted; FRN: Modified Following, Adjusted.

Exchange: NYSE. Governing Law: The Indenture and the Senior Notes are governed

by, and construed in accordance with, the laws of the State of New York except

that the provisions relating to the waiver of set-off are governed by and

construed in accordance with Scots law. UK Bail-in: Applicable. Denoms: 200,000

x 1,000. UOP: gcp. Pricing today. Settle 2/10 (T+5). 4nc3 FRR: CUSIP 53944YBG7;

ISIN US53944YBG70; 4nc3 FRN: CUSIP 53944YBH5; ISIN US53944YBH53; 21nc20 FRR:

CUSIP 53944YBJ1; ISIN US53944YBJ10.

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

4nc3 FRN - IPT Seqv; STL S+77; PXD $500m 2/10/30 FRN at SOFR+77, at 100.

4nc3 FRR - IPT T+85-90a; STL T+60; PXD $1.25bn 4.241% 2/10/30 100.00 4.241% T+60 (reset).
21nc20 FRR - IPT T+105-110a; STL T+82; PXD $1bn 5.668% 2/10/47 100.00 5.668% T+82 (reset).

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

Lloyds Banking Group PLC (A3/A-)
- LLOYDS 4.818% due 06/13/29 (nc 28) T+58bp (G55; $101.46) - $1.25bn pxd JUNE 25
- LLOYDS 5.721% due 06/05/30 (nc 29) T+62bp (G58; $104.45) - $1.5bn pxd MAY 2024
- LLOYDS 4.425% due 11/04/31 (nc 30) T+71bp (G73; $99.45) - $1.5bn pxd 10/28/25 +82
- LLOYDS 4.943% due 11/04/36 (nc 35) T+90bp (G90; $98.15) - $ 1.25bn pxd 10/28/25 +97

*21nc10: the Nov 36nc35 above was quoted as G90; call new 11nc10 f/v +90. SUMIBK, GS and WFS from January all priced a neg 10bp 10s/20s curve. So subtracting 10bp from the outstanding 90, new 21nc10 f/v is T+80bp. At the T+82bp pricing level, 21NC10 CONCESSION IS 2BP.

*4nc3: F/V 21nc20 T+80bp minus 20bp IPT curve = T+60. At the T+60bp pricing level, 4NC3 CONCESSION IS FLAT.

Comps away:

Barclays PLC (Baa1/BBB+)
- BACR 5.785% due 02/25/36 (nc 35) T+94bp (G100; $103.99) - $2.00bn pxd FEB 2025
- BACR 5.860% due 08/11/46 (nc 45) T+83bp (G85; $101.87) - $1.25bn pxd 8/04/25 +110

Sumitomo Mitsui Banking Corp (A1/A-)
- SUMIBK 5.046% due 01/15/37 (nc 36) T+83bp (G82; $99.45) - $1.2bn pxd 1/05/26 +90
- SUMIBK 5.570% due 01/15/47 (nc 46) T+73bp (G73; $99.64) -$1.0bn pxd 1/05/26 +80

Goldman Sachs Group Inc (A2/BBB+)
- GS 5.065% due 01/21/37 (nc 36) T+86bp (G85; $99.37) - $4.5bn pxd 1/15/26 +90
- GS 5.541% due 01/21/47 (nc 46) T+83bp (G83; $98.12) - $2.75bn pxd 1/15/26 +80

Wells Fargo & Co (A1/BBB+)
-WFC 4.960% due 01/23/37 (nc 36) T+81bp (G80; $98.94) - $3.5bn pxd 1/15/26 +80
- WFC 5.433% due 01/23/47 (nc 46) T+75bp (G75; $97.77) - $2.0bn pxd 1/15/26 +70

UBS Group AG (A2/A-)
- UBS 5.010% due 03/23/37 (nc 36) T+92bp (G90; $98.46) - $1.75bn pxd 9/18/25 +90
- UBS 5.528% due 05/06/47 (nc 46) T+78bp (G78; $98.53) - $1.25bn pxd 11/03/25 +87.5

FINAL BOOKS:

$500m 4nc3 FRN- $1.750bn (3.50x) - PEAK $2.250bn

$1.25bn 4nc3 FRR - $4.500bn (3.60x) - PEAK $6.100bn

$1bn 21nc20 FRR - $2.450bn (2.45x) - PEAK $5.300bn

[NEXTERA]

NextEra Energy Capital Holdings Inc (NEE) exp Baa1/BBB+/A- (s/s/s) US$1.1bn SEC registered 2-part sr notes (5y FXD due 3/1/31 and 30y FXD due 3/1/56). Tax Changes Call. Denoms: 2,000 x 1,000. UOP: gcp. Pricing 2/3. Settle 2/5 (T+2).

VIA BNY/BNP/BofA (B&D)/CACIB/Rabo/Sant/USB joint active books.

Announced as a benchmark, we heard initial price thoughts as 5y T+85 area, 30y T+125 area.

Guidance came in at 5y T+57#, 30y T+97#.

Ultimately, a $1.1bn deal priced as follows:

$700m 4.40% 3/1/31 99.992 4.401% T+57. MW+10.

$600m 5.85% 3/1/56 99.656 5.874% T+97. MW+15.

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

-NEE 4.850% due 02/04/28 T+40bp (G40; $101.662) - $1B pxd Jan 2025

-NEE 5.050% due 03/15/30 T+44bp (G53; $102.787) - $1B pxd Jan 2025

-NEE 5.300% due 03/15/32 T+77bp (G66; $103.507) - $750M pxd Jan 2025

-NEE 5.450% due 03/15/35 T+77bp (G84; $102.794) - $1B pxd Jan 2025

-NEE 5.900% due 03/15/55 T+98bp ($100.13) - $750M pxd Jan 2025

** 30yr – outstanding Mar 55s T98; call new 30y f/v T+98bp. At the T+97bp pricing level, 30Y CONCESSION IS NEG 1BP

** 5yr - outstanding Mar 30s G53, while some quoted it a bit lower as G51, add 5bp for curve = T+56-58bp, take mid-point for f/v at T+57bp. (flat)

Some would argue that the curve would be worth a bit more than 5bp, calling f/v T+60bp. (neg 2bp nic)

Another way to look at it is using the 30yr and curve adjust down to the 5yr: 30yr f/v T+98bp; minus 40bp 5s/30s curve at IPT to get to T+58bp f/v. (neg 1bp nic)

Between using the outstanding 30s (flat to neg 2bp) and curve adjusting from the 30yr (neg 1bp), call f/v in the middle at T+58bp.

At the T+57bp pricing level, 5Y CONCESSION IS NEG 1BP.

Comps away:

Southern Co (Baa1/BBB+/BBB+)
-SO 5.500% due 03/15/29 T+51bp (G51; $103.682) - $1B pxd Sep 2023

-SO 4.850% due 03/15/35 T+78bp (G84; $98.403) - $750M pxd Sep 2024

Duke Energy Corp (Baa2/BBB/N/A)
-DUK 4.850% due 01/05/29 T+46bp (G46; $101.968) - $650M pxd Jan 2024

-DUK 4.950% due 09/15/35 T+84bp (G85; $98.662) - $1B pxd 09/08/25 +95

-DUK 5.700% due 09/15/55 T+102bp ($96.717) - $750M pxd 09/08/25 +103

Exelon Corp (Baa2/BBB+/WD)
-EXC 5.150% due 03/15/29 T+53bp (G53; $102.718) - $650M pxd Feb 2024

-EXC 5.450% due 03/15/34 T+61bp (G76; $103.579) - $650M pxd Feb 2024

-EXC 6.500% due 03/15/55 T+170bp ($103.499) - $1B pxd Feb 2025

Oncor Electric Delivery (A2/A/A)
-ONCRTX 5.350% due 04/01/35 T+73bp (G80; $102.375) - $650M pxd Mar 2025

-ONCRTX 5.800% due 04/01/55 T+88bp ($100.058) - $650M pxd Mar 2025

FINAL BOOKS:

$700m 5yr - $1.700bn (2.43x) - PEAK $3.400bn

$600m 30yr - $1.600bn (2.67x) - PEAK $4.600bn

[NAT RURAL]

National Rural Utilities Cooperative Finance Corp (NRUC), exp A2/A (s/s) by Moody's/Fitch, US$1.2bn SEC registered 2-part sr notes, MTN's Series D (1.5y FRN due 8/9/27 and 3y FXD due 2/9/29). MWC on 3y. 1mo par call on 3y (1/9/29). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 2/3. Settle 2/9 (T+4). CUSIP: 1.5y: 63743HGD8, 3y: 63743HGE6. ISIN: 1.5y: US63743HGD89, 3y: US63743HGE62.

VIA MUFG/RBC (B&D)/TSI joint active books.

Announced with benchmark size, we heard initial thoughts as 1.5y FRN SOFR+70 area, 3y FXD T+70 area.

Guidance came in at 1.5y FRN SOFR+43#, 3y FXD T+43#.

Ultimately, a $1.2bn deal priced as follows:

$600m 8/9/27 FRN at SOFR+43, at 100.

$600m 4.05% 2/9/29 99.941 4.071% T+43. MW+10.

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

-NRUC 4.120% due 09/16/27 T+31bp (G34; $100.35) - $550m pxd SEPT 2024
-NRUC 3.950% due 12/10/27 T+29bp (G30; $100.14) - $650m pxd 12/01/25 +45
-NRUC 4.750% due 02/07/28 T+36bp (G36; $101.49) - $600m pxd FEB 2025

-NRUC 4.800% due 03/15/28 T+33bp (G33; $101.74) - $600m pxd DEC 2022

-NRUC 4.150% due 08/25/28 T+40bp (G36; $100.41) - $700m pxd AUG 2025
-NRUC 4.850% due 02/07/29 T+38bp (G38; $102.24) - $500m pxd FEB 2024

-NRUC 5.150% due 06/15/29 T+46bp (G43; $103.18) - $500m pxd MAY 2024

-NRUC 4.300% due 12/10/30 T+52bp (G53; $99.73) - $400m pxd 12/01/25 +65

*** 3yr: Jun ’29 G43, take away 3bp call f/v at T+40bp.

Feb ’28 G36, add 5bp for 2s/3s curve gets f/v to T+41bp.

Dec ‘30 G53, call 5yr f/v at 53bp. Take away 10-15bp for 3s/5 curve gets f/v to T+40bp.

Most recent Dec ‘30 G53, call 5yr f/v at 53bp. Take away 15bp for 3s/5s curve (comps away curve point between 10 and 15bp) gets f/v to T+40bp. At the T+43bp pricing level, 3yr CONCESSION IS 3BP.

COMPS AWAY:

Toyota Motor Credit Corp (A1/A+/A+)

-TOYOTA 3.750% due 01/12/28 T+20bp (G20; $99.95) - $750m pxd 01/07/26 +32
-TOYOTA 4.650% due 01/05/29 T+33bp (G33; $101.83) - $800m pxd JAN 2024
-TOYOTA 4.200% due 01/10/31 T+45bp (G45; $99.56) - $750m pxd 01/07/26 +52

Paccar Financial Corp (A1/A+)
-PCAR 4.550% due 03/03/28 T+22bp (G21; $101.49) - $600m pxd MAR 2025

-PCAR 3.900% due 02/05/29 T+26bp (G25; $99.97) - $400m pxd 01/29/26 +25

-PCAR 4.550% due 05/08/30 T+30bp (G36; $101.59) - $350m pxd MAY 2025

John Deere Capital Corp (A1/A/A+)
-DE 4.650% due 01/07/28 T+17bp (G17; $101.66) - $500m pxd JAN 2025

-DE 4.250% due 06/05/28 T+20bp (G17; $101.05) - $700m pxd JUN 2025

-DE 4.500% due 01/16/29 T+26bp (G26; $101.63) - $1bn pxd JAN 2024

-DE 4.375% due 10/15/30 T+31bp (G33; $100.95) - $600m pxd JUL 2025

FINAL BOOKS:

$600m 1.5yr FRN - $1.500bn (2.50x) - PEAK $1.600bn

$600m 3yr FXD - $1.500bn (2.50x) - PEAK $2.100bn

[PACIFICORP]

PacifiCorp (BRKHEC), exp security ratings Baa3/BB (s/n) (issuer ratings Baa2/BBB-), US$1.1bn SEC registered 30.5nc5.25 fixed rate reset jr subordinated notes due 8/15/56. Reset Date: August 15, 2031 (“First Reset Date”), and August 15 of every fifth year (“Reset Period”) after 2031. The Notes will bear interest: (i) from and including February 5, 2026 to, but excluding, August 15, at the rate of [•]% per annum and (ii) from and including August 15, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of two business days prior to the first day of such Reset Period plus a spread of [•]%; to be reset on each Reset Date; provided that the interest rate during any Reset Period will not reset below [•]% per annum (which is the same interest rate as in effect on the original issue date). Pricing 2/3. Settle 2/5 (T+2).

VIA Barc/Citi/JPM/Miz/PNC/SMBC/WFS (B&D) joint active books.

Announced with benchmark size, we heard initial thoughts as 7.50% area.

Guidance came in at 7.125%#.

Ultimately, a $1.1bn deal priced as follows:

$1.1bn 7.125% 8/15/56 100.00 7.125%. Back-end reset: T+329.2.

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

-BRKHEC 7.375% due 09/15/55 nc 06/17/30 $102.36 (G296; 6.74% YTC) - $850m pxd MAR 2025 b/e +331.9

*** 6.74% YTC, add 10bp for ‘30/’31 curve = 6.85%.

Outstanding b/e 331.9 minus outstanding G296 = 35.9 * 0.2 = 7.17bp.

Outstanding b/e 331.9 minus new issue b/e 329.2 = 2.7 * 0.3 = 0.81bp

Add 5bp for b/e differential = 6.90%.

Outstanding and new issue both have floor provisions, call f/v at 6.90%. At the 7.125% pricing level, CONCESSION IS 22.5BP.

Other BRKHEC Jr Subs:

Nevada Power Co (Baa2/BBB)

-BRKHEC 6.250% due 05/15/55 nc 02/15/30 $100.73 (G229; 6.04% YTC) - $300m pxd JAN 2025 b/e +193.6

Sierra Pacific Power (Baa3/BBB)
-BRKHEC 6.200% due 12/15/55 nc 09/16/30 $99.37 (G255; 6.36% YTC) - $450m pxd SEPT 2025 b/e +254.9

COMPS AWAY:

Sempra (Baa3/BBB-/BBB-)

-SRE 6.375% due 04/01/56 nc 01/01/31 $102.19 (G202; 5.85% YTC) - $800m pxd AUG 2025 b/e +263.2

PG&E Corp (Ba3/B/BB)

-PCG 7.375% due 03/15/55 nc 12/15/29 $103.27 (G267; 6.41% YTC) - $1.5bn pxd SEPT 2024 be +388.3

Spire Inc (Baa3/BBB-)

-SR 6.250% due 06/01/56 nc 03/01/31 $99.53 (G251; 6.36% YTC) - $450m pxd NOV 2025 b/e +255.6

Entergy Corp (Baa3/BBB-)

-ETR 5.875% due 06/15/56 nc 03/15/31 nc $99.88 (G204; 5.90% YTC) - $600m pxd NOV 2025 b/e +217.9

NiSource Inc (Baa3/BBB-/BB+)

-NI 5.750% due 07/15/56 nc 04/15/31 $100.51 (G176; 5.63% YTC) - $1bn pxd NOV 2025 be +203.5

NextEra Energy Capital (Baa2/BBB/BBB)

-NEE 6.375% due 08/15/55 nc 05/15/30 $103.24 (G174; 5.52% YTC) - $1.5bn pxd FEB 2025 b/e +205.3

WEC Energy Group Inc (Baa2/BBB/BBB-)
-WEC 5.625% due 08/15/55 nc 02/15/31 $100.56 (G165; 5/50% YTC) - $600m pxd NOV 2025 b/e +190.5

Seniors:

PacifiCorp (A3/BBB+)
-BRKHEC 5.100% due 02/15/29 T+64bp (G64; $102.21) - $500m pxd JAN 2024
-BRKHEC 5.300% due 02/15/31 T+83bp (G84; $102.71) - $700m pxd JAN 2024

-BRKHEC 5.450% due 02/15/34 T+95bp (G111; $101.28) - $1.1bn pxd JAN 2024

-BRKHEC 5.800% due 01/15/55 T+135bp ($93.87) - $1.5bn pxd JAN 2024

*** Feb ’31 G84, call L5y f/v at 88bp.

UST 5y at 3.845%, add 88bp = 4.725%.

At the 7.125% pricing level, Sr Sub Differential is 240bp.

FINAL BOOK:

$1.1bn 30.5nc5.25 - $5.100bn (4.64x) - PEAK $5.400bn

[DEUTSCHE BANK NY]

Deutsche Bank AG New York Branch (DB) exp Baa1/BBB/A- (s/s/s) US$1bn SEC registered 6nc5 fixed-to-float senior non-preferred notes due 02/06/32. 1 year par call and first reset date on 02/06/31. UoP: gcp. Denoms: 150k x 1k. Sale into Canada: Yes, via wrapper. Pricing 02/03. Settle 02/06 (T+3).

VIA DB (B&D) sole books.

Announced as a benchmark, we heard initial price thoughts as T+120 area.

Went straight to launch at $1bn 6nc5 at T+90.

Ultimately, a $1bn deal priced as follows:

$1bn 4.725% 2/6/32 100.00 4.725% T+90. Back-end: SOFR+113.5.

As for r/v, outstanding DB SNP was quoted as follows:
-DB 5.297% due 05/09/31 nc30 T+83bp (G90; $102.32) - $1.5bn pxd May 2025
-DB 4.950% due 08/04/31 nc30 T+85bp (G89; $101.07) - $1.7B pxd 7/28/25 +98
-DB 3.035% due 05/09/32 nc31 T+99bp (G95; $91.58) - $1.5B pxd May 2021

** Outstanding Aug 31nc30 G89; plus 2bp for curve to get to f/v of T+91bp. At the T+90bp pricing level, CONCESSION IS NEG 1BP.

FINAL BOOKS:

$1bn 6nc5 FTF SNP - $4.200bn (4.20x) - PEAK $8.000bn

[MCCORMICK]

McCormick & Co Inc/MD (MKC) exp Baa2/BBB (s/s) US$500m SEC registered 3y FXD sr notes due 2/15/29. MWC then 1mo par call (1/15/29). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To redeem all or a portion of the outstanding $500 million 0.90% Notes due Feb. 15, 2026, with the remaining net proceeds for GCP. Pricing 2/3. Settle 2/5 (T+2). Cusip: 579780AV9. ISIN: US579780AV93.

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

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

Went straight to launch at $500m 3y at T+53.

Ultimately, a $500m deal priced as follows:

$500m 4.15% 2/15/29 99.926 4.176% T+53. MW+10.

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

-MKC 2.500% due 04/15/30 T+61bp (G67; $92.61) - $500M pxd Apr 2020

-MKC 4.950% due 04/15/33 T+64bp (G85; $100.17) - $500M pxd Apr 2023

-MKC 4.700% due 10/15/34 T+70bp (G77; $98.03) - $500M pxd Oct 2024

-MKC 4.200% due 08/15/47 T+96bp ($80.42) - $300M pxd Aug 2017

** Outstanding Apr 30s G67; plus curve call new 5yr f/v T+70bp; then take off 15-20bp 3s/5s curve = T+50-55bp, call f/v T+53bp f/v. At the T+53bp pricing level, CONCESSION IS FLAT.

Comps away:

Mondelez International (Baa1/BBB/N/A)
-MDLZ 4.250% due 05/06/28 T+50bp (G49; $100.35) - $700M pxd May 2025

-MDLZ 4.500% due 05/06/30 T+52bp (G59; $100.53) - $500M pxd May 2025

-MDLZ 3.000% due 03/17/32 T+74bp (G62; $91.72) - $750M pxd Mar 2022

-MDLZ 5.125% due 05/06/35 T+58bp (G63; $101.9) - $400M pxd May 2025

-MDLZ 2.625% due 09/04/50 T+79bp ($59.8) - $1.125B pxd Sep 2020

Constellation Brands Inc (Baa2/BBB/N/A)
-STZ 4.800% due 05/01/30 T+56bp (G63; $101.51) - $500M pxd Apr 2025

-STZ 4.950% due 11/01/35 T+85bp (G85; $98.62) - $500M pxd 10/15/25 +95

Tyson Foods Inc (Baa2/BBB/BBB)
-TSN 5.400% due 03/15/29 T+58bp (G57; $103.35) - $600M pxd Feb 2024

-TSN 5.700% due 03/15/34 T+63bp (G78; $105.23) - $900M pxd Feb 2024

-TSN 5.100% due 09/28/48 T+84bp ($92.56) - $1.5B pxd Sep 2018

Kraft Heinz Foods Co (Baa2 *-/BBB/BBB *-)
-KHC 4.250% due 03/01/31 T+68bp (G67; $98.85) - $1.35B pxd Dec 2020

-KHC 5.200% due 03/15/32 T+86bp (G76; $102.63) - $500M pxd Feb 2025

-KHC 5.400% due 03/15/35 T+83bp (G90; $102.18) - $500M pxd Feb 2025

General Mills Inc (Baa2/BBB/N/A)

-GIS 4.875% due 01/30/30 T+50bp (G59; $101.91) - $750M pxd Nov 2024

-GIS 5.250% due 01/30/35 T+75bp (G82; $101.54) - $750M pxd Nov 2024

-GIS 3.000% due 02/01/51 T+78bp ($64.55) - $604M pxd Nov 2021

Jm Smucker Co (Baa2/BBB/N/A)
-SJM 5.900% due 11/15/28 T+54bp (G49; $104.51) - $750M pxd Oct 2023

-SJM 6.200% due 11/15/33 T+62bp (G80; $108.1) - $1B pxd Oct 2023

-SJM 6.500% due 11/15/43 T+97bp (G112; $107.39) - $750M pxd Oct 2023

-SJM 6.500% due 11/15/53 T+100bp ( $108.22) - $1B pxd Oct 2023

Campbell’s Company (Baa2/BBB-/BBB-)
-CPB 5.200% due 03/21/29 T+72bp (G71; $102.4) - $600M pxd Mar 2024

-CPB 4.550% due 03/21/31 T+90bp (G88; $99.22) - $550M pxd 12/11/25 +90

-CPB 4.750% due 03/23/35 T+112bp (G112; $95.84) - $800M pxd Sep 2024

-CPB 5.250% due 10/13/54 T+111bp ($89.78) - $350M pxd Sep 2024

FINAL BOOKS:

$500m 3yr - $2.700bn (5.40x) - PEAK $2.900bn

[NEW MANDATES & MARKETING]

– Concentrix Corporation (“Concentrix”) (NASDAQ: CNXC) rated Baa3 (negative outlook) by Moody’s, BBB- (stable) by S&P, and BBB (negative outlook) by Fitch, has asked BofA Securities, Inc. and J.P. Morgan Securities LLC to arrange a series of fixed income investor calls scheduled for Tuesday, February 3rd 2026.

J.P. Morgan is coordinating logistics.

https://markets.jpmorgan.com/event_booking/loadEvent?eventToken=129865_04c9bb09-b012-4f9f-9d68-a816b1311cad

Telephonic Roadshow Schedule

Call #1 – 12:00pm ET – 12:45pm ET

Call #2 – 1:00pm ET – 1:45pm ET

Call #3 – 2:00pm ET – 2:45pm ET

Call #4 – 3:00pm ET – 3:45pm ET

Concentrix will be represented by:

Andre Valetine – Chief Financial Officer

Trevor Jones – VP, Treasurer

Electronic Presentation Details:

Entry Code: Concentrix26

Direct Link: www.netroadshow.com/nrs/home/#!/?show=d6d406e4

About Concentrix:

Concentrix is a global technology and services leader that powers exceptional brand experiences and digital operations for more than 2,000 clients across the globe. Concentrix designs, builds, and runs fully integrated, end-to-end solutions — including customer experience process optimization, technology innovation and design engineering, front- and back-office automation, analytics, and business transformation services — for clients in five primary industry verticals. Concentrix’s solutions help its clients drive deep understanding, full lifecycle engagement, and differentiated customer experiences for their brands. Concentrix strives to deliver exceptional services globally, supported by its deep industry knowledge, technology and security practices, talented people, and digital and analytics expertise. Its differentiated portfolio of solutions supports Fortune Global 500 and new economy companies across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, generative AI-powered self-service, social media, asynchronous messaging, and other custom applications

– Hercules Capital, Inc. (“HTGC” or the “Company”) (current ratings profile of Baa2 (Stable) by Moody’s and BBB- (Stable) by Fitch) has asked Goldman Sachs & Co. LLC and SMBC Nikko to arrange fixed income investor calls to be conducted on Tuesday, February 3rd. Goldman Sachs & Co. LLC will coordinate logistics. An offering of SEC-registered senior unsecured notes may follow, subject to market conditions. A virtual presentation will be made available for the call.

Company Representatives

Scott Bluestein – Chief Executive Officer and Chief Investment Officer of Hercules Capital

Seth Meyer – Chief Financial Officer of Hercules Capital

Tuesday, February 3rd 2026:

12:00-12:50PM ET

1:00-1:50PM ET

2:00-2:50PM ET

Registration Links:

12:00-12:50PM ET: https://www.netroadshow.com/events/login/LE9zwo3gDPYsNIB94XzwJhEIyYbmLBkyAD6

1:00-1:50PM ET: https://www.netroadshow.com/events/login/LE9zwo3lV0v7HGgN8oaVuX9LfdErA79vh2b

2:00-2:50PM ET: https://www.netroadshow.com/events/login/LE9zwo3kvLSi6y0Nbv5r0RWrhFGpcE47mLO

NetRoadshow Link: http://www.netroadshow.com

Password: HTGC2026

About Hercules Capital, Inc.

Hercules Capital, Inc. is an internally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940 (the “1940 Act”). HTGC is focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional-backed companies in a variety of technology and life sciences industries. We make investments in companies that are active across a variety of technology-related industry sub-sectors or are characterized by products or services that require advanced technologies, including, but not limited to, computer software and hardware, networking systems, semiconductors, semiconductor capital equipment, information technology infrastructure or services, consumer and business services, telecommunications, telecommunications equipment and media. Within the life sciences sub-sector, we generally focus on medical devices, bio-pharmaceutical, drug discovery and development, drug delivery, health care services and information systems companies.

– Main Street Capital Corporation (“MAIN”, “Main Street”, or the “Company”) (current ratings profile of BBB- (Stable) by S&P, and BBB- (Stable) by Fitch Ratings) has asked RBC Capital Markets, J.P. Morgan, SMBC Nikko, and Truist Securities to arrange a series of fixed income investor calls to be conducted on Tuesday, February 3rd. RBC Capital Markets will coordinate logistics. A capital markets transaction may follow, subject to market conditions. A virtual presentation will be made available for the calls.

Company Representatives:

Dwayne Hyzak – Chief Executive Officer

Ryan Nelson – Chief Financial Officer & Treasurer

Tuesday, February 3rd, 2026:

Call #1: 11:00AM ET / 10:00AM CT

Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo49flYDLzGYuQmniTwc9r3y6PQSXAd

Call #2: 1:00PM ET / 12:00PM CT

Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo3hUbUvaolPRlAP2cO53c0QGCCAr1s

ABOUT MAIN STREET CAPITAL CORPORATION.

Main Street is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors.

Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized “one-stop” debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street’s lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street’s private loan portfolio companies generally have annual revenues between $25 million and $500 million.

Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

– STORE Capital LLC (the “Company” or “STORE”) (Debt Ticker: STOR), with senior unsecured ratings of Baa2 (Stable) by Moody’s, BBB (Stable) by S&P, and BBB (Stable) by Fitch*, has asked BofA Securities, Goldman Sachs & Co. LLC, J.P. Morgan, RBC Capital Markets and Truist Securities to arrange a series of fixed income investor update calls. The calls will take place today, February 3rd, and will be accompanied by a pre-recorded electronic investor presentation. BofA Securities is coordinating roadshow logistics.

The Company will be represented by:

Mary Fedewa - President, Chief Executive Officer
Craig Barnett - Executive Vice President, Chief Operating Officer
Ashley Dembowski - Executive Vice President, Chief Financial Officer

Investor Call Schedule:

Tuesday, February 3rd, 2026

Call #1: 12:00 – 12:45pm ET
- https://evercall.co/oacc/30027
Call #2: 2:00 – 2:45pm ET
- https://evercall.co/oacc/88295
Call #3: 3:00 – 3:45pm ET
- https://evercall.co/oacc/21829

Investor Presentation Details:

Direct Link: https://dealroadshow.com/e/STORE2026

Link: https://dealroadshow.com

Entry Code: STORE2026

About the Company:

STORE is an internally managed net-lease real estate investment trust (“REIT”) that is a leader in the acquisition, investment and management of Single Tenant Operational Real Estate (“STORE Properties”). A STORE Property is a real property location at which a company operates its business and generates sales and profits, which makes the location a profit center and, therefore, fundamentally important to that business. STORE’s portfolio is highly diversified and its customers operate across a wide variety of industries within the service, service-oriented retail and manufacturing sectors of the U.S. economy. As of September 30, 2025, STORE’s investment portfolio stood at approximately $16.8 billion, consisting of investments in 3,564 property locations across the United States.

SSA

- The Republic of Korea (the “Issuer”), rated Aa2 (Stable) by Moody’s, AA (Stable) by S&P and AA- (Stable) by Fitch, has mandated BofA Securities, Citigroup, Crédit Agricole CIB*, J.P. Morgan and KB Securities as Joint Bookrunners to arrange a series of fixed income investor calls, commencing on February 4, 2026. An offering of USD-denominated SEC-registered fixed rate senior unsecured notes with expected tenors of 3- and 5-years may follow, subject to market conditions. FCA / ICMA stabilization applies.

LATAM COUNTABLE

El Puerto de Liverpool, S.A.B. de C.V. (“Liverpool”), a leading Mexican omnichannel retail group offering a unique combination of digital channels and brick-and-mortar shopping experiences in the country, has mandated Barclays, BBVA, BofA Securities, J.P. Morgan and Santander as Joint Bookrunners to arrange a series of virtual fixed income investor calls commencing on Tuesday, February 3rd. A 12-year Senior Unsecured 144A / Reg. S, USD-denominated benchmark size offering, with expected issue ratings of BBB by S&P and BBB+ by Fitch, may follow, subject to market conditions. Proceeds from this transaction will be used to refinance Liverpool’s outstanding 3.875% Notes due 2026.

Barclays will be coordinating logistics.

El Puerto de Liverpool will be represented by:

Gonzalo Gallegos – El Puerto de Liverpool Chief Financial Officer

Jose Antonio Diego – Director of Treasury and Investor Relations

**LIVEPL - TIME SLOTS**

Tuesday, February 3rd

NY Time

10:30 – 11:20 Group Investor Call

11:30 – 12:20 Group Investor Call

12:30 – 13:20 Group Investor Call

14:00 – 14:50 Group Investor Call

15:00 – 15:50 Group Investor Call