Commentary & Deal Flow

With a three-day issuance window due to the Presidents’ Day holiday and Friday’s inflation data, we were targeting roughly one-third of this week’s $33.518bn estimate today—approximately $11.173bn—to stay on pace. Final volumes came in slightly above that level at $11.4bn from six deals, driven primarily by $4bn from Barclays and another $4bn from Amgen. Notably, this marks Amgen’s first issuance since its $24bn multi-tranche offering in 2024, completed in connection with the $28.3bn acquisition of Horizon Therapeutics.

The session could have been even busier, but two to three additional deals opted not to move forward this morning. That said, with those transactions likely shifting and two new issuers—GSCRED and HASI—hosting investor calls today, Wednesday is shaping up to be another active session.

There were several BBB low spread notables with HWM and AMGN covering most tenors: 

HWM’s 10y at T+70bp is the 2^nd lowest BBB spread behind only GEV’s T+65bp from earlier this month looking through 2009 with AMGN at T+82 not too far behind:

HWM’s 3y at T+43bp ties for the 4^th lowest BBB spread through 2009:

HWM’s 2y at T+35bp ties for the 2^nd lowest BBB spread through 2009:

AMGN’s 30y at T+97bp ties for the 5^th lowest BBB spread through 2009:

AMGN’s 20y at T+90bp ranks as the 3^rd lowest BBB spread through 2009:

AMGN’s 5y at T+60bp ties for the 5^th lowest BBB spread back to 2022:

Coupon wise, HWM and AMGN were also very notable:

HWM’s 2y at 3.75% is the lowest BBB coupon and the 3^rd lowest for all ratings back to 2023:

HWM’s 3y at 3.90% is the lowest BBB coupon back to 2023:

HWM’s 10y at 4.75% is the lowest BBB coupon back to 2025 with AMGN’s 10y at 4.85% in 3rd:

AMGN’s 5y at 4.20% js the 2nd lowest BBB coupon back to 2023:

Here's Today's Rundown:

[AMGEN INC]

Amgen Inc (AMGN) exp Baa1/BBB+/BBB+ (s/s/s) US$4bn SEC registered 4-part sr notes (5y FXD due 2/19/31, 10y FXD due 2/19/36, 20y FXD due 2/19/46 and 30y FXD due 2/19/56). MWC then 1mo par call on 5y (1/19/31), 3mos on 10y (11/19/35), 6mos on 20y (9/19/45) and 6mos on 30y (9/19/55). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: intend to use the net proceeds from this offering to repay at their respective maturities (i) our 2.00% Senior Notes due 2026 in full in an aggregate outstanding principal amount of €750 million, which have a stated maturity date of February 25, 2026, (ii) our 2.60% Senior Notes due 2026 in full in an aggregate outstanding principal amount of $1.25 billion, which have a stated maturity date of August 19, 2026, (iii) our borrowings under our Term Loan Credit Agreement in an aggregate outstanding principal amount of $1.8 billion in full, which bear interest at a floating rate of three-month SOFR plus 1.225% and mature on October 6, 2026, and (iv) a portion of our 5.50% Senior Notes due 2026, of which £475 million aggregate outstanding principal amount of such Notes is currently outstanding, which have a stated maturity date of December 7, 2026. We intend to use any remaining net proceeds from this offering to repay our other outstanding indebtedness and for general corporate purposes. Pricing 2/17. Settle 2/19 (T+2).

VIA BofA (B&D on 10y)/Citi (B&D on 30y)/JPM (B&D on 20y)/MS (B&D on 5y) joint active books.

Announced as a benchmark, we heard initial price thoughts as follows:

5yr IPT - T+90 area; GDNC T+60#; PXD $1bn 4.20% 2/19/31 99.897 4.223% T+60. MW+10.
10yr IPT - T+110 area; GDNC T+82#; PXD $1.75bn 4.85% 2/19/36 99.827 4.872% T+82. MW+15.
20yr IPT - T+115 area; GDNC T+90#; PXD $500m 5.50% 2/19/46 99.616 5.532% T+90. MW+15.
30yr IPT - T+125 area; GDNC T+97#; PXD $750m 5.65% 2/19/56 99.928 5.655% T+97. MW+15.

As for r/v, outstanding AMGN was quoted as follows:
-AMGN 5.250% due 03/02/30 T+45bp (G54; $104.2) - $2.75B pxd Feb 2023
-AMGN 5.250% due 03/02/33 T+45bp (G70; $104.3) - $4.25B pxd Feb 2023
-AMGN 5.600% due 03/02/43 T+76bp ($102.3) - $2.75B pxd Feb 2023
-AMGN 5.650% due 03/02/53 T+95bp ($100.3) - $4.25B pxd Feb 2023
-AMGN 5.750% due 03/02/63 T+112bp ($99.2) - $2.75B pxd Feb 2023

** 30y -  outstanding Mar 53s T+95bp; plus 2bp for curve, call new 30y T+97bp. At the T+97bp pricing level, 30Y CONCESSION IS FLAT.

** 20y -  30yr T+97bp; minus 10bp 20s/30s curve at IPT to get to T+87bp f/v.  At the T+90bp pricing level, 20Y CONCESSION IS 3BP.

** 10y - outstanding Mar 33s G70; plus 10bp 7s/10s curve = T+80bp. At the T+82bp pricing level, 10Y CONCESSION IS 2BP.

** 5y -  10y f/v T+80bp minus 20bp 5s/10s curve = T+60bp. At the T+60bp pricing level, 5Y CONCESSION IS FLAT.

FINAL BOOKS:

$1.000bn 5yr - $4.800bn (4.80x) - PEAK $6.300bn

$1.750bn 10yr - $8.300bn (4.74x) - PEAK $9.700bn

$500M 20yr - $2.000bn (4.00x) - PEAK $3.200bn

$750M 30yr - $4.000bn (5.33x) - PEAK $6.600bn

[BARCLAYS]

Barclays PLC (BACR) exp Baa1/BBB+/A US$4bn SEC registered 4-part sr notes (4.25nc3.25 fixed to float and/or FRN due 5/24/30, 6nc5 fixed to float due 2/24/32 and 11nc10 fixed to float due 2/24/37). Optional redemption dates: 5/24/29, 5/24/29, 2/24/31, 2/24/36. Denoms: 200,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: General corporate purposes of the Issuer and its subsidiaries and/or the Group and to strengthen further the capital base of the Issuer and its subsidiaries and/or the Group. Pricing 2/17. Settle 2/24 (T+5). 

VIA Barc (B&D) sole active books.

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

4.25nc3.25 FRN - IPT SOFR equiv; GDNC SOFR+93#; PXD $300m 5/24/30 FRN at SOFR+93, at 100.

4.25nc3.25 FTF - IPT T+105 area; GDNC T+75#; PXD $1bn 4.214% 5/24/30 100.00 4.214% T+75. Back-end: SOFR+93.0.

6nc5 FTF - IPT +120 area; GDNC T+90#; PXD $1.2bn 4.521% 2/24/32 100.00 4.521% T+90. Back-end: SOFR+113.5.

11nc10 FTF - IPT T+140 area; GDNC T+115#; PXD $1.5bn 5.207% 2/24/37 100.00 5.207% T+115. Back-end: SOFR+150.6.

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

-BACR 4.476% due 11/01/29 nc28 T+74bp (G71; $101.10) - $1.5bn pxd AUG 2025
-BACR 5.690% due 03/12/30 nc29 T+74bp (G72; $105.60) - $2bn pxd MAR 2024
-BACR 5.367% due 02/25/31 nc30  T+74bp (G82; $104.6) - $1.75bn pxd FEB 2025
-BACR 5.785% due 02/25/36 nc35 T+102bp (G110; $105.60) - $2bn pxd FEB 2025
-BACR 5.860% due 08/11/46 nc45 T+90bp ($103.90) - $103.90) - $1.25bn pxd AUG 2025

*** 11nc10: Feb ‘36nc35 G110, add 2bp for curve gets f/v to T+112bp. At the T+115bp pricing level, 11nc10 CONCESSION IS 3BP.

*** 6nc5: IPT 3s/5s curve is 15bp. Call 1yr curve 7-8bp. Feb ‘31nc30 G82, add 7-8bp for curve gets f/v to T+90bp. At the T+90bp pricing level, 6nc5 CONCESSION IS FLAT.

*** 4nc3: IPT 3s/5s curve is 15bp. Call 1yr curve 7-8bp. Feb ‘31nc30 G82, take away 7-8bp for curve gets f/v to T+75bp. At the T+75bp pricing level, 4nc3 CONCESSION IS FLAT. 

COMPS AWAY:

Lloyds Banking Group PLC (A3/A-/A+)
-LLOYDS 4.241% due 02/10/30 nc29 T+61bp (G61; $100.70) - $1.25bn pxd 02/03/26 +60
-LLOYDS 4.425% due 11/04/31 nc30 T+75bp (G77; $100.30) - $1.5bn pxd OCT 2025
-LLOYDS 4.943% due 11/04/36 nc35 T+96bp (G98; $99.50) - $1.25bn pxd OCT 2025
-LLOYDS 5.668% due 02/10/47 nc46 T+88bp ($101.80) - $1bn pxd FEB 2026

HSBC Holdings PLC (A3/A-/A+)
-HSBC 4.619% due 11/06/31 nc30 T+75bp (G77; $101.30) - $2.25bn pxd OCT 2025
-HSBC 5.133% due 11/06/36 nc35 T+94bp (G96; $101.20) - $2.25bn pxd OCT 2025

Standard Chartered PLC (A3/BBB+/A)
-STANLN 4.299% due 01/13/30 nc29 T+74bp (G74; $100.40) - $1bn pxd JAN 2026
-STANLN 5.400% due 08/12/36 nc35 T+101bp (G105; $102.80) - $2bn pxd AUG 2025
-STANLN 5.243% due 01/13/37 nc35 T+109bp (G110; $100.90) - $1bn pxd JAN 2026

FINAL BOOKS:

$300m 4.25nc3.25 FRN - $800m (2.67x)

$1bn 4.25nc3.25 FTF - $3.700bn (3.70x)
$1.2bn 6nc5 FTF - $4.000bn (3.33x)

$1.5bn 11nc10 FTF - $5.500bn (3.67x)

[HOWMET]

Howmet Aerospace Inc (HWM) exp Baa1/BBB+/A- (s/s/s) US$1.2bn SEC Registered 3-part sr notes (2y FXD due 3/3/28, 3y FXD due 4/15/29 and 10y FXD due 4/15/36). MWC then 1mo par call on 3y (3/15/29) and 3mos on 10y (1/15/36). 101 CoC. SMR on 10y tranche only at 101: If (i) the Proposed CAM Acquisition is not consummated on or before the Special Mandatory Redemption End Date, (ii) prior to the Special Mandatory Redemption End Date, the Purchase Agreement is terminated or (iii) we otherwise notify the trustee that we will not pursue the consummation of the Proposed CAM Acquisition, we will be required to redeem the 2036 Notes at a special mandatory redemption price equal to 101% of the principal amount of the 2036  Notes plus accrued and unpaid interest thereon to, but excluding, the Special Mandatory Redemption Date. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption.  UoP: The Issuer intends to use the proceeds from this offering, together with $600 million of borrowings under its commercial paper program or debt facilities and cash on hand, to finance the purchase price for the proposed acquisition of Consolidated Aerospace Manufacturing, LLC. Pricing 2/17. Settle 3/3 (T+10). CUSIP: 2y: 443201AF5, 3y: 443201AG3, 10y: 443201AH1. ISIN: 2y: US443201AF51, 3y: US443201AG35, 10y: US443201AH18. 

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

Announced with benchmark size, final size came in at $1.2bn with price progression as follows:

2yr - IPT T+60 area; GDNC T+35#; PXD $400m 3.75% 3/3/28 99.914 3.795% T+35. MW+10.

3yr - IPT T+70 area; GDNC T+43#; PXD $300m 3.90% 4/15/29 99.971 3.908% T+43. MW+10.

10yr - IPT T+95-100; GDNC T+70#; PXD $500m 4.75% 4/15/36 99.913 4.760% T+70. MW+15.

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

-HWM 3.000% due 01/15/29 T+45bp (G45; $97.49) - $700m pxd AUG 2021
-HWM 4.850% due 10/15/31 T+52bp (G47; $103.44) - $500m pxd AUG 2024
-HWM 4.550% due 11/15/32 T+71bp (G54; $101.22) - $500m pxd 11/03/25 +65

*** 10yr: Nov ’32 G54, call 7y f/v at 55bp. Add 10-15bp for 7s/10s curve call  f/v at T+67bp. At the T+70bp pricing level, 10yr CONCESSION IS 3BP.

*** 3yr: Jan ’29 G45, call f/v at T+45bp. At the T+43bp pricing level, 3yr CONCESSION IS NEG 2BP.

*** 2yr: 3y f/v at T+45, take away 10bp for IPT curve gets f/v to T+35bp. At the T+35bp pricing level, 2yr CONCESSION IS FLAT.

COMPS AWAY:

General Electric Co (A2/A-)
-GE 4.300% due 07/29/29 T+37bp (G42; $101.22) - $1bn pxd JUL 2025
-GE 4.900% due 01/29/36 T+55bp (G56; $102.29) - $1bn pxd JUL 2025

Northrup Grumman Corp (A3/BBB+/BBB+)
-NOC 4.650% due 07/15/30 T+47bp (G52; $102.20) - $500m pxd MAY 2025
-NOC 5.250% due 07/15/35 T+59bp (G65; $104.49) - $500m pxd MAY 2025

FINAL BOOKS:

$400M 2yr - $1.500bn (3.75x) - PEAK $2.000bn

$300M 3yr - $1.800bn (6.00x) - PEAK $2.550bn

$500M 10yr - $3.100bn (6.20x) - PEAK $4.300bn

[PG&E]

PG&E Corp (PCG), exp issue ratings Ba3/B/BB (p/p/s), US$1bn SEC registered 30.5nc5.25 fixed rate reset jr subordinated notes due 9/15/56. Reset Date: September 15, 2031 (“First Reset Date”), and September 15 of every fifth year (“Reset Period”) after 2031. Interest rate: The Notes will bear interest: (i) From and including February 19, 2026 (the “original issue date”) to, but excluding, September 15, 2031 (the “First Reset Date”), at the rate of [•]% per annum; and (ii) From and including the First Reset Date, during each Reset Period, at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of [•]%, to be reset on each Reset Date; provided, that the interest rate during any Reset Period will not reset below [•]% (which equals the initial interest rate on the Notes). Optional Redemption: in whole or in part (i) on any day in the period commencing on the date falling 90 days prior to the First Reset Date and ending on and including the First Reset Date and (ii) after the First Reset Date, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest on the Notes to be redeemed to, but excluding, the redemption date; In whole but not in part, at any time following the occurrence and during the continuance of a Tax Event at a redemption price in cash equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to, but excluding, the redemption date; and In whole but not in part, at any time following the occurrence and during the continuance of a Rating Agency Event at a redemption price in cash equal to 102% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to, but excluding, the redemption date. First Pay: 9/15/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Prohibited Sales: NO E-MAIL OR WRITTEN MATERIALS MAY BE SENT, NOR ANY SALES CALLS OR OTHER ORAL COMMUNICATIONS BE INITIATED, TO INVESTORS LOCATED IN HONG KONG OR MAINLAND CHINA. UOP: For general corporate purposes, including to repay existing indebtedness. Marketing: www.netroadshow.com/nrs/home/#!/?show=3115816c Passcode: PCG2026. Pricing 2/17. Settle 2/19 (T+2). CUSIP: 69331CAN8. ISIN: US69331CAN83. 

VIA Barc/BofA/JPM (B&D)/Miz joint active books.

Announced with benchmark size, we heard initial thoughts as 7.125%-7.25%.

Guidance came in at 6.85%#.

Ultimately, a $1bn deal priced as follows:

$1bn 6.85% 9/15/56 100.00 6.85%. Back-end reset: T+322.5.

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

-PCG 7.375% due 03/15/55 nc12/15/29 $103.25 (G288; 6.41% YTC) - $1.5bn pxd SEPT 2024 b/e +388.3

*** NC Dec ’29 6.41% YTC, add 15bp for ‘29/’31 curve gets NC 5.25 at 6.55%.

Outstanding b/e 388.3 minus outstanding G288 = 100.3 * 0.2 = 20.06bp.

Outstanding b/e 388.2 minus new issue b/e 322.5 = 65.7 * 0.3 = 19.71bp.

Add 20bp for b/e differential = 6.75%.

The outstanding and new issue both have a floor provision but today’s new issue floor will be lower in which investors will demand for. The outstanding coupon is 7.375% minusthe  new issue coupon 6.85% = 52.5bp * 0.2 = 10.5bp. 6.75% plus 10.5bp for the floor differential gets f/v to 6.85%. 

At the 6.85% pricing level, CONCESSION IS FLAT.

COMPS AWAY:

PacifiCorp (Baa3/BB)
-BRKHEC 7.125% due 08/15/56 nc 05/17/31 $100.38 (G339; 7.06% YTC) - $1.1bn pxd FEB 2025 b/e +329.2

TXNM Energy Inc (Ba1/BB+)
-TXNM 7.000% due 07/31/56 nc 04/30/31 $101.13 (G309; 6.83% YTC) - $1bn pxd DEC 2025 b/e +325.4

Spire Inc (Baa3/BBB-)
-SR 6.250% due 06/01/56 nc 03/01/31 $100.25 (G256; 6.22% YTC) - $450m pxd NOV 2025 b/e +255.6

Eushi Finance (Ba1/BB+/BB+)
-EMACN 6.250% due 04/01/56 nc 01/01/31 $100.63 (G248; 6.10% YTC) - $750m pxd SEPT 2025 b/e +250.9

1st lien Seniors:

PG&E Corp (Ba2/BB/BBB-)
-PCG 5.000% due 07/01/28 nc 02/27/26 T+165bp (G164; $99.90) - $1bn pxd JUN 2020
-PCG 5.250% due 07/01/30 nc 02/27/26 T+170bp (G175; $99.90) - $1bn pxd JUN 2020

FINAL BOOKS:

$1bn 30.5nc5.25 Jr Sub - $3.500bn (3.50x) - PEAK $3.900bn

[EASTMAN CHEMICAL]

Eastman Chemical Co (EMN) exp Baa2/BBB (s/n) US$600m SEC registered 5y FXD sr notes due 2/20/31. MWC then 1mo par call (1/20/31). 101 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: General Corporate Purposes, which may include working capital, capital expenditures, the repayment of other indebtedness outstanding from time to time, and other matters in connection with the implementation of Eastman's strategic initiatives. Marketing: www.netroadshow.com/nrs/home/#!/?show=1a8af6c8 Passcode: EMN2026. Pricing 2/17. Settle 2/20 (T+3). Cusip: 277432BB5. ISIN: US277432BB57.

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

Announced as a benchmark, we heard initial price thoughts as T+115 area.

Guidance came in at T+92#.

Ultimately, a $600m deal priced as follows:

$600m 4.50% 2/20/31 99.787 4.548% T+92. MW+15.

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

-EMN 5.000% due 08/01/29 T+73bp (G70; $102.700) - $750M pxd Jul 2024
-EMN 5.750% due 03/08/33 T+67bp (G92; $106.200) - $500M pxd Feb 2023
-EMN 5.625% due 02/20/34 T+90bp (G108; $104.600) - $750M pxd Feb 2024

The focus was on the Feb 34s G108; f/v is mostly on how much the 5s/10s curve is worth. In the chemical space, 5s/10s is pretty steep and ranges from 35bp to as much as 50bp. 

Assume a 35bp 5s/10s curve, each year worth 7bp; Feb 34s 108 plus 14bp ‘34/’36 curve would get to T+122bp; then taking off 35bp for 5s/10s puts f/v for a new 5yr at T+87bp. At the T+92bp pricing level, CONCESSION IS 5BP.

Comps away:

NewMarket Corp (Baa2/BBB+)
-NEU 2.700% due 03/18/31 T+80bp (G79; $92.400) - $400M pxd Mar 2021

Westlake Corp (Baa2/BBB+)
-WLK 3.375% due 06/15/30 T+65bp (G70; $96.600) - $300M pxd Jun 2020
-WLK 5.550% due 11/15/35 T+131bp (G135; $101.600) - $600M pxd 11/04/25 +150

Dow Chemical Co (Baa2/BBB)
-DOW 4.800% due 01/15/31 T+112bp (G113; $100.400) - $750M pxd 09/03/25 +115
-DOW 5.650% due 03/15/36 T+147bp (G148; $101.100) - $650M pxd 09/03/25 +145

LyondellBasell Industries (Baa2/BBB)
-LYB 5.125% due 01/15/31 T+115bp (G116; $101.700) - $500M pxd 11/10/25 +145
-LYB 5.875% due 01/15/36 T+166bp (G169; $101.400) - $1B pxd 11/10/25 +185

FINAL BOOKS:

$600M 5yr - $1.400bn (2.33x) - PEAK $1.800bn

[CAMDEN]

Camden Property Trust (CPT) exp A3/A-/A- (s/s/s) US$600m (up from $400m) SEC registered 10y sr notes due 2/28/36. MWC then 3mos par call. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: GCP, refinance revolver balance and CP outstanding. Pricing 2/17. Settle 2/19 (T+2). Cusip:133131BC5. ISIN: US133131BC55.

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

Announced as $400m, we heard initial price thoughts as T+110 area.

Guidance came in at T+85#. Upsized at launch to $600m

Ultimately, a $600m deal priced as follows:

$600m 4.90% 2/28/36 99.936 4.908% T+85. MW+15.

As for r/v, outstanding CPT was quoted as follows:
-CPT 3.150% due 07/01/29 T+64bp (G61; $97.140) - $600M pxd Jun 2019
-CPT 2.800% due 05/15/30 T+53bp (G59; $94.930) - $750M pxd Apr 2020
-CPT 4.900% due 01/15/34 T+54bp (G71; $102.210) - $400M pxd Jan 2024

** Outstanding Jan 34s G71; some quoted it a bit higher at G72; add some ~8bp for ‘34/’36 curve to get to T+80bp f/v.  (5bp nic) 

Though CPT is pretty illiquid, one could also look at it as flat vs MAA:

Mid-America Apartments (A3/A-)
-MAA 5.300% due 02/15/32 T+65bp (G56; $105.440) - $400M pxd May 2024
-MAA 4.650% due 01/15/33 T+73bp (G75; $100.750) - $400M pxd 11/03/25 +85
-MAA 4.950% due 03/01/35 T+72bp (G81; $101.500) - $350M pxd Dec 2024

**MAA Jan 33s G75 and Mar 35s G81, both point to ~ +85 f/v. for a MAA new 10y; CPT should land flat to MAA, so f/v is also T+85bp (flat).

Going between 5bp vs direct and flat vs MAA, call CONCESSION 3BP.

Other comps away:

AvalonBay Communities (A3/A-)
-AVB 4.350% due 12/01/30 T+57bp (G59; $100.830) - $400M pxd 11/19/25 +68
-AVB 5.350% due 06/01/34 T+59bp (G74; $104.930) - $400M pxd May 2024
-AVB 5.000% due 08/01/35 T+70bp (G75; $102.080) - $400M pxd 06/30/25 +85

ERP Operating LP (A3/A-)
-EQR 4.950% due 06/15/32 T+76bp (G64; $103.250) - $500M pxd 05/01/25 +98
-EQR 4.650% due 09/15/34 T+65bp (G75; $99.880) - $600M pxd Sep 2024

FINAL BOOKS:

$600M 10yr - $1.450bn (2.42x) - PEAK $1.950bn

[M&A TODAY]

HWM hit the market with $1.2bn to help fund their pending $1.8bn acquisition of Consolidated Aerospace Manufacturing from Stanley Black & Decker. The transaction was announced on 12/22/25 and is expected to close by Q2 2026. An SMR is attached to the 10y tranche only if the transaction is not completed by 

Danaher Corp "DHR" (A2/A-) entered an agreement to acquire Masimo Corp "MASI" for $180 per share in cash representing an enterprise value of $9.9bn.

Danaher plans on funding the transaction with cash on hand and new debt financing. DHR had approximately $4.6bn in cash equivalents as of 12/31/25 and last issued a $1bn deal in December 2021. Danaher's last M&A deal was a $2bn deal in September 2015 for their $13.8bn acquisition of Pall Corp.

The transaction is expected to close by Q4 2026.

Citi is the financial advisor with Kirkland & Ellis LLP providing legal counsel to Danaher.

Centerview Partners and Morgan Stanley are the financial advisors with Sullivan & Cromwell LLP and White & Case LLP providing legal counsel to Masimo.

MASI shares close on Friday at $130.15 and are up around 35% this morning.

DHR shares are down about 6% this morning.

https://investors.danaher.com/2026-02-17-Danaher-To-Acquire-Masimo-Corporation

Portland General Electric Co "POR" (Sec: A1/A, Unsec: A3/BBB+) entered an agreement to acquire Washington state generation, transmission and electric utility operations from PacifiCorp "BRKHEC" (A3/BBB+) for $1.9bn and an additional cash consideration based on the value of specific assets at closing .

Portland GE plans on fund the purchase price with new equity and debt financing commitments. Portland GE has partnered with Manulife Infrastructure Funds who will provide $600m in equity commitments. Portland GE also obtained a $1.9bn bridge facility with Barc and JPM as well as $476.7m in a 364-day senior unsecured delay draw term loan.

Portland General Electric expects to receive regulatory approval for the transaction to close within 12 months.

Lazard is the lead financial advisor with Barclays, JP Morgan, and Citi also acting as financial advisors with Latham & Watkins providing legal counsel to Portland GE.

Goldman Sachs is the financial advisor with Simpson Thacher & Bartlett LLP providing legal counsel to Manulife.

https://investors.portlandgeneral.com/news-releases/news-release-details/portland-general-electric-announces-acquisition-washington-state

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000784977/000119312526052759/por-20260217.htm

[NEW MANDATES & MARKETING]

– Goldman Sachs Private Credit Corp. (rated Baa3 (Stable) by Moody’s / BBB- (Stable) by S&P / BBB- (Stable) by Fitch) has asked BofA Securities, BNP PARIBAS, Morgan Stanley, SMBC Nikko, and Truist Securities to arrange a series of fixed income investor calls for Tuesday, February 17th. An offering of 144A/Reg S (with Registration Rights) 2-year and/or 5-year reopening of senior unsecured notes may follow, subject to market conditions. An electronic presentation has been made available.

BofA Securities is coordinating logistics.

Company Participants:

David Miller – Co-CEO

Vivek Bantwal – Co-CEO

Tucker Greene – President & Chief Operating Officer

Stanley Matuszewski – Chief Financial Officer and Treasurer

Steven Colombo – Managing Director, Americas Head of Fund Finance & DCM

Doug Levine – Vice President, Fund Finance & DCM

Schedule for Tuesday, February 17th, 2026:

Call #1: 11:00am-11:50am ET; Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo4BR48sSfIPuZTCymqdDTUttUkV8Rb

Call #2: 1:00pm-1:50pm ET; Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo3gteJ0HZdveWWhPWTc45SuVXoHYAC

– HA Sustainable Infrastructure Capital, Inc. (the “Company” or “HASI”) (Ticker: HASI), has asked BofA Securities, Goldman Sachs & Co LLC, Credit Agricole CIB, Morgan Stanley, Rabo Securities, and SMBC Nikko, to arrange a series of fixed income investor calls commencing today, Tuesday, February 17th. An electronic investor presentation is also now available. BofA Securities will coordinate logistics.

An SEC Registered Fixed-to-Fixed Reset Rate Green Junior Subordinated Notes offering, with a coupon floor and expected ratings of Ba1 (stable) by Moody’s, BB (stable) by S&P, and BB (stable) by Fitch and/or a Green Senior Unsecured Notes offering with expected ratings of Baa3 (stable) by Moody’s, BBB- (stable) by S&P and BBB- (stable) by Fitch may follow, subject to market conditions.

HASI will be represented by:

Jeffrey A. Lipson – President and Chief Executive Officer

Charles W. Melko – EVP, Chief Financial Officer and Treasurer

Investor Presentation Details:

Direct Link: https://dealroadshow.com/e/HASI2026

OR

Link: https://dealroadshow.com

Passcode: HASI2026

About HASI:

HASI is an investor in sustainable infrastructure assets advancing the energy transition. With more than $16 billion in Managed Assets as of December 31, 2025, HASI’s investment strategy is focused on actively partnering with clients to deploy capital primarily in income-generating real assets that are supported by long-term recurring cash flows. This strategy has enabled HASI to generate attractive risk-adjusted returns and provide stakeholders with diversified exposure to the energy transition.

SSA 

The Republic of Paraguay, rated Baa3/BBB-/BB+ by Moody's/S&P/Fitch, has mandated Citi, Goldman Sachs and J.P. Morgan as Joint Bookrunners to arrange a series of in person and virtual fixed income investor meetings starting on Monday, February 16th, 2026.

An offering of new 144A/Reg S PYG-denominated global bonds with 12-year tenor and potential reopening of 6.650% USD bonds due 2055 may follow, subject to market conditions.

J.P. Morgan will be coordinating logistics.

Company Representatives:

Team 1

• Carlos Fernandez Valdovinos – Minister of Economy and Finance
• Celina Gertopan – Chief of staff to the Ministry of Economy and Finance
• Lia Caballero – Member of the Board of the Central Bank of Paraguay

Team 2

• Carlos Carvallo Spalding – Governor of the Central Bank of Paraguay
• Felipe Gonzalez Soley – Vice Minister of Economy and Planning

Investor Meetings Schedule: