Commentary & Deal Flow

Despite the blizzard that hit the northeast and shut down schools and roads this morning, the IG market raged on. Today’s tally came in at $30.850bn from 10 deals, and already surpassed last week’s total volume ($28.825bn). The day was largely boosted by Abbott’s $20bn 8-part deal, in part to fund its acquisition of Exact Sciences. The $20bn deal ties GOOGL for the second largest deal YTD. 

Today could have been even more active, as five to six issuers ultimately opted not to proceed. With three additional deals announcing marketing, tomorrow is shaping up to be another double-digit issuance day — and we’re hearing that one shop alone has already lined up 11 deals for Tuesday (as of Monday a.m.).

Monday also marks the second-largest February Day of all time, trailing only 2/18/25's $31.5bn.

Last Wednesday, four utility issuers printed a total of $5.225bn, which was the largest Utility day since September 23, 2025. Today, another five names from the space stepped in for a combined total of $4.75bn, which includes a $1.5bn debut hybrid trade from ES, $1.5bn 10s/30s from ETR, $900m 10s/30s from AEE, $550m 5yr from EIX and a $400m 2yr tap on from WEC. FWIW, the same day last year (2/24/25) saw seven utility deals for 6.3bn, which ranked as the largest utility deal day of all time.

VRT’s 10y at T+85 ranks as the lowest Baa3 spread through 2009:

VRT’s 30y at T+110 ranks as the lowest Baa3 spread through 2009:

VRT’s 10y pricing at 4.85% also ranks as the 3rd lowest coupon for all BBBs through 2025:

ABT’s 3y pricing at 3.70% grabs the lowest coupon with GOOGL (2/9/26) through 2023:

ABT’s 5y pricing at 4.00% ties as the 5th lowest coupon through 2023:

AEE’s 10y at 4.80% is the 2nd lowest utility coupon through 2025 with ETR right behind it:

Here's Todays' Rundown:

[ABBOTT]

Abbott Laboratories (ABT) exp Aa3/AA- (s/n) US$20bn SEC registered 8-part sr notes (3y FXD and/or FRN due 3/9/29, 5y FXD due 3/15/31, 7y FXD due 3/15/33, 10y FXD due 3/15/36, 12y FXD due 3/15/38, 30y FXD due 3/15/56 and 40y FXD due 3/15/66). MWC then 1mo par call on 3y FXD (2/9/29), 1mo on 5y (2/15/31), 2mos on 7y (1/15/33), 3mos on 10y (12/15/35), 3mos on 12y (12/15/37), 6mos on 30y (9/15/55) and 6mos on 40y (9/15/65). Special Mandatory Redemption (SMR) at 101. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: Abbott expects to use the net proceeds from the offering of the notes, together with cash on hand and/or additional borrowings (which may include, among other things, issuances of commercial paper), to fund the consideration for the Exact Sciences Acquisition, to repay certain indebtedness of Exact Sciences, to pay related fees and expenses, and for general corporate purposes, which may include, without limitation, the repayment of indebtedness. Marketing: www.netroadshow.com/nrs/home/#!/?show=97239dff Passcode: abbott2026. Pricing 2/23. Settle 3/9 (T+10). 

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

Announced with benchmark size, final size came in at $20bn with price progression as follows:

3yr FRN - IPT SOFR equiv; GDNC SOFR+50#; PXD $1bn 3/9/29 FRN at SOFR+50, at 100.

3yr FXD - IPT T+55area; GDNC T+30#; PXD $2.25bn 3.70% 3/9/29 99.873 3.745% T+30. MW+5.

5yr - IPT T+70 area; GDNC T+45#; PXD $2.5bn 4.00% 3/15/31 99.855 4.032% T+45. MW+10.

7yr - IPT T+80 area; GDNC T+55#; PXD $2.75bn 4.30% 3/15/33 99.813 4.331% T+55. MW+10.

10yr - IPT T+90 area; GDNC T+65#; PXD $3.75bn 4.65% 3/15/36 99.753 4.681% T+65. MW+10.

12yr - IPT T+100 area; GDNC T+75#; PXD $2bn 4.75% 3/15/38 99.718 4.781% T+75. MW+15.

30yr - IPT T+105 area; GDNC T+80#; PXD $3.75bn 5.50% 3/15/56 99.882 5.508% T+80. MW+15.

40yr - IPT T+115 area; GDNC T+90#; PXD $2bn 5.60% 3/15/66 99.872 5.608% T+90. MW+15.

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

-ABT 1.150% due 01/30/28 T+10bp (G10; $95.50) - $650m pxd JUN 2020
-ABT 1.400% due 06/30/30 T+25bp (G29; $90.10) - $650m pxd JUN 2020
-ABT 4.750% due 04/15/36 T+58bp (G56; $100.80) - $1.65bn pxd NOV 2016
-ABT 4.750% due 04/15/43 T+52bp (G69; $95.10) - $639m pxd FEB 2017
-ABT 4.900% due 11/30/46 T+65bp ($94.80) - $3.25bn pxd NOV 2016

Pegging f/v off their most recent and active Jun ’30:

*** 5yr: Jun ’30 G29 ($90), assume ‘29/’31 curve is 15bp, add 7bp for ‘30/’31 curve = 36bp. Add another 4bp for low $ gets f/v to T+40bp. At the T+45bp pricing level, 5yr CONCESSION IS 5BP.

*** 3yr: 5y f/v at T+40, take away 15bp for IPT curve gets f/v to T+25bp. At the T+30bp pricing level, 3yr CONCESSION IS 5BP.

*** 7yr: 5y f/v at T+40, add 10bp for IPT curve gets f/v to T+50bp. At the T+55bp pricing level, 7yr CONCESSION IS 5BP.

*** 10yr: 7y f/v at T+50, add 10bp for IPT curve gets f/v to T+60bp. At the T+65bp pricing level, 10yr CONCESSION IS 5BP.

*** 12yr: 10y f/v at T+60, add 10bp for IPT curve gets f/v to T+70bp. At the T+75bp pricing level, 12yr CONCESSION IS 5BP.

*** 30yr: 12y f/v at T+70, add 5bp for IPT curve gets f/v to T+75bp. At the T+80bp pricing level, 30yr CONCESSION IS 5BP.

*** 40yr: 30y f/v at T+75, add 10bp for IPT curve gets f/v to T+85bp. At the T+90bp pricing level, 40yr CONCESSION IS 5BP.

COMPS AWAY:

Thermo Fisher Scientific (A2/A-)
-TMO 4.215% due 02/12/31 T+46bp (G46; $100.50) - $1bn pxd FEB 2026
-TMO 4.550% due 06/15/33 T+58bp (G56; $100.80) - $750m pxd FEB 2026
-TMO 4.902% due 02/12/36 T+66bp (G68; $101.30) - $1.3bn pxd FEB 2026
-TMO 5.546% due 02/12/46 T+73bp ($101.80) - $750m pxd FEB 2026

DH Europe Finance II Sarl (A2/A-)
-DHR 2.600% due 11/15/29 T+54bp (G49; $95.10) - $800m pxd OCT 2019
-DHR 3.250% due 11/15/39 T+96bp (G74; $82.50) - $900m pxd OCT 2019
Danaher Corp
-DHR 2.800% due 12/10/51 T+71bp ($63.70) - $1bn pxd DEC 2021

Boston Scientific Corp (A3/A-/A-)
-BSX 2.650% due 06/01/30 T+51bp (G56; $94.20) - $1.2bn pxd MAY 2020
-BSX 4.550% due 03/01/39 T+84bp (G66; $96.50) - $450m pxd FEB 2019
-BSX 4.700% due 03/01/49 T+65bp ($91.80) - $650m pxd FEB 2019

Stryker Corp (A3/BBB+)
-SYK 4.850% due 02/10/30 T+41bp (G49; $102.90) - $800m pxd JAN 2025
-SYK 5.200% due 02/10/35 T+67bp (G77; $103.30) - $1bn pxd JAN 2025
-SYK 2.900% due 06/15/50 T+67bp ($66.40) - $650m pxd MAY 2020

Eli Lilly & Co (Aa3/A+)
-LLY 4.000% due 10/15/28 T+24bp (G23; $100.70) - $1bn pxd AUG 2025
-LLY 4.250% due 03/15/31 T+37bp (G37; $101.10) - $750m pxd AUG 2025
-LLY 4.550% due 10/15/32 T+60bp (G45; $101.80) - $1bn pxd AUG 2025
-LLY 4.900% due 10/15/35 T+56bp (G61; $102.00) - $1.25bn pxd AUG 2025
-LLY 5.550% due 10/15/55 T+71bp ($101.70) - $1bn pxd AUG 2025
-LLY 5.650% due 10/15/65 T+84bp ($101.30) - $1bn pxd AUG 2025

Merck (Aa3/A+)

-MRK & Co 3.850% due 03/15/29 T+29bp (G29; $100.20) - $750m pxd DEC 2025
-MRK 4.150% due 03/15/31 T+43bp (G43; $100.40) - $1bn pxd DEC 2025
-MRK 4.450% due 12/04/32 T+65bp (G48; $100.90) - $1bn pxd DEC 2025
-MRK 4.750% due 12/04/35 T+61bp (G64; $100.50) - $1.5bn pxd DEC 2025
-MRK 5.550% due 12/04/55 T+82bp ($100.00) - $1.5bn pxd DEC 2025
-MRK 5.700% due 12/04/65 T+97bp ($100.10) - $1bn pxd DEC 2025

FINAL BOOKS:

$1bn 3yr FRN - $1.400bn (1.40x) - PEAK $2.200bn

$2.25bn 3yr FXD - $4.200bn (1.87x) - PEAK $5.300bn

$2.5bn 5yr - $5.000bn (2.00x) - PEAK $7.000bn

$2.75bn 7yr - $5.300bn (1.93x) - PEAK $7.200bn

$3.75bn 10yr - $8.300bn (2.21x) - PEAK $10.900bn

$2bn 12yr - $3.500bn (1.75x) - PEAK $6.400bn

$3.75bn 30yr - $8.200bn (2.19x) - PEAK $10.800bn

$2bn 40yr - $4.700bn (2.35x) - PEAK $7.200bn

[BBVA]

Banco Bilbao Vizcaya Argentaria SA (BBVASM) exp Baa1/A-/A- SEC registered US$2.5bn 3-pt senior non-preferred notes (3yr FXD and/or FRN due 03/03/29 and 10y due 03/03/36). Optional Redemption: Tax Changes Call and Regulatory / Capital Disqualification Call. UoP: gcp. Denominations: 200,000 x 200,000. Sale into Canada: Yes - Exemption. Governing Law: New York law, except for the status and ranking of the Notes, the waiver of set-off, and the Spanish Bail-in Power, governed by Spanish law. Pricing 02/23. Settle 03/03 (T+6). 

VIA BBVASM(B&D)/BNP/Citi/RCB/StanChart/WFS joint active books.

Announced with benchmark size, final size came in at $2.5bn with rpice progression as follows:

3yr FRN - IPT SOFR Equivalent; GDNC SOFR+88; PXD

3yr FXD - IPT T+100 area; GDNC T+70; PXD

10yr - IPT T+135 area; GDNC T+110#; PXD

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

-BBVASM 6.033% due 03/13/35 nc34 T+89bp (G104; $107.35) - $1bn pxd MAR 2024

*** 10yr: Mar ’35 nc34 G104, call new issue 11nc10 at 110bp. Call 10y bullet at 105bp. At the T+110bp pricing level, 10yr CONCESSION IS 5BP.

*** 3y: 10y f/v at T+105, take away 35bp for IPT curve gets f/v to T+70bp. At the T+70bp pricing level, CONCESSION IS FLAT.

COMPS AWAY:

Banco Santander SA (Baa1/A-/A)
-SANTAN 5.538% due 03/14/30 nc29 T+71bp (G71; $103.89) - $1.25bn pxd MAR 2024

-SANTAN 5.565% due 01/17/30 (bullet) T+68bp (G75; $104.61) - $1bn pxd JAN 2025
-SANTAN 4.551% due 11/06/30 (bullet) T+77bp (G79; $100.80) - $1.25bn pxd OCT 2025
-SANTAN 5.127% due 11/06/35 (bullet) T+96bp (G98; $101.07) - $1.25bn pxd OCT 2025

FiNAL BOOKS:

$500m 3yr FRN - $1.200bn (2.40x) - PEAK $1.400bn

$1bn 3yr FXD - $2.900bn (2.90x) - PEAK $4.000bn

$1bn 10yr - $2.600bn (2.60x) - PEAK $3.600bn

[VERTIV]

Vertiv Group Corp (VRT) exp Baa3/BBB-/BBB- (s/s/p) US$2.1bn SEC registered 4-part sr notes (10y FXD due 3/15/36, 20y FXD due 3/15/46, 30y FXD due 3/15/56 and 40y FXD due 3/15/66). MWC then 3mos par call on 10y (12/15/35), 6mos on 20y (9/15/46), 6mos on 30y (9/15/55) and 6mos on 40y (9/15/65). 101 CoC. First Pay: 9/15/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: Proceeds will be used to repay outstanding indebtedness existing under the company's Term Loan Credit Agreement, dated as of March 2, 2020 (as amended, the “Term Loan Credit Agreement”), in full, and pay related fees and expenses. Remaining net proceeds will be used for general corporate purposes. Marketing: https://dealroadshow.com/e/VRT2026 Passcode: VRT2026. irect Link: https://dealroadshow.com/e/VRT2026. Pricing 2/23. Settle 3/3 (T+6). CUSIP: 10y: 92537NAA6, 20y: 92537NAB4, 30y: 92537NAC2, 40y: 92537NAD0. ISIN: 10y: US92537NAA63, 20y: US92537NAB47, 30y: US92537NAC20, 40y: US92537NAD03.

VIA BofA/Citi/GS (B&D on 10y and 20y)/ING/JPM (B&D on 30y and 40y)/WFS joint active books.

Passive: PNC/DB (10s/20s)/Scotia (30s/40s).
Sr co-mgrs: DB (30s/40s), Scotia (10s/20s), Stan Chart, Huntington.
Co-mgrs: USB,

MUFG, MS.

Announced as benchmark (around $2bn expected) , final size came in at $2.1 with price progression as follows:

10yr – IPT T+120a; STL T+85; PXD $600m 4.85% 3/15/36 99.770 4.879% T+85. MW+15.
20yr – IPT T+140a; STL T+105; PXD $500m  5.65% 3/15/46 99.558 5.687% T+105. MW+20.
30yr – IPT T+145a; STL T+110; PXD $500m 5.80% 3/15/56 99.955 5.803% T+110. MW+20.
40yr – IPT T+160a; STL  T+125; PXD $500m 5.95% 3/15/66 99.951 5.953% T+125. MW+20.

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

VRT 4.125% due 11/15/28 (3/15/26) T+80bp (G79; $99.61) - $850m pxd OCT 2021

The above bond is a rolled down HY deal (originally rated B1/B-), so today’s deal is essentially a high-grade debut for this issuer.  As such, CONCESSION IS N/A.

That said, of the comps away below, sources said GE Vernova (BBB/BBB+, Quanta Services (Baa3/BBB) and Pentair Finance (Baa2/BBB-) were the focus.  10yr paper from these names trades anywhere from T+75-T+95bp.  Some heard feedback for a VRT 10yr centered around T+90-105bp following investor calls. 

Comps away included the following:

GE Verona Inc (BBB/BBB+)
    - GEV 4.250% due 02/04/31 T+53bp (G53; $100.38) - $600m pxd 2/2/26 +45
    - GEV 4.875% due 02/04/36 T+70bp (G72; $100.30) - $1.0bn pxd 2/2/26 +65
    - GEV 5.500% due 02/04/56 T+82bp ($99.57) - $1.0bn pxd 2/2/26 +78

Pentair Finance Sarl (Baa2/BBB-)
    - PNR 5.900% due 07/15/32 T+99bp (G86; $106.76) - $400m pxd JUN 2022

Quanta Services (Baa3/BBB/BBB)
    - PWR 5.100% due 08/09/35 T+88bp (G93; $101.09) - $400m pxd 8/4/25 +93

Jabil Inc (Baa3/BBB-/BBB-)
    - JBL 4.750% due 02/01/33 T+103bp (G103; $99.30) - $500m pxd 1/14/26 +97

Hexcel Corp (Baa3/BB+/BBB-)
    - HXL 5.875% due 02/26/35 T+100bp (G108; $105.63) - $300m pxd FEB 2025 

FINAL BOOKS:

$600m 10yr - $5.600bn (9.33x) - PEAK $9.900bn

$500m 20yr - $4.000bn (8.00x) - PEAK $6.100bn

$500m 30yr - $5.900bn (11.80x) - PEAK $7.900bn

$500m 40yr - $3.900bn (7.80x) - PEAK $5.600bn

[ENTERGY]

Entergy Louisiana LLC (ETR) exp A2/A (s/s) US$1.5bn SEC registered 2-part first mortgage bonds (10y FXD due 4/15/36 and 30y FXD due 4/15/56). MWC then 3mos par call on 10y (1/15/36) and 6mos on 30y (10/15/55). Tax Credit Event: In whole but not in part at 101% of the principal amount plus accrued and unpaid interest (notice may be issued no later than December 31, 2026). Denoms: 1,000 x 1,000. Sale into Canada: No. Sales Restrictions: Domestic Only. UOP: (i) to finance construction of any or all of the Franklin Farms Power Station Units 1 and 2 project, the Waterford 5 Power Station project and the Westlake Power Station project (together, the "Projects"), (ii) to support storm restoration costs related to Winter Storm Fern, and/or (iii) for general corporate purposes. Pricing 2/23. Settle 2/26 (T+3). Cusip: 10y: 29364WBR8, 30y: 29364WBS6. ISIN: 10y: US29364WBR88, 30y: US29364WBS61.
VIA JPM (B&D)/MS/Scotia/SMBC/TD joint active books.
Announced as a benchmark, we heard initial price thoughts as 10y T+115 area, 30y T+125 area.
Went straight to launch at $750m 10y at T+88. $750m 30y at T+98.

Ultimately, a $1.5bn  deal priced as follows:

$750m 4.90% 4/15/36 99.935 4.907% T+88. MW+15.

$750m 5.65% 4/15/56 99.613 5.676% T+98. MW+15.

As for r/v, outstanding Entergy Louisiana was quoted as follows:
-ETR 5.150% due 09/15/34 T+65bp (G78; $102.909) - $700M pxd Aug 2024
-ETR 5.800% due 03/15/55 T+97bp ($101.484) - $750M pxd Jan 2025

** 30y - Outstanding ETR 55s T+97bp; call new 30y f/v T+97bp. At the T+98bp pricing level, 30Y CONCESSION IS 1BP.

** 10y -  Outstanding Sep 34s G78 plus 4bp curve to get  to T+82bp. (6bp)

Or working down from the 30y: 30y T+97bp f/v minus 10bp 10s/30s curve = T+87bp. (1bp)

Going in the middle, 10Y CONCESSION IS 3BP.

Other ETR names:

Entergy Arkansas LLC (A2/A/N/A)
-ETR 4.950% due 01/15/36 T+79bp (G82; $100.661) - $500M pxd 01/05/26 +83
-ETR 5.750% due 01/15/56 T+94bp ($101.216) - $500M pxd 01/05/26 +93

Entergy Mississippi LLC (A2/A/N/A)
-ETR 5.800% due 04/15/55 T+97bp ($101.481) - $600M pxd Mar 2025

Entergy Texas Inc (A3/A/N/A)
-ETR 5.250% due 04/15/35 T+75bp (G84; $103.057) - $500M pxd Feb 2025
-ETR 5.550% due 09/15/54 T+96bp ($98.068) - $350M pxd Aug 2024

Other comps away:

Duke Energy Progress LLC (Aa3/A/N/A)
-DUK 5.050% due 03/15/35 T+68bp (G77; $102.119) - $850M pxd Mar 2025
-DUK 5.550% due 03/15/55 T+80bp ($100.368) - $750M pxd Mar 2025

Commonwealth Edison Co (A1/A/N/A)
-EXC 5.300% due 06/01/34 T+53bp (G68; $104.628) - $400M pxd May 2024
-EXC 5.950% due 06/01/55 T+88bp ($104.906) - $725M pxd May 2025

Duke Energy Florida LLC (A1/A/N/A)
-DUK 4.850% due 12/01/35 T+73bp (G77; $100.352) - $600M pxd 11/24/25 +82

Duke Energy Ohio Inc (A2/A/N/A)
-DUK 5.300% due 06/15/35 T+74bp (G81; $103.6) - $350M pxd Jun 2025
-DUK 5.550% due 03/15/54 T+88bp ($99.3) - $425M pxd Mar 2024

Union Electric Co (A2/A/N/A)
-AEE 5.250% due 04/15/35 T+70bp (G78; $103.500) - $500M pxd Mar 2025
-AEE 5.125% due 03/15/55 T+83bp ($93.900) - $450M pxd Sep 2024

Centerpoint Energy Houston (A2/A/A)
-CNP 5.050% due 03/01/35 T+70bp (G79; $101.970) - $500M pxd Oct 2024

Oncor Electric Delivery (A2/A/A)
-ONCRTX 5.350% due 04/01/35 T+75bp (G84; $103.9) - $650M pxd Mar 2025
-ONCRTX 5.800% due 04/01/55 T+91bp ($102.4) - $650M pxd Mar 2025

Evergy Metro (A2/A/N/A)
-EVRG 5.125% due 08/15/35 T+80bp (G86; $101.830) - $400M pxd 08/11/25 +87

Nevada Power Co (Baa2/BBB/N/A)
-BRKHEC 6.250% due 05/15/55 T+104bp ($105.654) - $300M pxd Jan 2025

Puget Sound Energy Inc (A2/A-/A)
-PSD 5.598% due 09/15/55 T+90bp ($99.624) - $500M pxd 09/08/25 +88

FINAL BOOKS:

$750m 10yr FMB - $2.900bn (3.87x) - PEAK $3.850bn

$750m 30yr FMB - $1.750bn (2.33x) - PEAK $3.150bn

[EVERSOURCE]

Eversource Energy (ES) exp Baa3/BBB-/BB+ (n/s/n) US$1.5bn SEC registered 2-part fixed rate reset jr subordinated notes due 2056 with coupon floor (30.5nc5.25 fixed rate reset due 8/15/56 and 30.5nc10.25 fixed rate reset due 8/15/56). First Reset Date: 8/15/31, 8/15/36. Interest Reset Date: First Reset Date and every August 15 of every fifth year after 2031 /  First Reset Date and every August 15 of every fifth year after 2036. Pricing 2/23. Settle 2/26 (T+3).

VIA Barc/BofA/Citi (B&D on 30.5nc5.25)/JPM/MS (B&D on 30.5nc10.25)/MUFG joint active books.

Co-mgrs: Ramirez, Siebert. 

Announced as benchmark, final size came in at $1.5bn with price progression as follows:

30.5nc5.25 – IPT 6.50%a; STL 6.10%; PXD $750m 6.10% 8/15/56 (NC5.25) at 100.00 6.10%. Back-end reset: T+252.1.

 30.5nc10.25 – IPT 6.75%a; STL 6.35%; PXD $750m 6.35% 8/15/56 (NC10.25) at 100.00 6.35%. Back-end reset: T+232.5.

This is a debut jr sub from Eversource Energy.  As such, CONCESSION IS N/A.

Comps included the following:

30NC5 Comparables

NextEra Energy Capital Holdings Inc (Baa2/BBB)
    - NEE 6.375% due 08/15/55 nc 05/15/30 $104.25 (G205.3; 5.24% YTC) - $1.5bn pxd FEB 2025 b/e +205.3

WEC Energy Group Inc (Baa2/BBB)
    - WEC 5.625% due 05/15/56 nc 02/15/31 $100.88 (G190.5; 5.42% YTC) - $600mm pxd NOV 2025 b/e +190.5

Dominion Energy Inc (Baa3/BBB-)
    - D 6.000% due 02/15/56 nc 11/15/30 $101.63 (G226.2; 5.61% YTC) - $1.45bn pxd AUG 2025 b/e +226.2

Sempra (Baa3/BBB-)
- SRE 6.375% due 04/01/56 nc 01/01/31 $102.75 (G263.2; 5.72% YTC) - $800mm pxd AUG 2025 b/e +263.2

Alliant Energy Corp (Baa3/BBB-)
--  LNT 5.750% due 04/01/56 nc 01/01/31 $99.88 (G207.7; 5.78% YTC) - $725mm pxd SEP 2025 b/e +207.7

Spire Inc (Baa3/BBB-)
    - SR 6.250% due 06/01/56 nc 03/01/31 $100.75 (G255.6; 6.07% YTC) - $450mm pxd NOV 2025 b/e +255.6

Entergy Corp (Baa3/BBB-)
    - ETR 5.875% due 06/15/56 nc 03/15/31 $100.63 (G217.9; 5.73% YTC) - $600mm pxd NOV 2025 b/e +217.9

American Electric Power Co Inc (Baa3/BBB-)
    - AEP 5.800% due 03/15/56 nc 12/15/30 $100.51 (G212.8; 5.68% YTC) - $1.5bn pxd SEP 2025 b/e +212.8

CenterPoint Energy Inc (Baa3/BBB-)
    - CNP 5.950% due 04/01/56 nc 01/01/31 $101.25 (G222.3; 5.65% YTC) - $700mm pxd SEP 2025 b/e +222.3

NiSource Inc (Baa3/BBB-)
    - NI 5.750% due 07/15/56 nc 04/15/31 $100.77 (G203.5; 5.57% YTC) - $1bn pxd NOV 2025 b/e +203.5

30NC10 Comparables

Exelon Corp (Baa3/BBB)
    - EXC 6.500% due 03/15/55 nc 12/15/34 $104.67 (G197.5; 5.82% YTC) - $1bn pxd FEB 2025 b/e +197.5

Dominion Energy Inc (Baa3/BBB-)
    - D 6.200% due 02/15/56 nc 11/15/35 $101.69 (G200.6; 5.97% YTC) - $1.325bn pxd AUG 2025 b/e +200.6

American Electric Power Co Inc (Baa3/BBB-)
    - AEP 6.050% due 03/15/56 nc 12/15/35 $100.52 (G194; 5.98% YTC) - $1.5bn pxd SEP 2025 b/e +194.0

CMS Energy Corp (Baa3/BBB-)
    - CMS 6.500% due 06/01/55 nc 03/01/35 $104.29 (G196.1; 5.88% YTC) - $1bn pxd FEB 2025 b/e +196.1

Entergy Corp (Baa3/BBB-)
- ETR 6.100% due 06/15/56 nc 03/15/36 $100.88 (G201.3; 5.98% YTC) - $700mm pxd NOV 2025 b/e +201.3

Spire Inc (Baa3/BBB-)
- SR 6.450% due 06/01/56 nc 03/01/36 $102.22 (G232.7; 6.15% YTC) - $450mm pxd NOV 2025 b/e +232.7

Seniors:

Eversource Energy (Baa2/BBB/BBB)
-ES 5.850% due 04/15/31 T+82bp (G82; $106.40) - $700m pxd APRL 2024
-ES 5.950% due 07/15/34 T+84bp (G99; $107.21) - $700m pxd APRL 2024

*** April ‘31 G82, call L5y f/v at 83bp. 

5y UST at 3.58%, plus 83bp = 4.40%. At the 6.10% pricing level, the NC5 Sr-Sub Differential is 170bp.

*** Jul ‘34 G99, add 6bp for curve call L10yr f/v at 105bp.

10yr UST at 4.02% plus 105bp = 5.07%. At the 6.35% pricing level, NC10 Sr Sub Differential is 128bp.

FINAL BOOKS:

$750m 30.5nc5.25 Jr Sub - $4.500bn (6.00x) - PEAK $5.100bn

$750m 30.5nc10.25 Jr Sub - $4.800bn (6.40x) - PEAK $5.400bn

[VRSK]

Verisk Analytics Inc (VRSK) exp Baa1/BBB (s/s) US$1bn SEC registered 2-part sr notes (5y FXD due 3/15/31 and 10y FXD due 3/15/36). MWC then 1mo par call on 5y (2/15/31) and 3mos on 10y (12/15/35). 101 CoC. First Pay: 9/15/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: Intend to use the net proceeds of this offering to repay some or all of the $500 million of borrowings outstanding under the Term Loan Facility and $750 million of borrowings outstanding under the Syndicated Revolving Credit Facility, which borrowings, together with $250 million of cash on hand, funded the prepayment amounts for the repurchases under the ASR Agreements, and for general corporate purposes. Pricing 2/23. Settle 2/26 (T+3). Cusip: 5y: 92345YAP1, 10y: 92345YAQ9. ISIN: 5y: US92345YAP16, 10y: US92345YAQ98.

VIA BofA (B&D on 10y)/WFS (B&D on 5y) joint active books.

Announced as a benchmark, we heard the target size was around $1bn, with a preference for a slight skew to the 5 year,  initial price thoughts as 5y T+120 area, 10y T+140 area.

Went straight to launch at $500m 5y at T+88. $500m 10y at T+112.

Ultimately, a $1bn deal priced as follows:

$500m 4.45% 3/15/31 99.957 4.459% T+88. MW+15.

$500m 5.125% 3/15/36 99.841 5.145% T+112. MW+20.

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

-VRSK 4.125% due 03/15/29 T+62bp (G61; $100.04) - $600M pxd Feb 2019
-VRSK 5.750% due 04/01/33 T+71bp (G95; $105.61) - $500M pxd Mar 2023
-VRSK 5.250% due 03/15/35 T+99bp (G107; $101.34) - $700M pxd Mar 2025

** 10y - Outstanding Mar 35s G107; plus curve to get to new 10y f/v of T+110bp. At the T+112bp pricing level, 10Y CONCESSION IS 2BP.

** 5y - Apr 33s G95; call new 7y f/v T+95bp; then take off 10bp for 5s/7s curve to get to T+85bp f/v. (3bp)

Could also work down from 10y f/v T+110bp; minus 20bp 5s/10s curve at IPT = T+90bp f/v. (neg 2bp)

Going in the middle, call 5Y CONCESSION FLAT.

Comps away:

S&P Global Inc (A3/N/A/A-)
-SPGI 4.250% due 01/15/31 T+61bp (G62; $100.00) - $600M pxd 12/01/25 +58
-SPGI 4.800% due 12/04/35 T+81bp (G82; $99.33) - $400M pxd 12/01/25 +73

Moody's Corporation (N/A/A-/BBB+)
-MCO 4.250% due 08/08/32 T+82bp (G66; $98.88) - $500M pxd Aug 2022
-MCO 5.000% due 08/05/34 T+61bp (G74; $102.16) - $500M pxd Jul 2024

Fiserv Inc (Baa2/BBB/N/A)
-FISV 4.550% due 02/15/31 T+102bp (G102; $99.54) - $1B pxd 08/04/25 +87
-FISV 5.250% due 08/11/35 T+117bp (G120; $100.04) - $1B pxd 08/04/25 +107

Experian Finance PLC (A3/A-/N/A)
-EXPNLN 5.250% due 08/17/35 T+85bp (G90; $102.43) - $500M pxd Jun 2025

FINAL BOOKS:

$500m 5yr - $2.750bn (5.50x) - PEAK $3.750bn

$500m 10yr - $1.150bn (2.30x) - PEAK $2.600bn

[UNION ELECTRIC]

Union Electric Co (AEE) exp A2/A (s/s) $900m SEC registered 2-pt FMB notes (10y due 3/15/36 and 30y due 3/15/56). MWC then 3mos par call on 10y (12/15/35) and 6mos on 30y (9/15/55). UOP: Net proceeds from the offering are intended to be used to refinance short-term debt and/or fund near-term capital expenditures. Special redemption: 101% upon a Tax Credit Event. Denoms: 2,000 x 1,000 Sales into Canada: yes via exemption. Sales into Hong Kong or China: no. Pricing 2/23. Settle 2/27 (T+4). CUSIPs: 10y: 906548DB5, 30y: 906548DC3. ISINs: 10y: US906548DB50, 30y: US906548DC34.

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

Announced as a benchmark, we heard initial price thoughts as 10y T+105 area, 30y T+115 area.

Went straight to launch at $450m 10y at T+78. $450m 30y at T+88.

Ultimately, a $900m deal priced as follows:

$450m 4.80% 3/15/36 99.926 4.809% T+78. MW+12.5.

$450m 5.55% 3/15/56 99.619 5.576% T+88. MW+15.

As for r/v, outstanding AEE was quoted as follows:
-AEE 5.250% due 04/15/35 T+71bp (G78; $103.4) - $500M pxd Mar 2025
-AEE 5.125% due 03/15/55 T+83bp ($93.9) - $450M pxd Sep 2024

** 30y - Outstanding Mar 55s T+83bp; adjusting for low dollar (0.5bp per $ from $100) adds about 3bp to get to T+86bp f/v. At the T+88bp pricing level, 30Y CONCESSION IS 2BP.

** 10y - 30y f/v T+86bp minus 10bp 10s/30s curve to get to T+76bp f/v. At T+78bp pricing level, 10Y CONCESSION IS 2BP.

 Other AEE comps:

Ameren Illinois Co (A1/A/N/A)
-AEE 4.950% due 06/01/33 T+43bp (G66; $102.8) - $500M pxd May 2023
-AEE 5.625% due 03/01/55 T+84bp ($100.9) - $700M pxd Feb 2025

Other comps away:

Florida Power & Light Co (Aa2/A+/AA-)
-NEE 4.700% due 02/15/36 T+63bp (G63; $100.0) - $650M pxd 12/02/25 +65
-NEE 5.700% due 03/15/55 T+75bp ($103.3) - $950M pxd Feb 2025

Midamerican Energy Co (Aa2/A/N/A)
-BRKHEC 5.500% due 11/15/56 T+81bp ($99.5) - $400M pxd 11/03/25 +85

DTE Electric Co (Aa3/A/A+)
-DTE 5.250% due 05/15/35 T+69bp (G77; $103.6) - $700M pxd May 2025
-DTE 5.550% due 03/01/56 T+84bp ($99.8) - $800M pxd 02/18/26 +85

Northern States Pwr-Minn (Aa3/A/A+)
-XEL 5.050% due 05/15/35 T+62bp (G72; $102.7) - $600M pxd Apr 2025
-XEL 5.650% due 05/15/55 T+81bp ($101.7) - $500M pxd Apr 2025

Consumers Energy Co (A1/A/A+)
-CMS 5.050% due 05/15/35 T+64bp (G74; $102.5) - $625M pxd Apr 2025

Commonwealth Edison Co (A1/A/N/A)
-EXC 5.300% due 06/01/34 T+52bp (G67; $104.8) - $400M pxd May 2024
-EXC 5.950% due 06/01/55 T+88bp ($105.0) - $725M pxd May 2025

Duke Energy Florida LLC (A1/A/N/A)
-DUK 4.850% due 12/01/35 T+73bp (G77; $100.4) - $600M pxd 11/24/25 +82

Public Service Electric (A1/A/N/A)
-PEG 4.900% due 08/15/35 T+61bp (G67; $101.7) - $450M pxd 08/07/25 +67
-PEG 5.625% due 01/01/56 T+77bp ($101.9) - $500M pxd 01/05/26 +80

Duke Energy Ohio Inc (A2/A/N/A)
-DUK 5.300% due 06/15/35 T+74bp (G81; $103.6) - $350M pxd Jun 2025
-DUK 5.550% due 03/15/54 T+88bp ($99.3) - $425M pxd Mar 2024

Entergy Arkansas LLC (A2/A/N/A)
-ETR 4.950% due 01/15/36 T+79bp (G82; $100.661) - $500M pxd 01/05/26 +83
-ETR 5.750% due 01/15/56 T+94bp ($101.216) - $500M pxd 01/05/26 +93

Evergy Kansas Central (A2/A/N/A)
-EVRG 5.250% due 03/15/35 T+78bp (G87; $102.9) - $600M pxd Mar 2025
-EVRG 5.700% due 03/15/53 T+89bp ($101.2) - $400M pxd Mar 2023

Oncor Electric Delivery (A2/A/A)
-ONCRTX 5.350% due 04/01/35 T+75bp (G84; $103.9) - $650M pxd Mar 2025
-ONCRTX 5.800% due 04/01/55 T+91bp ($102.4) - $650M pxd Mar 2025

FINAL BOOKS:

$450m 10yr FMB - $2.250bn (5.00x) - PEAK $3.100bn

$450m 30yr FMB - $2.000bn (4.44x) - PEAK $2.850bn

[EDISON]

Edison International (EIX) exp Baa2/BB+/BBB (s/n/s) US$550m SEC registered 5y FXD sr notes due 3/15/31. MWC then 1mo par call (2/15/31). First Pay: 9/15/26. Denoms: 1,000 x 1,000. Sale into Canada: Yes - Exemption. NO E-MAILS OR WRITTEN MATERIALS MAY BE SENT, NOR ANY SALES CALLS OR OTHER ORAL COMMUNICATIONS INITIATED, TO INVESTORS LOCATED IN HONG KONG OR MAINLAND CHINA. UOP: To repay commercial paper and for general corporate purposes. Pricing 2/23. Settle 2/26 (T+3). Cusip: 281020BD8. ISIN: US281020BD89.

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

Announced as a benchmark, we heard initial price thoughts as T+150 area.

Guidance came in at T+125#.

Ultimately, a $550m deal priced as follows:

$550m 4.80% 3/15/31 99.837 4.836% T+125. MW+20.

As for r/v, outstanding EIX was quoted as follows:
-EIX 5.450% due 06/15/29 T+110bp (G108; $102) - $500M pxd Jun 2024
-EIX 6.250% due 03/15/30 T+108bp (G115; $105) - $550M pxd Mar 2025
-EIX 5.250% due 03/15/32 T+138bp (G128; $101) - $550M pxd Oct 2024

** Outstanding EIX Mar 30s G115 and Mar 32s G128; call new 5y f/v T+121bp. At the T+125bp pricing level, CONCESSON IS 4BP.

FINAL BOOKS:

$550m 5yr - $1.450bn (2.64x) - PEAK $1.750bn

[VOYA]

Voya Financial Inc (VOYA) exp Baa2/BBB+/BBB+ (s/s/s) US$400m 10y sr

notes due 3/2/36. MWC then 3mos par call (12/2/35). Guarantor: Voya Holdings

Inc. First Pay: 9/2/26. Denoms: 2,000 x 1,000. Sale into Canada: Yes -

Exemption. UOP: General corporate purposes, which may include repayment at

maturity of the $447 million outstanding principal amount of the VOYA 3.650%

Senior Notes due June 15, 2026. Marketing: https://dealroadshow.com Passcode: VOYA2026.

Pricing 2/23. Settle 3/2 (T+5). Cusip: 929089AK6. ISIN: US929089AK67.

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

Announced with $400m, we heard initial thoughts as 130 area. 

Went straight to launch at $400m 10y at T+105.

Ultimately, a $400m deal priced as follows:

$400m 5.05% 3/2/36 99.821 5.073% T+105. MW+20.

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

- VOYA 5.000% due 09/20/34 T+87bp (G100; $100.47) - $400m pxd SEPT 2024

Adding in 5bp the Sept ’34-Mar ’36 curve puts f/v at T+105bp. At the T+105bp pricing level, CONCESSION IS FLAT.

Comps away:

Prudential Financial Inc (A3/A/A-)
- PRU 5.200% due 03/14/35 T+74bp (G83; $102.75) - $750m pxd MAR 2025
Ameriprise Financial Inc (A3/A-/A-)
- AMP 5.200% due 04/15/35 T+88bp (G97; $101.70) - $750m pxd FEB 2025

MetLife Inc (A3/A-/A-)
- MET 5.300% due 12/15/34 T+61bp (G72; $104.39) - $750m pxd JUN 2024

Manulife Financial Corp (A/A S&P/Fitch)
- MFCCN 4.986% due 12/11/35 T+81bp (G84; $100.86) - $1.0bn pxd 12/2/25 +90

Lincoln National Corp (Baa2/BBB+/BBB+)
- LNC 5.350% due 11/15/35 T+118bp (G122; $100.72) - $500m pxd 11/3/25 +125

FINAL BOOK:

$400m 10yr - $650m (1.63x) - PEAK $1.350bn

[WEC]

WEC Energy Group Inc (WEC) exp Baa1/BBB+/BBB+ (s/s/s) $300m SEC registered sr notes tap of WEC 4.75% 1/15/28s - $450m outstanding (new outstanding amount $750m) . MWC T+20 until 12/15/27. UOP: to repay short-term debt and for other general corporate purposes. Denoms: 1,000 x 1,000. Sales into Canada: no. Pricing 2/23. Settle 2/26 (T+3). CUSIP/ISIN: 92939UAL0/US92939UAL08.

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

Announced with $300m, we heard initial thoughts as T+70 area. 

Went straight to launch at $400m 2028 tap at T+45. Total outstanding now $850m.

Ultimately, a $400m deal priced as follows:

$400m tap of 4.75% 1/15/28 at 101.472 3.896% T+45. MW+20. 

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

-WEC 4.750% due 01/15/28 T+38bp (G36; $101.63) - $450m pxd JAN 2023

*** Spotted at T+38bp. Pointing to 7bp nic vs the outstanding.

NEE was also seen as a relevant comp given its a very liquid utility. 

NextEra Energy Capital Holdings (Baa1/BBB+)

-NEE 4.900% due 03/15/29 T+49bp (G49; $103) - $900m pxd JAN 2024

-NEE 4.400% due 03/01/31 T+60 (G60; $101) - $700m pxd FEB 2026

*** Mar’ 29 G49, take away 10bp for 3s/2s curve = 2y f/v at 40bp. WEC should price about 5bp of NEE pointing to f/v at 45bp and flat nic.

Going midpoint call f/v at T+42bp. At the T+45bp pricing level, CONCESSION IS 3BP.

FINAL BOOK:

$400m 2028 Tap - $1.300bn (3.25x) - PEAK $1.600bn

[NEW MANDATES & MARKETING]

– Jacobs Solutions Inc. (the “Company” or “Jacobs”) (Ticker: J), rated Baa2 (Negative) by Moody’s and BBB- (Positive) by S&P, has asked BofA Securities, BNP Paribas, and Wells Fargo Securities, to arrange a series of fixed income investor calls commencing today, Monday February 23rd. An electronic investor presentation will be available and a preliminary prospectus supplement has been filed with the Securities and Exchange Commission (the “SEC”). BofA Securities will be coordinating logistics.

An SEC-registered, USD-denominated, senior unsecured fixed rate notes offering comprised of 5-year and 10-year tenors may follow, subject to market conditions.

Company Participants

• Ayan Banerjee – Executive Vice President, Strategic Finance, Treasury & Head of Corporate Development
• Bert Subin – Senior Vice President, Investor Relations
• Mike Hsu – Vice President, Treasurer

Call Schedule – Monday, February 23rd:

• Investor Call #1: 11:00-11:45am ET (registration link: https://www.netroadshow.com/events/login/LE9zwo3l24l2pcezGaTkAAu3uhhaL472wk9)
• Investor Call #2: 12:00-12:45pm ET (registration link: https://www.netroadshow.com/events/login/LE9zwo3kuLORKhcMFqrAl3secJHvjifeW8s)
• Investor Call #3: 1:30-2:15pm ET (registration link: https://www.netroadshow.com/events/login/LE9zwo3i5IZhsNZLXix3YThuWAFgc4M1OIZ)

NetRoadshow Details:

• URL: www.netroadshow.com
• Entry Code: Reinvent4568
• Direct Link: www.netroadshow.com/nrs/home/#!/?show=a0aea7c4

– Texas Capital Bancshares Inc (“TCBI” or the “Company”) (current ratings profile of Baa3 by Moody’s and BBB- by S&P)* has asked Goldman Sachs & Co. LLC, Morgan Stanley, and Texas Capital Securities to arrange a series of fixed income investor calls to be conducted on Monday, February 23, 2026. Goldman Sachs & Co. LLC will coordinate logistics.

An offering of SEC-registered 6NC5 senior unsecured notes may follow, subject to market conditions. A virtual presentation will be made available for the call.

Company Representatives

Matt Scurlock, Chief Financial Officer

David Youngberg, Chief Credit Officer

Joe Bond, Corporate Treasurer

Monday, February 23, 2026:

• Registration is available at the following links
• 12:00-12:45PM ET: https://evercall.co/oacc/62015
• 1:00-1:45PM ET: https://evercall.co/oacc/19626
• 2:00-2:45PM ET: https://evercall.co/oacc/18844

Should you prefer to speak with a live attendant, dial 1 (929) 272-1574 and provide your conference ID.

12:00 PM ID: 62015, 01:00 PM ID: 19626, 02:00 PM ID: 18844

Deal Roadshow Investor Login Details:

URL: https://dealroadshow.com

Entry Code: TCBI2026

Direct Link: https://dealroadshow.com/e/TCBI2026

– Western Union, rated Baa2 (Stable) by Moody’s and BBB (Stable) by S&P, has asked Citigroup, BofA Securities, Wells Fargo, and US Bancorp to arrange a series of fixed income investor calls. The calls will be held tomorrow, February 24th, from 11am ET to 2:45pm ET. An electronic investor presentation will be made available.

Citigroup will coordinate logistics.

A USD-denominated, benchmark-sized, SEC-registered offering may follow, subject to market conditions, and could include intermediate tenor(s) with coupons subject to interest rate adjustments.

Telephonic roadshow schedule:

Tuesday, February 24

Call #1: 11:00am-11:45am ET (https://evercall.co/oacc/45399)

Call #2: 12:00pm-12:45pm ET (https://evercall.co/oacc/26927)

Call #3: 1:00pm-1:45pm ET (https://evercall.co/oacc/35069)

Call #4: 2:00pm-2:45pm ET (https://evercall.co/oacc/59300)

Western Union will be represented by:

Matthew Cagwin – Chief Financial Officer

Thomas Hadley – Head of Investor Relations

Link to the Investor Presentation:

URL: https://dealroadshow.com

Entry Code: WU2026

Direct Link: https://dealroadshow.com/e/WU2026

About Western Union:

The Western Union Company is a leader in cross-border, cross-currency money movement, payments and digital financial services, empowering consumers, businesses, financial institutions and governments with fast, reliable and convenient ways to send money and make payments around the world. As of December 31, 2025, the Company’s global network included agent locations in more than 200 countries and territories and many Western Union branded websites. The Company’s business consists of the following segments: Consumer Money Transfer and Consumer Services. The Consumer Money Transfer segment facilitates money transfers, which are primarily sent from Western Union’s retail agent and owned locations worldwide or through websites and mobile devices. The Company’s Consumer Services segment includes bill payment services, money order services, travel money services, check acceptance services, media network, prepaid cards, lending partnerships and digital wallets.

[M&A TODAY]

ABT hit the market today with $20bn to replace their $20bn bridge facility for their $23bn acquisition of Exact Sciences Corp. the transaction is expected to close by Q2 2026 and an SMR is attached to the tranches. 

Gilead Sciences Inc "GILD" (A3/A-) entered an agreement to acquire Arcellx Inc for $115 per share plus a CVR worth another $5 per share in cash representing an equity value of $7.8bn.

GILD did not disclose how they plan on funding the purchase price. They had approximately $9.3bn in cash equivalents as of 12/31/25 and last issued a $3.5bn deal in November 2024 and last issued an M&A deal of $6.75bn for their $19.375bn acquisition of Immunomedics Inc in September 2020.

The transaction is expected to close by Q2 2026.

Bank of America and Morgan Stanley are the financial advisors with Ropes & Gray LLP providing legal counsel to GIlead.

Centerview Partners is the financial advisor with Wilson Sonsini Goodrich & Rosati, P.C. providing legal counsel to Arcellx.

https://www.gilead.com/news/news-details/2026/gilead-sciences-to-acquire-arcellx-to-maximize-long-term-potential-of-anito-cel

Affinius Capital and Vista Hill Partners (the "Investor Consortium") entered an agreement to acquire Veris Residential Inc "VRE" for $19.00 per share representing an enterprise value of $3.4bn.

The purchase price of the transaction will be funded with equity and debt consisting of a $2.08bn bridge facility with GS.

The transaction is expected to close by Q2 2026.

JP Morgan and Morgan Stanley are the financial advisors with Weil, Gotshal & Manges LLP and Seyfarth Shaw LLP providing legal counsel to Veris.

UBS is the the lead financial advisor with Goldman Sachs also as a financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP, Greenberg Traurig, LLP and Simpson Thacher & Bartlett LLP providing legal counsel to the Investor Consortium.

https://investors.verisresidential.com/news-events/press-releases/detail/548/veris-residential-to-be-acquired-by-affinius-capital-led