After pricing 22 deals over the previous two sessions, Wednesday added another $6.7bn from six issuers. That brings the week’s total to $55.2bn, surpassing the $53.3bn estimate. With 28 deals so far, it already stands as the second-largest deal week of the year.

LARGEST DEAL WEEKS YTD
WK ENDING	VOLUME	DEALS	TRANCHES
01/09/26	$95,221	60	120
02/27/26 WTD	$55,200	28	58
02/20/26	$28,825	22	40
02/06/26	$61,050	21	48
01/16/26	$59,200	21	47

Another two REIT issuers hit the market today: GLPI with an $800m offering and MAA with a $200m reopening, bringing month-to-date REIT issuance to $6.1bn. This total ties for the second-largest monthly REIT volume since 2022:

2022-26 LARGEST REIT MONTHS
MONTH	YEAR	REIT
JAN	2024	$6,500
FEB	2026	$6,100
APRL	2022	$6,100
AUG	2025	$5,950
AUG	2024	$5,875
JUN	2025	$5,775
MAR	2022	$5,700
MAY	2025	$5,150

Only one issuer priced from the pipeline today, leaving four names on the forward calendar. Only two of the mandates surfaced this week, however - RLI Corp and Western Union, while the other two have been in the queue since early in the month. But with one to two deals standing down this morning as well, Thursday could definitely see some see decent activity.

Month-to-date volume remains $7.321bn short of its projected estimate. Meanwhile, new issue concessions continue to run elevated, averaging 4.24bp this week — the highest weekly average of the year. The last time weekly NIC averaged higher was in the second week of December.

FEBRUARY GOAL POST
FEB MTD	$185,125	$NEED 2 HIT
AVG EST:	$192,446	$7,321
HIGH EST:	$211,000	$25,875
LOW EST:	$170,000	($15,125)
$200bn mark	$200,000	$14,875

AZN's spread ranked really tight vs other Yankee issuers:

AZN's 5yr at T+42 grands the 2nd lowest Yankee spread through 2022 behind only WOORIB’s T+33 on 1/20/26:

2022-26 YANKE 5yr LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
1/20/26	WOORIB	yfin	A1	A+	$300	5	1/27/31	4.125%	33
2/25/26	AZN	yind	A1	A+	$650	5	3/2/31	4.000%	42
10/14/25	KEBHNB	yfin	Aa3	A+	$300	5	10/21/30	4.000%	43
1/6/26	NAB	yfin	Aa2	AA-	$500	5	1/13/31	4.148%	45
9/22/25	CBAAU	yfin	Aa2	AA-	$750	5	10/1/30	4.150%	45
11/14/24	SPSP	yutil	Aa1	AA+	$700	5	11/21/29	4.625%	45

AZN’s 7yr at T+52 grands the 3rd lowest Yankee spread through 2009:

2009-26 YANKE 7yr LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
9/7/21	NESNVX	yind	Aa3	AA-	$1,000	7	9/14/28	1.500%	40
10/27/25	SANFP	yind	Aa3	AA	$1,200	7	11/3/32	4.200%	45
2/25/26	AZN	yind	A1	A+	$600	7	3/2/33	4.300%	52
12/6/21	ROSW	yind	Aa3	AA	$2,000	7	12/13/28	1.930%	55
5/25/21	AZN	yind	A3	BBB+	$1,250	7	5/28/28	1.750%	55
4/20/21	TAISEM	yind	Aa3	AA-	$900	7	4/23/28	1.750%	55
9/8/20	NESNVX	yind	Aa3	AA-	$1,100	7	9/15/27	1.000%	55
11/24/25	ROSW	yind	Aa2	AA	$600	7	12/2/32	4.374%	58
11/8/21	WSTP	yfin	Aa3	AA-	$1,250	7	11/20/28	1.953%	58
7/31/17	TEL	yind	Baa1	A-	$100	7	8/1/24	3.450%	58
6/16/14	TTEFP	yind	Aa1	AA-	$1,000	7	6/19/21	2.750%	58
2/24/21	NTT	yind	A1	A	$1,500	7	4/3/28	1.591%	60
9/23/20	TAISEM	yind	Aa3	AA-	$750	7	9/30/27	1.000%	60

AZN’s 10y at T+60 ties for the 4th lowest Yankee spread through 2009:

2009-26 YANKE 10yr LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
7/26/21	TEMASE	yfin	Aaa	AAA	$750	10	8/2/31	1.625%	40
9/29/20	TEMASE	yfin	Aaa	AAA	$750	10	10/6/30	1.000%	47.5
9/7/21	NESNVX	yind	Aa3	AA-	$1,000	10	9/14/31	1.875%	50
8/9/21	UNANA	yind	A1	A+	$850	10	8/12/31	1.750%	50
2/25/26	AZN	yind	A1	A+	$750	10	3/2/36	4.600%	60
5/25/21	WSTP	yfin	Aa3	AA-	$1,000	10	6/3/31	2.150%	60
7/25/16	UNANA	yind	A1	A+	$700	10	7/28/26	2.000%	60
5/13/25	ORFP	yind	Aa1	AA	$1,000	10	5/20/35	5.000%	62.5
11/24/25	ROSW	yind	Aa2	AA	$800	10	12/2/35	4.666%	63
9/2/25	MITCO	yind	A2	A	$400	10	9/9/35	4.875%	65
12/6/21	ROSW	yind	Aa3	AA	$2,000	10	12/13/31	2.076%	65
9/8/21	CBAAU	yfin	Aa3	AA-	$800	10	9/15/31	1.875%	65
7/6/21	KORGAS	yutil	Aa2	AA	$350	10	7/13/31	2.000%	65
3/18/21	TOYOTA	yind	A1	A+	$500	10	3/25/31	2.362%	65
9/8/20	NESNVX	yind	Aa3	AA-	$1,000	10	9/15/30	1.250%	65
2/7/11	UNANA	yind	A1	A+	$1,000	10	2/10/21	4.250%	65

AZN's 5y coupon at 4.00% ties for the lowest Yankee coupon looking through 2023:

2023-26 YANKEE 5yr LOW COUPONS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
2/25/26	AZN	yind	A1	A+	$650	5	3/2/31	4.000%	42
10/14/25	KEBHNB	yfin	Aa3	A+	$300	5	10/21/30	4.000%	43
9/23/24	INDKOR	yfin	Aa2	NR	$500	5	9/30/29	4.000%	57
11/24/25	ROSW	yind	Aa2	AA	$500	5	12/2/30	4.075%	47

AZN's 7y coupon at 4.300% grabs the 2nd lowest Yankee coupon through 2023:

2023-26 YANKEE 7yr LOW COUPONS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
10/27/25	SANFP	yind	Aa3	AA	$1,200	7	11/3/32	4.200%	45
2/25/26	AZN	yind	A1	A+	$600	7	3/2/33	4.300%	52
11/24/25	ROSW	yind	Aa2	AA	$600	7	12/2/32	4.374%	58
10/2/24	TAQAUH	yutil	Aa3	NR	$900	7	10/9/31	4.375%	85

AZN's 10y coupon at 4.600% grabs the 4th lowest Yankee coupon through 2023:

2023-26 YANKEE 10yr LOW COUPONS
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Final	Coupon	Spread
9/16/24	CNRCN	yind	A2	A-	$750	10	9/18/34	4.375%	78
9/4/24	ADNOCM	yind	Aa2	AA	$1,500	10	9/11/35	4.500%	85
9/3/24	ROSW	yind	Aa2	AA	$1,000	10	9/9/34	4.592%	75
2/25/26	AZN	yind	A1	A+	$750	10	3/2/36	4.600%	60
10/3/24	QTELQD	yind	A2	A	$500	10	10/10/34	4.625%	88
8/7/24	UNANA	yind	A1	A+	$1,000	10	8/12/34	4.625%	80
11/24/25	ROSW	yind	Aa2	AA	$800	10	12/2/35	4.666%	63

Here's today's rundown:

[ASTRA ZENECA]

AstraZeneca Finance LLC (AZN) exp A1/A+ (s/s) US$2bn SEC registered 3-part sr notes (5y FXD due 3/2/31, 7y FXD due 3/2/33 and 10y FXD due 3/2/36). MWC then 1mo par call on 5y (2/2/31), 2mos on 7y (1/2/33) and 3mos on 10y (12/2/35). Guarantor: AstraZeneca PLC. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. Listing: New York Stock Exchange. UOP: General corporate purposes, which may include the refinancing of existing indebtedness. Pricing 2/25. Settle 3/2 (T+3).

VIA BofA (B&D)/DB/HSBC/Miz joint active books.

Announced as a benchmark, final size came in at $2bn with price progression as follows:

5yr - IPT T+65 area; GDNC T+42#; PXD $650m 4.00% 3/2/31 99.821 4.040% T+42. MW+10.

7yr - IPT T+75 area; GDNC T+52#; PXD $600m 4.30% 3/2/33 99.803 4.333% T+52. MW+10.

10yr - IPT T+85 area; GDNC T+60#; PXD $750m 4.60% 3/2/36 99.604 4.650% T+60. MW+10.

Ultimately, a $ deal priced as follows

As for r/v, outstanding AZN was quoted as follows:
-AZN 4.850% due 02/26/29 T+37bp (G37; $102.7) - $1.25bn pxd Feb 2024
-AZN 4.900% due 03/03/30 T+36bp (G43; $103.3) - $650M pxd Feb 2023
-AZN 4.900% due 02/26/31 T+45bp (G46; $103.6) - $1bn pxd Feb 2024
-AZN 5.000% due 02/26/34 T+38bp (G55; $103.8) - $1.5bn pxd Feb 2024
-AZN 3.000% due 05/28/51 T+57bp ($68.9) - $750M pxd May 2021

** 10y - Outstanding Feb 34s G55; plus 5bp for curve to get to new 10y f/v T+60bp. At the T+60bp pricing level, 10Y CONCESSION IS FLAT.

** 7y - 10y f/v T+60bp minus 10bp 7s/10s curve to get to T+50bp f/v. At the T+52bp pricing level, 7Y CONCESSION IS 2BP.

** 5yr - 7yr f/v T+50bp; minus 10bp 5s/10s curve to get to T+40bp f/v. At the T+42bp pricing level, 5Y CONCESSION IS 2BP.

Comps away:

Johnson & Johnson (Aaa/AAA)
-JNJ 4.700% due 03/01/30 T+16bp (G16; $103.6) - $1bn pxd Feb 2025
-JNJ 4.900% due 06/01/31 T+31bp (G29; $104.5) - $1.15bn pxd May 2024
-JNJ 4.850% due 03/01/32 T+44bp (G35; $104.1) - $1.25bn pxd Feb 2025
-JNJ 4.950% due 06/01/34 T+9bp (G24; $105.6) - $850M pxd May 2024
-JNJ 5.000% due 03/01/35 T+27bp (G36; $105.0) - $1.25bn pxd Feb 2025

Eli Lilly (Aa3/A+)
-LLY 4.250% due 03/15/31 T+39bp (G39; $101.1) - $750M pxd 08/18/25 +40
-LLY 4.550% due 10/15/32 T+61bp (G46; $101.8) - $1bn pxd 08/18/25 +48
-LLY 4.900% due 10/15/35 T+59bp (G64; $102.0) - $1.25bn pxd 08/18/25 +57

FINAL BOOKS:

$650M 5yr - $2.200bn (3.4x) - PEAK $3.300bn

$600M 7yr - $2.100bn (3.5x) - PEAK $3.100bn

$750M 10yr - $2.600bn (3.5x) - PEAK $4.400bn

[OMNICOM]

Omnicom Group Inc (OMC) exp Baa1/BBB+ (s/s) US$1.7bn SEC registered 3-part sr notes (3y FXD due 3/2/29, 7y FXD due 6/2/33 and 10y FXD due 6/2/36). MWC then 1mo par call on 3y (2/2/29), 2mos on 7y (4/2/33) and 3mos on 10y (4/3/36). 101 CoC.. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: Fund the repayment of the 3.60% 2026 notes and any remaining proceeds for GCP. Marketing: https://dealroadshow.com Passcode: OMC2026. Pricing 2/25. Settle 3/2 (T+3). Cusip: 3y: 681919BV7, 7y: 681919BW5, 10y: 681919BX3. ISIN: 3y: US681919BV74, 7y: US681919BW57, 10y: US681919BX31.

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

Announced with benchmark size, final size came in at $1.7bn with price progression as follows:

3yr - IPT T+105 area; GDNC T+75#; PXD $400m 4.20% 3/2/29 99.891 4.239% T+75. MW+15.

7yr - IPT T+145 area; GDNC T+120#; PXD $700m 5.00% 6/2/33 99.929 5.013% T+120. MW+20.

10yr -IPT T+155 area; GDNC T+130#; PXD $600m 5.30% 6/2/36 99.618 5.350% T+130. MW+20.

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

-OMC 2.600% due 08/01/31 T+85bp (G79; $91.07) - $800m pxd APRL 2021

-OMC 5.300% due 11/01/34 T+102bp (G113; $101.54) - $600m pxd JUL 2024

*** 10yr: Nov ’34 G113, add 7bp for ‘34/’36 curve gets f/v to T+120bp. At the T+130bp pricing level, 10yr CONCESSION IS 10BP.

*** 7yr: 10y f/v at T+120, take away 10bp for IPT curve gets f/v to T+110bp. At the T+120bp pricing level, 7yr CONCESSION IS 10BP.

*** 3yr: 7yr f/v at T+110, take away 40bp for IPT curve gets f/v to T+70bp. At the T+75bp pricing level, 3yr CONCESSION IS 5BP.

COMPS AWAY:

Verisk Analytics Inc (Baa1/BBB)

-VRSK 4.450% due 03/15/31 T+84bp (G83; $99.95) - $500m pxd 02/23/26 +88

-VRSK 5.125% due 03/15/36 T+113bp (G112; $99.55) - $500m pxd 02/23/26 +112

S&P Global Inc (A3/NR/A-)

-SPGI 4.250% due 01/15/31 T+62bp (G62; $100.02) - $600m pxd DEC 2025

-SPGI 4.800% due 12/04/35 T+81bp (G82; $99.48) - $400m pxd DEC 2025

Moody’s Corp (NR/A-/BBB+)

-MCO 4.250% due 08/08/32 T+82bp (G67; $98.91) - $500m pxd AUG 2022

-MCO 5.000% due 08/05/34 T+61bp (G74; $102.25) - $500m pxd JUL 2024

Fiserv Inc (Baa2/BBB)

-FISV 4.550% due 02/15/31 T+102bp (G102; $99.58) - $1bn pxd AUG 2025

-FISV 5.250% due 08/11/35 T+117bp (G120; $100.17) - $1bn pxd AUG 2025

Experian Finance PLC (A3/A-)

-EXPNLN 5.250% due 08/17/35 T+85bp (G90; $102.52). -$500m JUN 2025

Fox Corp (Baa2/BBB)

-FOXA 3.500% due 04/08/30 T+57bp (G63; $97.39) - $600m pxd MAR 202

-FOXA 6.500% due 10/13/33 T+87bp (G107; $109.66) - $1.25bn pxd OCT 2023

FINAL BOOKS:

$400M 3yr - $2.000bn (5.0x) - PEAK $2.500bn
$700M 7yr - $1.800bn (2.6x) - PEAK $2.300bn
$600M 10yr - $1.600bn (2.7x) - PEAK $2.200bn

[TARGA]

Targa Resources Corp (TRGP) exp Baa2/BBB/BBB (s/s/s) US$1.5bn SEC registered 2-part sr notes (5y FXD due 4/15/31 and 30y FXD due 5/15/56). MWC then 1mo par call on 5y (3/15/31) and 6mos on 30y (11/15/55). 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. Pricing 2/25. Settle 3/2 (T+3). Cusip: 5y: 87612GAT8, 30y: 87612GAU5. ISIN: 5y: US87612GAT85, 30y: US87612GAU58.

VIA MUFG/PNC/TD (B&D on 5y)/WFS (B&D on 30y) joint active books.

Announced as a benchmark (expect $1bn+ with balanced skew), we heard initial price thoughts as 5y T+105-110, 30y T+160-165.

Guidance came in at 5y T+77#, 30y T+135#.

Ultimately, a $1.5bn deal priced as follows:

$750m 4.35% 4/15/31 99.812 4.390% T+77. MW+15.

$750m 6.05% 5/15/56 99.975 6.050% T+135. MW+25.

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

-TRGP 4.900% due 09/15/30 T+69bp (G72; $102.351) - $750M pxd 06/04/25 +100
-TRGP 5.400% due 07/30/36 T+116bp (G115; $101.424) - $1bn pxd 11/06/25 +132
-TRGP 6.125% due 05/15/55 T+133bp ($101.141) - $1bn pxd Feb 2025

Take 55bp 5s/30s curve at IPT, assume 35bp for 5s/10s and 20bp for 10s/30s

** 5yr - Outstanding TRGP Sep 30s G72; plus curve call new 5y f/v T+75bp.

Or work down from the more actively traded Jul 36s G115; call new 10y T+115bp; then take off 35bp for 5s/10s curve to get to T+80bp f/v.

Call 5y f/v T+77bp. At the T+77bp pricing level, 5Y CONCESSION IS FLAT.

** 30y - outstanding May 55s T+133bp; plus 1bp for curve to get to T+134bp.

Or work up from the more actively traded Jul 36s G115; call new 10y T+115bp; then add 20bp for 10s/30s curve to get to T+135bp f/v.

Both point to f/v of ~ T+135bp. At the T+135bp pricing level, 30Y CONCESSION IS FLAT.

Comps away:

Kinder Morgan Inc (Baa2/BBB+/BBB+)
-KMI 5.150% due 06/01/30 T+53bp (G58; $103.775) - $1.1bn pxd Apr 2025
-KMI 5.850% due 06/01/35 T+83bp (G89; $106.943) - $750M pxd Apr 2025
-KMI 5.950% due 08/01/54 T+113bp ($101.515) - $750M pxd Jul 2024

Williams Companies Inc (Baa2/BBB+/BBB)
-WMB 4.625% due 06/30/30 T+63bp (G67; $101.422) - $750M pxd 06/26/25 +85
-WMB 5.150% due 03/15/36 T+100bp (G101; $100.671) - $1.25bn pxd 01/05/26 +100
-WMB 5.950% due 03/15/56 T+115bp ($101.241) - $1bn pxd 01/05/26 +113

Energy Transfer LP (Baa2/BBB/BBB)
-ET 4.550% due 01/15/31 T+78bp (G79; $100.618) - $1bn pxd 01/12/26 +83
-ET 5.350% due 01/15/36 T+114bp (G116; $101.143) - $1bn pxd 01/12/26 +118
-ET 6.300% due 01/15/56 T+151bp ($101.138) - $1bn pxd 01/12/26 +148

MPLX LP (Baa2/BBB/BBB)
-MPLX 4.800% due 02/15/31 T+78bp (G78; $101.717) - $1.25bn pxd 08/07/25 +103
-MPLX 5.300% due 04/01/36 T+117bp (G118; $100.540) - $1bn pxd 02/05/26 +113
-MPLX 6.100% due 04/01/56 T+139bp ($99.995) - $500M pxd 02/05/26 +135

ONEOK Inc (Baa2/BBB/BBB)
-OKE 4.400% due 10/15/29 T+71bp (G67; $100.655) - $600M pxd Sep 2024
-OKE 5.400% due 10/15/35 T+111bp (G115; $101.715) - $1bn pxd 08/06/25 +122
-OKE 6.250% due 10/15/55 T+143bp ($101.479) - $1.25bn pxd 08/06/25 +147

FINAL BOOKS:
$750M 5yr - $3.250bn (4.3x) - PEAK $4.840bn

$750M 30yr - $2.775bn (3.7x) - PEAK $4.270bn

[GLP]

GLP Capital LP / GLP Financing II Inc (GLPI) exp Ba1/BBB-/BBB- (s/s/s) US$800m SEC registered 10y FXD sr notes due 3/1/36. MWC then 3mos par call (12/1/35). REIT covenants. Guarantor: Gaming and Leisure Properties Inc. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To repay borrowings under the term loan facility and GCP. Pricing 2/25. Settle 3/4 (T+5). Cusip: 361841AX7.

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

Announced with benchmark size, we heard initial thoughts as T+185 area.

Went straight to launch at $800m 10y at T+160.

Ultimately, a $800m deal priced as follows:

$800m 5.625% 3/1/36 99.857 5.644% T+160. MW+25.

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

-GLPI 4.000% due 01/15/31 T+124bp (G124; $96.40) - $700m pxd JUN 2020
-GLPI 3.250% due 01/15/32 T+140bp (G130; $91.04) - $800m pxd DEC 2021
-GLPI 5.250% due 02/15/33 T+129bp (G130; $100.82) - $600m AUG 2025
-GLPI 6.750% due 12/15/33 T+129bp (G148; $108.80) - $400m pxd NOV 2023
-GLPI 5.625% due 09/15/34 T+129bp (G141; $101.87) - $800m pxd JUL 2024
-GLPI 5.750% due 11/01/37 T+172bp (G160; $99.78) - $700m pxd AUG 2025
-GLPI 6.250% due 09/15/54 T+150bp ($100.51) - $400m pxd JUL 2024

Looking at f/v a few different ways:

*** Jan ’31 G124, call 5y f/v at 125bp. Add 25bp for 5s/10s curve gets f/v to T+150bp.

*** Nov ’37 G160, add 3bp for curve gets new issue 12y at 163bp. Take away 10bp for 12s/10s curve gets f/v to T+153bp.

*** Feb ‘33 G130, call 7y f/v at T+130. Add 15bp for 7s/10s curve gets f/v to T+145bp.

*** Sept ‘34 G141, add 7bp for curve gets f/v to T+148bp.

A bit of a range on this one but pegging f/v in the middle at T+150bp. At the T+160bp pricing level, CONCESSION IS 10BP.

VICI Properties Inc (Baa3/BBB-/BBB-)
-VICI 4.950% due 02/15/30 T+88bp (G95; $101.70) - $1bn pxd APRL 2022
-VICI 5.125% due 11/15/31 T+116bp (G109; $101.65) - $750m pxd DEC 2024
-VICI 5.125% due 05/15/32 T+129bp (G118; $101.09) - $1.5bn pxd APRL 2022
-VICI 5.750% due 04/01/34 T+107bp (G123; $104.20) - $550m pxd MAR 2024
-VICI 5.625% due 04/01/35 T+119bp (G127; $102.67) - $900m pxd MAR 2025
-VICI 6.125% due 04/15/54 T+134bp ($101.30) - $500m pxd MAR 2024

NNN REIT Inc (Baa1 /BBB+)
-NNN 4.600% due 02/15/31 T+71bp (G72; $101.30) - $500m pxd JUN 2025
-NNN 5.500% due 06/15/34 T+79bp (G94; $104.50) - $500m pxd MAY 2024

Host Hotels & Resorts Inc (Baa2/BBB-/BBB)
-HST 4.250% due 12/15/28 T+64bp (G65; $100.40) - $400m pxd NOV 2025
-HST 3.500% due 09/15/30 T+92bp (G95; $95.80) - $750m pxd AUG 2020
-HST 5.700% due 06/15/32 T+111bp (G99; $105.20) - $500m pxd MAY 2025
-HST 5.500% due 04/15/35 T+116bp (G125; $102.10) - $700m pxd AUG 2024

EPR Properties (Baa3/BBB-/BBB-)
-EPR 3.750% due 08/15/29 T+104bp (G101; $97.60) - $500m pxd AUG 2019
-EPR 4.750% due 11/15/30 T+112bp (G113; $100.10) - $550m pxd NOV 2025
-EPR 3.600% due 11/15/31 T+128bp (G120; $93.70) - $400m pxd OCT 2021

FINAL BOOKS:

$800M 10yr - $2.500bn (3.1x) - PEAK $3.000bn

[FIRST CITIZENS]

First Citizens BancShares Inc (FCNCA) exp Baa2/BBB (s/s) US$500m SEC registered 6nc5 fixed to floating sr notes due 03/03/32. Denominations: 2,000 x 1,000. Use of Proceeds: gcp. Cusip: 31959XAJ2. ISIN: US31959XAJ28. Pricing 02/25. Settle 03/03 (T+4). IPTs:

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

Announced with benchmark size, we heard initial thoughts as T+145 area.

Went straight to launch at $500m 6nc5 at T+125.

Ultimately, a $500m deal priced as follows:

$500m 4.869% 3/3/32 100.00 4.869% T+125. MW+20. Back-end: SOFR+148.7.

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

-FCNCA 5.231% due 03/12/31 NC30 T+110bp (G116; $101.88) - $500m pxd MAR 2025

*** Mar ’31 nc30 G116, adding a few bp for ‘31/’32 curve gets f/v to T+120bp. At the T+125bp pricing level, CONCESSION IS 5BP.

Fifth Third Bancorp (Baa1/BBB+ /A-)
-FITB 4.566% due 04/29/32 NC31 T+85bp (G83; $) - $1bn pxd 01/26/26 +75

Huntington Bancshares (Baa1/BBB+ /A-)
-HBAN 4.623% due 01/28/32 NC31 T+86bp (G86; $100.65) - $1bn pxd 01/23/26 +77

KeyCorp (Baa2/BBB/A-)
-KEY 5.121% due 04/04/31 NC30 T+77bp (G83; $102.74) - $750m pxd FEB 2025 +98

M&T Bank (Baa1/BBB+/A)
-MTB 5.179% due 07/08/31 NC30 T+80bp (G84; $103.00) - $750m pxd JUN 2025

Citizens Financial Group (Baa1/BBB+/BBB+)
-CFG 5.253% due 03/05/31 NC30 T+87bp (G93; $102.31) - $750m pxd FEB 2025

First Horizon (Baa3/NR/BBB+)
-FHN 5.514% due 03/07/31 NC30 T+98bp (G104; $103.36) - $500m pxd MAR 2025

FINAL BOOK:

$500M 6nc5 FTF - $1.200bn (2.4x) - PEAK $1.400bn

[MID-AMERICA APARTMENTS]

Mid-America Apartments LP (MAA) exp A3/A-/A- (s/s/s) US$200m (up from $150m) tap of MAA 4.65% 1/15/33 Sr Notes - $400m outstanding. MWC T+15 until 11/15/32. 2mos par call (11/15/32). REIT Covenants. Denoms: 2,000 x 1,000. Sale into Canada: No. UOP: The Operating Partnership intends to use the net proceeds to repay all or a portion of the borrowings outstanding under its $750 million unsecured commercial paper program, and any remaining net proceeds will be used for general corporate purposes, which may include, without limitation, the repayment of other debt and the acquisition, development and redevelopment of apartment communities. Pricing 2/25. Settle 2/27 (T+2). CUSIP: 59523UAY3.

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

Announced as $150m, we heard initial price thoughts as T+105 area.

Went straight to launch at $200m at T+80.

Ultimately, a $2000m deal priced as follows:

$200m tap of 4.65% 1/15/33 at 100.237 4.606% T+80. MW+15. Total outstanding now $600m

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

-MAA 5.300% due 02/15/32 T+71bp (G62; $104.91) - $400M pxd May 2024
-MAA 4.650% due 01/15/33 T+75bp (G77; $100.46) - $400M pxd 11/03/25 +85
-MAA 4.950% due 03/01/35 T+73bp (G81; $101.17) - $350M pxd Dec 2024

** Outstanding MAA 4.65% 1/5/33 T+75bp; at the T+80bp pricing level, CONCESSION IS 5BP.

Comps away:

Camden Property Trust (A3/A-/A-)
-CPT 4.900% due 02/28/36 T+89bp (G89; $99.64) - $600M pxd 02/17/26 +85

Regency Centers LP (A3/A-/N/A)
-REG 4.500% due 03/15/33 T+76bp (G75; $99.53) - $450M pxd 02/18/26 +75

FINAL BOOKS:

$200M 2033 Tap - $900M (4.5x) - PEAK $1.000bn

[SSA PRICED]

– Kommunalbanken Norway (KBN), exp Aaa/AAA (s/s), owned 100% by Kingdom of Norway, $700m (upsized from US$500m) 144A/Reg S 5y sr unsec FRN due 3/4/31. DB (B&D)/NBF/RBC/Scotia joint leads. Coupon: FRN, Compounded SOFR+ [.]bps, Quarterly, Act/360. Convention: SOFR Index, where SOFR Index Start and SOFR Index End will be 5 days prior to Interest Period. Denoms: $200k x $2k. List Luxembourg Stock Exchange's Regulated Market. Pricing 2/25. Settle 3/4 (T+5). 144A ISIN: US50047JAV08.
IPTs: SOFR+34 area.

GUIDANCE: SOFR+34 area. IOIs in excess of $915m (incl $100m JLM).
UPDATE: spread set at SOFR+33. Books in excess of $1bn (incl $100m JLM).
UPSIZED/LAUNCHED: $700m 5y FRN at SOFR+33. Books closed in excess of $1.1bn (incl $100m JLM).

PRICED: $700m 3/4/31 FRN at SOFR+33, at 100.

– Romania, acting through the Ministry of Finance (Ticker: ROMANI), rated Baa3/BBB-/BBB- (n/n/n), 144A/Reg S (Cat 1) 3-part via BofA (B&D USD)/DB/Erste Group (B&D EUR)/ING/Raiffeisen/SG as joint books. Law: English. Listing: Luxembourg Stock Exchange. UOP: For budget deficit financing and redemption of public debt. Deal Roadshow: URL: https://dealroadshow.com Entry Code: ROMANI2026. Direct Link: https://dealroadshow.com/e/ROMANI2026. Pricing 2/25. Settle 3/4 (T+5).
- EUR2.25bn 7y FXD due 3/4/33. Coupon: Fixed, annual act/act. Denoms: EUR 1k x 1k. IPTs: MS+250 area.
- EUR750m tap of 6.00% 9/24/44s. Coupon: Fixed, annual act/act. Denoms: EUR 1k x 1k. IPTs: MS+325 area.

- USD2bn long 10y due 7/4/36. Coupon: Fixed, semi-annual 30/360 (Long First Coupon: 1/4/27). Denoms: USD 2k x 2k. IPTs: UST+210 area.

GUIDANCE: EUR 7y MS+220 area, Tap 2044 EUR MS+300 area, USD L10y CT10+180 area. EUR books combined > EUR 8.25bn (incl €220mio JLM, skew to 7 yr). USD book > USD 5bn (incl $120mio JLM).

UPDATE: EUR 7y set at MS+210, Tap 2044 EUR set at MS+295, L10y USD set at CT10+170. EUR 7yr Book > € 7bn (good at Guidance, incl €180mio JLM); EUR Tap 2044 Book > € 2.5 bn (good at Guidance, incl €53mio JLM); USD book > $7.1 bn (good at Guidance, incl $120mio JLM).
LAUNCHED: EUR2.25bn 7y at MS+210. Book > € 5.8bn (good at Reoffer, incl €180mio JLM), EUR750m tap of 6% 9/24/44 at MS+295. Book > € 2.2bn (good at Reoffer, incl €53mio JLM), $2bn L10y at CT10+170. Book > $ 5.7bn (good at Reoffer, incl $120mio JLM)

PRICED:
EUR2.25bn 4.625% 3/4/33 99.924 4.638% MS+210 (DBR+216.7).
EUR750m tap of 6.00% 9/24/44 at 100.333 5.966% MS+295 (DBR+276.4).
$2bn 5.75% 7/4/36 99.956 5.75% CT10+170.

[M&A TODAY]

GSK plc "GSK" (A2/A) entered an agreement to acquire 35Pharma Inc for $950m in cash.

GSK did not disclose how they plan on funding the purchase price. They had approximately $3.4bn in cash equivalents as of 12/31/25. GSK last issued a $2.6bn deal in March 2025 and last issued an M&A deal of $3.5bn in March 2019 for their $4.7bn acquisition of TESARO Inc.

GSK also has a pending $1.9bn acquisition of RAPT Therapeutics Inc announced on 1/20/26.

https://www.gsk.com/en-gb/media/press-releases/gsk-enters-agreement-to-acquire-35pharma-inc/

Paramount Skydance Corp "PSKY" (Baa3/BB+/BBB-) submitted a $31.00 per share offer in cash to acquire all of Warner Bros Discovery Inc "WBD" (Ba1/BB+/BB+), an increase from their original offer of $30.00 per share announced on 12/8/25.

Under the terms of the proposal, Paramount will pay and additional $0.25 per share every quarter the transaction does not close after 9/30/26. Paramount will also pay WBD's $2.8bn termination fee to Netflix and will also pay a $7bn termination fee to WBD if the potential transaction does not meet regulatory approvals. Paramount's financing includes $54bn in debt financing commitments with Bank of America, Citi, and Apollo and $43.6bn in equity financing and will contribute additional equity if needed.

The WBD board has not made a decision if the Paramount offer is a "Superior Proposal." The agreement with Netflix Inc "NFLX (A3/A) announced on 12/5/25 (and amended on 1/20/26) still remains in effect. Netflix's financing includes a $42.2bn bridge facility with WFS, BNP, and HSBC as well as a $5bn revolver, a $10bn 2yr delayed draw term loan, and a $10bn 3yr delayed draw term loan.

Allen & Company, JP Morgan, and Evercore are the financial advisors with Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP providing legal counsel to WBD.

Centerview Partners and RedBird Advisors are lead financial advisors with Bank of America, Citi, M. Klein & Company also acting as financial advisors and Cravath, Swaine & Moore LLP and Latham & Watkins LLP providing legal counsel to Paramount.

Moelis & Company LLC, Wells Fargo, BNP and HSBC are the financial advisors with Skadden, Arps, Slate, Meagher & Flom LLP providing legal counsel to Netflix.

https://ir.paramount.com/news-releases/news-release-details/paramount-comments-warner-bros-discovery-boards-determination

https://www.wbd.com/news/warner-bros-discovery-board-directors-determines-revised-proposal-paramount-skydance-could

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