Commentary & Deal Flow

Going into today, we were focused on two key milestones: reaching the February volume estimate and securing the title of largest February week. We needed $7.321bn to hit the month’s average estimate of $192.446bn, and $5.85bn to surpass the $61.05bn from the week ending 02/06/26 for the largest February week.

We managed to clear both hurdles, as today delivered $8.35bn from nine issuers. The week is also set to finish as the second-largest volume and deal count week of the year.

Corporates continued to dominate February issuance, accounting for $133.175bn (68.83%), while FIG supply totaled $60.300bn (31.17%). However, it was today’s bank activity that pushed us over the line.

Four bank deals — SUMITR, STANLN, NWG, and BK — combined for $6bn, representing the bulk of today’s $8.35bn print. This marks the largest bank issuance day since 02/05/26, when banks priced $8.05bn.

Month-to-date volume of $193.475bn is likely to fall short of a February record unfortunately, with 2024’s $200.475bn remaining the high-water mark.

In addition to the four banks, two names priced from the pipeline today: WU with $450m and RLI with $300m. Western Union priced its first deal since 2021, while RLI returned to market for the first time since 2013. They were each 2.50x and 1.83x oversubscribed.

BXSL’s $400m deal priced as just the 3rd BDC this month after we saw 10 BDCs in January.

In utilities, AEE and XEL priced a combined $1.2bn, bringing February utility issuance to $19.925bn. While not a standout total, it ranks as the sixth-largest utility February through 2022.

BK’s 5.625% coupon is the lowest Perp coupon and the 2nd lowest coupon for all hybrids through 2023 (also tying SQM on 1/14/26):

BK’s B/E at 203.4 is the lowest b/e for a PerpNC5 through 2022:

SUMITR’s 10y coupon at 4.800% ranks as the 3rd lowest bank coupon through 2023:

SUMITR’s 3y coupon at 3.95% ranks as the 3rd lowest bank coupon through 2023:

Here's today's rundown:

[SUMITOMO]

Sumitomo Mitsui Trust Bank Ltd (SUMITR) exp A1/A US$3bn 144A/Reg S 5-part sr notes (3y FXD and/or FRN 3/5/29, 5y FXD and/or FRN due 3/5/31, 10y FXD due 3/5/36). Denoms: 200,000 x 1000. List SGX-ST. Sale into Canada: Yes. UOP: gcp. Pricing 2/26. Settle 3/5 (T+5). 144A ISIN: 3yr Fix: US86563VCG23, 3yr FRN: US86563VCH06, 5yr Fix: US86563VCJ61, 5yr FRN: US86563VCK35, 10yr: US86563VCL18.

Sumitomo Mitsui Trust Bank, Limited (“SuMi TRUST”) has mandated Goldman Sachs, J.P. Morgan, Citigroup and Daiwa as Joint Bookrunners for its offering of 3-year senior unsecured fixed and/or floating rate, 5-year senior unsecured fixed and/or floating rate, and 10-year senior unsecured fixed rate notes under Rule 144A in the United States, and Regulation S outside the United States under SuMi TRUST’s GMTN program dated February 24, 2026. The notes are expected to be priced in the near future, subject to market conditions. The notes will be denominated in U.S.$ and issued in benchmark size. The notes are expected to be rated A1 and A by Moody’s and S&P, respectively.

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

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

3yr FRN - IPT SOFR equiv; STL SOFR+71; PXD $750m 3/5/29 FRN at SOFR+71, at 100.

3yr FXD - IPT T+80-85; RVSD T+75 area; STL T+53; PXD $500m 3.95% 3/5/29 99.930 3.975% T+53.

5yr FRN - IPT SOFR equiv; STL SOFR+89; PXD $750m 3/5/31 FRN at SOFR+89, at 100.

5yr FXD - IPT T+90-95; RVSD T+85 area; STL T+65; PXD $500m 4.20% 3/5/31 99.888 4.225% T+65.

10yr - IPT T+105-110; RVSD T+100 area; STL T+80; PXD $500m 4.80% 3/5/36 99.937 4.808% T+80.

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

SUMITR 4.500% 3/13/28 T+55bp (G56; $100.97) - $500m pxd MAR 2025
-SUMITR 5.200% 3/07/29 T+59bp (G59; $103.26) - $750m pxd FEB 2024
-SUMITR 4.350% 9/11/30 T+55bp (G58; $100.89) - $500m pxd 09/02/25 +65
-SUMITR 5.050% 3/13/35 T+70bp (G77; $102.44) - $500m pxd MAR 2025

*** 10yr: Mar ‘35 G77, add 3bp for curve gets f/v to T+80bp. At the T+80bp pricing level, 10yr CONCESSION IS FLAT.

*** 5yr: 10y f/v at T+80, take away 15bp for IPT curve gets f/v to T+65bp. At the T+65bp pricing level, 5yr CONCESSION IS FLAT.

3yr: Mar ‘29 G59, call f/v at T+58bp. At the T+53bp pricing level, 3yr CONCESSION IS NEG 5BP.

FINAL BOOKS:

$750M 3yr FRN - $4.000bn (5.3x) - PEAK $4.400bn

$500M 3yr - $2.200bn (4.4x) - PEAK $3.400bn

$750M 5yr FRN - $6.500bn (8.7x) - PEAK $6.600bn

$500M 5yr - $3.200bn (6.4x) - PEAK $4.000bn

$500M 10yr - $1.900bn (3.8x) - PEAK $3.200bn

[STANLN]

Standard Chartered PLC (STANLN) exp A3/BBB+/A (M/S/F) US$1.75bn 144A/Reg S 2-part sr unsec notes, unsubordinated (6.25nc5.25 fixed rate reset due 6/5/32 and 21nc20 fixed rate reset due 3/5/47). Optional redemption dates: 6/5/31 and 3/5/46. Coupon: 6.25nc5.25: [●]%, fixed rate, payable semi-annually in arrear on 5 June and 5 December in each year, commencing on 5 December 2026 up to and including the Optional Redemption Date (long first coupon). The interest rate will reset on the Optional Redemption Date to be the sum of the relevant Reference Bond Rate plus the Margin, payable semi-annually in arrear on 5 December 2031 and 5 June 2032; 21nc20: [●]%, fixed rate, payable semi-annually in arrear on 5 March and 5 September in each year, commencing on 5 September 2026 up to and including the Optional Redemption Date. The interest rate will reset on the Optional Redemption Date to be the sum of the relevant Reference Bond Rate plus the Margin, payable semi-annually in arrear on 5 September 2046 and 5 March 2047. UOP: gcp. Pricing 2/26. Settle 3/5.

VIA BBVA/BMO/JPM/MS/RBC/SG/Stan Chart (B&D) as joint lead managers.

Announced as a benchmark, we heard initial price thoughts as 6.25nc5.25 T+115 area, 21nc20 T+130 area.

Went straight to launch at $1bn 6.25nc5.25 at T+95. $750m 21nc20 at T+110.

Ultimately, a $1.75bn deal priced as follows

$1bn 4.529% 6/5/32 100.00 4.529% T+95 (reset).

$750m 5.706% 3/5/47 100.00 5.706% T+110 (reset).

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

-STANLN 4.299% due 01/13/30 nc29 T+78bp (G78; $100.2) -$1B pxd 01/06/26 +77

-STANLN 5.244% due 05/13/31 nc30 T+76bp (G81; $103.4) - $1B pxd May 2025

-STANLN 5.243% due 01/13/37 nc36 T+111bp (G112; $100.8) - $1B pxd 01/06/26 +107

** 6.25nc5.25 - outstanding Jan 30nc29 G78; call new 4nc3 f/v T+78bp; plus 10bp for 3s/5s curve curve then add 2bp for long gets you to T+90bp.  At the T+95bp pricing level, 6.25NC5.25 CONCESSION IS 5BP.

** 21nc20 - outstanding Jan 37nc36 G112; call new 11nc10 f/v T+113bp; minus 10bp for 10s/20 curve to get to new 21nc20 f/v of T+103bp. At the T+110bp pricing level, 21nc20 CONCESSION IS 7BP.

FINAL BOOKS: 

$1bn 6.25nc5.25 FRR - $2.500bn (2.5x) - PEAK $3.200bn

$750M 21nc20 FRR - $2.250bn (3.0x) - PEAK $2.900bn

[XCEL ENERGY]

Xcel Energy Inc (XEL) exp Baa2/BBB- (n/s) US$800m SEC registered fixed rate reset jr subordinated notes (with coupon floor) due 12/03/56.  First Call Date: September 3, 2031. Reset Date: December 3, 2031 (“First Reset Date”), and December 3 of every fifth year (“Reset Period”) after 2031. Interest Rate: Fixed rate until the First Reset Date, thereafter the interest rate resets on every Reset Date at the 5-year UST rate plus [ ]%, provided that the Interest Rate will not reset below the initial Interest Rate. Interest Payment Dates: Interest will be payable semi-annually in arrears on June 3 and December 3 of each year, beginning on June 3, 2026. Optional Redemption: At 100%, (i) on any day in the 90 days prior to the First Reset Date, and (ii) on any Interest Payment Date thereafterAt 100%, at any time following the occurrence and during the continuance of a Tax Event; At 102%, at any time following the occurrence and during the continuance of a Rating Agency Event. Optional Interest Deferral: 20 consecutive semi-annual Interest Payment Periods. UoP: To repay short-term borrowings, including a portion of outstanding commercial paper borrowings. Denominations: $2,000 x $1,000. Sales into Canada: Yes – Exemption. Sale into HK or China: No – All Solicitations Prohibited. CUSIP: 98389BBF6. ISIN: US98389BBF67. Pricing 02/26. Settle 03/03 (T+3). 

VIA Barc/Citi/Miz(B&D)/MUFG/TSI joint active books. 

Announced with benchmark size, we heard initial thoughts as 6.125-6.250% area.

Guidance came in at 5.75%#.

Ultimately, a $800m deal priced as follows:

$800m 5.75% 12/3/56 100.00 5.75%. Back-end reset: T+216.8.

As for r/v, this is XEL’s hybrid debut thus CONCESSION N/A.

COMPS AWAY:

NextEra Energy Capital (Baa2/BBB/BBB)
-NEE 6.700% due 09/01/54 nc 06/01/29 $103.90 (G188; 5.375% YTC) - $1bn pxd FEB 2024 b/e +236.4
-NEE 6.375% due 08/15/55 nc 05/15/30 $104.00 (G175; 5.306% YTC) - $1.5bn pxd FEB 2025 b/e +205.3

WEC Energy Group Inc (Baa2/BBB/BBB-)
-WEC 5.625% due 05/15/56 nc 02/15/31 $100.90 (G181; 5.421% YTC) - $600m pxd NOV 2025 b/e +190.5

Phillips 66 Co (Baa2/BBB-)
-PSX 5.875% due 03/15/56 nc 12/15/30 $100.50 (G215; 5.753% YTC) - $1bn pxd SEPT 2025 b/e +228.3

Dominion Energy Inc (Baa3/BBB-/BBB-)
-D 6.000% due 02/15/56 nc 11/15/30 $101.40 (G206; 5.649% YTC) - $1.45bn pxd AUG 2025 b/e +226.2

Eversource Energy (Baa3/BBB-/BB+)
-ES 6.100% due 08/15/56 nc 01/15/31 $100.60 (G223; 5.961% YTC) - $750m pxd FEB 2026 b/e +252.1

Alliant Energy Corp (Baa3/BBB-)
-LNT 5.750% due 04/01/56 nc 01/01/31 $99.60 (G224; 5.840% YTC) - $725m pxd SEPT 2025 b/e +207.7

Spire Inc (Baa3/BBB-)
-SR 6.250% due 06/01/56 nc 03/01/31 $100.50 (G252; 6.131% YTC) - $450m pxd NOV 2025 b/e +255.6

Seniors:

Xcel Energy Inc (Baa1/BBB/BBB+):

-XEL 2.600% 12/01/29 T+67bp (G62; $94.64) - $500m pxd NOV 2019
-XEL 3.400% 6/01/30 T+58bp (G63; $96.92) - $600m pxd MAR 2020
-XEL 5.600% 4/15/35 T+92bp (G102; $104.42) - $750m pxd MAR 2025

*** Pegging a 5y off their more recent Mar ‘35 G102, call 10y f/v at T+105bp. Minus 30bp for 10s/30s curve gets 5y 75bp. Call L5y f/v at 78bp.

UST 5y at 3.57%, add 78bp = 4.35%. At the 5.75% pricing level, the Sr-Sub DIfferential is 140bp.

NextEra Energy Capital (Baa1/BBB+/A-):

-NEE 4.400% 3/01/31 T+59bp (G59; $100.85) - $700m pxd FEB 2026
-NEE 5.450% 3/15/35 T+82bp (G91; $104.14) - $1bn pxd JAN 2025

WEC Energy Group Inc (Baa1/BBB+/BBB+):

-WEC 1.800% 10/15/30 T+67bp (G69; $89.65) - $450m pxd OCT 2020

Dominion Energy Inc (Baa2/BBB/BBB+):

-D 5.000% 6//15/30 T+60bp (G65; $103.00) - $800m pxd MAR 2025
-D 5.450% 3/15/35 T+95bp (G104; $103.22) - $700m pxd MAR 2025

American Electric Power (Baa2/BBB/BBB):

-AEP 5.200% 1/15/29 T+49bp (G49; $103.23) - $1bn pxd DEC 2023
-AEP 5.950% 11/01/32 T+88bp (G74; $108.04) - $500m pxd OCT 2022

Eversource Energy (Baa2/BBB/BBB):

-ES 4.450% 12/15/30 T+75bp (G76; $100.34) - $600m pxd OCT 2025
-ES 5.950% 7/15/34 T+91bp (G105; $106.61) - $700 pxd APRL 2024

CenterPoint Energy Inc (Baa2/BBB/BBB):

-CNP 2.650% 6/01/31 T+102bp (G99; $90.81) - $500m pxd MAY 2021

Entergy Corp (Baa2/BBB/NR):

-ETR 2.400% 6/15/31 T+82bp (G78; $90.47) - $650m pxd MAR 2021

Alliant Energy Finance (Baa2/BBB/NR):

-LNT 5.950% 3/30/29 T+74bp (G73; $104.84) - $300m pxd NOV 2023
-LNT 3.600% 3/01/32 T+110bp (G100; $94.21) - $350m pxd FEB 2022

 FINAL BOOKS:

$800M 30.75nc5.5 Jr Sub - $3.100bn (3.9x) - PEAK $5.000bn

[NATWEST]

NatWest Group PLC (NWG) exp Baa1/BBB+/A- (s/s/s) US$750m SEC registered 21nc20 fixed rate reset subordinated T2 notes due 3/3/47. Interest reset date/optional redemption date: 3/3/46. Tax Changes Call. Regulatory  / Capital Disqualification Call. Coupon: Fixed to Fixed, Semi-Annual, 30/360. If not redeemed on the Optional Redemption Date, the coupon resets on the Reset Date to benchmark vs the 1 year Constant Maturity Treasury from the H.15 publication plus the original spread. Set-off/Default events: Noteholder waives right to set-off; Limited events of Default - please refer to Preliminary Prospectus Supplement. Denoms: 200,000 x 1,000. Listing: NYSE. Selling restrictions: Sales to Canada – Yes, via exemptionPlease refer to Preliminary Prospectus Supplement for further selling restrictions. Governing Law: New York. UOP: gcp. Pricing 2/26. Settle 3/3 (T+3). 

VIA GS/JPM/NatWest (B&D)/TD/UBS/WFS joint active books.

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

Went straight to launch at $750m 21nc20 at T+130.

Ultimately, a $750m deal priced as follows:

$750m 5.908% 3/3/47 100.00 5.908%. T+130 (reset).

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

SENIORs:

-NWG 5.778% 3/01/35 nc34 T+76bp (G92; $106.52) -1.5bn pxd FEB 2024

*** Mar ‘35 nc’34 G92, call new issue 11nc10 sr at 100bp. Take away 10bp gets 21nc20 sr f/v at 90bp. 

LLOYDS has a ‘36 nc‘35 sr at G98, and a ‘36 nc’35 sub at G135, putting the sr-sub differential at 35bp.

90bp plus 35bp puts 21nc20 sub f/v at T+125bp. At the T+130bp pricing level, CONCESSION IS 5BP.

COMPS AWAY:

Lloyds Banking Group plc (A3/A-/A+)
-LLOYDS 4.943% 11/04/36 nc35T+96bp (G98; $99.44) - $1.25bn pxd OCT 2025
-LLOYDS 5.668% 2/10/47 nc46 T+90bp (G90; $101.54) - $1bn pxd FEB 2026

HSBC Holdings plc (A3/A-/A+)
-HSBC 5.133% 11/06/36 nc35 T+96bp (G98; $100.94) - $2.25bn pxd OCT 2025

Barclays plc (Baa1/BBB+/A)
-BACR 5.207% 2/24/37 nc36 T+115bp (G115; $100.07) - $1.5bn pxd FEB 2026
-BACR 5.860% 8/11/46 nc45 T+93bp (G96; $103.48) - $1.25bn pxd AUG 2025

BPCE SA (Baa1/BBB+)
-BPCEGP 5.417% 1/13/37 nc36 T+126bp (G127; $100.82) - $1.5bn pxd JAN 2026

Sub T2s:

NatWest Group plc (Baa1/BBB+/A-)
-NWG 6.475% 6/01/34 nc 03/01/29 T+108bp (G108; $105.46) - $1bn pxd FEB 2024

Also looking vs LLOYDS ‘36 nc’35 sub:

Lloyds Banking Group plc (Baa1/BBB+/A-)
-LLOYDS 6.068% 6/13/36 nc35 T+130bp (G135; $105.20) - $1.25bn pxd JUN 2025

*** ‘36 nc’35 G135 call 11nc10 sub f/v at 135bp. Take away 10bp gets 21nc20 sub f/v at T+125bp. At the T+130bp pricing level, CONCESSION IS 5BP.

HSBC Holdings plc (Baa1/BBB+/A-)
-HSBC 5.741% 9/10/36 nc35 T+122bp (G125; $103.51) - $1.5bn pxd SEP 2025

Commonwealth Bank of Australia (A2/A-/A-)
-CBAAU 5.929% 3/14/46 nc45 T+92bp (G97; $104.32) - $1.25bn pxd MAR 2025

Sumitomo Mitsui Financial Group (A2/BBB+)
-SUMIBK 5.796% 7/08/46 nc45 T+97bp (G101; $102.19) - $1bn pxd JUN 2025

BPCE SA (Baa2/BBB/BBB+)
-BPCEGP 6.347% 1/13/47 nc46 T+160bp (G161; $101.22) - $800m pxd JAN 2026

FINAL BOOK:

$750M 21nc20 Sub T2 - $1.850bn (2.5x) - PEAK $3.200bn

[BANK OF NEW YORK]

The Bank of New York Mellon Corp (BK) exp Baa1/BBB/BBB+ (s/s/s) US$500m SEC registered $1000 par fixed rate reset non-cumulative PerpNC5 pfd stock. First reset date March 20, 2031. Optional Redemption: Redeemable at par (i) in whole or in part, from time to time, on any dividend payment date on or after March 20, 2031 (ii) in whole but not in part at any time within 90 days following a Regulatory Capital Treatment Event. Dividend Rate: (i) From March 5, 2026 to, but excluding, March 20, 2031, at a fixed rate of [•]% per annum and (ii) from and including March 20, 2031, during each five-year Reset Period, at a rate per annum equal to the five-year U.S. Treasury rate as of the most recent Reset Dividend Determination Date, plus [•]%. DRD/QDI Eligible: Yes. Denoms: 1,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: General Corporate Purposes, which may include, but is not limited to, repurchases or redemptions of the Issuer’s preferred stock, including, but not limited to, some or all of the Issuer’s outstanding Series F Preferred Stock and related depositary shares. Pricing 2/26. Settle 3/5 (T+5). CUSIP: 064058AS9. ISIN: US064058AS96.

VIA  Barc/BofA (B&D)/BNY/Citi/DB joint books.

Announced with benchmark size, we heard initial thoughts as 6% area.

Went straight to launch at $500m PerpNC5 at 5.625%.

Ultimately, a $500m deal priced as follows:

$500m, 5.625% at 100. Back-end reset: T+203.4.

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

-BK 5.950% due Perp NC 12/20/30 $103.00 (G167; 5.235% YTC) - $500m pxd SEPT 2025 b/e +227.1

*** NC Dec ’30 5.235% YTC, add 2bp for curve = 5.25%.

Outstanding b/e 227.1 minus outstanding G167 = 60.1 * 0.2 = 12.02bp.

Outstanding b/e 227.1 minus new issue b/e 203.4 = 23.7 * 0.3 = 7.11

Add 12bp for b/e differential gets f/v to 5.375%. At the 5.625% pricing level, CONCESSION IS 25BP.

Perps:

JPMorgan Chase & Co (Baa1/BBB)
-JPM 6.500% Perp NC 04/20/30 $104.25 (G185; 5.373% YTC) - $3bn pxd JAN 2025 b/e +215.2

State Street (Baa1/BBB)
-STT 6.450% Perp NC 09/15/30 $103.63 (G203; 5.581% YTC) - $750m pxd JAN 2025 b/e +213.5

Bank of America Corp (Baa2/BBB-/BBB+)
-BAC 6.250% Perp NC 07/26/30 $102.75 (G204; 5.581% YTC) - $2.5bn pxd JUL 2025 b/e +235.1

Seniors:

Bank of New York Mellon (Aa3/A)
-BK 5.316% 6/06/36 nc35 T+72bp (G77; $104.50) - $750m pxd JUN 2025 

JPMorgan Chase & Co (A1/A)
-JPM 4.898% 1/22/37 nc36 T+79bp (G79; $100.60) - $3bn pxd JAN 2026 

State Street (Aa3/A)
-STT 4.784% 10/23/36 nc35 T+76bp (G78; $99.90) - $1bn pxd OCT 2025

Bank of America (A1/A-)
-BAC 5.045% 2/06/37 nc36 T+82bp (G83; $101.50) - $3.75bn pxd FEB 2026 

FINAL BOOK:

$500M PerpNC5 - $2.300bn (4.6x) - PEAK $3.500bn

[BLACKSTONE SECURED LENDING]

Blackstone Secured Lending Fund (BXSL) exp Baa2/BBB-/BBB (s/p/s) US$400m SEC registered 3.5y FXD sr notes due 9/4/29. MWC then 1mo par call (8/4/29). 100 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: The Company intends to use the net proceeds of this offering for general corporate purposes. Pricing 2/26. Settle 3/3 (T+3). Cusip: 09261XAM4. ISIN: US09261XAM48.

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

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

Guidance came in at T+200#.

Ultimately, a $400m deal priced as follows:

$400m 5.25% 9/4/29 99.345 5.458% T+200. MW+30.

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

-BXSL 5.350% due 04/13/28 T+167bp (G167; $100.4) - $700M pxd Oct 2024
-BXSL 5.300% due 06/30/30 T+202bp (G206; $98.7) - $500M pxd Feb 2025
-BXSL 5.125% due 01/31/31 T+210bp (G211; $97.5) - $500M pxd 10/06/25 +155

** Outstanding Jan 31s G211; minus 25bp for L3s/5s curve, call f/v T+185bp f/v. At the T+200bp pricing level, CONCESSION IS 15BP.

Comps away:

Blackstone Private Credit (Baa2/BBB-)
-BCRED 7.300% due 11/27/28 T+186bp (G185; $105.0) - $646M pxd Oct 2024
-BCRED 5.600% due 11/22/29 T+206bp (G201; $100.2) - $399M pxd Apr 2025
-BCRED 5.350% due 03/12/31 T+231bp (G231; $97.6) - $700M pxd Jan 2026
-BCRED 6.000% due 01/29/32 T+248bp (G239; $99.6) - $1bn pxd Jan 2025

Ares Capital Corp (Baa2/BBB/BBB)
-ARCC 2.875% due 06/15/28 T+144bp (G144; $95.6) - $1.25bn pxd Jun 2021
-ARCC 5.950% due 07/15/29 T+180bp (G178; $102.1) - $850M pxd May 2024
-ARCC 5.100% due 01/15/31 T+198bp (G199; $97.9) - $650M pxd 09/02/25 +160
-ARCC 5.250% due 04/12/31 T+202bp (G201; $98.3) - $750M pxd Jan 2026

Sixth Street Lending Partners (Baa3/BBB-)
-SIXSLP 6.500% due 03/11/29 T+177bp (G177; $103.5) - $750M pxd Dec 2024
-SIXSLP 6.125% due 07/15/30 T+205bp (G210; $101.8) - $750M exch. 11/25/25

HPS Corporate Lending (Baa2/BBB-)
-HLEND 5.150% due 04/02/29 T+194bp (G193; $99.2) - $350M pxd Jan 2026
-HLEND 5.650% due 04/02/31 T+225bp (G224; $99.1) - $400M pxd Jan 2026
-HLEND 5.950% due 04/14/32 T+230bp (G219; $100.2) - $500M pxd Feb 2025

Apollo Debt Solutions (Baa3/BBB-/BBB-)
-APODS 5.200% due 12/08/28 T+191bp (G190; $99.5) - $400M pxd 12/03/25 +170
-APODS 6.900% due 04/13/29 T+203bp (G203; $103.9) - $998M exch. Feb 2025
-APODS 5.700% due 01/23/31 T+222bp (G223; $99.5) - $750M pxd Jan 2026

FINAL BOOKS:

$400M 3.5yr - $850M (2.1x) - PEAK $1.400bn

[WESTERN UNION]

The Western Union Co (WU) exp Baa2/BBB (s/s) US$450m (up from $400m) SEC registered 3y FXD sr notes due 6/15/29. MWC then 1mo par call (5/15/29). 101 CoC upon change of control repurchase event. Coupon step-up language: The interest rate payable on the notes will be subject to adjustments from time to time if Moody's or S&P downgrades (or if either subsequently upgrades) the debt rating assigned to such notes. If the rating from Moody's or S&P with respect to the notes is decreased to a rating set forth with respect to that Applicable Rating Agency, the per annum interest rate on the notes will increase: 0.25% at Ba1 or BB+, 0.50% at Ba2 or BB, 0.75% at Ba3 or BB-, and 1.00% at B1 or below or B+ or below. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: The Company intends to use the net proceeds from the sale of the notes, together with proceeds from other funding sources, to repay at maturity all $600.0 million of the outstanding 1.350% notes due 2026 and to pay any accrued interest in respect thereof. Marketing: https://dealroadshow.com Passcode: WU2026. Pricing 2/26. Settle 3/9 (T+7). Cusip: 959802BB4. ISIN: US959802BB45.

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

Announced as $400m, we heard initial price thoughts as T+150 area.

Went straight to launch at $450m 3y at T+130.

Ultimately, a $450m deal priced as follows:

$450m 4.75% 6/15/29 99.939 4.763% T+130. MW+20.

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

-WU 2.750% due 03/15/31 T+95bp (G95; $91.88) - $300M pxd Feb 2021 coupon steps

Given that the outstanding doesn’t trade and Western Union hasn’t priced any deal since then, the official call is CONCESSION IS N/A. 

Though investors mostly pointed to GPN for some levels:

Global Payments Inc (Baa3/BBB-/BBB)
-GPN 4.500% due 11/15/28 T+95bp (G95; $100.18) - $1.75bn pxd 11/06/25 +95 no step
-GPN 4.875% due 11/15/30 T+128bp (G130; $99.89) - $1.7bn pxd 11/06/25 +120 no step

** GPN Nov 28s G95; with 28s/30s at 35bp, each month worth ~1.46bp; add 10bp for 7 mos extension to get to new GPN 3y f/v of T+105bp

For context, WU priced Mar 31s at a +140bp spread on 2/23/21 for its Mar 31s with coupon steps. Meanwhile, GPN priced Nov 31s at +130 no coupon steps in November of the same year. MU was about 10bp wide of GPN.

Today’s deal landed about 25bp wide of GPN. 

Other comps away:

Block Financial LLC (Baa3/BBB)
-HRB 2.500% due 07/15/28 T+109bp (G109; $95.39) - $500M pxd Jun 2021 coupon steps
-HRB 3.875% due 08/15/30 T+155bp (G158; $94.90) - $650M pxd Aug 2020 coupon steps

FINAL BOOKS:

$450M 3yr - $1.125bn (2.5x) - PEAK $1.300bn

[AMEREN]

Ameren Corp (AEE) exp Baa1/BBB (s/s) US$400m (no grow) SEC registered 10y FXD sr notes due 5/15/36. MWC then 3mos par call (2/15/36). Special Redemption: 101 upon at Tax Credit Event. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Sale into HK or China: No - All Solicitations Prohibited. UOP: general corporate purposes, including to repay short-term debt, including short-term debt incurred to refinance the 3.65% senior notes due 2026 upon maturity. Pricing 2/26. Settle 3/4 (T+4). CUSIP: 023608AS1. ISIN: US023608AS14.

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

Announced as $400m (no grow), we heard initial price thoughts as T+125 area.

Went straight to launch at T+100.

Ultimately, a $400m deal priced as follows:

$400m 5.00% 5/15/36 99.802 5.023% T+100. MW+15.

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

-AEE 5.375% due 03/15/35 T+86bp (G94; $103) - $750M pxd Feb 2025

** Outstanding Mar 35s G94; with some quoting it as high as G96, call it G95 in the middle; plus 2bp for curve to get to new 10y f/v T+97bp. At the T+100bp pricing level, CONCESSION IS 3BP.

With cash bonds widening out intraday, nic looks relatively flatter intraday, but ultimately, we are going with the pre-announcement levels for concession. 

Comps away:

Exelon Corp (Baa2/BBB+)
-EXC 4.950% due 03/15/36 T+97bp (G97; $99.5) - $775M pxd 02/18/26 +92

DTE Energy Co (Baa2/BBB/BBB)
-DTE 5.050% due 10/01/35 T+90bp (G95; $101) - $550M pxd 09/09/25 +102

Duke Energy Corp (Baa2/BBB)
-DUK 4.950% due 09/15/35 T+90bp (G94; $100) - $1bn pxd 09/08/25 +95

FINAL BOOKS:

$400M 10yr - $1.050bn (2.6x) - PEAK $1.850bn

[RLI CORP]

RLI Corp (RLI) exp Baa2/BBB (s/s) US$300m SEC registered 10y sr notes due 6/1/36. MWC then 3mos par call (3/1/36). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Marketing: https://dealroadshow.com Passcode: RLI2026. Pricing 2/26. Settle 3/3 (T+3). Cusip: 749607AD9. ISIN: US749607AD95.

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

Announced as $300m, we heard initial price thoughts as T+155 area.

Went straight to launch at $300m 10y at T+135.

Ultimately, a $300m deal priced as follows:

$300m 5.375% 6/1/36 99.978 5.379% T+135. MW+25.

As for r/v, the last time RLI was in the market was in 2013, so today’s deal is essentially a re-debut, CONCESSION IS N/A.

Comps away:

American Financial Group (Baa1/BBB+)
-AFG 5.000% due 09/23/35 T+110bp (G113; $98.87) - $350M pxd 09/16/25 +108

CNA Financial Corp (Baa2/A-/BBB+)
-CNA 5.200% due 08/15/35 T+110bp (G116; $100.44) - $500M pxd 08/05/25 +103

Old Republic International (Baa2/BBB+)
-ORI 5.750% due 03/28/34 T+98bp (G115; $104.62) - $400M pxd Mar 2024

Selective Insurance Group (Baa2/BBB/BBB+)
-SIGI 5.900% due 04/15/35 T+113bp (G121; $105.14) - $400M pxd Feb 2025

Hanover Insurance Group (Baa2/BBB)
-THG 5.500% due 09/01/35 T+117bp (G123; $102.10) - $500M pxd 08/19/25 +120

FINAL BOOKS:

$300M 10yr - $550M (1.8x) - PEAK $825M

[M&A TODAY]

Fidelity National Information Services Inc “FIS” (Baa2/BBB/BBB) announced a series of fixed income investor calls today. A USD deal with short-dated tenors and a EUR deal with a 2yr FRN and/or FXD and 4yr FXD tenors may follow. UOP will go towards repaying their term loan facility used for their acquisition of Issuer Solutions. 

FIS announced a $12bn acquisition of Issuer Solution from Global Payments on 4/17/25. They planned on funding the purchase price with the Sale of Worldpay and an $8bn bridge facility. On 5/1/25, FIS fully replaced their $8bn bridge facility with an $8bn 364-day term loan. The acquisition of Issuer Solutions was then completed earlier this year on 1/12/26.

Dubai Aerospace Enterprise Ltd "DAE" (Baa2/NR/BBB) entered an agreement to acquire Macquire AirFinance Ltd "MAF" for $7bn in cash.

DAE plans on funding the transaction with new debt and equity. A potential deal could emerge from DAE Funding LLC "DUBAE" (Baa2/NR/BBB) guaranteed by Dubai Aerospace Enterprise which recently issued a $600m deal in January 2026.

The transaction is expected to close by Q4 2026.

Allen Overy Shearman Sterling LLP and KPMG are the financial advisors to DAE.

https://dubaiaerospace.com/2026/02/26/dae-to-acquire-macquarie-airfinance-limited-in-an-all-cash-transaction/

[LATAM/SSA FYI]

[ENTRE RIOS]

The Province of Entre Rios exp Caa1/CCC+ US$ benchmark 144A/Reg S 6-year WAL senior unsecured notes due 03/04/2033. Annual amortizations equal to 33.33% in 2031, 33.33% in 2032, and 33.34% in 2033 (6-year weighted average life).

Use of Proceeds: Pay for the tender offer for 2028 Notes, repay/refinance other existing indebtedness, and fund the development of infrastructure projects and public works. Coupon Type: Fixed Rate, payable semi-annually (30/360). Optional redemption: MWC, 2-months Par Call, Tax Call. Denoms: $10k x $1k. Governing law: State of New York. Listing: BYMA/A3 Mercados. Marketing: URL: https://dealroadshow.com, Entry Code: PERFEB26, Direct Link: https://dealroadshow.com/e/PERFEB26. Canada Sales: Yes, via exemption. 144A CUSIPs/ISINs: 29384NAB0 / US29384NAB01. Reg S CUSIPs/ISINs: P37341AC1 / USP37341AC17.

Price: 02/26. Settle: 03/04 (T+4).

VIA BBVA/BofA/Santander (B&D) as joint bookrunners.

International selling agents: Balanz, Puente Hnos. Argentine placement agents: Balanz, Puente Hnos., Santander Argentina. Manager: Nuevo Banco de Entre Ríos S.A.

IPTs: 10% area

GUIDANCE: 9.875%# (the number)

LAUNCH: $300m @ 9.875%

PRICED: $300m 9.550% 03/04/2033 @ 98.560 yld 9.875%. MW+50

FINAL BOOK: $350m (1.17x). PEAK - $425m.

As for r/v, with just $232.874m of the ENTRIO 8.25% step-up 08/08/2028 bonds outstanding, and the province tendering for these bonds, CONCESSION IS N/A.

One Argentine strategist was looking at this versus the sovereign, where the curve has little rhyme or reason ("impossible to trade atm", in the words of one market participant this week). The best reference is perhaps the $20.5bn 07/09/2035 notes (6.88-yr ave life), which he saw at around 9.5% – though a source
close to the deal estimated that the new issue, at 9.875%, was 50bp over the sovereign. In this context, the strategist said at the start of the day that he thought the bonds looked attractive anywhere above 9.70%.

The three Argentine provinces and cities to have issued in the last year have been arguably the three strongest issuers from that universe: the provinces of Córdoba (B3/B-) and Santa Fe (B3/B-), and the City of Buenos Aires (B2/B-/B-). All three of those priced well inside the federal government, and are rated
above the sovereign (Caa1/CCC+/CCC+). Meanwhile, Moody’s and S&P have Entre Ríos in line with the sovereign at Caa1/CCC+ (Fitch actually affirmed the province’s rating at CC before withdrawing it last week, and does not rate the new issue).

In any case, the deal certainly represented a step into unchartered territory in the re-emergence of sub-sovereign supply. Indeed, S&P even took the rare step – for a rating agency – of commenting on market conditions: "it signals modest improvement in market confidence after the debt restructurings that most provinces carried out in 2020-2021", said the agency upon rating the new notes -- though it did write that when it expected the new issue to be "up to $500m".

Ultimately, Entre Ríos printed $300m, with one observer suggesting the deal may have struggled to find an audience as it was neither a safer credit than the sovereign, nor did it offer enough of a pick-up to the sovereign given its small size. But the universe of potential province buyers is fairly limited already, which adds some context to the modest-looking book, and suggests it didn’t come as too much of a surprise.

And despite the “up to $500m” touted in rating agency reports, the central purpose of the exercise was to buy back the 2028s, of which there is just over $232m outstanding, and this was easily covered. “I think the size was quite good in that context,” said one source. The balance of use of proceeds will be used for local refinancing.

On the pricing, when Entre Ríos issued in 2017 it came around 200bp over Province of Córdoba (PDCAR). Today Entre Ríos came around 100bp wide of its larger peer. Some suggested, then, that – given ratings and historical differentials – coming at that level (and around 50bp wide of the sovereign) was in fact quite impressive.

A different DCM banker in Buenos Aires concurred: "I thought it was a good result for a deal of this nature," he said.

We heard local demand was, as usual for Argentine deals, fairly meaningful.

[NEW MANDATES & MARKETING]

Fidelity National Information Services, Inc. (“FIS”, “the Company”) (Ticker: FIS) (Country: US), rated Baa2 (stable) at Moody’s, BBB (stable) at S&P, and BBB (stable) at Fitch, has mandated Goldman Sachs & Co. LLC, Wells Fargo Securities, Citigroup, J.P. Morgan, and TD Securities to arrange two fixed income investor calls that will be held on Friday, February 27th.

A potential offering of SEC-registered, senior unsecured notes across front-end USD-denominated tenors and EUR-denominated 2yr FRN and/or FXD and 4yr FXD tenors is expected to follow, subject to market conditions.

A Roadshow presentation and preliminary prospectus supplements have been made available.

Goldman Sachs & Co. LLC is coordinating logistics.

Company Participants:

• James Kehoe – Chief Financial Officer

• Arthur Lim – EVP, Treasurer

• George Mihalos – SVP, Head of Investor Relations

• Sean Walsh – VP, Finance

Investor Call Schedule: Friday, February 27th

• 8:30am – 9:15am ET / 1:30pm – 2:15pm GMT (https://evercall.co/oacc/43062)

• 11:30am – 12:15pm ET / 4:30pm – 5:15pm GMT (https://evercall.co/oacc/64523)

Electronic Presentation:

Direct Link: https://dealroadshow.com/e/FNIS2026

URL: https://dealroadshow.com

Password: FNIS2026

About FIS:

FIS is a financial technology company providing solutions to financial institutions and businesses. We unlock financial technology to the world across the money lifecycle underpinning the world’s financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology.