Expectations were very high for this week with the average estimate of $65.4bn being one of the largest weekly estimates since 2020. However, rising geopolitical tensions and broader market volatility kept issuance subdued. Monday delivered the second goose of the year, followed by just one deal pricing on Tuesday.

With equities in the green this morning, five issuers took advantage of the window. Many others continued to hold off, waiting for greater stability rather than testing the waters. For those that did move forward, the decision paid off: the day’s deals achieved an average IPT-to-PXD tightening of -33.86 (3rd largest YTD) and an average oversubscription of 6.29x (largest YTD).

LARGEST AVG IPT-PXD MOVE DAYS 2026					LARGEST AVG O/S DAYS 2026
DATE	VOLUME	DEAL	TRANCHES	AVG IPT-PXD	DATE	VOLUME	DEAL	TRANCHES	AVG O/S
1/20/26	$1,000	2	3	-35.50	3/4/26	$17,650	5	14	6.29
1/8/26	$4,821	7	7	-34.71	2/9/26	$23,800	2	11	5.58
3/4/26	$17,650	5	14	-33.86	1/14/26	$12,650	7	15	5.45
2/12/26	$4,350	3	5	-30.20	2/2/26	$27,600	2	11	5.38
2/2/26	$27,600	2	11	-30.18	1/12/26	$7,700	4	9	5.24

We expect the deals that stood down today - along with additional names entering the pipeline - to look again tomorrow, assuming markets remain constructive overnight. Four issuers also held investor calls today, including Baker Hughes, which could bring another jumbo transaction to the market. Additionally, three issuers from February investor call dates remain in the pipeline.

$17.65bn ultimately priced on the day, led by M&A-driven supply from ETN ($8.5bn) and FIS ($6.8bn), which accounted for the bulk of issuance, along with two utilities, and another yankee industrial. Both utilities had quite impressive books. DUK (Indiana) ended 17.45x covered, the second highest tranche for the year to come behind only CFG’s 17.50x on its 10nc5 sub notes from 01/22/26, helped by books that grew after launch. ETR (Mississippi) was 10.31x covered and fell just 1.47% from peak.

ETN was able to price a 3bp 10s/30s curve, tightest since CRHID on 10/6/25. Looking back through 2021, it tied BAC for 5th tightest 10s/30s curve.

TIGHTEST 10s/30s CURVES 2021-2026
DATE	Ticker	Top Sector	MDY	SP	Size	Mat	Coupon	Spread	10/30s DIF
1/21/25	GS	fin	A2	BBB+	$3,000	11nc10	5.536%	97	-5
1/21/25	GS	fin	A2	BBB+	$3,000	31nc30	5.734%	92	-5
1/5/21	SINOPE	yind	A1	A+	$1,200	10	2.300%	140	-2
1/5/21	SINOPE	yind	A1	A+	$650	30	3.100%	138	-2
10/6/25	CRHID	yind	Baa1	BBB+	$1,000	10.5	4.400%	85	0
10/6/25	CRHID	yind	Baa1	BBB+	$500	30.5	5.000%	85	0
5/12/25	CAT	ind	A2	A	$1,700	10	5.200%	78	2
5/12/25	CAT	ind	A2	A	$300	30	5.500%	80	2
3/4/26	ETN	ind	A3	A-	$2,000	10	4.800%	75	3
3/4/26	ETN	ind	A3	A-	$1,000	30	5.450%	78	3
7/15/21	BAC	fin	A2	A-	$3,750	11nc10	2.299%	100	3
7/15/21	BAC	fin	A2	A-	$2,000	31nc30	2.972%	103	3

DUK's final book of $8.725bn finished 17.45x which ranks as the largest oversubscribed deal as a whole through 2020 based on our data:

2020-26 Most Oversubscribed Deals
DATE	Ticker	DEAL	Tranches	BOOK	O/S	IPT-PXD	Top Sector	MDY	SP	FTCH
3/4/26	DUK	$500	1	$8,725	17.45	-35.00	util	Aa3	A
6/4/20	PTTEP	$500	1	$8,000	16.00	-75.00	yind	Baa1	NR	BBB+
3/26/20	CSX	$500	1	$7,900	15.80	-67.50	ind	Baa1	BBB+
1/17/23	WOORIB	$600	1	$9,000	15.00	-40.00	yfin	A1	A+
8/26/20	TME	$800	2	$11,600	14.50	-45.00	yind	A2	A	A
6/3/20	STX	$500	1	$7,200	14.40	-50.00	ind	Baa3	BB+	BBB-
7/22/20	LII	$600	2	$8,500	14.17	-55.00	ind	Baa3	BBB
3/25/20	MMM	$1,750	3	$24,600	14.06	-48.33	ind	A1	A+
3/24/20	KMB	$750	1	$10,500	14.00	-50.00	ind	A2	A

FIS' $6.8bn deal over 2s, 3s, and 5s ranks as the 3rd largest deal that are 5yrs and in:

Largest 5yrs and in Deals
DATE	Ticker	DEAL	Tranches	Book	O/S	NIC	IPT-PXD	Top Sector	MDY	SP	FTCH
2/2/21	BA	$9,825	3	$19,600	1.99	18.33	-21.67	ind	Baa2	BBB-	BBB-
3/1/21	GS	$7,000	6	$0	0.00	8.33	-15.67	fin	A2	BBB+	A
3/4/26	FIS	$6,800	4	$21,700	3.19	18.75	-30.00	fin	Baa2	BBB	BBB
5/21/25	C	$6,500	4	$13,200	2.03	-2.00	-27.00	fin	Aa3	A+	A+
11/17/25	MS	$6,000	3	$12,200	2.03	3.00	-20.00	fin	Aa3	A+	AA-
7/17/25	MS	$6,000	3	$0	0.00	1.33	-18.67	fin	Aa3	A+	AA-
4/15/25	GS	$6,000	3	$17,000	2.83	3.00	-20.00	fin	A2	BBB+	A
1/16/25	WFC	$6,000	3	$19,700	3.28	0.33	-26.17	fin	A1	BBB+	A+
3/10/22	GS	$6,000	4	$0	0.00	20.00	-15.00	fin	A2	BBB+	A
3/19/21	T	$6,000	3	$12,800	2.13	-1.33	-25.00	ind	Baa2	BBB	BBB+
5/10/18	HSBC	$6,000	3	$19,500	3.25	1.50	-18.67	yfin	A2	A	WD
1/16/18	WFC	$6,000	4	$7,999	1.33	5.00	-12.25	fin	Aa2	AA-	NR
2/4/10	BRK	$6,000	5	$0	0.00	#DIV/0!	#DIV/0!	ind	Aa2	AA+

As for coupons and spreads notables:

CP’s 30yr at T+85 ranks as the 2nd tightest BBB spread through 2009 only behind GEV’s +78 on 2/2/26:

2009-26 BBB 30yr LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
2/2/26	GEV	ind	NR	BBB	BBB+	$1,000	30	2/4/56	5.500%	78
3/4/26	CNP	yind	Baa1	BBB+		$600	30	3/15/56	5.500%	85
10/6/25	CRHID	yind	Baa1	BBB+		$500	30	2/9/56	5.600%	85
12/1/20	CSX	ind	Baa1	BBB+		$500	31	5/15/51	2.500%	85
2/10/26	COR	ind	Baa1	BBB+	A-	$500	30	2/13/56	5.650%	90
1/29/24	NOC	ind	Baa1	BBB+	BBB+	$1,150	31	6/1/54	5.200%	90
9/8/25	LNT	util	Baa1	BBB+		$300	30	10/1/55	5.600%	95
2/17/26	AMGN	ind	Baa1	BBB+	BBB+	$750	30	2/19/56	5.650%	97
2/3/26	NEE	util	Baa1	BBB+	A-	$600	30	3/1/56	5.850%	97
10/6/25	TMUS	ind	Baa1	BBB	BBB+	$1,000	30	1/15/56	5.700%	98
1/6/26	ORAFP	yind	Baa1	BBB+	BBB+	$500	30	1/13/56	5.750%	100
9/18/25	T	ind	Baa2	BBB	BBB+	$1,500	29	11/1/54	5.700%	100

CP’s 3y at T+50 ranks as the 2nd tightest BBB Yankee spread through 2009 (ties with ORAFP on 1/6/26):

2009-26 BBB Yankee 3yr LOW SPREADS
DATE	Ticker	Top Sector	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
10/7/21	TRPCN	yind	Baa1	BBB+	A-	$1,250	3	10/12/24	1.000%	45
3/12/21	BCECN	yind	Baa1	BBB+		$600	3	3/17/24	0.750%	45
3/4/26	CNP	yind	Baa1	BBB+		$600	3	3/15/29	4.000%	50
1/6/26	ORAFP	yind	Baa1	BBB+	BBB+	$750	3	1/13/29	4.000%	50
4/21/21	CCE	yind	Baa1	NR	BBB+	$650	3	5/3/24	0.800%	50
5/25/21	EMACN	yutil	Baa3	BBB-	BBB	$300	3	6/15/24	0.833%	53
1/2/18	SANUK	yfin	Baa1	BBB	NR	$500	3	1/5/21	2.500%	53
9/24/25	ATDBCN	yind	Baa1	BBB+		$700	3	9/29/28	4.148%	55
5/7/24	IR	yind	Baa2	BBB	BBB	$700	3	6/15/27	5.197%	55
10/2/12	HEIANA	yind	Baa1	BBB+		$500	3	10/1/15	0.800%	55

ETN’s 30y pricing at 5.450% ties for the 4th lowest coupon through 2025, CP is right behind at 5.50% and ties for the lowest for a BBB :

2025-26 Overall 30yr low coupons
DATE	Ticker	Top Sector	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
4/28/25	GOOGL	ind	Aa2	AA+		$1,500	30	5/15/55	5.250%	62
11/3/25	NOVNVX	ind	Aa3	AA-		$550	30	11/5/55	5.300%	65
10/27/25	APH	ind	A3	A-		$1,650	30	11/15/55	5.300%	75
10/20/25	CARGIL	ind	A2	A		$750	30	10/23/55	5.375%	80
3/4/26	ETN	ind	A3	A-		$1,000	30	3/6/56	5.450%	78
11/17/25	AMZN	ind	A1	AA	AA-	$3,000	30	11/20/55	5.450%	75
11/3/25	GOOGL	ind	Aa2	AA+		$4,000	30	11/15/55	5.450%	82
9/18/25	ATO	util	A2	A-		$600	30	1/15/56	5.450%	77
3/4/26	CNP	yind	Baa1	BBB+		$600	30	3/15/56	5.500%	85
2/23/26	ABT	ind	Aa3	AA-		$3,750	30	3/15/56	5.500%	80
2/2/26	GEV	ind	NR	BBB	BBB+	$1,000	30	2/4/56	5.500%	78
11/3/25	BRKHEC	util	Aa2	A		$400	31	11/15/56	5.500%	85
9/24/25	SO	util	A3	A	A	$500	30	10/1/55	5.500%	77
5/12/25	CAT	ind	A2	A	A+	$300	30	5/15/55	5.500%	80
2/27/25	PEG	util	A1	A		$500	30	3/1/55	5.500%	98
2/19/25	CSCO	ind	A1	AA-		$750	30	2/24/55	5.500%	75
2/10/25	LLY	ind	Aa3	A+		$1,250	30	2/12/55	5.500%	80

CP’s 3yr pricing at 4.000% ties for the 3rd lowest BBB coupon through 2023:

2023-26 BBB 3yr LOW COUPONS
DATE	Ticker	Top Sector	MDY	SP	FTCH	Size	Mat	Final	Coupon	Spread
2/17/26	HWM	ind	Baa1	BBB+	A-	$300	3	4/15/29	3.900%	43
2/10/26	COR	ind	Baa1	BBB+	A-	$500	3	2/13/29	3.950%	48
3/4/26	CNP	yind	Baa1	BBB+		$600	3	3/15/29	4.000%	50
1/6/26	ORAFP	yind	Baa1	BBB+	BBB+	$750	3	1/13/29	4.000%	50
11/18/25	STLD	ind	Baa2	BBB	BBB+	$650	3	12/15/28	4.000%	63
9/23/25	LOW	ind	Baa1	BBB+		$750	3	10/15/28	4.000%	47

Here’s today’s rundown:

[EATON CORP]

Eaton Corp (ETN) exp A3/A- (s/s) US$8.5bn SEC registered 7-part sr notes (2y FXD and/or FRN due 3/6/28, 3y FXD due 3/6/29, 5y FXD due 3/6/31, 7y FXD due 3/6/33, 10y FXD due 3/6/36 and 30y FXD due 3/6/56). MWC FXD tranches. 1mo par call on 3y (2/6/29), 1mo on 5y (2/6/31), 2mos on 7y (1/6/33), 3mos on 10y (12/6/36) and 6mos on 30y (9/6/55). 101 CoC.Denoms: 200,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: General corporate purposes, including to consummate the previously disclosed acquisition of Boyd Thermal. Pricing 3/4. Settle 3/6 (T+2).

VIA Citi (B&D 2y/3y/5y and 30y)/MS (B&D on 7y and 10y)/Barc/BofA/JPM joint active books.

Announced with benchmark size, final size came in at $8.5bn with price progression as follows:

2yr FRN - IPT SOFR equiv; GDNC dropped at guidance

2yr FXD - IPT T+70 area; GDNC T+35#; PXD $1.5bn 3.85% 3/6/28 99.926 3.889% T+35. MW+10.

3yr - IPT T+80 area; GDNC T+43#; PXD $1.5bn 3.95% 3/6/29 99.916 3.980% T+43. MW+10.

5yr - IPT T+95 area; GDNC T+58#; PXD $1.5bn 4.20% 3/6/31 99.781 4.249% T+58. MW+10.

7yr - IPT T+105 area; GDNC T+65#; PXD $1bn 4.50% 3/6/33 99.929 4.512% T+65. MW+10.

10yr - IPT T+110 area; GDNC T+75#; PXD $2bn 4.80% 3/6/36 99.788 4.827% T+75. MW+15.

30yr - IPT T+120 area; GDNC T+78#; PXD $1bn 5.45% 3/6/56 99.357 5.494% T+78 MW+15.

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

· ETN 4.350% due 05/18/28 T+35bp (G35; $101.00) - $500m pxd MAY 2023

· ETN 4.450% due 05/09/30 T+46bp (G52; $101.30) - $500m pxd MAY 2025

· ETN 4.150% due 03/15/33 T+21bp (G43; $99.10) - $1.3bn pxd AUG 2022

· ETN 4.700% due 08/23/52 T+70bp ($89.70) - $700m pxd AUG 2022

Focusing mostly of their most recent May ‘30s trade.

*** 5yr: 3s/5s curve is worth 15bp so call ’30 / ’31 curve about 7-8bp. Going off most recent Mar ’30 G52, add 7-8bp for ‘30/’31 curve get f/v to T+60bp. At the T+58bp pricing level, 5yr CONCESSION IS NEG 2BP.

*** 3yr: 3s/5s curve is worth 15bp so call ’30 / ’31 curve about 7-8bp. Going off most recent Mar ’30 G52, take away 7-8bp for ’30 / ’29 curve gets f/v to T+45bp. At the T+43bp pricing level, 3yr CONCESSION IS NEG 2BP.

*** 2yr: May ’28 G35, call f/v at T+35bp. Also looking at 3y f/v at T+45, take away 10bp for IPT curve gets f/v to T+35bp. At the T+35bp pricing level, 2yr CONCESSION IS FLAT.

*** 7yr: 5y f/v at T+60, add 10bp for IPT curve gets f/v to T+70bp. At the T+65bp pricing level, 7yr CONCESSION IS NEG 5BP.

*** 10yr: 7y f/v at T+70, add 5bp for IPT curve gets f/v to T+75bp. At the T+75bp pricing level, 10yr CONCESSION IS FLAT.

*** 30yr: 10y f/v at T+75, add 10bp for IPT curve = 85bp. At the T+78bp pricing level, 30yr CONCESSION IS NEG 7BP.

Industry Peers:

Parker Hannifin Corp (A3/BBB+/A-)

· PH 4.500% due 09/15/29 T+53bp (G50; $101.40) - $1bn pxd JUN 2022

· PH 4.000% due 06/14/49 T+79bp ($80.80) - $800m pxd JUN 2019

Emerson Electronic Co (A2/A)

· EMR 2.000% due 12/21/28 T+40bp (G39; $95.00) - $1bn pxd DEC 2021

· EMR 2.200% due 12/21/31 T+57bp (G49; $89.70) - $1bn pxd DEC 2021

· EMR 5.000% due 03/15/35 T+61bp (G70; $102.20) - $500m pxd FEB 2025

· EMR 2.800% due 12/21/51 T+73bp ($63.40) - $1bn pxd DEC 2021

· TEL 4.500% due 02/09/31 T+62bp (G63; $101.00) - $650m pxd APR 2025

Tyco Electronics Group (A3/A-/A-)

· TEL 4.875% due 02/09/36 T+71bp (G73; $100.60) - $550m pxd JAN 2026

Amphenol Corp (A3/A-)

· APH 3.900% due 11/15/28 T+40bp (G39; $100.00) - $750m pxd OCT 2025

· APH 4.125% due 11/15/30 T+46bp (G48; $100.00) - $1bn pxd OCT 2025

· APH 4.400% due 02/15/33 T+67bp (G67; $99.30) - $1.25bn pxd OCT 2025

· APH 4.625% due 02/15/36 T+76bp (G76; $98.30) - $1.6bn pxd OCT 2025

· APH 5.300% due 11/15/55 T+86bp ($95.70) - $1.65bn pxd OCT 2025

Vertiv Holdings Co (Baa3/BBB-/BBB-)

· VRT 4.850% due 03/15/36 T+95bp (G94; $98.60) - $600m pxd FEB 2026

· VRT 5.800% due 03/15/56 T+114bp ($98.90) - $500m pxd FEB 2026

Ratings Peers:

Target Corp (A2/A/A)

· TGT 4.350% due 06/15/28 T+27bp (G27; $101.20) - $500m pxd JUN 2025

· TGT 4.400% due 01/15/33 T+23bp (G50; $100.50) - $500m pxd JAN 2023

· TGT 5.250% due 02/15/36 T+78bp (G80; $103.00) - $500m pxd JUN 2025

· TGT 2.950% due 01/15/52 T+82bp ($64.50) - $1bn pxd JAN 2022

Home Depot (A2/A/A)

· HD 1.500% due 09/15/28 T+23bp (G23; $94.60) - $1bn pxd SEP 2021

· HD 3.950% due 09/15/30 T+33bp (G36; $99.90) - $500m pxd SEP 2025

· HD 4.850% due 06/25/31 T+43bp (G42; $103.60) - $1bn pxd JUN 2024

· HD 4.650% due 09/15/35 T+67bp (G70; $99.20) - $1bn pxd SEP 2025

· HD 5.300% due 06/25/54 T+88bp ($95.60) - $1.5bn pxd JUN 2024

FINAL BOOKS:

$1.5bn 2yr - $4.100bn (2.7x) - PEAK $5.000bn

$1.5bn 3yr - $5.500bn (3.7x) - PEAK $6.600bn

$1.5bn 5yr - $8.650bn (5.8x) - PEAK $9.800bn

$1bn 7yr - $9.800bn (9.8x) - PEAK $11.600bn

$2bn 10yr - $13.000bn (6.5x) - PEAK $13.600bn

$1bn 30yr - $7.800bn (7.8x) - PEAK $13.300bn

[FIDELITY]

Fidelity National Information Services Inc (FIS) exp Baa2/BBB/BBB (s/s/s) US$6.8bn SEC registered 4-part sr notes (2y FXD due 3/10/28, 3y FXD and/or FRN due 3/10/29 and 5y FXD due 3/10/31). MWC FXD tranches. 1mo par call on 3y (2/10/29) and 1mo on 5y (2/10/31). 101 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To repay short-term indebtedness under the Term Loan Facility incurred to finance the Issuer Solutions transaction, which currently bears interest at a rate of 5.018% per annum and matures on January 8, 2027, with any remaining net proceeds to be used to repay outstanding borrowings under our existing commercial paper programs. Marketing: https://dealroadshow.com/e/FNIS2026 Passcode: FNIS2026. Pricing 3/4. Settle 3/10 (T+4).

VIA Citi/GS (B&D 5y)/JPM (B&D 3y)/TD (B&D 2y)/WFS joint active books.

Announced as a benchmark, the deal had a ~$2.75bn soft interest as of last Friday. The $6.8bn deal priced as follows:

2y IPT - T+125 area; STL T+95; PXD $2bn 4.45% 3/10/28 99.926 4.489% T+95.

3y FRN IPT - SOFR equiv; STL SOFR+121; PXD $500m 3/10/29 FRN at SOFR+121, at 100.

3yr FXD IPT - T+135 area; STL T+105; PXD $2.3bn 4.55% 3/10/29 99.875 4.595% T+105. MW+15.

5y IPT - T+145 area; STL T+115; PXD $2bn 4.80% 3/10/31 99.930 4.816% T+115. MW+20.

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

-FIS 1.650% due 03/01/28 T+67bp (G67; $95.20) - $750M pxd Feb 2021
-FIS 3.750% due 05/21/29 T+90bp (G88; $98.00) - $465.42M outstanding pxd May 2019
-FIS 2.250% due 03/01/31 T+101bp (G101; $89.37) - $818.817M outstanding pxd Feb 2021
-FIS 5.100% due 07/15/32 T+130bp (G119; $100.74) - $750M pxd Jul 2022
-FIS 4.500% due 08/15/46 T+135bp ($82.17) - $324.021M outstanding pxd Aug 2016

** 5yr – Outstanding Mar 31s G101; call new 5y f/v T+100bp. At the T+115bp pricing level, 5Y CONCESSION IS 15BP.

** 3yr - Outstanding May 29s G88; minus curve, call new 3y f/v T+85bp. At the T+105bp pricing level, 3Y CONCESSION IS 20BP.

** 2y - 3y f/v T+85bp; minus 10bp 2s/3s curve to get to T+75bp f/v. At the T+95bp pricing level, 2Y CONCESSION IS 20BP.

Comps away:

Fiserv Inc (Baa2/BBB)
-FISV 5.375% due 08/21/28 T+91bp (G91; $102.10) - $700M pxd Aug 2023
-FISV 4.750% due 03/15/30 T+102bp (G109; $100.25) - $850M pxd Aug 2024
-FISV 4.550% due 02/15/31 T+111bp (G111; $99.07) - $1bn pxd 08/04/25 +87
-FISV 5.350% due 03/15/31 T+115bp (G116; $102.32) - $500M pxd Feb 2024
-FISV 5.250% due 08/11/35 T+127bp (G131; $99.25) - $1bn pxd 08/04/25+107

Global Payments Inc (Baa3/BBB-/BBB)
-GPN 4.500% due 11/15/28 T+108bp (G107; $99.75) - $1.75bn pxd 11/06/25 +95
-GPN 4.875% due 11/15/30 T+140bp (G142; $99.23) - $1.7bn pxd 11/06/25 +120
-GPN 5.200% due 11/15/32 T+162bp (G145; $99.55) - $1bn pxd 11/06/25 +135
-GPN 5.550% due 11/15/35 T+166bp (G168; $98.56) - $1.75bn pxd 11/06/25 +150

FINAL BOOKS:

$2bn 2yr - $6.550bn (3.3x) - PEAK $6.950bn

$500M 3yr FRN - $1.050bn (2.1x) - PEAK $1.200bn

$2.3bn 3yr FXD - $6.600bn (2.9x) - PEAK $7.350bn

$2bn 5yr - $7.500bn (3.8x) - PEAK $8.300bn

[CANADIAN PACIFIC RAILWAY]

Canadian Pacific Railway Co (CP) exp Baa1/BBB+ (s/p) US$1.2bn SEC registered 2-part sr notes (3y FXD due 3/15/29 and 30y FXD due 3/15/56). MWC then 1mo par call on 3y (2/15/29 and 6mos on 30y (9/15/55). 101 CoC. Guarantor: Canadian Pacific Kansas City Ltd. Denoms: 2,000 x 1,000. Sale into Canada: No. Pricing 3/4. Settle 3/6 (T+2). Cusip: 3y: 13645RBP8, 30y: 13645RBS2. ISIN: 3y: US13645RBP82, 30y: US13645RBS22.

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

Announced with benchmark size, we heard initial thoughts as 3y T+75 area, 30y T+120 area.

Went straight to launch at $600m 3y at T+50. $600m 30y at T+85.

Ultimately, a $1.2bn deal priced as follows:

$600m 4.00% 3/15/29 99.872 4.045% T+50. MW+10.

$600m 5.50% 3/15/56 99.012 5.568% T+85. MW+15.

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

· CP 4.800% due 03/30/30 T+49bp (G55; $102.50) - $600m pxd MAR 2025

· CP 2.450% due 12/02/31 T+70bp (G62; $90.50) - $1.4bn pxd NOV 2021

· CP 5.200% due 03/30/35 T+55bp (G64; $104.20) - $600m pxd MAR 2025

· CP 3.000% due 12/02/41 T+120bp (G86; $75.90) - $1bn pxd NOV 2021

· CP 3.500% due 05/01/50 T+79bp ($73.30) - $543m pxd MAR 2023

· CP 3.100% due 12/02/51 T+76bp ($67.30) - $1.8bn pxd NOV 2021

*** 3yr: Mar ’30 G55, assume a 15bp 3s/5 take away 8bp for ’30 / ’29 curve gets f/v to T+47bp. At the T+50bp pricing level, 3yr CONCESSION IS 3BP.

For the 30yr, with no good CP ‘50s to look at, we heard other more recent single A issuers UNP and BNSF were more relevant:

UNP and BNSF 30y f/v points to around 85bp. Add 5bp for credit differential gets CP f/v to T+90bp. At the T+85bp pricing level, 30yr CONCESSION IS NEG 5BP.

Canadian National Railway (A2/A-/A)

· CNRCN 4.200% due 03/12/31 T+48bp (G48; $100.40) - $300m pxd NOV 2025

· CNRCN 4.750% due 11/12/35 T+63bp (G67; $100.40) - $400m pxd NOV 2025

· CNRCN 6.125% due 11/01/53 T+90bp ($107.00) - $300m pxd OCT 2023

Union Pacific Corp (A3/A-/A-)

· UNP 5.100% due 02/20/35 T+56bp (G65; $103.40) - $1bn pxd FEB 2025

· UNP 5.600% due 12/01/54 T+86bp ($100.20) - $1bn pxd FEB 2025

· UNP 5.150% due 01/20/63 T+95bp ($91.90) - $400m pxd SEP 2022

· UNP 3.850% due 02/14/72 T+97bp ($70.10) - $500m pxd FEB 2022

COMPS AWAY:

BNSF Railway (A2/AA-)

· BNSF 5.800% due 03/15/56 T+86bp ($103.10) - $900m pxd JUN 2025

· BNSF 5.550% due 03/15/56 T+87bp ($99.30) - $950m pxd DEC 2025

CSX Corp (A3/BBB+/A-)

· CSX 5.050% due 06/15/35 T+66bp (G73; $102.40) - $900m pxd MAR 2025

· CSX 4.900% due 03/15/55 T+86bp ($90.20) - $550m pxd SEP 2024

Norfolk Southern Corp (Baa1/BBB+)

· NSC 5.050% due 08/01/30 T+50bp (G55; $103.60) - $600m pxd JUL 2023

· NSC 5.100% due 05/01/35 T+67bp (G75; $102.60) - $400m pxd APR 2025

· NSC 5.350% due 08/01/54 T+91bp ($96.00) - $1bn pxd JUL 2023

· NSC 5.950% due 03/15/64 T+110bp ($101.90) - $600m pxd NOV 2023

· NSC 4.100% due 05/15/21 T+121bp ($69.20) - $600m pxd MAY 2021

FINAL BOOKS:

$600M 3yr - $2.750bn (4.6x) - PEAK $3.250bn

$600M 30yr - $4.500bn (7.5x) - PEAK $6.250bn

[ENTERGY MISSISSIPPI]

Entergy Mississippi LLC (ETR) exp A2/A (s/s) US$650m SEC registered 10y first mortgage bonds due 4/15/36. MWC then 3mos par call (1/15/36). Tax credit call: Upon a notice of redemption, in whole but not in part, at 101% (provided, that such notice may be issued no later than December 31, 2026, for a redemption no less than 10 days after such notice). Denoms: 1,000 x 1,000. Sale into Canada: No. Sale into HK or Mainland China: No – All Solicitations Prohibited. Selling Restrictions: Domestic US Sales Only. UOP: (i) to finance construction of the Vicksburg Advanced Power Station and Traceview Advanced Power Station, (ii) to finance, on an interim basis, storm restoration costs related to Winter Storm Fern and/or (iii) for general corporate purposes. Pricing 3/4. Settle 3/6 (T+2). Cusip: 29366WAH9. ISIN: US29366WAH97.

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

Announced as a benchmark, we heard initial price thoughts as T+130 area.

Went straight to launch at $650m 10y at T+97.

Ultimately, a $650m deal priced as follows:

$650m 5.05% 4/15/36 99.992 5.050% T+97. MW+15.

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

-ETR 5.000% due 09/01/33 T+58bp (G78; $102) - $300M pxd May 2023
-ETR 5.800% due 04/15/55 T+106bp ($100) - $600M pxd Mar 2025

** Outstanding ETR Mississippi Apr 55s T+106bp; call new 30y f/v T+106bp; minus 10bp for 10s/30s curve to get to T+96bp f/v. (1bp nic)

Also looking at it vs other ETR names that recently priced:

Entergy Arkansas (A2/A)
-ETR 4.950% due 01/15/36 T+88bp (G89; $99) - $500M pxd 01/05/26 +83

Entergy Louisiana (A2/A)
-ETR 4.900% due 04/15/36 T+91bp (G90; $99) - $750M pxd 02/23/26 +88

** Call ETR Arkansas and ETR Louisiana new 10y f/v T+90. (7bp nic)

Between 1bp vs direct and 7bp vs ETR AK/ETR LA, MID-POINT CONCESSION IS 4BP.

FINAL BOOKS:

$650M 10yr FMB - $6.700bn (10.3x) - PEAK $6.800bn

[DUKE INDIANA]

Duke Energy Indiana LLC (DUK) exp Aa3/A (s/s) US$500m (no grow) SEC registered 10y first mortgage bonds due 3/15/36. MWC then 3mos par call (12/15/35). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Sale into HK/China: No - All Solicitations Prohibited. UOP: To pay down a portion of outstanding intercompany short-term debt and for general company purposes. Pricing 3/4. Settle 3/6 (T+2). Cusip: 26443TAG1. ISIN: US26443TAG13.

VIA BMO (B&D)/CIBC/MUFG/USB joint active books.

Announced as $500m (no grow), we heard initial price thoughts as T+125 area.

Went straight to launch at T+90.

Ultimately, a $500m deal priced as follows

$500m 4.95% 3/15/36 99.764 4.980% T+90. MW+15.

As for r/v, outstanding DUK Indiana was quoted as follows:
-DUK 5.250% due 03/01/34 T+53bp (G70; $104.15) - $300M pxd Feb 2024
-DUK 5.900% due 05/15/55 T+102bp ($102.11) - $300M pxd May 2025

** Outstanding DUK Indiana May 55s T+102; some quoted it a bit higher at T+104; minus 10-15bp for 10s/30s curve would put f/v at T+90bp. (flat)

Vs Duke Energy Progress:

Duke Energy Progress (Aa3/A)
-DUK 5.050% due 03/15/35 T+74bp (G82; $101.66) - $850M pxd Mar 2025

** DUK Progress Mar 35s G82 and some quoted this as G85; plus curve, call new 10y T+87bp (3bp nic)

Duke Energy Florida (A1/A)
-DUK 4.850% due 12/01/35 T+81bp (G82; $99.71) - $600M pxd 11/24/25 +82

** DUK Florida Dec 35s G82; call new 10y f/v 82; plus 5bp for credit differential = T+87bp (3bp nic)

All said, we have flat vs direct, and 3bp vs both DUK Progress and DUK Florida, going mid-point, CONCESSION IS 2BP.

Other DUK Comps:

Duke Energy Carolinas (Aa3/A)
-DUK 5.250% due 03/15/35 T+68bp (G76; $103.51) - $700M pxd Jan 2025

Duke Energy Ohio (A2/A)
-DUK 5.300% due 06/15/35 T+81bp (G87; $102.98) - $350M pxd 06/02/25 +88

Comps away:

Florida Power & Light (Aa2/A+/AA-)
-NEE 4.700% due 02/15/36 T+72bp (G72; $99.22) - $650M pxd 12/02/25 +65

MidAmerican Energy (Aa2/A)
-BRKHEC 5.350% due 01/15/34 T+57bp (G75; $104.46) - $350M pxd Sep 2023

Northern States Power-Minn (Aa3/A/A+)
-XEL 5.050% due 05/15/35 T+69bp (G78; $101.99) - $600M pxd Apr 2025

DTE Electric (Aa3/A/A+)
-DTE 4.850% due 03/01/36 T+82bp (G82; $99.63) - $800M pxd 02/18/26 +78

PECO Energy (Aa3/A)
-EXC 4.875% due 09/15/35 T+72bp (G77; $100.58) - $525M pxd 09/03/25 +68

Public Service Electric (A1/A)
-PEG 4.900% due 08/15/35 T+69bp (G74; $100.98) - $450M pxd 08/07/25 +67

San Diego Gas & Electric (A1/A/A)
-SRE 5.400% due 04/15/35 T+85bp (G93; $103.36) - $850M pxd Mar 2025

Union Electric (A2/A)
-AEE 4.800% due 03/15/36 T+79bp (G78; $99.47) - $450M pxd 02/23/26 +78

FINAL BOOKS:

$500M 10yr FMB - $8.725bn (17.5x) - PEAK $8.700bn

[M&A TODAY]

Eaton hit the market with $8.5bn to help fund their pending $9.5bn acquisition of Boyd Thermal announced on 11/3/25.

FIS hit the market with $6.8bn to replace their loan going towards their $12bn acquisition of Issuer Solutions which was announced on 4/17/25 and closed earlier this year on 1/12/26. FIS may also tap the EUR market as well. FIS initially obtained an $8bn bridge facility at announcement which was later fully replaced with a 364-day term loan facility.

Baker Hughes announced a series of fixed income investor calls today. A USD and EUR notes offering may follow with proceeds going towards their pending $13.6bn acquisition of Chart Industries announced on 7/29/25. BHI obtained a $14.9bn bridge facility at announcement which was later reduced to $11bn.

[NEW MANDATES & MARKETING]

– American Transmission Company LLC (Debt Ticker: AMRTRN) has mandated Wells Fargo Securities, BofA Securities and MUFG to organize a series of fixed income investor calls that will take place on Wednesday, March 4, 2026. A recorded electronic investor presentation will be available via the link below and the calls will be focused on Q&A. Further information can be found in the Preliminary Offering Memorandum dated March 4, 2026. Wells Fargo Securities is coordinating logistics.

A 144A / Reg S without Registration Rights 30-Year Senior Unsecured Note offering with expected ratings* of A3 / A+ by Moody’s and S&P, respectively, is expected to follow, subject to market conditions.

Electronic Presentation Access Details:

URL: https://dealroadshow.com

Entry Code: ATC26

Direct Link: https://dealroadshow.com/e/ATC26

Company Representatives:

Mike Hofbauer – Executive Vice President, Chief Financial Officer & Treasurer

Jim Curley – Manager, Treasury, Budgeting and Financial Analysis

Nate DeBaun – Deputy General Counsel and Corporate Secretary

Eric Hansmann – Director, Finance and Accounting

Call Schedule – Wednesday, March 4, 2026:

1:00pm - 1:45pm ET / 12:00pm - 12:45pm CT | Register: https://evercall.co/oacc/72876

2:00pm - 2:45pm ET / 1:00pm - 1:45pm CT | Register: https://evercall.co/oacc/83295

3:00pm - 3:45pm ET / 2:00pm - 2:45pm CT | Register: https://evercall.co/oacc/80971

Company Description:

American Transmission Company, established in 2001, is the United States’ first multi-state transmission-only utility that owns, operates, constructs and maintains electric transmission systems in Wisconsin, Michigan, Illinois, and Minnesota. It is privately held by 27 owners consisting of utilities, municipalities, municipal electric companies and electric cooperatives. American Transmission Company has over 10,000 miles of transmission lines and over 580 exclusively or jointly owned substations.

– Baker Hughes Company (Equity Ticker: BKR, Debt Ticker: BHI, Country: US), rated A3 (Stable) / A (Negative Watch) by Moody’s and S&P, respectively, has mandated Goldman Sachs & Co. LLC and Morgan Stanley as Joint Global Coordinators and Joint Book-Running Managers, together with Citigroup, Deutsche Bank Securities, and J.P. Morgan as Joint Book-Running Managers to arrange a series of fixed income investor calls on Wednesday, March 4th . An electronic presentation with voiceover recording has been made available.

A Euro-denominated, SEC Registered, senior unsecured offering of EUR 4-, 8-, 12- and 20-year fixed rate notes may follow, subject to market conditions. A USD-denominated, SEC Registered, senior unsecured offering across the curve may also follow, subject to market conditions. Relevant stabilization regulations including FCA/ICMA will apply.

The preliminary prospectus supplements have been made available.

Goldman Sachs & Co. LLC is coordinating logistics.

Baker Hughes will be represented by:

Ahmed Moghal – Executive Vice President, Chief Financial Officer

Daniel Horton – Vice President & Treasurer

Chase Mulvehill – Vice President, Investor Relations

Moda Abhisek – Senior Director, Treasury

Investor Call Schedule for Wednesday, March 4th:

Call #1: 3:00-3:45pm GMT / 10:00-10:45am ET | Pre-Registration Link: https://evercall.co/oacc/49969

Call #2: 4:00-4:45pm GMT / 11:00-11:45am ET | Pre-Registration Link: https://evercall.co/oacc/58337

Call #3: 5:00-5:45pm GMT / 12:00-12:45pm ET | Pre-Registration Link: https://evercall.co/oacc/45858

Call #4: 6:00-6:45pm GMT / 1:00-1:45pm ET | Pre-Registration Link: https://evercall.co/oacc/29144

Call #5: 7:00-7:45pm GMT / 2:00-2:45pm ET | Pre-Registration Link: https://evercall.co/oacc/54502

Call #6: 8:00-8:45pm GMT / 3:00-3:45pm ET | Pre-Registration Link: https://evercall.co/oacc/46593

Investor Presentation Details:

URL: https://dealroadshow.com

Entry Code: BAKER2026

Direct Link: https://dealroadshow.com/e/BAKER2026

About Baker Hughes:

Baker Hughes is an energy technology company with a broad and diversified portfolio of technologies and services that span the entire energy value chain. Baker Hughes conducts business in more than 120 countries and employs approximately 56,000 employees as of December 31, 2025.

– Humana Inc. (the “Company” or “HUM”) (Ticker: HUM) has mandated Goldman Sachs & Co. LLC, J.P. Morgan, Mizuho, Truist Securities and Wells Fargo Securities to arrange a series of fixed income investor calls occurring on Wednesday, March 4th. An SEC Registered Fixed-to-Fixed Reset Rate Junior Subordinated Notes offering with coupon floor provisions and expected security ratings of Baa3 (Negative) / BB+ (Negative) / BB (Stable)* by Moody’s, S&P and Fitch, respectively, may follow, subject to market conditions.

J.P. Morgan will be coordinating logistics.

The Company will be represented by:

Bobby Marcoux – Treasurer

Lisa Stoner – VP of Investor Relations

Call Schedule:

Call #1: 11:30am – 12:10pm ET

Call #2: 12:15pm – 12:55pm ET

Call #3: 1:00pm – 1:40pm ET

About Humana Inc.:

Humana (NYSE:HUM) is a leading U.S. healthcare company. Through their Humana insurance services and CenterWell healthcare services, Humana makes it easier for the millions of people the Company serves to achieve their best health – delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for people with Medicare and Medicaid, families, individuals, military service personnel, and communities at large. Learn more about what Humana offers at Humana.com and at CenterWell.com.

– Sierra Pacific Power Company, an indirect wholly-owned subsidiary of Berkshire Hathaway Energy Company (“BHE”) (Bond Ticker: BRKHEC), has asked BofA Securities, MUFG, Scotiabank, Truist Securities and US Bancorp to arrange a series of fixed income investor calls. The calls will take place today, Wednesday, March 4th. An electronic investor presentation will be made available in conjunction with the calls, with details listed below. BofA Securities will be coordinating logistics.

An SEC Registered Fixed-to-Fixed Reset Rate Junior Subordinated Notes offering with a coupon floor provision and expected ratings of Baa3 (Stable) from Moody’s and BBB (Stable)* from S&P may follow, subject to market conditions.

Investor Call Schedule:

Wednesday, March 4th

• Call #1: 1:00 PM – 1:50 PM ET: https://www.netroadshow.com/events/login/LE9zwo3jk9K1nJOEpBmAbtGAzltF6Awc0Kk

• Call #2: 2:00 PM – 2:50 PM ET: https://www.netroadshow.com/events/login/LE9zwo4AwoUnZrRCCf8kzwSpnW53aXvmIQp

• Call #3: 3:00 PM – 3:50 PM ET: https://www.netroadshow.com/events/login/LE9zwo3kunYwbZRuBs0CJYW9VYUZu4vqKjI

Sierra Pacific Power Company will be represented by:

Brandon Barkhuff – President and CEO, NV Energy

Mike Behrens – Vice President and Chief Financial Officer, NV Energy

Jesse Murray – Senior Vice President of Electric Delivery, NV Energy

Investor Presentation Details:

Direct Link: https://www.netroadshow.com/nrs/home/#!/?show=724a5562

Link: www.netroadshow.com

Passcode: SPPC2026

About Sierra Pacific Power Company:

Sierra Pacific Power Company (“SPPC”) is a regulated electric and natural gas utility company serving approximately 400,000 retail electric customers and 200,000 retail and transportation natural gas customers in northern Nevada. It is principally engaged in the business of generating, transmitting, distributing and selling electricity and in distributing, selling and transporting natural gas. SPPC’s electric service territory covers approximately 41,400 square miles and its natural gas service territory covers approximately 900 square miles in Reno and Sparks. SPPC principally serves the gaming, recreation, warehousing, manufacturing, governmental services and mining industries. SPPC is an indirect wholly-owned subsidiary of BHE, a holding company headquartered in Des Moines, Iowa through its intermediate holding company NV Energy, Inc. BHE is itself a wholly-owned subsidiary of Berkshire Hathaway Inc.

Retail FYI:

First Horizon Corporation (Ticker: FHN) has requested Morgan Stanley, Citigroup, J.P. Morgan, RBC Capital Markets, and UBS Investment Bank to arrange a series of preferred stock investor marketing calls to be held today, March 4th. An SEC-registered $25 par preferred stock offering may follow, subject to market conditions.

A pre-recorded DealRoadshow presentation will be made available. Morgan Stanley will be coordinating logistics.

FHN will be represented by:

Dane Smith – Treasurer

Monica Jones – Commercial Credit Executive

Pre-Recorded Electronic Presentation Details:

Direct Link (Recommended): https://dealroadshow.com/e/FHN2026

Link: https://dealroadshow.com

Password: FHN2026

Call Schedule for [Wednesday, March 4]:

Call #1: 12:00 – 12:45 p.m. EST

Call #2: 1:00 – 1:45 p.m. EST

Call #3: 2:00 – 2:45 p.m. EST