Commentary & Deal Flow

BMW US Capital LLC (BMW) exp A2/A (s/n) US$3.7bn 144A/Reg S no reg rights 5-part sr notes (2y FXD and/or FRN due 3/17/28, 3y FXD due 3/19/29, 5y FXD due 3/19/31 and 7y FXD due 3/19/33). 3y FRN tranche dropped at launch. MWC on FXD tranches. 1mo par call on 5y (2/19/31) and 2mos on 7y (1/19/33). Tax changes call. Barc (B&D)/BNP/Citi/GS/SMBC joint active books. Guarantor: Bayerische Motoren Werke Aktiengesellschaft. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 3/16. Settle 3/19 (T+3).

IPTs: 2y T+90 area and SOFR equiv, 3y T+100 area and SOFR equiv, 5y T+110 area, 7y T+120-125.

GUIDANCE: 2y T+65# and SOFR equiv, 3y T+75# and SOFR equiv, 5y T+87#, 7y T+102#.

LAUNCHED:

$750m 2y FRN at SOFR+79.
$1.1bn 2y FXD at T+65.
$1bn 3y FXD at T+75.

3y FRN tranche dropped.

$450m 5y at T+87.

$400m 7y at T+102.

OTHER: