Commentary & Deal Flow

After the prior two Mondays were goose eggs, today marked IG’s first Monday of issuance since February 23. An eight-deal slate priced for $25.95bn, pushing year-to-date volume past the $600bn threshold - the earliest point in a year that the market has ever reached that milestone and only six days after we crossed the $500bn mark on March 10.

And with that we are already over halfway to the week’s estimate of $39.357bn. Needing just $13.407bn which is just over half of today’s volume to get there.

ING’s $3bn transaction also boosted bank issuance, bringing year-to-date bank supply to $185.45bn. That total edges past Q1 2022’s $184.50bn, establishing 2026 as the largest first quarter for bank issuance on record:

Today’s session also saw four FRN tranches dropped. This marks only the second instance year-to-date of multiple deals to drop a tranche, the first occurring on January 6 when NYLIFE and TD each dropped a tranche. Days featuring four or more deals to drop a tranches are rare; looking back through 2020, this has occurred only three other times. The last instance being the first trading day of 2024.

M&A-related issuance continued to play a major role in supply. With seven M&A-driven deals totaling more than $30bn priced so far this month, another transaction in that category led today’s activity. Novartis entered the market with an $11bn deal, marking the second $10bn+ M&A financing of the year.

Four additional deals were added to the investment grade pipeline today, while one prospective transaction was pulled. Emera US Finance, Waters Corp (Augusta SpinCo), DTC, and Sydney Airport each announced investor calls scheduled for March 16.

Jaguar Land Rover Automotive had previously announced investor calls beginning March 10, with a prospective 144A/Reg S sr notes deal possible following the calls, but the company indicated today that it is pausing the process. In a statement, JLR said: “JLR thanks investors for their engagement over the past week and, in light of ongoing market volatility, has decided to pause for now. JLR will continue to monitor market conditions and may consider opportunities later in the year.”

Here's today's rundown:

[NOVARTIS]

Novartis Capital Corp (NOVNVX) exp Aa3/AA- (s/n) US$11bn SEC registered 8-part sr notes (3y FXD and/or FRN due 3/16/29, 5y FXD and/or FRN due 3/18/31, 7y FXD due 3/18/33, 10y FXD due 3/18/36, 20y FXD due 3/18/46, 30y FXD due 3/18/56). MWC FXD tranches. 1mo par call on 3y FXD (2/16/29), 1mo on 5y FXD (2/18/31), 2mos on 7y (1/18/33), 3mos on 10y (12/18/35), 6mos on 20y (9/18/45), 6mos on 30y (9/18/55). Guarantor: Novartis AG. Denoms: 2,000 x 1,000. Sales into Canada: yes - via exemption. UOP: General corporate purposes outside of Switzerland, including to repay outstanding borrowings under the bridge loan incurred on February 26, 2026 that was used to finance the acquisition of Avidity Biosciences. Pricing 3/16. Settle 3/18 (T+2).

VIA BNP/Citi (B&D on 10y, 20y, 30y)/DB/JPM (B&D on 3y, 5y, 7y)/Miz joint active books.

Announced with benchmark size, final size came in at $11bn with price progression as follows:

3y FRN - IPT SOFR Equivalent; GDNC Seqv; PXD $500m 3/16/29 FRN at SOFR+65, at 100.
3y FXD - IPT T+75 area; GDNC T+45#; PXD $1.25bn 4.10% 3/16/29 99.883 4.142% T+45. MW+10.
5y FRN - IPT SOFR Equivalent; GDNC Seqv; dropped at launch
5y FXD - IPT T+85 area; GDNC T+60#; PXD $1.75bn 4.40% 3/18/31 99.960 4.409% T+60. MW+10.
7y - IPT T+95 area; GDNC T+67#; PXD $2bn 4.60% 3/18/33 99.574 4.672% T+67. MW+15.
10y - IPT T+100 area; GDNC T+72#; PXD $2.25bn 4.90% 3/18/36 99.719 4.936% T+72. MW+15.
20y - IPT T+110 area; GDNC T+80#; PXD $1bn 5.60% 3/18/46 99.536 5.639% T+80. MW+15.
30y - IPT T+120 area; GDNC T+90#; PXD $2.25bn 5.70% 3/18/56 99.120 5.762% T+90. MW+15.

As for r/v, outstanding NOVNVX was quoted as follows:
-NOVNVX 3.900% due 11/05/28 T+42bp (G41; $99.49) - $700M pxd 11/03/25 +30
-NOVNVX 3.800% due 09/18/29 T+43bp (G40; $98.94) - $1bn pxd Sep 2024
-NOVNVX 4.100% due 11/05/30 T+49bp (G51; $99.16) - $1.75bn pxd 11/03/25 +45
-NOVNVX 4.000% due 09/18/31 T+45bp (G40; $98.73) - $850M pxd Sep 2024
-NOVNVX 4.300% due 11/05/32 T+73bp (G56; $98.63) - $925M pxd 11/03/25 +50
-NOVNVX 4.600% due 11/05/35 T+59bp (G61; $98.34) - $925M pxd 11/03/25 +55
-NOVNVX 5.200% due 11/05/45 T+73bp (G75; $95.61) - $350M pxd 11/03/25 +55
-NOVNVX 5.300% due 11/05/55 T+76bp ($95.32) - $550M pxd 11/03/25 +65

** 5y - outstanding Nov 30s G51, have some quoting this lower at G46 and Sep 31s G40 though the 31s are stale. Call a new 5yr f/v T+48bp. At the T+60bp pricing level, 5Y CONCESSION IS 12BP.

** 3y - 5yr f/v T+48bp minus 10bp 3s/5s curve = T+38bp. At the T+45bp pricing level, 3Y CONCESSION IS 7BP.

** 7y - Outstanding Nov 32 G56; call new 7y f/v T+56bp. At the T+67bp pricing level, 7Y CONCESSION IS 11BP.

** 10y - outstanding Nov 35s G61; some quoting this lower as G57, call it T+59bp.

Or 7yr f/v T+56bp; plus 5bp 7s/10s curve at IPT = T+61bp f/v.  

Taking a midpoint between +61 from curve adjusting and +59 from using the outstanding, f/v is T+60bp. At the T+72bp pricing level, 10Y CONCESSION IS 12BP.

** 30y -  Outstanding Nov 55s T+76bp; call new 30y f/v T+76bp. At the T+90bp pricing level, 30Y CONCESSION IS 14BP.

** 20y - 30y f/v T+76bp minus 10bp 20s/30s curve = T+66bp. At the T+80bp pricing level, 20Y CONCESSION IS 14BP.

A bit of different opinions on this one, with some calling the 3 year as low as 5bp and a bit less nic on the 5s/7s as well, while some went with 10-15bp across.

Recent HQ Pharma Comps

Roche Holdings Inc (Aa2/AA/AA)
-ROSW 4.075% due 12/02/30 T+50bp (G52; $99.00) - $500M pxd 11/24/25 +47
-ROSW 4.374% due 12/02/32 T+74bp (G57; $98.98) - $600M pxd 11/24/25 +58
-ROSW 4.666% due 12/02/35 T+63bp (G64; $98.53) - $800M pxd 11/24/25 +63

Johnson & Johnson (Aaa/AAA)
-JNJ 4.700% due 03/01/30 T+24bp (G31; $102.30) - $1bn pxd Feb 2025
-JNJ 4.850% due 03/01/32 T+45bp (G37; $102.99) - $1.25bn pxd Feb 2025
-JNJ 5.000% due 03/01/35 T+33bp (G42; $103.16) - $1.25bn pxd Feb 2025

Eli Lilly & Co (Aa3/A+)
-LLY 4.000% due 10/15/28 T+30bp (G29; $100.04) - $1bn pxd 08/18/25 +28
-LLY 4.250% due 03/15/31 T+48bp (G48; $99.82) - $750M pxd 08/18/25 +40
-LLY 4.550% due 10/15/32 T+70bp (G54; $100.21) - $1bn pxd 08/18/25 +48
-LLY 4.900% due 10/15/35 T+64bp (G66; $100.25) - $1.25bn pxd 08/18/25 +57
-LLY 5.550% due 10/15/55 T+83bp ($97.92) - $1bn pxd 08/18/25 +65

Merck & Co Inc (Aa3/A+)
-MRK 3.850% due 03/15/29 T+34bp (G34; $99.47) - $750M pxd 12/01/25 +35
-MRK 4.150% due 03/15/31 T+53bp (G53; $99.15) - $1bn pxd 12/01/25 +50
-MRK 4.450% due 12/04/32 T+71bp (G53; $99.59) - $1bn pxd 12/01/25 +60
-MRK 4.750% due 12/04/35 T+70bp (G71; $98.64) - $1.5bn pxd 12/01/25 +70
-MRK 5.500% due 03/15/46 T+87bp (G87; $97.51) - $750M pxd 12/01/25 +80
-MRK 5.550% due 12/04/55 T+93bp ($96.53) - $1.5bn pxd 12/01/25 +85

AstraZeneca Finance LLC (A1/A+)
-AZN 4.000% due 03/02/31 T+53bp (G53; $98.49) - $650M pxd 02/25/26 +42
-AZN 4.300% due 03/02/33 T+63bp (G63; $98.01) - $600M pxd 02/25/26 +52
-AZN 4.600% due 03/02/36 T+67bp (G67; $97.68) - $750M pxd 02/25/26 +60

Abbott Laboratories (Aa3/AA-)
-ABT 3.700% due 03/09/29 T+41bp (G41; $98.86) - $2.25bn pxd 02/23/26 +30
-ABT 4.000% due 03/15/31 T+53bp (G53; $98.48) - $2.5bn pxd 02/23/26 +45
-ABT 4.300% due 03/15/33 T+63bp (G63; $98.00) - $2.75bn pxd 02/23/26 +55
-ABT 4.650% due 03/15/36 T+73bp (G72; $97.60) - $3.75bn pxd 02/23/26 +65
-ABT 5.500% due 03/15/56 T+86bp ($96.78) - $3.75bn pxd 02/23/26 +80

Recent NESNVX Comp

Nestle Capital Corp (Aa3/AA-)
-NESNVX 4.200% due 03/18/31 T+44bp (G43; $99.77) - $750M pxd 03/11/26 +45
-NESNVX 4.500% due 03/18/33 T+51bp (G51; $99.89) - $500M pxd 03/11/26 +55
-NESNVX 4.800% due 03/18/36 T+57bp (G56; $100.03) - $750M pxd 03/11/26 +63

FINAL BOOKS:

$500M 3yr FRN - $1.4bn (2.80x) - PEAK $1.6bn

$1.25bn 3yr - $4.5bn (3.60x) - PEAK $5.1bn

$1.75bn 5yr - $5.8bn (3.31x) - PEAK $5.9bn

$2bn 7yr - $7.5bn (3.75x) - PEAK $7.6bn

$2.25bn 10yr - $10.1bn (4.49x) - PEAK $10.3bn

$1bn 20yr - $6.1bn (6.10x) - PEAK $6.7bn

$2.25bn 30yr - $12.9bn (5.73x) - PEAK $13.1bn

[BMW]

BMW US Capital LLC (BMW) exp A2/A (s/n) US$3.7bn 144A/Reg S no reg rights 6-part sr notes (2y FXD and/or FRN due 3/17/28, 3y FXD and/or FRN due 3/19/29, 5y FXD due 3/19/31 and 7y FXD due 3/19/33). MWC on FXD tranches. 1mo par call on 5y (2/19/31) and 2mos on 7y (1/19/33). Tax changes call. 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). 

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

Announced with benchmark size, final size came in at $3.7bn with price progression as follows:

2yr FRN - IPT SOFR equiv; GDNC Seqv; PXD $750m 3/17/28 FRN at SOFR+79, at 100.

2yr FXD - IPT T+90 area; GDNC T+65#; PXD $1.1bn 4.30% 3/17/28 99.953 4.325% T+65. MW+10.

3yr FRN - IPT SOFR equiv; GDNC Seqv; dropped at launch

3yr FXD - IPT T+100 area; GDNC T+75#; PXD $1bn 4.40% 3/19/29 99.900 4.436% T+75. MW+15.

5yr - IPT T+110 area; GDNC T+87#; PXD $450m 4.65% 3/19/31 99.912 4.670% T+87. MW+15.

7yr - IPT T+120-125; GDNC T+102#; PXD $400m 5.00% 3/19/33 99.907 5.016% T+102. MW+20.

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

-BMW 4.150% due 8/27 T+55bp (G59; $99.90) - $750m pxd AUG 2025

-BMW 4.750% due 3/28 T+60bp (G60; $100.90) - $750m pxd MAR 2025

-BMW 4.900% due 4/29 T+71bp (G71; $101.30) - $800m pxd MAR 2024
-BMW 4.650% due 08/29 T+81bp (G79; $100.47) - $600m pxd AUG 2024

-BMW 4.500% due 8/30 T+74bp (G77; $99.80) - $1bn pxd AUG 2025

-BMW 4.850% due 8/31 T+89bp (G86; $100.60) - $600m pxd AUG 2024

-BMW 5.400% due 3/35 T+97bp (G106; $101.20) - $500m pxd MAR 2025

-BMW 5.200% due 8/35 T+106bp (G110; $99.20) - $500m pxd AUG 2025

*** 3yr: April ‘29 G71, points to f/v at T+71bp.. Also looking at Aug ‘29 G79, take away few bp for curve points to f/v at T+75bp. Going midpoint call f/v at T+73bp. At the T+75bp pricing level, 3yr CONCESSION IS 2BP.

*** 2yr: 3y f/v at T+73, take away 10bp for IPT curve gets f/v to T+63bp. At the T+65bp pricing level, 2yr CONCESSION IS 2BP.

*** 5yr: Aug ‘30 G77, and Aug ‘31 G86, call f/v in between at T+82bp. At the T+87bp pricing level, 5yr CONCESSION IS 5BP.

*** 7yr: 5y f/v at T+82, add 15bp for IPT curve gets f/v to T+97bp. At the T+102bp pricing level, 7yr CONCESSION IS 5BP.

Mercedes-Benz (A2/A)

-MBGGR 4.125% due 3/28 T+63bp (G63; $99.60) - $1bn pxd MAR 2026

-MBGGR 4.250% due 3/29 T+75bp (G75; $99.40) - $900m pxd MAR 2026

-MBGGR 4.500% due 3/31 T+85bp (G85; $99.20) - $500m pxd MAR 2026

-MBGGR 5.450% due 4/35 T+107bp (G114; $100.90) - $600m pxd MAR 2025

FINAL BOOKS:

$750M 2yr FRN - $900M (1.20x) - PEAK $1.1bn

$1.1bn 2yr - $1.6bn (1.45x) - PEAK $2.1bn

$1bn 3yr - $1.6bn (1.60x) - PEAK $2.3bn

$450M 5yr - $760M (1.69x) - PEAK $1.5bn

$400M 7yr - $760M (1.90x) - PEAK $1.25bn

[ING]

ING Groep NV (INTNED), exp issue ratings Baa1/A-/A+/A+ by Moody's/S&P/Fitch/Scope (issuer ratings A1/A+/AA- by S&P/Fitch/Scope), US$3bn SEC registered 3-part sr unsec global notes (6nc5 fixed to float and/or FRN due 3/23/32 and 11nc10 fixed to float due 3/23/37). Call dates: 6nc5: 3/23/31, 11nc10: 3/23/36. Pricing 3/16. Settle 3/23 (T+5). 

VIA BMO/BofA/Citi/ING/JPM (B&D)/Scotia/WFS joint books.

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

6nc5 FRN - IPT SOFR equiv; GDNC Seqv; dropped at Launch. 

6nc5 FTF - IPT T+125 area; GDNC T+100#; PXD $1.5bn 4.803% 3/23/32 100.00 4.803% T+100. Back-end: SOFR+126.0.

11nc10 - IPT T+145 area; GDNC T+120#; PXD $1.5bn 5.420% 3/23/378 100.00 5.420% T+120. Back-end: SOFR+161.0.

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

-INTNED 5.066% due 3/31 nc30 T+80bp (G86; $101.62) - $1bn pxd MAR 2025

-INTNED 5.525% due 3/36 nc35 T+103bp (G110; $101.86) - $1bn pxd MAR 2025

*** 11nc10: Mar ’36 nc35 G110, assuming a 10bp 7s/10s curve, add 3bp for ‘35/’36 curve gets f/v to T+113bp. At the T+120bp pricing level, 11nc10 CONCESSION IS 7BP.

*** 6nc5: Mar ’31 nc ’30 G86, assuming 15bp 3s/5s curve, add 7bp for ‘30/’31 curve gets f/v to T+93bp. At the T+100bp pricing level, 6nc5 CONCESSION IS 7BP.

Cooperative Rabobank (A3/A-/A+)

-RABOBK 4.990% due 5/31 nc30 T+80bp (G85; $101.40) - $750m pxd MAY 2025

-RABOBK 5.710% due 1/33 nc32 T+105bp (G96; $) - $850m pxd JAN 2025

FINAL BOOKS:

$1.5bn 6nc5 FTF - $3.2bn (2.13x) - PEAK $4.3bn

$1.5bn 11nc10 FTF - $4.5bn (3.00x) - PEAK $5.5bn

[LSEG US]

LSEG US Fin Corp (LSELN) exp A3/A US$3bn 144A/Reg S no reg rights 4-part sr notes (3y FXD and/or FRN due 3/23/29, 5y FXD due 3/23/31 and 10y FXD due 3/23/36). MWC FXD tranches. 1mo par call on 3y FXD (2/23/29), 1mo on 5y (2/23/31) and 3mos on 10y (12/23/35). 101 CoC. Guarantor: London Stock Exchange Group plc. Guarantor Ratings: A3/A (s/s). Denoms: 200,000 x 1,000. Sales into Canada: Yes, via wrapper. Listing: London Stock Exchange. UOP: Refinance indebtedness and/or general purposes. Pricing 3/16. Settle 3/23 (T+5). 

VIA BofA (B&D on 5y/10y)/BNP/Citi/DB/GS/HSBC/MS (B&D on 3y FXD/FRN) joint active books. 

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

3yr FRN - IPT SOFR Equivalent; GDNC SOFR+94#; dropped at launch

3yr FXD - IPT T+105 area; GDNC T+75#; PXD $1.5bn 4.25% 3/23/29 99.466 4.442% T+75. MW+15.

5yr - IPT T+115 area; GDNC T+85#; PXD $500m 4.50% 3/23/31 99.316 4.655% T+85. MW+15.

10yr - IPT T+145 area; GDNC T+115#; PXD $1bn 5.25% 3/23/36 99.035 5.376% T+115. MW+20.

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

-LSELN 2.500% due 4/31 T+87bp (G86; $90.34) - $750m pxd MAR 2021

-LSELN 5.297% due 3/34 T+88bp (G104; $101.31) - $750m pxd MAR 2024

-LSELN 3.200% due 4/41 T+152bp (G120; $74.69) - $750m pxd MAR 2021

*** 10yr: Mar ‘34 G104, IPT 5s/10s curve is 30bp, assuming 7s/10s curve is 15bp, add 10bp for ‘34/’36 curve =114bp, call f/v at T+115bp. At the T+115bp pricing level, 10yr CONCESSION IS FLAT.

*** 5yr: April ‘31 G86, call f/v at T+85bp. At the T+85bp pricing level, 5yr CONCESSION IS FLAT.

*** 3yr: 5y f/v at T+85, take away 10bp for IPT curve gets f/v to T+75bp. At the T+75bp pricing level, 3yr CONCESSION IS FLAT.

Comps away:

S&P Global Inc (A3/A-)

-SPGI 4.250% due 5/29 T+57bp (G56; $100.00) - $921m pxd JAN 2023

-SPGI 4.250% due 1/31 T+66bp (G67; $99.05) - $600m pxd DEC 2025

-SPGI 5.250% due 9/33 T+50bp (G70; $103.03) - $1.492bn pxd JUL 2024

-SPGI 4.800% due 12/35 T+86bp (G87; $97.93) - $400m pxd DEC 2025

-SPGI 3.700% due 3/52 T+92bp ($71.99) - $746m pxd JAN 2023

Moody's Corporation (A-/BBB+)

-MCO 4.250% due 8/32 T+91bp (G77; $97.50) - $500m pxd AUG 2022

-MCO 5.000% due 8/34 T+77bp (G89; $99.99) - $500m pxd JUL 2024

-MCO 3.750% due 2/52 T+100bp ($71.75) - $500m pxd FEB 2022

Intercontinental Exchange (A3/A-)

-ICE 3.950% due 12/28 T+53bp (G52; $99.31) - $600m pxd NOV 2025

-ICE 4.350% due 6/29 T+69bp (G67; $99.84) - $1.25bn pxd MAY 2022

-ICE 4.200% due 3/31 T+65bp (G65; $98.85) - $650m pxd NOV 2025

-ICE 4.600% due 3/33 T+50bp (G72; $99.42) - $1.5bn pxd MAY 2022

-ICE 4.950% due 6/52 T+103bp ($87.14) - $1.5bn pxd MAY 2022

Nasdaq Inc (Baa1/BBB+)

-NDAQ 5.550% due 2/34 T+86bp (G103; $102.90) - $1.25bn pxd JUN 2023

-NDAQ 5.950% due 8/53 T+112bp ($99.22) - $750m pxd JUN 2023

-NDAQ 6.100% due 6/63 T+127bp ($99.14) - $750m pxd JUN 2023

Equifax Inc (Baa2/BBB)

-EFX 4.800% due 9/29 T+85bp (G82; $100.79) - $650m pxd AUG 2024

-EFX 2.350% due 9/31 T+105bp (G100; $88.08) - $1bn pxd AUG 2021

Experian Finance (A3/A-)

-EXPNLN 4.250% due 2/29 T+77bp (G77; $99.50) - $500m pxd JAN 2019

-EXPNLN 2.750% due 3/30 T+68bp (G74; $93.70) - $750m pxd DEC 2019

-EXPNLN 5.250% due 8/35 T+88bp (G94; $100.95) - $500m JUN 2025

Verisk Analytics Inc (Baa1/BBB)

-VRSK 4.450% due 3/31 T+88bp (G88; $98.99) - $500m pxd FEB 2026

-VRSK 5.125% due 3/36 T+118bp (G118; $97.75) - $500m pxd FEB 2026

-VRSK 3.625% due 5/50 T+111bp ($69.92) - $500m pxd MAY 2020

FINAL BOOKS:

$1.5bn 3yr - $3.35bn (2.23x) - PEAK $3.8bn

$500M 5yr - $2.65bn (5.30x) - PEAK $3.65bn

$1bn 10yr - $5.7bn (5.70x) - PEAK $6.65bn

[HEWLETT PACKARD]

Hewlett Packard Enterprise Co (HPE) exp Baa2/BBB/BBB+ (s/s/s) US$2bn SEC registered 4-part sr notes (2y FXD and/or FRN due 3/23/28, 3y FXD due 3/23/29 and 7y FXD due 4/1/33). MWC FXD tranches. 1mo par call on 3y (2/23/29) and 2mos on 7y (2/1/33). 101 CoC. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Wrapper. UOP: for general corporate purposes, which may include, among other uses, repaying certain indebtedness of HPE and its subsidiaries. Pricing 3/16. Settle 3/23 (T+5).

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

Announced with benchmark size (we heard the deal size was ~1.5−2bn), final size came in at $2bn with price progression as follows:

2y FRN - IPT SOFR equiv; GDNC SOFR+98#; PXD $300m 3/23/28 FRN at SOFR+98, at 100.

2y FXD - IPT T+110 area; GDNC T+85#; PXD $500m 4.50% 3/23/28 99.936 4.534% T+85. MW+15.

3y - IPT T+120 area; GDNC T+95#; PXD $600m 4.60% 3/23/29 99.875 4.645% T+95. MW+15.
7y - IPT T+150 area; GDNC T+127#; PXD $600m 5.25% 4/1/33 99.842 5.277% T+127. MW+20.

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

-HPE 4.150% due 09/15/28 T+80bp (G79; $99.20) - $850M pxd 09/08/25 +70
-HPE 4.550% due 10/15/29 T+96bp (G92; $99.60) - $1.75bn pxd Sep 2024
-HPE 4.400% due 10/15/30 T+97bp (G99; $98.40) - $850M pxd 09/08/25 +85
-HPE 4.850% due 10/15/31 T+116bp (G110; $99.30) - $1.25bn pxd Sep 2024
-HPE 5.000% due 10/15/34 T+116bp (G126; $97.20) - $2bn pxd Sep 2024

** 7y - outstanding Oct 34s G126; plus curve call new 10y f/v T+130bp; minus 10-15bp 7s/10s curve, call f/v T+117bp. At the T+127bp pricing level, 7Y CONCESSION IS 10BP.

** 3y - 7y f/v T+117bp minus 30bp 3s/7s curve to get to T+87bp. At the T+95bp pricing level, 3Y CONCESSION IS 8BP.

** 2y - 3y f/v T+87bp minus 10bp 2s/3s = T+77bp. At the T+85bp pricing level, 2Y CONCESSION IS 8BP.

Comps away:

Juniper Networks Inc (BBB/BBB+)
-JNPR 3.750% due 08/15/29 T+87bp (G84; $97.40) - $500M pxd Aug 2019
-JNPR 2.000% due 12/10/30 T+94bp (G95; $88.40) - $400M pxd Dec 2020

HP Inc (Baa2/BBB/BBB+)
-HPQ 5.400% due 04/25/30 T+95bp (G101; $102.30) - $500M pxd 04/14/25 +145
-HPQ 5.500% due 01/15/33 T+104bp (G130; $101.20) - $1.1bn pxd Jun 2022

Dell Int LLC / EMC Corp (Baa2/BBB/BBB+)
-DELL 4.750% due 04/01/28 T+63bp (G63; $100.80) - $1bn pxd Mar 2025
-DELL 4.150% due 02/15/29 T+68bp (G68; $99.40) - $750M pxd 09/22/25 +58
-DELL 4.500% due 02/15/31 T+93bp (G93; $98.90) - $1.25bn pxd 09/22/25 +80
-DELL 4.750% due 10/06/32 T+111bp (G95; $99.00) - $1.25bn pxd 09/22/25 +90
-DELL 5.100% due 02/15/36 T+116bp (G116; $97.70) - $1.25bn pxd 09/22/25 +100

FINAL BOOKS:
$300M 2yr FRN - $475M (1.58x) - PEAK $550M
$500M 2yr - $1.8bn (3.60x) - PEAK $2.3bn
$600M 3yr - $2.3bn (3.83x) - PEAK $2.75bn
$600M 7yr - $2.4bn (4.00x) - PEAK $2.8bn

[SOUTHERN CO]

The Southern Co (SO), exp issue ratings Baa2/BBB/BBB- (n/s/s), US$1.3bn SEC registered 32nc7 Series 2026A fixed rate reset jr subordinated notes due 4/1/58. First reset date: 4/1/33. Interest rate: (i) from and including the date of original issuance to, but excluding, April 1, 2033 at an annual rate of [●]% and  (ii) from and including April 1, 2033 during each Interest Reset Period at an annual rate equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date, plus [●]%. The interest rate during any Interest Reset Period will not reset below the initial interest rate. Optional Redemption: In whole or in part, on one or more occasions, (i) on any day in the period commencing on the date falling 90 days prior to the first Interest Reset Date and ending on and including the first Interest Reset Date and (ii) after the first Interest Reset Date, on any Interest Payment Date, at 100% of the principal amount. In whole, but not in part, upon a Tax Event at 100% of the principal amount. In whole, but not in part, upon a Rating Agency Event at 102% of the principal amount; or In whole, but not in part, upon a Tax Credit Event at 101% of the principal amount. In each case plus any accrued and unpaid interest. Optional Deferral: Interest deferral for up to 10 consecutive years; Any deferred interest will accrue additional interest. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Prohibited Sales: HK or Mainland China. UOP: The net proceeds from the sale of the Series 2026A Junior Subordinated Notes will be used by the Company to repay all or a portion of its outstanding commercial paper borrowings, and for other general corporate purposes, which may include investment by the Company in its subsidiaries. Pricing 3/16. Settle 3/19 (T+3). Cusip: 842587EJ2. ISIN: US842587EJ27. 

VIA Citi/JPM (B&D)/Miz/MS/USB joint active books.

Announced with benchmark size, we heard initial thoughts as 6.375%-6.50% area.

Guidance came in at 6.00%#.

Ultimately, a $1.3bn deal priced as follows:

$1.3bn 6.00% 4/1/58 at 100.00 6.00%. Back-end reset: T+199.3.

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

-SO 6.375% due 03/15/55 NC 12/15/34 $103.00 (G179; 5.931% YTC) - $1.8bn pxd FEB 2025 b/e +206.9 (with floor)

*** NC Dec ’34 5.93%, add 7bp gets NC10 at 6.00%.

Take away 10-15bp for 10s/7s curve = 5.875%.

b/e differential:

Outstanding b/e 206.9 minus outstanding G179 = 27.9 * 0.2 = 5.58bp.

Outstanding b/e 206.9 minus new issue b/e 199.3 = 7.60 * 0.3 = 2.28bp.

Add 5bp for b/e differential = 5.925%. 

Floor differential:

6.375 minus 6.00% = 37.5bp * 0.2 = 7.5bp.

Add another 7.5bp for floor differential gets f/v to 6.00%. At the 6.00% pricing level, CONCESSION IS FLAT.

COMPS AWAY:

NextEra Energy (Baa2/BBB/BBB)

-NEE 6.375%

due 08/15/55 NC 05/15/30 $102.25 (G199; 5.760% YTC) - $1.5bn pxd FEB 2025 b/e

+205.3 (with floor)

-NEE 6.500%

due 08/15/55 NC 05/15/35 $104.00 (G176; 5.928% YTC) - $1bn pxd FEB 2025 b/e +197.9

(with floor)

WEC Energy Group (Baa2/BBB/BBB-)

-WEC 5.625% due 05/15/56 NC 02/15/31 $99.75 (G187; 5.683% YTC) - $600m pxd NOV 2025

b/e +190.5 (with floor)

Xcel Energy (Baa2/BBB-/BBB-)

-XEL 5.750% due 12/03/56 NC 09/03/31 $99.00 (G211; 5.971% YTC) - $800m pxd FEB 2026 b/e +216.8 (with floor)

Seniors:

Southern Co (Baa1/BBB+/BBB+)

-SO 4.850% due 03/15/35 T+93bp (G100; $97.81) - $750m pxd SEPT 2024

*** Mar ‘35 G100, call 10y at 103bp. Take away 10-15bp for 10s/7s curve gets new issue 7y at 90bp.

7y UST at 4.00%, add 90bp = 4.90%. At the 6.00% pricing level, the Sr-Sub Differential is 110BP.

FINAL BOOK:

$1.3bn 32nc7 Jr Sub - $2.62bn (2.02x) - PEAK $4.2bn

[SAN DIEGO G&E]

San Diego Gas & Electric Co (SRE) exp A1/A/A (s/s/s) US$1.1bn SEC registered 2-part first mortgage bonds (10y FXD due 3/15/36 and 30y FXD due 3/15/56). MWC then 3mos par call on 10y (12/15/35) and 6mos on 30y (9/15/55). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Sale into HK, China: No - All Solicitations Prohibited. UOP: The Company intends to use a substantial portion of the net proceeds from this offering to repay outstanding indebtedness and to use any remaining net proceeds for other general corporate purposes. Pricing 3/16. Settle 3/20 (T+4). Cusip: 10y: 797440CH5, 30y: 797440CJ1. ISIN: 10y: US797440CH57, 30y: US797440CJ14.

VIA BofA (B&D)/GS/RBC/TSI joint active books.

Announced as a benchmark, we heard initial price thoughts as 10y T+130 area, 30y T+140-145.

Went straight to launch at $625m 10y at T+100. $475m 30y at T+112.

Ultimately, a $1.1bn deal priced as follows

$625m 5.20% 3/15/36 99.754 5.232% T+100. MW+15.

$475m 5.95% 3/15/56 99.392 5.994% T+112. MW+20.

As for r/v, outstanding San Diego G&E was quoted as follows:
-SRE 3.000% due 03/15/32 T+85bp (G75; $91.10) - $500M pxd Mar 2022
-SRE 5.400% due 04/15/35 T+91bp (G99; $101.40) - $850M pxd Mar 2025
-SRE 5.550% due 04/15/54 T+111bp ($93.60) - $600M pxd Mar 2024

** 10y - outstanding Apr 35s G99; some quoted a bit higher at G100, so plus 2-3bp for ‘35/’36 to get to  T+102bp f/v. At the T+100bp pricing level, 10Y CONCESSION IS NEG 2BP.

** 30y -  Outstanding Apr 54s T+111bp; plus 1bp for curve = T+112bp

Or 10y T+102bp plus 10-15bp 10s/30s, call f/v T+114bp.

Mid-point f/v is +113. At the T+112bp pricing level, 30Y CONCESSION IS NEG 1BP.

Other SRE Comps:

Southern California Gas Co (Aa3/A/AA-)
-SRE 2.550% due 02/01/30 T+47bp (G54; $93.70) - $650M pxd Jan 2020
-SRE 5.200% due 06/01/33 T+58bp (G80; $102.00) - $500M pxd May 2023
-SRE 5.450% due 06/15/35 T+84bp (G91; $102.30) - $600M pxd 05/12/25 +105
-SRE 6.000% due 06/15/55 T+114bp ($99.30) - $500M pxd 05/12/25 +120

Comps away:

Oncor Electric Delivery Co LLC (A2/A/A)
-ONCRTX 4.650% due 11/01/29 T+66bp (G63; $100.80) - $550M pxd Dec 2024
-ONCRTX 4.500% due 03/15/31 T+69bp (G69; $99.70) - $750M pxd 03/12/26 +68
-ONCRTX 5.650% due 11/15/33 T+60bp (G78; $104.70) - $800M pxd Dec 2023
-ONCRTX 5.350% due 04/01/35 T+82bp (G90; $101.70) - $650M pxd Jan 2026
-ONCRTX 5.800% due 04/01/55 T+103bp ($98.00) - $650M pxd Jan 2026
-ONCRTX 5.900% due 03/15/56 T+106bp ($99.00) - $850M pxd 03/12/26 +105

Florida Power & Light Co (Aa2/A+/AA-)
-NEE 5.150% due 06/15/29 T+42bp (G41; $102.80) - $750M pxd May 2024
-NEE 4.625% due 05/15/30 T+45bp (G51; $101.10) - $500M pxd May 2023
-NEE 4.700% due 02/15/36 T+76bp (G76; $97.30) - $650M pxd 12/02/25 +65
-NEE 5.700% due 03/15/55 T+90bp ($98.40) - $950M pxd Feb 2025
-NEE 5.600% due 02/15/66 T+104bp ($94.60) - $1.15bn pxd 12/02/25 +90

MidAmerican Energy Co (Aa2/A)
-BRKHEC 5.350% due 01/15/34 T+60bp (G77; $102.90) - $350M pxd Sep 2023
-BRKHEC 5.500% due 11/15/56 T+98bp ($94.40) - $400M pxd 11/03/25 +85

Duke Energy Carolinas LLC (Aa3/A)
-DUK 4.850% due 03/15/30 T+43bp (G49; $102.00) - $400M pxd Jan 2025
-DUK 5.250% due 03/15/35 T+76bp (G85; $101.40) - $700M pxd Jan 2025
-DUK 5.400% due 01/15/54 T+97bp ($93.40) - $925M pxd Jun 2023

Duke Energy Indiana LLC (Aa3/A)
-DUK 5.250% due 03/01/34 T+60bp (G76; $102.30) - $300M pxd Feb 2024
-DUK 5.900% due 05/15/55 T+106bp ($99.00) - $300M pxd 05/12/25 +103

Duke Energy Florida LLC (A1/A)
-DUK 4.200% due 12/01/30 T+60bp (G62; $98.90) - $500M pxd 11/24/25 +62
-DUK 4.850% due 12/01/35 T+84bp (G86; $97.90) - $600M pxd 11/24/25 +82
-DUK 6.200% due 11/15/53 T+102bp ($103.50) - $700M pxd Nov 2023

Connecticut Light and Power Co (A2/A/A+)
-ES 4.650% due 01/01/29 T+49bp (G49; $101.00) - $350M pxd Jan 2024
-ES 4.950% due 01/15/30 T+47bp (G54; $102.10) - $400M pxd Jan 2025
-ES 4.950% due 08/15/34 T+78bp (G89; $99.20) - $300M pxd Aug 2024
-ES 5.250% due 01/15/53 T+92bp ($92.10) - $500M pxd Jan 2023

Duke Energy Ohio Inc (A2/A)
-DUK 3.650% due 02/01/29 T+50bp (G50; $98.40) - $400M pxd Jan 2019
-DUK 2.125% due 06/01/30 T+58bp (G63; $91.20) - $400M pxd May 2020
-DUK 5.250% due 04/15/33 T+56bp (G79; $102.30) - $500M pxd Mar 2023
-DUK 5.300% due 06/15/35 T+84bp (G91; $101.30) - $350M pxd 06/02/25 +88
-DUK 5.550% due 03/15/54 T+101bp ($94.90) - $425M pxd Mar 2024

Southern California Edison Co (A2/BBB+/A-)
-EIX 5.250% due 03/15/30 T+91bp (G97; $101.70) - $850M pxd Mar 2025
-EIX 4.800% due 03/15/33 T+104bp (G104; $98.20) - $600M pxd 02/24/26 +103
-EIX 5.450% due 03/01/35 T+115bp (G122; $100.10) - $850M pxd Jan 2025
-EIX 6.200% due 09/15/55 T+147bp ($97.60) - $650M pxd Mar 2025

FINAL BOOKS:

$625M 10yr FMB - $3.6bn (5.76x) - PEAK $5.4bn
$475M 30yr FMB - $3.1bn (6.53x) - PEAK $4.8bn

[FIRSTENERGY PENN]

FirstEnergy Pennsylvania Electric Co (FE) exp A3/A-/A (s/s/s) US$850m 144A/Reg S with reg rights 2-part sr notes (2y FXD due 3/15/28 and 5y FXD due 3/15/31). MWC then 1mo par call on 5y (2/15/31). Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: Net proceeds from the offering are expected to be used to (i) refinance existing indebtedness, including FE PA's bond maturity of $300 million 5.15% Series due 2026 and money pool borrowings; (ii) fund capital expenditures; (iii) fund working capital; (iv) fund general corporate purposes; or (v) any combination of the above. Pricing 3/19. Settle 3/22 (T+3).

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

Announced as a benchmark, we heard initial price thoughts as 2y T+80 area, 5y T+105 area.

Went straight to launch at $300m 2y at T+50. $550m 5y at T+77.

Ultimately, a $850m deal priced as follows

$300m 4.150% 3/15/28 99.944 4.180% T+50. MW+10.

$550m 4.550% 3/15/31 99.873 4.579% T+77. MW+15.

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

-FE 5.200% due 04/01/28 T+65bp (G65; $101.64) - $425M pxd Mar 2023
-FE 3.600% due 06/01/29 T+75bp (G73; $97.45) - $300M pxd Jun 2019

Formerly issued as Pennsylvania Electric Co in May 2023, the new FE PA was formed in 2024 through a consolidation of Penn Power, West Penn Power, Penelec, and Met-Ed, four Pennsylvania Opcos into a single entity, and today marks its first senior notes issuance since then. Given marketing and the debut entity, CONCESSION IS N/A. 

And here’s how FE PA stacks up against the other FE names: 

Jersey Central Power & Light (A3/BBB+/A)
-FE 4.150% due 01/15/29 T+65bp (G65; $99.44) - $350M pxd 09/02/25 +55
-FE 4.400% due 01/15/31 T+80bp (G81; $99.10) - $500M pxd 09/02/25 +70

**Jersey Central P&L Jan 31s G81; FEPA landed 4bp inside. 

Ohio Edison Co (A3/A-/A-)
-FE 4.950% due 12/15/29 T+77bp (G72; $101.57) - $300M pxd May 2025

**  Ohio Dec 29s G72; plus 8bp for ~’30/’31 curve = T+80bp. FEPA landed 3bp inside of Ohio Ed. 

Trans-Allegheny Interstate (A3/A/A+)
-FE 5.000% due 01/15/31 T+73bp (G74; $101.95) - $600M pxd Apr 2025

** Trans-Allegheny Jan 31s G74; FEPA landed 3bp wide. 

Unsecured Comps:

Wisconsin Electric Power (A2/A-/A+)
-WEC 4.150% due 10/15/30 T+53bp (G55; $99.13) - $500M pxd 09/18/25 +50

Wisconsin Public Service (A2/A-/A+)
-WEC 4.250% due 01/15/31 T+57bp (G58; $99.34) - $300M pxd 01/05/26 +55

Georgia Power Co (A3/A/A)
-SO 4.850% due 03/15/31 T+66bp (G67; $101.65) - $750M pxd Feb 2025

Arizona Public Service (Baa1/BBB+/A-)
-PNW 2.200% due 12/15/31 T+92bp (G83; $87.30) - $450M pxd Aug 2021

Oncor Electric Delivery (A2/A)
-ONCRTX 4.500% due 03/15/31 T+68bp (G67; $99.98) - $750M pxd 03/12/26 +68

FINAL BOOKS:

$300M 2yr - $1.45bn (4.83x) - PEAK $2bn

$550M 5yr - $1.6bn (2.91x) - PEAK $2.6bn

[COVERED BOND FYI - ANZ]

Australia & New Zealand Banking Group Ltd (ANZ) exp security ratings Aaa/NR/AAA (issuer ratings Aa2/AA-/AA-) US$2.25bn 144A/Reg S 5y covered bond due 2/14/31. Guarantor: Perpetual Corporate Trust Ltd. (in its capacity as trustee of the ANZ Residential Covered Bond Trust). First Pay: 8/14/26. Denoms: 250,000 x 1,000. Day Count: 30/360. Listing: Not Listed. Extended due for payment date: 2/14/32. UOP: gcp. Pricing 3/18. Settle 3/24 (T+6).

VIA ANZ/Barc/BMO/HSBC/Lloyds/NatWest/RBC/Scotia/TD joint books.

Announced as a benchmark, we heard initial price thoughts as SMS+57 area.

Guidance came in at SOFR MS+53#. Orderbooks >$2.9bn.

Ultimately, a $2.25bn deal priced as follows: $2.25bn 4.050% 2/14/31 99.986 to yield 4.054% SOFR MS+53 (T+24.0).

We heard final books to be $2.5bn.

Comps away:

CIBC (Aaa/AAA)
-CIBC FRN due 01/14/30 SOFR MS+52bp (Z+26) - $2bn

CBA (Aaa/AAA)
-CBA FRN due 01/22/30 SOFR MS+52bp (Z+26) - $1.5bn

NAB (Aaa/AAA)
-NAB FRN due 06/03/30 SOFR MS+52bp (Z+24) - $1.75bn

[M&A TODAY]

Novartis hit the market with $11bn with proceeds going towards their $11bn acquisition of Avidity. The transaction was announced on 10/26/25 and later closed on 3/2/26. 

Waters Corp announced a series of fixed income investor calls today. A potential deal under August SpinCo and guaranteed by Waters Corp rated Baa2/BBB with tenors of 1.5yr FXD and/or FRN, 3y, 5y, 7y, and 10y may emerge. UOP may go towards repayment of their $3.5bn term loan used to fund their acquisition of Biosciences and Diagnostic Solutions which was spun off off of Becton Dickinson. 

On July 14, 2025, Becton Dickison announced the spin-off of their Biosciences and Diagnostic Solutions business which will simultaneously be acquired by Waters Corp. Waters Corp paid a $4bn distribution to BDX. The transaction was later completed on 2/10/26. 

Public Storage "PSA" (A2/A) entered an agreement to acquire National Storage Affiliates "NSA" (BBB- by Kroll) in an all stock deal. PSA will issue 0.14 shares per NSA share which values NSA at $41.68 per share representing an equity value of $5.7bn or enterprise value of $10.5bn. The combined entity will have an equity value of $57bn and an enterprise value of $77bn with PSA owning 92% and NSA owning 8%.

Before closing, PSA and partners in NSA's OP plan to form a joint venture that will have a value of $3.3bn. OP unitholders will own 80% with PSA owning the remaining 20%. the JV is expected to raise $2.2bn in secured debt.

PSA plans on repaying NSA's existing bank debt and notes and assume mortgage debt and preferred equity. To repay NSA's bank debt, PSA obtained $4bn in committed debt financing with GS and WFS including a $2bn bridge facility and a $2bn joint venture bridge facility.

The transaction is expected to close by Q3 2026.

Goldman Sachs, Wells Fargo, and Eastdill are the financial advisors with Wachtell, Lipton, Rosen & Katz providing legal counsel to Public Storage

Morgan Stanley is the financial advisor with Clifford Chance US LLP providing legal counsel to National Storage.

[NEW MANDATES & MARKETING]

– The Depository Trust Company (“DTC”), rated Aa1 (Stable) by Moody’s / AA+ (Stable) by S&P*, has asked Citigroup, J.P. Morgan, and MUFG to arrange a series of fixed income investor calls on Monday, March 16th, 2026. An electronic presentation will be made available. An offering of Rule 144A/Reg S (without Registration Rights) senior unsecured notes may follow, subject to market conditions.

Citigroup will be coordinating logistics.

Company Participants:

Lukas Morell – Managing Director & Treasurer

Timothy Cuddihy – Group Chief Risk Officer

Timothy Hulse – Managing Director, Financial Risk Management

Arianne Collette – Managing Director, Equities Clearance

Michael Winnike – Managing Director, Strategy and Market Solutions

Schedule for Monday, March 16th, 2026:

10:00AM-10:45AM ET

11:00AM-11:45AM ET

1:00PM-1:45PM ET

2:00PM-2:45PM ET

– Emera US Finance, LLC (“Emera US” or the “Company”), a wholly owned subsidiary of Emera Incorporated (TSX/NYSE: EMA), has mandated J.P. Morgan and Morgan Stanley to arrange a series of fixed income investor calls to take place today, March 16th. An electronic investor presentation will be available with details listed below.

J.P. Morgan is coordinating logistics.

A USD-denominated SEC-registered offering of Fixed-to-Fixed Reset Rate Junior Subordinated Notes, expected to include coupon floor provisions, and/or Senior Unsecured Notes of 3- and/or 7-year tenors, guaranteed by Emera Incorporated and Emera US Holdings Inc. may follow, subject to market conditions.

Investor Call Schedule for Monday, March 16th

• Call #1: 2:30pm — 3:15pm ET

• Call #2: 3:30pm — 4:15pm ET

The Company will be represented by:

Jared Green, Chief Financial Officer

Erin Power, Vice President, Treasurer

Susan Joudrey, Assistant Treasurer

Electronic Presentation Access Details:

URL: www.netroadshow.com

Entry Code: EMA2026

Direct Link: www.netroadshow.com/nrs/home/#!/?show=53b5958e

About Emera:

Emera Inc. (TSX/NYSE: EMA) is a Halifax, Nova Scotia-based holding company of rate-regulated electric and gas utilities. Its largest operations are in Florida, with additional operations in Atlantic Canada, the Caribbean, and elsewhere in the United States collectively serving 2.7 million customers.

– Sydney Airport Finance Company Pty Limited (BBG Ticker: SYDAU) (the Issuer), a subsidiary of Sydney Airport Corporation Limited, rated Baa1 (Stable) by Moody’s, and BBB+ (Stable) by S&P, has mandated J.P. Morgan as Global Coordinator and Active Bookrunner along with Goldman Sachs & Co. LLC, Mizuho, MUFG and RBC Capital Markets as Active Bookrunners to arrange a series of global fixed income investor calls across Asia, Europe and the US, commencing on Monday 16 March 2026. A USD Rule 144A/Reg S senior secured 10-year benchmark offering may follow, subject to market conditions. The notes are expected to be rated Baa1 by Moody’s and BBB+ by S&P.

Sydney Airport, Australia’s busiest airport serving as the gateway to all of Australia, is owned and operated by Sydney Airport Corporation Limited.

**** SYDNEY AIRPORT USD RULE 144A / REG S 10-YEAR – INVESTOR MEETINGS ****

Sydney Airport Finance Company Pty Limited will be represented by:

David-Olivier Tarac, Chief Financial Officer

Michael Momdjian, General Manager, Treasury & Corporate Finance

Investor Call Schedule commencing on Monday 16 March 2026

Monday 16 March 2026

APAC Investor Small Group Call Schedule (Virtual)

Meeting 01: 11:00AM-11:45AM SGT/HKT | 02:00PM-02:45PM AEDT

Meeting 02: 02:00PM-02:45PM SGT/HKT | 05:00PM-05:45PM AEDT

Meeting 03: 03:00PM-03:45PM SGT/HKT | 06:00PM-06:45PM AEDT

Meeting 04: 04:00PM-04:45PM SGT/HKT | 07:00PM-07:45PM AEDT

Monday 16 March 2026

US / UK / European Investor Small Group Call Schedule (Virtual)

Meeting 05: 10:00AM-10:45AM ET | 02:00PM-02:45PM UKT | 03:00PM-03:45PM CET

Meeting 06: 11:00AM-11:45AM ET | 03:00PM-03:45PM UKT | 04:00PM-04:45PM CET

Meeting 07: 12:00PM-12:45PM ET | 04:00PM-04:45PM UKT | 05:00PM-05:45PM CET

Meeting 08: 01:00PM-01:45PM ET | 05:00PM-05:45PM UKT | 06:00PM-06:45PM CET

Meeting 09: 02:00PM-02:45PM ET | 06:00PM-06:45PM UKT | 07:00PM-07:45PM CET

J.P. Morgan will be coordinating logistics.

**** SYDNEY AIRPORT USD RULE 144A / REG S 10-YEAR – DEALROADSHOW ****

A DealRoadshow presentation (with voiceover) is available – link as follows:

• Direct Link: https://dealroadshow.com/e/SACL2026 (Recommended)
• OR visit: www.dealroadshow.com and enter the entry code: SACL2026 (not case-sensitive)

– Waters Corporation (“Waters”) (NYSE: WAT), has mandated Barclays as Global Coordinator and BofA Securities, Citigroup,  HSBC, and J.P. Morgan as joint book-running managers to arrange a series of fixed income investor calls today, Monday, March 16th, 2026. An electronic investor presentation and a preliminary prospectus supplement will be made available via the link below.

Barclays is coordinating logistics.

A USD-denominated, 18-month fixed rate and/or floating rate and 3-, 5-, 7-, and 10-year fixed rate, senior unsecured, SEC-registered notes benchmark transaction issued by Augusta SpinCo Corporation, fully and unconditionally guaranteed by Waters Corporation and certain of its direct and indirect subsidiaries, is expected to follow, subject to market conditions. The securities are expected to be rated Baa2 by Moody’s and BBB by S&P.

Presenters:

John Lynch – Vice President, Treasurer

John Wood – Head of Capital Markets

Caspar Tudor – Head of Investor Relations

Call Schedule:

Monday, March 16th, 2026

Call #1: 10:00 AM ET – 10:45 AM ET

Call #2: 11:00 AM ET – 11:45 AM ET

Call #3: 12:00 PM ET – 12:45 PM ET

Call #4: 2:00 PM ET – 2:45 PM ET

Call #5: 3:00 PM ET – 3:45 PM ET

Electronic Presentation Access Details:

URL: www.netroadshow.com

Entry Code: WATERS2026 (not case-sensitive)

Direct Link: www.netroadshow.com/nrs/home/#!/?show=fb5736e5

Investor Call Registration Links:

Call #1 (10:00-10:45 AM)

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About Augusta SpinCo Corporation:

Augusta SpinCo Corporation is a wholly owned subsidiary of Waters following the completion of the acquisition of the Biosciences & Diagnostic Solutions business (“BDS Business”) of Becton, Dickinson and Company (“BD”) by Waters. The BDS Business consists of BD’s former Biosciences and Diagnostic Solutions business units. Biosciences is a leader in immunology (the study of the immune system and immune responses in health and disease) and cancer research solutions and related clinical diagnostics, including flow cytometry instruments and reagents, and innovative multiomics tools. Diagnostic Solutions is a leader in microbiology and infectious disease diagnostics, including molecular diagnostics (certain diagnostic tests that detect specific nucleic acids (DNA/RNA) or mutations to identify pathogens, cancers, or genetic conditions), cervical cancer screening, microbiology automation (automated systems and workflows that culture, process, identify, and assess microbes to improve lab throughput, consistency and clinical performance) and point-of-care offerings.

About Waters Corporation:

Waters Corporation (NYSE: WAT) is a global leader in life sciences and diagnostics, dedicated to accelerating the benefits of pioneering science through analytical technologies, informatics, and service. With a focus on regulated, high-volume testing environments, our innovative portfolio harnesses deep scientific expertise across chemistry, physics, and biology. We collaborate with customers around the world to advance the release of effective, high-quality medicines, ensure the safety of food and water, and drive better patient outcomes by detecting diseases earlier, managing routine infections, and combating antibiotic resistance. Through a shared culture of relentless innovation, our passionate team of ~16,000 colleagues turn scientific challenges into breakthroughs that improve lives worldwide.

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