Commentary & Deal Flow

Pre-Fed issuance was solid, with six issuers pricing a combined $11.25bn, including three transactions that moved from the pipeline and one that held same day calls - though activity could have been even stronger had two deals not opted to stand down. March year-to-date volume has now surpassed the $200bn threshold with seven issuance days remaining (excluding Fed day and Fridays) in the month, already ranking among the top 10 largest March totals on record. At present, volume ($203.750bn) sits just $29.46bn shy of the March record (*Ex-2020*).

With Augusta SpinCo (Waters) entering the market, an additional $3.5bn was added to the M&A-driven tally. Month-to-date M&A-related issuance now stands at $45.35bn, surpassing May 2023 to rank as the fourth-largest M&A month since 2020 (and ninth largest on record). With approximately a week and a half remaining, the market would need another $11.45bn to overtake February 2024 as the largest M&A month on record.

Bank issuance continued to build on an already record-setting quarter, as HSBC added $2.5bn via a two-part AT1 transaction. Bank supply now totals $187.95bn year-to-date, representing roughly 30% of overall issuance.

Today’s session also featured an 18-month fixed tranche from Bunge. While shorter-dated issuance has appeared sporadically - most recently via NRUC’s 1.5-year FRN last month - fixed-rate supply at this tenor remains uncommon. The last comparable fixed-rate 18-month deal came in June 2025 (Brown & Brown), while the most recent corporate 1.5-year issuance overall was Keurig Dr Pepper’s FRN in April 2025.

Elsewhere, Emera re-launched its 2-part transaction and achieved a 5bp tightening from the initial launch, marking the first post-launch tightening since APODS in early December 2025. Books ended $5.4bn for the $750m deal, at 7.20x over-subscribed. 

Here’s today’s rundown:

[WATERS CORPORATION]

Augusta SpinCo Corp (WAT) exp Baa2/BBB (s/s) US$3.5bn SEC registered 6-part sr notes (18mo FXD and/or FRN due 9/23/27, 3y FXD due 3/23/29, 5y FXD due 3/23/31, 7y FXD due 3/23/33 and 10y FXD due 3/23/36). MWC on 3s/5s/7s/10s. 1mo par call on 3y (2/23/29), 1mo on 5y (2/23/31), 2mos on 7y (1/23/33) and 3mos on 10y (12/23/35). 101 CoC. Guarantor: Waters Corporation and certain direct and indirect subsidiaries. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: Together with cash on hand, to repay all outstanding indebtedness under the Augusta Delayed Draw Term Loan Facility. Marketing: www.netroadshow.com Passcode: WATERS2026. Pricing 3/17. Settle 3/23 (T+4).

VIA Barc (B&D)/BofA/Citi/HSBC/JPM joint active books.

Announced with benchmark size, final size came in at $3.5bn with price progression as follows:

18mo FRN - IPT SOFR equiv; dropped at guidance
18mo FXD - IPT T+85 area; GDNC; PXD $650m 4.321% 9/23/27 100.00 4.321% T+65.
3y - IPT T+100 area; GDNC T+72#; PXD $600m 4.398% 3/23/29 100.00 4.398% T+72. MW+15.
5y - IPT T+115 area; GDNC T+87#; PXD $750m 4.656% 3/23/31 100.00 4.656% T+87. MW+15.
7y - IPT T+125 area; GDNC T+97#; PXD $750m 4.945% 3/23/33 100.00 4.945% T+97. MW+15.
10y - IPT T+135 area; GDNC T+105#; PXD $750m 5.245% 3/23/36 100.00 5.245% T+105. MW+20.

As for r/v, this is a debut issuer, so CONCESSION IS N/A.

Comps away:

Thermo Fisher Scientific (A2/A-/A-)
-TMO 4.215% due 02/12/31 T+58bp (G58; $99.30) - $1bn pxd 02/09/26 +47
-TMO 4.550% due 06/15/33 T+68bp (G66; $99.30) - $750M pxd 02/09/26 +62
-TMO 4.902% due 02/12/36 T+74bp (G74; $99.60) - $1.3bn pxd 02/09/26 +70
-TMO 4.894% due 10/07/37 T+86bp (G76; $98.40) - $500M pxd 09/30/25 +75

Boston Scientific Corp (A3/A-/A-)
-BSX 2.650% due 06/01/30 T+58bp (G62; $93.40) - $1.2bn pxd May 2020

Stryker Corp (A3/BBB+)
-SYK 4.700% due 02/10/28 T+55bp (G56; $100.90) - $700M pxd Jan 2025
-SYK 4.850% due 02/10/30 T+60bp (G67; $101.60) - $800M pxd Jan 2025
-SYK 5.200% due 02/10/35 T+80bp (G90; $101.30) - $1bn pxd Jan 2025

Becton Dickinson & Co (Baa2/BBB/BBB)
-BDX 5.081% due 06/07/29 T+67bp (G66; $102.20) - $600M pxd Jun 2024
-BDX 5.110% due 02/08/34 T+76bp (G93; $100.90) - $550M pxd Feb 2024

Agilent Technologies (Baa1/BBB+)
-A 2.750% due 09/15/29 T+80bp (G77; $94.50) - $500M pxd Sep 2019
-A 2.300% due 03/12/31 T+82bp (G82; $89.80) - $850M pxd Mar 2021
-A 4.750% due 09/09/34 T+74bp (G85; $98.60) - $600M pxd Sep 2024

GE Healthcare Technologies Inc (Baa2/BBB/BBB)
-GEHC 4.800% due 08/14/29 T+73bp (G71; $101.20) - $1bn pxd Aug 2024
-GEHC 4.800% due 01/15/31 T+80bp (G81; $100.90) - $650M pxd 06/03/25 +78
-GEHC 5.905% due 11/22/32 T+102bp (G87; $106.20) - $1.745bn exch. May 2023
-GEHC 5.500% due 06/15/35 T+96bp (G103; $102.30) - $850M pxd 06/03/25 +103
-GEHC 4.950% due 12/15/35 T+97bp (G98; $98.20) - $650M pxd 12/01/25 +95

Zimmer Biomet Holdings (Baa2/BBB/BBB)
-ZBH 5.050% due 02/19/30 T+67bp (G74; $102.10) - $550M pxd Feb 2025
-ZBH 2.600% due 11/24/31 T+92bp (G85; $89.60) - $750M pxd Nov 2021
-ZBH 5.500% due 02/19/35 T+93bp (G102; $102.50) - $600M pxd Feb 2025

Solventum Corp (Baa3/BBB/BBB)
-SOLV 5.400% due 03/01/29 T+82bp (G82; $102.50) - $1.5bn exch. Dec 2024
-SOLV 5.450% due 03/13/31 T+89bp (G90; $103.40) - $1bn exhc. Dec 2024
-SOLV 5.600% due 03/23/34 T+94bp (G110; $102.90) - $1.65b exch. Dec 2024

FINAL BOOKS:

$650M 1.5yr - $1.25bn (1.92x) - PEAK $1.40bn

$600M 3yr - $2.15bn (3.58x) - PEAK $3.00bn

$750M 5yr - $3.55bn (4.73x) - PEAK $4.50bn

$750M 7yr - $3.75bn (5.00x) - PEAK $4.60bn

$750M 10yr - $5.70bn (7.60x) - PEAK $7.50bn

[HSBC]

HSBC Holdings plc (HSBC), exp issue ratings Baa3/BBB by Moody's/Fitch (issuer ratings A3/A-/A+ (s/s/s)), US$2.5bn SEC registered 2-part global subordinated contingent convertible securities (PerpNC5.5 and PerpNC10). First Call Period: PerpNC5.5: From (and including) 3/24/31 to (and including) 9/24/31; PerpNC10: From (and including) 9/24/35 to (and including) 3/24/36. Reset Dates: PerpNC5.5: 9/24/31 and each fifth anniversary date thereafter; PerpNC10: 3/24/36 and each fifth anniversary date thereafter. Interest Rate: PerpNC5.5: From the Issue Date to 9/24/31: fixed rate of [●]% Thereafter: Reset on each Reset Date to a new fixed rate equal to the prevailing 5 year USD Treasury yield + [●]; PerpNC10: From the Issue Date to 3/24/36: fixed rate of [●]% Thereafter: Reset on each Reset Date to a new fixed rate equal to the prevailing 5 year USD Treasury yield + [●]. UOP: General corporate purposes and to maintain or further strengthen its capital base pursuant to requirements under the Relevant Rules. Pricing 3/17. Settle 3/24 (T+5). 

VIA HSBC (B&D) sole books.

Announced with benchmark size, we heard initial thoughts as  PerpNC5.5: 7.25% area, PerpNC10: 7.50% area.

Later revised to PerpNC5.5: 7.125% area, PerpNC10: 7.375% area.

Went straight to launch at $1.25bn PerpNC5.5 at 6.75%. $1.25bn PerpNC10 at 7.00%.

Ultimately, a $3bn deal priced as follows:

$1.25bn PerpNC5.5, 6.75% at 100. Back-end reset: T+291.4.

$1.25bn PerpNC10, 7.00% at 100. Back-end reset: T+279.8.

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

HSBC Holdings (Baa3/NR/BBB)

-HSBC 7.05% PerpNC 06/05/30 $102.625 (G259; 6.300% YTC) - $2bn pxd JUN 2025 b/e +298.7

-HSBC 6.95% PerpNC 08/27/31 $102.000 (G268; 6.507% YTC) - $1.5bn pxd FEB 2025 b/e +263.5

-HSBC 6.95% PerpNC 03/11/34 $102.125 (G255; 6.603% YTC) - $1.15bn pxd SEP 2024 b/e +319.1

*** NC10: NC ’34 6.603% YTC, add 5-10bp for ’34 / ’36 curve = 6.68%.

Outstanding b/e 319.1 minus outstanding G255 = 64.1 * 0.2 = 12.82bp.

Outstanding b/e 319.1 minus new issue b/e 279.8 = 39.3 * 0.3 = 11.79bp.

Add 12bp for b/e differential gets f/v to 6.800%. At the 7.00% pricing level, NC10 CONCESSION IS 20BP.

*** NC5.5: NC10 f/v at 6.80%, take away 25bp for IPT curve gets f/v to 6.55%. At the 6.75% pricing level, NC5.5 CONCESSION IS 20BP.

COMPS AWAY:

Wells Fargo (Baa2/BB+/BBB)

-WFC 6.125% PerpNC 06/15/31 $100.500 (G221; 6.013% YTC) - $2.25bn pxd MAR 2026 b/e +234.0

FINAL BOOKS:

$1.25bn PerpNC5.5 AT1 - $8.85bn (7.08x) - PEAK $9.00bn

$1.25bn PerpNC10 AT1 - $8.00bn (6.40x) - PEAK $8.25bn

[ANGLO AMERICAN]

Anglo American Capital plc (AALLN) exp Baa2/BBB/BBB+ (s/s/s) US$2.3bn 144A/Reg S 3-part sr notes (5y FXD due 3/19/31, 7y FXD due 3/21/33 and 10y FXD due 3/19/36). MWC then 1mo par call on 5y (2/19/31), 2mos on 7y (1/21/33) and 3mos on 10y (12/19/35). 101 CoC. Denoms: 200,000 x 1,000. UOP: The Group intends to use the net proceeds from the issuance for General Corporate Purposes. Marketing: https://www.netroadshow.com/ | Entry code: ANGLO26USD (not case-sensitive). Direct Link: www.netroadshow.com/nrs/home/#!/?show=a436a231. Pricing 3/17. Settle 3/19 (T+2).

VIA BNP/CIBC/GS/HSBC/RBC (B&D) joint active books. Passive: ICBC.

Announced with benchmark size, final size came in at $2.3bn with price progression as follows:

5y - IPT T+120 area; GDNC T+92#; PXD $600m 4.625% 3/19/31 99.660 4.702% T+92. MW+15.
7y - IPT T+135 area; GDNC T+107#; PXD $700m 5.00% 3/21/33 99.737 5.045% T+107. MW+20.
10y - IPT T+145 area; GDNC T+117#; PXD $1bn 5.25% 3/19/36 99.104 5.367% T+117. MW+20.

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

-AALLN 3.875% due 03/16/29 T+83bp (G82; $98.30) - $500M pxd Mar 2022
-AALLN 5.625% due 04/01/30 T+80bp (G87; $103.53) - $750M pxd Mar 2020
-AALLN 2.625% due 09/10/30 T+87bp (G89; $91.83) - $1B pxd Sep 2020
-AALLN 2.875% due 03/17/31 T+87bp (G86; $92.20) - $500M pxd Mar 2021
-AALLN 5.500% due 05/02/33 T+81bp (G103; $102.92) - $900M pxd Apr 2023
-AALLN 5.750% due 04/05/34 T+92bp (G107; $104.12) - $1bn pxd Apr 2024
-AALLN 6.000% due 04/05/54 T+127bp (G128; $98.38) - $500M pxd Apr 2024

** 5y - Outstanding Mar 31s G86, also Apr 30s trading at G87 and Sep 30s at G89; plus curve call new 5y f/v T+90bp. At the T+92bp pricing level, 5Y CONCESSION IS 2BP.

** 10y - Outstanding Apr 34s G107; plus ~8bp for ‘34/’36 curve to get to T+115bp f/v. At the T+117bp pricing level, 10Y CONCESSION IS 2BP.

** 7y - Outstanding May 33s G103; call new 7y f/v T+103bp. (4bp)

Curve up / down from 5y and 10y would both get you to T+105bp (2bp)

Going mid-point. At the T+117bp pricing level, 7Y CONCESSION IS 3BP.

Comps away:

BHP Billiton Finance USA Ltd (A1/A)
-BHP 5.000% due 02/21/30 T+52bp (G58; $102.47) - $1bn pxd Feb 2025
-BHP 5.125% due 02/21/32 T+78bp (G70; $102.86) - $750M pxd Feb 2025
-BHP 5.000% due 02/15/36 T+70bp (G72; $100.80) - $500M pxd 09/02/25 +77

Glencore Funding LLC (A3/BBB+)
-GLENLN 5.186% due 04/01/30 T+86bp (G92; $101.95) - $750M pxd Mar 2025
-GLENLN 5.673% due 04/01/35 T+99bp (G107; $103.45) - $1.2bn pxd Mar 2025

Rio Tinto Finance USA PLC (A1/A/A)
-RIOLN 4.500% due 03/14/28 T+39bp (G39; $100.81) - $750M pxd Mar 2025
-RIOLN 4.875% due 03/14/30 T+48bp (G54; $102.20) - $1.75bn pxd Mar 2025
-RIOLN 5.000% due 03/14/32 T+74bp (G66; $102.43) - $1.25bn pxd Mar 2025
-RIOLN 5.250% due 03/14/35 T+71bp (G80; $102.43) - $1.75bn pxd Mar 2025

FINAL BOOKS:

$600M 5yr - $2.50bn (4.17x) - PEAK $3.60bn
$700M 7yr - $3.00bn (4.29x) - PEAK $3.90bn
$1bn 10yr - $4.90bn (4.90x) - PEAK $5.70bn

[BUNGE]

Bunge Ltd Finance Corp (BG) exp Baa1/A-/BBB+ (s/s/s) US$1.2bn SEC registered 2-part sr notes (7y FXD due 3/19/33 and 10y FXD due 3/19/36). MWC then 2mos par call on 7y (1/19/33) and 3mos on 10y (12/19/35). Guarantor: Bunge Global SA. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 3/17. Settle 3/19 (T+2). Cusip: 7y: 120568BS8, 10y: 120568BT6. ISIN: 7y: US120568BS80, 10y: US120568BT63.

VIA Citi/JPM (B&D on 7y)/SMBC (B&D on 10y) joint active books.

Announced as a benchmark, we heard initial price thoughts as 7y T+115 area, 10y T+125 area.

Went straight to launch at $500m 7y at T+87. $700m 10y at T+97.

Ultimately, a $ deal priced as follows:

$500m 4.80% 3/19/33 99.736 4.845% T+87. MW+15.

$700m 5.15% 3/19/36 99.845 5.170% T+97. MW+15.

As for r/v, outstanding BG was quoted as follows:
-BG 4.550% due 08/04/30 T+71bp (G74; $100.28) - $650M pxd 07/31/25 +63
-BG 5.150% due 08/04/35 T+90bp (G94; $100.55) - $650M pxd 07/31/25 +83

** 10y - Outstanding Aug 35s G94; plus curve call new 10y f/v T+95bp. At the T+97bp pricing level, 10Y CONCESSION IS 2BP.

** 7y - 10y f/v T+95 minus 10bp 7s/10s curve at IPT = T+85bp. At the T+87bp pricing level, 7Y CONCESSION IS 2BP.

Comps away:

Archer-Daniels-Midland Co (A2/A/A)
-ADM 4.500% due 08/15/33 T+43bp (G62; $99.23) - $500M pxd Mar 2023

Cargill Inc (A2/A)
-CARGIL 5.125% due 02/11/35 T+61bp (G70; $102.29) - $500M pxd Feb 2025

FINAL BOOKS:

$500M 7yr - $1.50bn (3.00x) - PEAK $2.80bn

$700M 10yr - $1.60bn (2.29x) - PEAK $3.10bn

[SYDNEY AIRPORT]

Sydney Airport Finance Company Pty Ltd (SYDAU) exp Baa1/BBB+ (s/s) US$1bn 144A/Reg S 10y sr secured unsubordinated notes due 3/26/36. MWC then 3mos par call (12/26/35). 101 CoC. Guarantors: Southern Cross Airports Corporation Holdings Limited, Southern Cross Airports Corporation Pty Limited, Sydney Airport Corporation Limited, Sydney Airport RPS Company Pty Limited. Coupon Type: Fixed rate, Semi-Annual, 30/360, Unadjusted, Following Business Day Convention. Denoms: 2,000 x 1,000. Sale into Canada: Yes, please see “Plan of distribution” in the Preliminary Offering Memorandum dated March 16, 2026. Governing Law: The Notes, the Guarantees and the Indenture will be governed by New York law. The Security Trust Deeds and the Intercreditor Deed are governed by the laws of the state of New South Wales. UOP: the Issuer intends to use the net proceeds from the offer to be used to pay down a portion of the indebtedness outstanding under its senior bank debt facilities and for general corporate purposes. Deal Roadshow: Direct Link: https://dealroadshow.com/e/SACL2026 (Recommended) OR visit: www.dealroadshow.com and enter the entry code: SACL2026 (not case-sensitive). Pricing 3/17. Settle 3/26 (T+7). 144A CUSIP: 87124VAG4. 144A ISIN: US87124VAG41. 

VIA JPM (B&D & GC)/GS/Miz/MUFG/RBC joint books.

Announced with benchmark size, we heard initial thoughts as T+130 area.

Guidance came in at T+105#.

Ultimately, a $1bn deal priced as follows:

$1bn 5.248% 3/26/36 100.00 5.248% T+105. MW+20.

As for r/v, SYDAU last issued a USD note in April 2016 which matures on 4/28/26. WIth no outstandings CONCESSION N/A.

COMPS AWAY:

Transurban Finance Co (Baa1/N.A./A-)

-TCLAU 4.924% due 03/36 T+90bp (G89; $98.37) - $550mm pxd SEP 2025

Canadian National Railway (A2/A-/N.A.)

-CNRCN 4.75% due 11/35 T+66bp (G67; $98.93) - $400mm pxd NOV 2025

CSX Corp (A3/BBB+/A-)

-CSX 5.05% due 06/35 T+72bp (G78; $100.72) - $900mm pxd MAR 2025

Canadian Pacific Railway (Baa1/BBB+/N.A.)

-CP 5.20% due 03/35 T+68bp (G76; $102.02) - $600mm pxd MAR 2025

Norfolk Southern Corp (Baa1/BBB+/N.A.)

-NSC 5.10% due 05/35 T+77bp (G84; $100.71) - $400mm pxd MAY 2025

FINAL BOOK:

$1.00bn 10yr - $2.250bn (2.25x) - PEAK $3.000bn 

[EMERA]

Emera US Finance LLC, exp instrument ratings Ba1/BB+/BB+ (n/s/s), US$750m SEC registered 2-part jr sub notes (30.5nc5.25 Series A Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 10/1/56 and 30.5nc10.25 Series B Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 10/1/56). Guarantors: Emera Incorporated and Emera US Holdings Inc. Interest Rate: (i) from and including the original issue date to but excluding October 1, 2031 at an annual rate of [●]% and (ii) from and including October 1, 2031, 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 (i) from and including the original issue date to but excluding October 1, 2036 at an annual rate of [●]% and (ii) from and including October 1, 2036, 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. First Interest Reset Date: Series A: October 1, 2031, Series B: October 1, 2036. Interest Payment Dates: April 1 and October 1 of each year, beginning on October 1, 2026. Interest Reset Date: The first Interest Reset Date and each date falling on the five-year anniversary of the preceding Interest Reset Date; the first Interest Reset Date and each date falling on the five-year anniversary of the preceding Interest Reset Date. 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 each case plus any accrued and unpaid interest. Option to Defer Interest Payments: Interest deferral for up to 20 consecutive semi-annual interest periods; Any deferred interest will accrue additional interest. Denoms: $2,000 x $1,000. Canadian Sales: Yes. Sale into HK or Mainland China: No – All Solicitations Prohibited. UOP: Net proceeds will be used for general corporate purposes including to repay existing indebtedness. Marketing: Final Roadshow Details URL: www.netroadshow.com. Access Code: EMA2026. Direct Link: www.netroadshow.com/nrs/home/#!/?show=53b5958e. Pricing 3/17. Settle 3/23 (T+4). CUSIP / ISIN: 30.5nc5.25: 29103HAA5 / US29103HAA59, 30.5nc10.25: 29103HAB3 / US29103HAB33. 

VIA JPM (B&D)/MS joint books.

Announced with benchmark size, we heard initial thoughts as 30.5nc5.25 7.00% area, 30.5nc10.25 7.25% area.

Went straight to launch at $375m NC5.25 at 6.70%. $375m NC10.25 at 6.90%.

Later re-launched for yield NC5.25 at 6.65%.NC10.25 at 6.85%.

Ultimately, a $750m deal priced as follows:

$375m 6.65% 10/1/56 100.00 6.65%. Back-end reset: T+286.6.

$375m 6.85% 10/1/56 100.00 6.85%. Back-end reset: T+264.8.

As for r/v, this is Emera’s debut Jr sub issuance thus CONCESSION N/A. 

COMPS AWAY:

EUSHI Finance Inc (Ba1/BB+/BB+)
-EMACN 6.250% due 04/01/56 nc 01/01/31 $99.00 (G272; 6.51% YTC) - $750m pxd SEPT 2024 b/e +250.9 (with floor)

COMPS AWAY:

NextEra Energy (Ba2/BBB/BBB)

-NEE 6.375% due 08/55 NC05/30 $102.250 (5.75% YTC) - b/e +205 (with floor)

-NEE 6.50% due 08/55 NC05/35 $104.500 (5.86% YTC) - b/e +198 (with floor)

Eversource Energy (Baa3/BBB-/BB+)

-ES 6.10% due 08/56 NC05/31 $99.500 (6.22% YTC) - b/e +252 (with floor)

-ES 6.35% due 08/56 NC05/36 $99.500 (6.41% YTC) - b/e +233 (with floor)

NiSource Inc (Baa3/BBB-/BB+)

-NI 5.75% due 07/56 NC04/31 $99.500 (5.86% YTC) - b/e +204 (with floor)

-NI 6.375% due 03/55 NC12/34 $103.250 (5.89% YTC) - b/e +253 (with floor)

Senior:

Emera US Finance LP (Baa3/BBB-/BBB-)
-EMA 2.639% due 06/15/31 T+116bp (G113; $89.53) - $450m pxd OCT 2021

Jun ’31 G113 ($89) add 2bp for low $ call new issue L5y at 115bp. 

UST 5y at 3.78%, add 115bp = 4.93%. At the 6.65% pricing level, the NC5 Sr Sub Differential is 172bp.

L5y f/v at T+115, add 25bp for 5s/10s curve call new issue L10y at 140bp.

UST 10y at 4.20%, add 140bp = 5.60%. At the 6.85% pricing level, the NC10 Sr Sub Differential is 125bp. 

FINAL BOOKS:

$375M 30.5nc5.25 Jr Sub - $2.65bn (7.07x)

$375M 30.5nc10.25 Jr Sub - $2.75bn (7.33x)

[M&A TODAY]

August Spinco hit the market with $3.5bn to repay their $3.5bn term loan used in association of their $4bn acquisition of Biosciences Diagnostic Solutions business. On July 14, 2025, Becton Dickinson announced the spin-off of their Biosciences and Diagnostic Solutions business which will be acquired by Waters Corp which was then completed earlier this year on February 10. 

Mastercard Inc "MA" (Aa3/A+) entered an agreement to acquire BVNK for up to $1.8bn which also includes $300m in contingent payments.

Mastercard did not disclose how they plan on funding the purchase price. MA had approximately $10.9bn in cash equivalents as of 12/31 and last issued a $1.25bn deal in February 2025.

The transaction is expected to close by Q4 2026.

[SSA PRICED]

NWB Bank (NEDERLANDSE WATERSCHAPSBANK NV) (Ticker: NEDWBK) Aaa/AAA (s/s) US$1.25bn 144A/Reg S 5y FXD sr notes due 3/24/31. Barc/JPM/Santander/TD joint leads. Denoms: $200k+$1k. Docs: Issuer’s Debt Issuance Programme. Listing: Luxembourg Stock Exchange's regulated market. Books open, today's business. Settle 3/24 (T+5).
IPTs: SOFR MS S/A 30/360 +40 area (currently equivalent ~CT5+11bps).
Guidance: SOFR MS S/A 30/360 +38bps area (+/- 1bps WPIR). (IOIs in excess of $1.4bn (incl. $50mm JLM  interest).

UPDATE: spread set at SOFR MS+37. Books above USD 1.64bn (incl. $50m JLM interest). EMEA/APAC books close at 10:45 LDN / 11:45 CET. Americas books close at 8.00 ET.

LAUNCHED: $1.25bn 5y at SOFR MS+37. Book closed in excess of $1.85bn (incl. $50mm JLM  interest)

PRICED: $1.25bn 3.75% 3/24/31 99.486 3.864% SOFR MS+37 (T+8.9).

[NEW MANDATES & MARKETING]

– Fondo Mivivienda S.A. (“FMV”), a wholly owned financial institution of the Peruvian Government, rated Baa1 (Stable) / BBB (Stable) by Moody’s / Fitch*, has mandated BofA Securities, J.P. Morgan, and Scotiabank as Joint Bookrunners to arrange a series of fixed-income investor calls starting on Wednesday, March 18, 2026. On March 10, 2026, Scotia Capital (USA) Inc., as offeror on behalf of FMV, commenced a cash tender offer (the “Offer”) for up to US$375,000,000 aggregate principal amount of FMV’s outstanding 4.625% Notes due 2027. J.P. Morgan, and Scotiabank are acting as Dealer Managers. J.P. Morgan will be coordinating logistics. J.P. Morgan is also acting as Development Finance Structuring Agent in connection with the below-referenced bond.

A senior unsecured 144A / Reg S USD-denominated benchmark-sized bond with a 5-year maturity may follow, subject to market conditions.

The Company will be represented by:

Christian Renan Ruiz Moreno, Interim Chief Executive Officer

Jorge Luis Trujillo Canales, Interim Chief Financial Officer

Jonathan Coaguila Villanueva, Chief Risk Officer

Investor Login Details

URL: https://dealroadshow.com

Entry Code: FMV2026

Direct Link: https://dealroadshow.com/e/FMV2026

– Korea National Oil Corporation (“KNOC”), rated Aa2 (Stable) by Moody’s and AA (Stable) by S&P, has mandated BofA Securities, Citigroup, HSBC, ING, Mizuho, and Standard Chartered Bank* (the “Joint Lead Managers”) to arrange a series of investor calls commencing on March 19, 2026. A USD-denominated 144A/Reg S senior unsecured offering consisting of fixed rate and/or floating rate notes with expected tenor(s) of 3- and/or 5-year may follow, subject to market conditions.

Logistics Bank

- BofA for US

- SCB for Asia and EMEA

KNOC Representatives

- Haeje Seong, Senior Vice President

- Sangkeun Kim, General Manager

- Hongkyu Kim, Senior Manager

- Yeojin Im, Manager

- Jinhyung Lim, Deputy Manager

Investor Call Schedule

- Thursday, March 19

- Friday, March 20

Roadshow Link:

FINAL LINK: https://www.netroadshow.com/nrs/home/#!/?show=156e562b (Recommended)

URL: www.netroadshow.com

CODE: KNOC26 (not case-sensitive)