Commentary & Deal Flow

After a sharp reversal in tone yesterday, market conditions stabilized into this morning, reopening the primary window and allowing a backlog of issuance to come through. A total of 12 deals priced on the day, marking the busiest session since March 5, when 19 transactions printed in what remains the largest Thursday on record.

Today’s $16.550bn of issuance pushed March 2026 MTD to $227.3bn, surpassing its estimate and zooming into the top 5 largest months of all time. 

Of the 12 transactions, 10 were from Yankee issuers. Notably, NWG, KOROIL, and CBAAU each priced 3-year floating-rate note tranches. KOROIL’s $500m 3-year floater priced larger than its $400m fixed-rate tranche - marking the first instance of a floater exceeding its fixed-rate counterpart since SUMITR roughly one month ago.

Yankee financial issuance remained a key driver, with five bank issuers - NWG, CBAAU, DANBNK, SWEDA, and MIVIVI - contributing $6.95bn on the day. This brings year-to-date bank supply to $194.9bn, extending what is already the largest first quarter for bank issuance on record, with Yankee banks accounting for just over half of total supply at approximately $106bn, or 54%.

The only LATAM deal of the day, Fondo Mivivienda, was able to launch inside guidance, making it one of only four trades so far this year to launch inside guidance (or “re-launched” with tightening of spread and yield).

Here’s today’s rundown:

[GLENCORE]

Glencore Funding LLC (GLENLN) exp A3/BBB+ (s/s) US$2.5bn 144A/Reg S no reg rights 3-part sr notes (long 5y FXD due 7/1/31, long 7y FXD due 7/1/33 and 10y FXD due 4/1/36). MWC then 1mo par call on L5y (6/1/31), 2mos on L7y (5/1/33) and 3mos on 10y (1/1/36). 101 CoC. Guarantor: Glencore plc, Glencore International AG and Glencore (Schweiz) AG. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 3/24. Settle 4/1 (T+6).

VIA JPM (B&D on 10y)/Miz (B&D on L5y)/MS/MUFG/SMBC (B&D on L7y)/UBS joint active books.

Announced with benchmark size, final size came in at $2.5bn with price progression as follows:

L5y - IPT T+120 area; GDNC 92#; PXD $650m 4.90% 7/1/31 99.829 4.939% T+92. MW+15.
L7y - IPT T+130 area; GDNC 102#; PXD $650m 5.20% 7/1/33 99.853 5.226% T+102. MW+20.
10y - IPT T+140 area; GDNC 112#; PXD $1.2bn 5.508% 4/1/36 100.00 5.508% T+112. MW+20.

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

-GLENLN 4.907% due 04/01/28 T+71bp (G71; $100.58) - $550M pxd Mar 2025
-GLENLN 5.371% due 04/04/29 T+77bp (G77; $101.91) - $1.1bn pxd Mar 2024
-GLENLN 5.186% due 04/01/30 T+85bp (G88; $101.19) - $750M pxd Mar 2025
-GLENLN 5.673% due 04/01/35 T+98bp (G104; $102.20) - $1.2bn pxd Mar 2025

** 10y - Outstanding Apr 35s G104; plus 3bp for ‘35/’36 = T+107bp f/v. At the T+112bp pricing level, 10Y CONCESSION IS 5BP.

** 7y - 10y f/v T+107bp minus 10bp L7/10s curve at IPT  = T+97bp. At the T+102bp pricing level, 7Y CONCESSION IS 5BP.

** 5y - 7y f/v T+97bp minus 10bp L5/L7 curve = T+87bp. At the T+92bp pricing level, 5Y CONCESSION IS 5BP.

Comps away:

Anglo American Capital (Baa2/BBB/BBB+)
-AALLN 4.625% due 03/19/31 T+91bp (G90; $98.79) - $600M pxd 03/17/26 +92
-AALLN 5.000% due 03/21/33 T+108bp (G108; $98.42) - $700M pxd 03/17/26 +107
-AALLN 5.250% due 03/19/36 T+117bp (G116; $97.75) - $1bn pxd 03/17/26 +117

BHP Billiton Finance USA Ltd (A1/A)
-BHP 5.250% due 09/08/30 T+52bp (G55; $101.67) - $900M pxd Sep 2023
-BHP 5.125% due 02/21/32 T+82bp (G73; $101.51) - $750M pxd Feb 2025
-BHP 5.000% due 02/15/36 T+70bp (G70; $99.41) - $500M pxd 09/05/25 +77

Rio Tinto Finance USA PLC (A1/A/A)
-RIOLN 4.500% due 03/14/28 T+41bp (G41; $100.36) - $750M pxd Mar 2025
-RIOLN 4.875% due 03/14/30 T+49bp (G52; $101.36) - $1.75bn pxd Mar 2025
-RIOLN 5.000% due 03/14/32 T+70bp (G60; $101.55) - $1.25bn pxd Mar 2025
-RIOLN 5.250% due 03/14/35 T+73bp (G80; $101.01) - $1.75bn pxd Mar 2025

FINAL BOOKS:

$650M L5yr - $2.30bn (3.54x) - PEAK $3.10bn

$650M L7yr - $2.30bn (3.54x) - PEAK $3.20bn

$1.20bn 10yr - $3.50bn (2.92x) - PEAK $5.20bn

[NATWEST]​​

NatWest Markets PLC (NWG) exp A1/A/AA- US$2.3bn 144A/Reg S no reg rights 3-part sr notes (3y FXD and/or FRN due 3/27/29 and 5y FXD due 3/27/31. Denoms: 200,000 x 1,000. Sale into Canada: Yes - Exemption. Selling Restrictions. Please refer to Base Prospectus for further selling restrictions. Exchange: London Stock Exchange. Governing Law: New York. Documentation: The issuer's US$20,000,000,000 US Medium-Term Note Programme.  UOP: General Corporate Purposes. Pricing 3/24. Settle 3/27 (T+3). 144A CUSIP: 3y FRN: 63906YAW8, 3y FXD: 63906YAV0, 5y: 63906YAU2. 144A ISIN: 3y FRN: US63906YAW84, 3y FXD: US63906YAV02, 5y: US63906YAU29. 

VIA Citi/MS/NWM (B&D)/RBC/Scotia joint active books.

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

3yr FRN - IPT SOFR equiv; GDNC SOFR+93#; PXD $350m 3/27/29 FRN at SOFR+93, at 100.

3yr FXD - IPT T+100 area; GDNC T+73#; PXD $1.2bn 4.654% 3/27/29 100.00 4.654% T+73. 

5yr - IPT T+112.5 area; GDNC T+87.5#; PXD $750m 4.893% 3/27/31 100.00 4.893% T+87.5.

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

-NWG 4.789% due 03/21/28 T+63bp (G63; $100.59) - $750m pxd MAR 2025

-NWG 4.174% due 11/06/28 T+68bp (G67; $99.04) - $850m pxd OCT 2025

-NWG 5.022% due 03/21/30 T+72bp (G77; $101.21) - $900m pxd MAR 2025

-NWG 4.412% due 11/06/30 T+73bp (G75; $98.72) - $850m pxd OCT 2025

*** 3yr: Nov ’28 G67, add 3bp for curve gets f/v to T+70bp. AT the T+73bp pricing level, 3yr CONCESSION IS 3BP.

*** 5yr: 3y f/v at 70bp. Add 12.5bp for IPT curve gets f/v to T+82.5bp. At the T+87.5bp pricing level, 5yr CONCESSION IS 5BP. 

FINAL BOOKS:
$350M 3yr FRN - $530M (1.51x) - PEAK $700M
$1.20bn 3yr FXD - $2.25bn (1.88x) - PEAK $2.70bn
$750M 5yr - $1.90bn (2.53x) - PEAK $2.30bn

[COMMONWEALTH BANK OF AUSTRALIA]

Commonwealth Bank of Australia/Commonwealth Bank of Australia/NY (CBAAU) exp Aa2/AA-/AA (s/s/s) US$2bn 3y FXD and/or FLOATING 2-part sr notes due 3/27/29. CBA may redeem the Notes in whole but not in part for certain tax reasons. UOP: gcp. Pricing 3/24. Settle 3/27 (T+3).

– Commonwealth Bank of Australia/New York NY US$1.1bn 3a2 exempt 3y FXD sr notes due 3/27/29. Denoms: 250,000 x 1,000. CUSIP: 20271RAX8. ISIN: US20271RAX89.

– Commonwealth Bank of Australia US$900m 144A/Reg S 3y floating rate sr notes due 3/27/29. Denoms: 2,000 x 1,000. 144A CUSIP: 2027A0LB3. 144A ISIN: US2027A0LB34.

VIA BofA/CBA/JPM/MS/WFS joint books.

Announced as a benchmark, we heard initial price thoughts as 3y FXD T+70 area and 3y FRN SOFR equiv.

Went straight to launch at $900m 3y FRN at SOFR+63, $1.1bn 3y FXD at T+43. 

Ultimately, a $2bn deal priced as follows

$900m 3/27/29 FRN at SOFR+63, at 100.

$1.1bn 4.355% 3/27/29 100.00 4.355% T+43.

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

-CBAAU 4.423% due 03/14/28 T+36bp (G36; $100.34) - $750M pxd Mar 2025
-CBAAU 4.150% due 10/01/30 T+45bp (G47; $98.82) - $750M pxd 09/22/25 +45
-CBAAU FLOAT due 03/14/28 SOFR+49bp ($100.40) - $1bn pxd Mar 2025

Also most recent Aussie bank NAB:

National Australia Bank (Aa2/AA-)
-NAB 3.850% due 12/13/28 T+35bp (G35; $99.01) - $650M pxd 01/06/26 +35
-NAB 4.148% due 01/13/31 T+46bp (G47; $98.68) - $500M pxd 01/06/26 +45
-NAB FLOAT due 12/13/28 SOFR+59bp ($100.01) - $600M pxd 01/06/26

** 3y FXD:  CBAAU Mar 28s G36 would point to ~40 f/v (3bp)

Also NAB Dec 28s G35; plus 1bp for curve would get to new 3y f/v T+36bp. (7bp)

Between 3bp vs direct and 7bp vs NAB, FXD MID-POINT CONCESSION IS 5BP.

** 3y FRN: CBAAU Mar 28 FLOAT SOFR+49; plus 10bp 2s/3s curve to get to SOFR+59bp f/v. (4bp)

NAB Dec 28 FLOAT SOFR+59; call new 3y f/v SOFR+60. (3bp)

Between 4bp vs direct and 3bp vs NAB, at the SOFR+63bp pricing level,  FRN CONCESSION IS 3BP.

Other comps away:

ANZ Banking Group (Aa2/AA-/AA-)
-ANZ 3.919% due 12/08/28 T+39bp (G38; $99.11) - $750M pxd 12/01/25 +37
-ANZ FLOAT due 12/08/28 SOFR+54bp ($100.23) - $750M pxd 12/01/25

FINAL BOOKS:

$900M 3yr FRN - $2.50bn (2.78x) - PEAK $2.80bn

$1.10bn 3yr FXD  - $2.50bn (2.27x) - PEAK $3.10bn

[ENBRIDGE]

Enbridge Inc (ENBCN) exp Baa2/BBB+/BBB+ (s/s/s) US$2bn SEC registered 2-pt sr unsec notes (5y due 3/27/31 and 10y due 3/27/36). Guarantor: Enbridge Energy Partners, LP and Spectra Energy Partners, LP. MWC then 1mo par call on 5y (2/27/31) and 3mos on 10y (12/27/35). No 101 tax call. Use of Proceeds: Net proceeds from the offering are intended to be used to reduce ENBCN's existing indebtedness, to finance future growth opportunities, including acquisitions, if any, and capital expenditures or for other general corporate purposes. Denominations: 2,000 x 1,000. Sale into Canada: No. No sales into Mainland China / Hong Kong. CUSIP/ISIN: 5y 29250NCQ6/US29250NCQ60 and 10y 29250NCR4/US29250NCR44. Pricing 03/24. Settle 03/27 (T+3). 

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

Announced with benchmark size, we heard initial thoughts as 5y T+110 area and 10y T+130 area.

Guidance came in at 5y T+83#, 10y T+105#.

Ultimately, a $2bn deal priced as follows:

$1bn 4.85% 3/27/31 99.860 4.882% T+83. MW+15.

$1bn 5.45% 3/27/36 99.924 5.460% T+105. MW+20.

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

-ENBCN 4.500% due 02/15/31 T+80bp (G80; $98.80) - $500m pxd NOV 2025

-ENBCN 5.550% due 06/20/35 T+95bp (G101; $101.70) - $900m pxd JUN 2025

-ENBCN 5.200% due 11/20/35 T+96bp (G98; $99.10) - $500m pxd NOV 2025

-ENBCN 5.950% due 04/05/54 T+109bp ($98.90) - $1,150m pxd APR 2024

*** 10yr: Nov ’35 G98, add 2bp for curve gets f/v to T+100bp. At the T+105bp pricing level, 10yr CONCESSION IS 5BP.

*** 5yr: Nov ’31 G80, call f/v at T+80bp. At the T+83bp pricing level, 5yr CONCESSION IS 3BP.

COMPS AWAY:

Enterprise Products Partners (A3/A-)
-EPD 4.600% due 01/15/31 T+65bp (G66; $99.90) - $1,350m pxd JUN 2025
-EPD 5.200% due 01/15/36 T+82bp (G83; $100.10) - $1,500m pxd JUN 2025

Kinder Morgan (Baa1/BBB+)
-KMI 5.150% due 06/01/30 T+58bp (G62; $102.20) - $1,100m pxd APR 2025
-KMI 5.850% due 06/01/35 T+88bp (G94; $104.40) - $750m pxd APR 2025

Williams Companies (Baa2/BBB+)
-WMB 4.625% due 06/30/30 T+67bp (G70; $99.90) - $750m pxd JUN 2025
-WMB 5.150% due 03/15/36 T+101bp (G101; $98.30) - $1,250m pxd JAN 2026

Targa Resources (Baa2/BBB)
-TRGP 4.350% due 04/15/31 T+94bp (G93; $97.50) - $750m pxd FEB 2026
-TRGP 5.400% due 07/30/36 T+121bp (G118; $98.60) - $1,000m pxd NOV 2025

FINAL BOOKS:

$1bn 5yr - $3.25bn (3.25x) - PEAK $4.00bn

$1bn 10yr - $3.25bn (3.25x) - PEAK $4.20bn

[DANSKE]

Danske Bank A/S (DANBNK) exp A3/A-/A+ US$1.6bn 144A/Reg S 2-part Senior Non-Preferred (3nc2 fixed rate reset due 3/27/29 - callable 3/27/28, and 6nc5 fixed rate reset due 3/27/32 - callable 3/27/31).Interest Pay Dates: 3nc2: Interest will be payable semi-annually in arrear on March 27 and September 27 in each year, commencing on September 27, 2026; 6nc5: Interest will be payable semi-annually in arrear on March 27 and September 27 in each year, commencing on September 27, 2026. Reset Rate Coupon: 3nc2: If the Call Option has not been exercised, from (and including) the Optional Redemption Date (Call) until (but excluding) the Maturity Date (the “Reset Rate Period”), 1 year CMT Rate + [●] bps. During the Reset Rate Period, interest will be payable semi-annually in arrear on March 27 and September 27 in each year, commencing on September 27 2028; 6nc5: If the Call Option has not been exercised, from (and including) the Optional Redemption Date (Call) until (but excluding) the Maturity Date (the “Reset Rate Period”), 1 year CMT Rate + [●] bps. During the Reset Rate Period, interest will be payable semi-annually in arrear on March 27 and September 27 in each year, commencing on September 27 2031. Redemption Following Tax Event: Redemption upon the occurrence of a Tax Event applies as described in Condition 11.2 in the Base Information Memorandum. Denoms: 200,000 x 1,000. Governing Law: English/Danish Law. Expected Listing: Euronext Dublin. Pricing 3/24. Settle 3/27 (T+3). 

VIA  BofA/Citi/Danske/MS/RBC/TD joint active books. 

Announced with benchmark size, we heard initial thoughts as 3nc2: T+100 area, 6nc5: T+125 area.

Guidance came in at 3nc2 T+75#, 6nc5 T+98#.

Ultimately, a $1.6bn deal priced as follows: 

$850m 4.662% 3/27/29 100.00 4.662% T+75 (RESET).

$750m 4.999% 3/27/32 100.00 4.999% T+98 (RESET).

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

-DANBNK 5.705% due 03/01/30 nc29 T+85bp (G85; $102.75) - pxd FEB 2024

-DANBNK 4.613% due 10/02/30 nc29 T+90bp (G87; $99.54) - pxd SEP 2024

-DANBNK 5.019% due 03/04/31 nc30 T+88bp (G93; $100.69) - pxd FEB 2025

-DANBNK 4.420% due 09/12/31 nc30 T+90bp (G92; $98.31) - pxd SEP 2025

*** 6nc5: Sept ’31 nc30 G92, add 3bp for curve gets f/v to T+95bp. At the T+98bp pricing level, 6nc5 CONCESSION IS 3BP.

*** 3nc2: 6nc5 f/v at T+95, take away 25bp for IPT curve = 70bp. Also looking at Mar ‘30 nc29 G85 call 4nc3 f/v at 85bp, take away 10bp for 4nc3 / 3nc2 curve = 75bp. Going midpoint call f/v at T+73bp. At the T+75bp pricing level, 3nc2 CONCESSION IS 2BP. 

COMPS AWAY:

DNB Bank (A2/A)
-DNBNO 4.384% due 11/04/31 nc30 T+80bp (G82; $98.52) - pxd OCT 2025

Skandinaviksa Enskilda  (A3/A/AA-)
-SEB 5.375% due 03/05/29 (bullet) T+64bp (G64; $102.44) - pxd FEB 2024
-SEB 4.500% due 09/03/30 (bullet) T+73bp (G76; $99.30) - pxd AUG 2025

Swedbank (A3/A/AA-)
-SWEDA 5.407% due 03/14/29 (bullet) T+63bp (G63; $102.58) - pxd MAR 2024
-SWEDA 5.083% due 05/21/30 (bullet) T+72bp (G76; $101.56) - pxd MAY 2025

FINAL BOOKS:

$850M 3nc2 FRR SNP - $1.85bn (2.18x) - PEAK $2.45bn

$750M 6nc5 FRR SNP - $1.88bn (2.50x) - PEAK $2.90bn

[CITADEL]

Citadel Securities Global Holdings LLC (CITSEC) exp Baa3/BBB- (p/s) US$1.5bn 144A to QIBs that are also QPs (without registration rights) 2-part sr secured notes (long 5y due 1/27/32 and 10y due 3/27/36). MWC then 1mo par call on L5y (12/27/31) and 3mos on 10y (12/27/35). 101 CoC. UOP: The Issuer intends to use the net proceeds from this offering for working capital and general corporate purposes. Marketing: https://dealroadshow.com Passcode: CITSEC2026. Pricing 3/24. Settle 3/27 (T+3).

VIA GS (B&D)/MS/BofA/UBS joint books.

Announced as a benchmark, we heard initial price thoughts as L5y T+160 area, 10y T+185 area.

Guidance came in at L5y T+130#, 10y T+157#.

The $1.5bn deal priced as follows:

$750m 5.125% 1/27/32 98.981 5.332% T+130. MW+20.

$750m 5.75% 3/27/36 98.435 5.960% T+157. MW+25.

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

-CITSEC 5.500% due 06/18/30 T+112bp (G116; $101.42) - $700M pxd Jun 2025
-CITSEC 6.200% due 06/18/35 T+146bp (G152; $102.55) - $500M pxd Jun 2025

** 10y -  Outstanding Jun 35s G152; plus curve call new 10y f/v T+155bp. At the T+157bp pricing level, 10Y CONCESSION IS 2BP.

** 5y - 10y f/v T+155bp minus 25bp L5s/10s curve = T+130bp 

Or Jun 30s G116; plus ~15bp for 4s/L5s curve, call f/v T+130bp. 

Both point to T+130bp f/v. At the T+130bp pricing level, 5Y CONCESSION IS FLAT.

FINAL BOOKS:
$750M L5yr - $2.80bn (3.73x) - PEAK $3.90bn
$750M 10yr - $2.30bn (3.07x) - PEAK $3.30bn

[KOREA NATIONAL OIL]

Korea National Oil Corp (KOROIL) exp Aa2/AA (s/s) US$1.2bn 144A/Reg S 3-part sr notes (3y FXD, 3y FRN and 5y FXD). Change of Control Put: At 100% if the central government of Korean ceases to own and control (directly or indirectly) at least 51% of KNOC (see Condition 8(d)(i) of Prelim OC). Denoms: 200k x 1k. SGX Listing. English Law. Day Count / Business Day Convention: FXD tranches: 30/360, Unadjusted / Following Business Day. FRN tranche: Act/360, Adjusted / Modified Following Business Day. UOP: General corporate purposes and net proceeds will not be used for any efforts or activities relating to the construction or development of oil sand projects. Pricing 3/25. Settle 3/30 (T+5).

VIA BofA/Citi (B&D)/HSBC/ING/Mizuho/StanChart joint books.

Announced with benchmark size, final size came in at $1.2bn with price progression as follows:

3y FXD - IPT T+90 area; GDNC 50#; PXD $500m 9/29/28 FRN at SOFR+67, at 100.
3y FRN - IPT SOFR equiv; GDNC SOFT+67#; PXD $500m 4.00% 9/29/28 99.804 4.070% T+50.

5y FXD - IPT T+95 area; GDNC 50#; PXD $300m 4.125% 9/29/30 99.705 4.191% T+50.

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

-KOROIL 4.000% due 09/29/28 T+50bp (G50; $99.07) - $500M pxd 09/22/25 +50
-KOROIL 4.125% due 09/29/30 T+48bp (G50; $98.57) - $300M pxd 09/22/25 +50

** 5yr - Outstanding Sep 30s G50; call new 5y f/v T+50bp. At the T+70bp pricing level, 5Y CONCESSION IS 20BP.

** 3y FXD – outstanding Sep 28s G50; call new 3y f/v T+50bp. At the T+65bp pricing level, 3Y FXD CONCESSION IS 15BP.

FXD Comps:

Export-Import Bank of Korea (Aa2/AA/AA-)
-EIBKOR 3.750% due 01/13/29 T+24bp (G24; $98.98) - $1.25bn pxd 01/06/26 +23
-EIBKOR 3.875% due 01/13/31 T+25bp (G26; $98.36) - $1.25bn pxd 01/06/26 +26

Korea Development Bank (Aa2/AA/AA-)
-KDB 3.750% due 01/28/29 T+23bp (G23; $98.99) - $1.25bn pxd 01/20/26 +20
-KDB 4.000% due 01/28/31 T+23bp (G23; $99.02) - $1.25bn pxd 01/20/26 +25

Floater:

-KOROIL FLOAT due 09/29/28 SOFR+61bp ($100.15) - $500M pxd 09/22/25 SOFR+67

Export-Import Bank of Korea (Aa2/AA/AA-)
-EIBKOR FLOAT due 01/13/29 SOFR+40bp ($100.07) - $500M pxd 01/06/26 SOFR +40
Korea Development Bank (Aa2/AA/AA-)
-KDB FLOAT due 01/28/31 SOFR+48bp ($100.20) - $500M pxd 01/20/26 SOFT+50

** For the floater tranche, we heard that the Asia desks tied it out to be 10bp nic, possibly taking the pricing level SOFR+67 and adding some for curve to get to SOFT+70 f/v. So at the SOFR+80 pricing level, 3Y FRN CONCESSION IS 10BP.

FINAL BOOKS:

$500M 3yr FRN - $1.30bn (2.60x)

$400M 3yr - $1.70bn (4.25x)

$300M 5yr - $1.50bn (5.00x)

[PUGET]

Puget Energy, Inc (PSD) exp Ba1/BB/BB (s/s/s) US$900m 144A/Reg S w/ reg rights 2-pt fixed-to-fixed reset rate jr sub notes (30.5nc5.25 and 30.5nc10.25 due 9/15/56). Reset Date: 30.5nc5.25 - September 15, 2031 (“First Reset Date”), and September 15 of every fifth year (“Reset Period”) after 2031; 30.5nc10.25 - September 15, 2036 (“First Reset Date”), and September 15 of every fifth year (“Reset Period”) after 2036. Interest Rate: 30.5nc5.25: Fixed rate until the First Reset Date, thereafter the interest rate resets on every Reset Date at the 5-year UST rate plus [ ]%, provided that the Interest Rate will not reset below the initial Interest Rate. 30.5nc10.25: Fixed rate until the First Reset Date, thereafter the interest rate resets on every Reset Date at the 5-year UST rate plus [ ]%, provided that the Interest Rate will not reset below the initial Interest Rate. Interest Payment Dates: Interest will be payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2026. Optional Redemption: At 100%, (i) on any day in the 90 days prior to the applicable First Reset Date, and (ii) on any Interest Payment Date thereafter. At 100%, for a period of 120 days following the occurrence of a Tax Event. At 102%, at any time following the occurrence and during the continuance of a Rating Agency Event. At 101%, following the occurrence of a Change of Control Event. If no Change of Control Redemption is made by the Company within the specified time periods following the occurrence of a Change of Control Event, the per annum rate of interest payable on such series of Notes will be increased by an additional 5.0 percentage points. Optional Interest Deferral: Maximum of 10 consecutive years per deferral.  Use of Proceeds: To repay the Company's outstanding senior secured credit facility and for general corporate purposes. Denominations: 2,000 x 1,000. Sales into Canada: Yes – Exemption. Sale into HK or China: No – All Solicitations Prohibited. Marketing: https://dealroadshow.com/e/PSD2026 - Entry Code: PSD2026. 144A CUSIP/ISIN: 30.5nc5.25 745310AR3/ US745310AR38 and 30.5nc10.25 745310AT9/ US745310AT93. Pricing 03/24. Settle 03/27 (T+3). 

VIA Barc/JPM/Miz (B&D)/WFS joint active books.
Announced with benchmark size, we heard initial thoughts as 30.5nc5.25 7.25-7.375% and 30.5nc10.25 7.50-7.625%.

Went straight to launch at $450m 30.5nc5.25 at 7.00%. $450m 30.5nc10.25 at 7.25%.

Ultimately, a $900m deal priced as follows:

$450m 7.00% 9/15/56 100.00 7.00%. Back-end reset: T+296.1.

$450m 7.25% 9/15/56 100.00 7.25%. Back-end reset: T+284.8.

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

COMPS AWAY:

Xcel Energy (Baa2/BBB-)

-XEL 5.750% due 12/03/56 (NC5.5) $97.63 (6.28% YTC) - $800m pxd FEB 2026 - b/e +216.8

Dominion Energy (Baa3/BBB-)

-D 6.000% due 02/15/56 (NC5.25) $99.625 (6.09% YTC) - $1,450m pxd AUG 2025 - b/e +226.2

-D 6.200% due 02/15/56 (NC10.25) $99.25 (6.31% YTC) - $1,325m pxd AUG 2025 - b/e +200.6

Sempra (Baa3/BBB-)

-SRE 6.375% due 04/01/56 (NC5) $100.25 (6.32% YTC) - $800m pxd AUG 2025 - b/e +263.2

Spire Inc (Baa3/BBB-)

-SR 6.250% due 06/01/56 (NC5.25) $99.25 (6.43% YTC) - $450m pxd NOV 2025 - b/e +255.6

-SR 6.450% due 06/01/56 (NC10.5) $99.74 (6.49% YTC) - $450m pxd NOV 2025 - b/e +232.7

CenterPoint Energy (Baa3/BBB-)

-CNP 5.950% due 04/01/56 (NC5.25) $99.25 (6.14% YTC) - $700m pxd SEP 2025 - b/e +222.3

-CNP 6.850% due 02/15/55 (NC10.25) $104.84 (6.12% YTC) - $400m pxd AUG 2024 - b/e +294.6

Eversource Energy (Baa3/BBB-)

-ES 6.100% due 08/15/56 (NC5.25) $98.63 (6.42% YTC) - $750m pxd FEB 2026 - b/e +252.1

-ES 6.350% due 08/15/56 (NC10.25) $99.00 (6.49% YTC) - $750m pxd FEB 2026 - b/e +232.5

Emera Inc (Ba1/BB+)

-EMACN 6.250% due 04/01/56 (NC5.25) $98.25 (6.69% YTC) - $750m pxd SEP 2025 - b/e +250.9

-EMACN 6.650% due 10/01/56 (NC5.25) $100.00 (6.65% YTC) - $375m pxd MAR 2026 - b/e +286.6

-EMACN 6.850% due 10/01/56 (NC10.25) $99.88 (6.87% YTC) - $375m pxd MAR 2026 - b/e +264.8

TXNM Energy (Ba1/BB+)

-TXNM 7.000% due 07/31/56 (NC5.25) $99.62 (7.08% YTC) - $350m pxd DEC 2025 - b/e +325.4

Pacific Gas & Electric (Ba3/B)

-PCG 6.850% due 09/15/56 (NC5.25) $98.63 (7.17% YTC) - $1,000m pxd FEB 2026 - b/e +322.5

Hannon Armstrong (Ba1/BB)

-HASI 7.125% due 11/15/56 (NC5.5) $98.75 (7.42% YTC) - $600m pxd FEB 2026 - b/e +347.8

 Seniors:

Puget Energy Inc (Baa3/BBB-)

-PSD 4.224% due 03/15/32 T+119bp (G109; $95.10) - $450m pxd MAR 2022

-PSD 5.725% due 03/15/35 T+131bp (G138; $100.30) - $597m pxd JUN 2025

*** L10yr: Going off recent Mar ’35 G138, add 5bp for ‘35/’36 curve gets L10y f/v at 143bp.

UST 10y at 4.41%, add 143bp = 5.85%. At the 7.25% pricing level, the NC10.25 Sr-Sub Differential is 140bp. 

*** L5yr: Mar ’32 G109, take away 10bp for curve gets L5y f/v at 100bp.

UST 5y at 4.05%, add 100bp = 5.05%. At the 7.00% pricing level, the NC5.25 Sr-Sub Differential is 195bp.

FINAL BOOKS:

$450M 30.5nc5.25 Jr Sub - $1.30bn (2.89x) - PEAK $1.90bn

$450M 30.5nc10.25 Jr Sub - $1.40bn (3.11x) - PEAK $2.20bn

[ROGERS]

Rogers Communications Inc (RCICN), exp instrument ratings Ba1/BB/BB (s/n/p) by Moody's/S&P/DBRS, US$750m SEC registered 30nc5 fixed rate reset subordinated notes due 7/31/56. First Interest Reset Date: 7/31/31. Interest Rate: The Notes will bear interest from, and including, the Issue Date to, but excluding, July 31, 2031, at a rate of % per annum. From, and including, July 31, 2031, to but excluding the Maturity Date the outstanding Notes will bear interest at a rate per annum equal to the 5-Year Treasury Rate plus %; provided, that the interest rate during any Interest Rate Reset Period for the Notes will not reset below % (which equals the initial interest rate on the Notes). Interest Payment Dates: Semi-annually in arrears on January 31 and July 31 of each year, beginning July 31, 2026. UOP: RCI intends to use the net proceeds from this offering to repay certain of its outstanding indebtedness, which may include the 5.00% Fixed-to-Fixed Rate Subordinated Notes due 2081. Pending any such uses, RCI may use the net proceeds as working capital or invest the net proceeds in bank deposits and money market securities. Pricing 3/24. Settle 3/17 (T+3). CUSIP: 775109DL2. ISIN: US775109DL25. 

VIA BofA/Citi/RBC/Scotia joint books.

Announced with benchmark size, we heard initial thoughts as 7.125% area.

Guidance came in at 6.875%#.

Ultimately, a $750m deal priced as follows:

$750m 6.875% 7/31/56 100.00 6.875%. Back-end reset: T+284.0.

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

Rogers Communications (Ba2/BB)

-RCICN 5.250% due 03/15/82 (NC 3/15/27) $98.50 (6.87% YTC) - $750m - b/e +359

Rogers Communications (Ba1/BB)

-RCICN 7.000% due 04/15/55 (NC 2/14/30) $101.88 (G244; 6.45% YTC) - $1,100m - b/e +265.3

- RCICN 7.125% due 04/15/55 (NC 2/14/35) $102.88 (G233; 6.69% YTC) - $1,000m - b/e +262.0

*** NC Feb ’30 6.45% YTC, add 15bp for curve = 6.60%.

b/e differential:

Outstanding b/e 265.3 minus outstanding G244 = 21.3 * 0.2 = 4.26bp.

Add 5bp for b/e differential = 6.65%.

Floor differential:

Outstanding coupon 7.00% minus new issue coupon 6.875% = 12.5bp = 2.5bp.

Add 2.5bp for floor differential gets f/v to 6.675%.

At the 6.875% pricing level, CONCESSION IS 20BP.

COMPS AWAY:

Bell Canada (Baa3/BB+)

-BCECN 6.875% due 09/15/55 (NC4.75) $101.63 (6.43% YTC) - $1,000m - b/e +239

Telus Corp (Baa3/BB)

-TCN 6.625% due 10/15/55 (NC4.75) $99.00 (6.90% YTC) - $700m - b/e +277

- TCN 6.375% due 06/09/56 (NC5.5) $98.75 (6.68% YTC) - $800m - b/e +269

Sierra Pacific Power Co (Baa3/BBB)

-BRKHEC 6.375% due 09/15/56 (NC5.75) $98.63 (6.69% YTC) - $600m - b/e +264

Enbridge Inc (Baa3/BBB-)

-ENBCN 7.375% due 03/15/55 (NC4) $104.75 (5.94% YTC) - $500m - b/e +312

Transcanada Pipelines (Baa3/BBB-)

-TRPCN 7.000% due 06/01/65 (NC4.25) $101.63 (6.52% YTC) - $750m - b/e +261

CVS Health Corp (Ba1/BB+)

-CVS 7.000% due 03/10/55 (NC4) $102.38 (6.27% YTC) - $2,250m - b/e +289

Energy Transfer LP (Baa3/BB+)

-ET 6.500% due 02/15/56 (NC5) $98.13 (6.98% YTC) - $1,200m - b/e +268

Humana Inc (Baa3/BB+)

-HUM 6.625% due 09/15/56 (NC5.75) $95.50 (7.69% YTC) - $1,000m - b/e +289

South Bow Can Infra (Ba1/BB)

-SOUBOW 7.625% due 03/01/55 (NC4) $102.88 (6.73% YTC) - $446m - b/e +395

 Pacificorp (Baa3/BB)

-BRKHEC 7.125% due 08/15/56 (NC5.5) $95.50 (8.21% YTC) - $1,100m - b/e +329

FINAL BOOK:

$750M 30nc5 Sub - $1.55bn (2.07x) - PEAK $2.60bn

[SNF]

SNF Group (SNFF) exp Baa3/BBB- (s/s) US$750m 144A/Reg S 5y FXD sr notes due 3/31/31. MWC then 1mo par call (2/28/31). 101 CoC. Coupon: fixed, semi-annual. Denoms: 200,000 x 1,000. Sale into Canada: Yes - via Exemption. Listing: Luxembourg Stock Exchange's Euro MTF Market. Governing Law: New York. UOP: the Issuer intends to use the gross proceeds to redeem the outstanding 3.125% Senior Notes due 2027, to repay amounts outstanding under the Revolving Credit Facility, to fund cash to the Issuer's balance sheet for general corporate purposes, and to pay fees and expenses related to the offering. Marketing: https://dealroadshow.com and deal entry code SNF26 or via direct link: https://dealroadshow.com/e/SNF26. Pricing 3/24. Settle 3/31 (T+5). 144A CUSIP: 784944 AA8. 144A ISIN: US784944AA89.

VIA BNP/BofA (B&D) as JGCs/CACIB/HSBC/Natixis as active JBRs.

Announced as a benchmark, we heard initial price thoughts as T+187.5 area.

Went straight to launch at $750m 5y at T+160.

Ultimately, a $750m  deal priced as follows:

$750m 5.626% 3/31/31 100.00 5.626% T+160. MW+25.

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

-SNFF 3.375% due 03/15/30 T+150bp (G155; $92.42) - $350M pxd Sep 2021

** SNFF was upgraded by Moody’s from Ba1 to Baa3, outlook stable on 12/10/25 and upgraded by S&P from BB+ to BBB- on 3/13/26. 

Some mentioned that if you use the outstanding Mar 30s G155 (some quoted this higher as G158) plus curve would take you to a f/v of T+165bp / neg 5 nic. But these are not liquid and investors weren’t really using them. So that and given this is a IG debut, CONCESSION IS N/A.

Comps away:

Syensqo Finance America (Baa1/BBB)
-SYENS 5.650% due 06/04/29 T+97bp (G96; $102.27) - $600M pxd May 2024
-SYENS 5.850% due 06/04/34 T+135bp (G147; $100.85) - $600M pxd May 2024

Sherwin-Williams Co (Baa2/BBB/BBB+)
-SHW 2.950% due 08/15/29 T+65bp (G63; $95.08) - $800M pxd Aug 2019
-SHW 4.500% due 08/15/30 T+64bp (G67; $99.50) - $500M pxd Jul 2025
-SHW 4.800% due 09/01/31 T+68bp (G65; $100.63) - $450M pxd Aug 2024
-SHW 2.200% due 03/15/32 T+83bp (G73; $86.57) - $500M pxd Nov 2021
-SHW 5.150% due 08/15/35 T+82bp (G85; $99.74) - $500M pxd Jul 2025

Dow Chemical Co (Baa3/BBB-/BBB)
-DOW 2.100% due 11/15/30 T+109bp (G110; $87.82) - $818M pxd Aug 2020
-DOW 4.800% due 01/15/31 T+122bp (G122; $98.33) - $750M pxd 09/03/25 +115
-DOW 6.300% due 03/15/33 T+113bp (G134; $104.48) - $600M pxd Oct 2022
-DOW 5.150% due 02/15/34 T+124bp (G137; $97.10) - $600M pxd Feb 2024
-DOW 5.650% due 03/15/36 T+150bp (G150; $98.88) - $650M pxd 09/03/25 +145

Eastman Chemical Co (Baa2/BBB)
-EMN 5.000% due 08/01/29 T+83bp (G81; $100.83) - $750M pxd Jul 2024
-EMN 4.500% due 02/20/31 T+108bp (G108; $97.54) - $600M pxd 02/17/26 +92
-EMN 5.750% due 03/08/33 T+81bp (G102; $103.15) - $500M pxd Feb 2023
-EMN 5.625% due 02/20/34 T+110bp (G124; $100.99) - $750M pxd Feb 2024

LyondellBasell Int Finance III (Baa3/BBB-/BBB)
-LYB 2.250% due 10/01/30 T+102bp (G104; $88.92) - $500M pxd Oct 2020
-LYB 5.125% due 01/15/31 T+115bp (G116; $99.94) - $500M pxd 11/10/25 +145
-LYB 5.625% due 05/15/33 T+119bp (G138; $100.34) - $500M pxd May 2023
-LYB 5.500% due 03/01/34 T+127bp (G139; $99.09) - $750M pxd Feb 2024
-LYB 6.150% due 05/15/35 T+144bp (G150; $102.30) - $500M pxd May 2025
-LYB 5.875% due 01/15/36 T+153bp (G154; $99.82) - $1bn pxd 11/10/25 +185

FINAL BOOKS:

$750M 5yr - $1.90bn (2.53x) - PEAK $2.75bn

[SWEDBANK]

Swedbank AB (SWEDA) exp A3/A/AA- US$650m 144A/Reg S 5y FXD Senior Non-Preferred due 3/30/31. Interest Payment Dates: 30 March and 30 September in each year, commencing on 30 September 2026, up to and including the Maturity Date. Day Count: 30/360, Unadjusted. Denoms: 200,000 x 1,000. Listing: Euronext Dublin (Regulated Market). Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 3/24. Settle 3/30 (T+4). 

VIA  BofA/Citi/GS/JPM/MS/RBC joint active books.

Announced with benchmark size, we heard initial thoughts as T+115 area.

Guidance came in at T+88#.

Ultimately, a $650m deal priced as follows:

$650m 4.898% 3/30/31 100.00 4.898% T+88.

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

Swedbank (A3/A/AA-)
-SWEDA 5.407% due 03/14/29 (bullet) T+63bp (G63; $102.58) - pxd MAR 2024
-SWEDA 5.083% due 05/21/30 (bullet) T+72bp (G76; $101.56) - pxd MAY 2025

*** Mar ’29 G63 curve to May ’30 G76 is pretty wide at 13bp. Looking at the May ‘30 G76, add in about 10bp for ‘30 / ‘31 curve call f/v at T+85bp. At the T+88bp pricing level, CONCESSION IS 3BP.

COMPS AWAY:

Skandinaviksa Enskilda (A3/A/AA-)
-SEB 5.375% due 03/05/29 (bullet) T+64bp (G64; $102.44) - pxd FEB 2024
-SEB 4.500% due 09/03/30 (bullet) T+73bp (G76; $99.30) - pxd AUG 2025

Dasnke Bank (A3/A-/A+)

-DANBNK 5.705% due 03/01/30 nc29 T+85bp (G85; $102.75) - pxd FEB 2024

-DANBNK 4.613% due 10/02/30 nc29 T+90bp (G87; $99.54) - pxd SEP 2024

-DANBNK 5.019% due 03/04/31 nc30 T+88bp (G93; $100.69) - pxd FEB 2025

-DANBNK 4.420% due 09/12/31 nc30 T+90bp (G92; $98.31) - pxd SEP 2025

DNB Bank (A2/A)
-DNBNO 4.384% due 11/04/31 nc30 T+80bp (G82; $98.52) - pxd OCT 2025

FINAL BOOK:

$650M 5yr SNP - $1.60bn (2.46x) - PEAK $2.40bn

[FONDO MIVIVIENDA]

Fondo MIVIVIENDA S.A. (“FMV”; Ticker: MIVIVI) Baa1/BBB 144A/Reg S US$400m senior unsecured 5-year due 03/31/2031. Joint bookrunners: BofA/JPM/Scotia (B&D). Development Finance Structuring Agent: JP Morgan. Use of Proceeds: Funding of concurrent tender offer for Fondo Mivivienda’s 4.625% notes due 04/12/2027 and the remainder, if any, for general corporate purposes. Optional redemption: MWC | 1mo Par Call | Withholding Tax Call. Investor Presentation: URL: https://dealroadshow.com, Entry Code: FMV2026 / Direct Link: https://dealroadshow.com/e/FMV2026. Sales to Canada: Yes, via exemption. Denoms: US$150k x US$1k. CUSIPs: 344593 AG3 / P42009 AF0. ISINs: US344593AG31 / USP42009AF09. Governing law: New York Law. Listing: Luxembourg Stock Exchange.

Price: 03/24. Settle: 03/31 (T+5).

Announced as a benchmark size, we heard IPTs of T+175bp area, with early size expectations of $400m based on the tender cap of $375m.

Guidance came in at T+145bp (+/-5bp), but the issuer was able to launch a $400m deal inside the range at T+137.5bp.

Ultimately the $400m deal was priced as follows:

$400m 5.400% 03/31/2031 @ 99.974 yld 5.406%. MW+25. T+137.5bp.

FINAL BOOK: $1.35bn (3.38x). PEAK - $1.75bn

As for r/v, the only outstanding MIVIVI is the 2027 note that is being tendered, so the most relevant comp here was the sovereign curve. People saw fair value for a Peru five-year between T+80bp-T+90bp, depending on where they spotted the sovereign’s January 2031 bond, which would put final pricing between 47.5bp-57.5bp over the sovereign.

Given the lack of outstanding MIVIVI bonds and no obvious fair value level for the spread to sovereign, CONCESSION IS N/A.

But some context and comments: intuitively, IPTs seemed cheap to most observers at 85bp-95bp over the sovereign, especially given how tight LatAm banks have been pricing this year. “This is showing up how rich LatAm banks look,” said one syndicate banker.

As the first LatAm deal in three weeks, there was always going to be a good amount of juice at the starting levels, and the deal largely found better momentum than many were expecting – especially as the US IG deals that have been going particularly well are large and liquid (this deal was a relatively small $400m and, as a Peru quasi-sov, quite staid). Indeed, demand was robust enough for Fondo Mivivienda to price inside guidance – only the fourth LatAm deal to do so this year, and the first investment-grade LatAm borrower.

Fellow state-owned lender Cofide’s 2030s issued in April 2025 were also spotted very tight to the Peru sov, at around T+91bp, but bankers and credit analysts thought this was a false level caused by recent war-related volatility – perhaps a result of the COFIDE bond being relatively illiquid, or sticky support from locals. Pre-Middle East conflict, Cofide had averaged 45bp back of the sovereign. Assuming MIVIVI should trade flat to COFIDE (though analysts at Seminario highlight that MIVIVI has in fact previously traded 5bp-10bp inside its peer due to “lower direct credit exposure”), then the new issue would not be offering a huge amount of pick-up for the first deal back in a volatile market. Notably, when COFIDE priced the 2030s back on 04/29/2025, it landed 50bp-60bp back of Peru – and in a more certain market environment (by that time, the ‘Liberation Day’ scare was in the rear view mirror).

That’s another supporting argument to the consensus that we found by mid-afternoon that today’s trade was a good outcome for the borrower, and therefore for LatAm deal making prospects. Perhaps this is not a weighty or hairy enough borrower to really rip off the LatAm primary market bandaid, but it certainly can’t do any harm.

[COVERED BOND FYI]

Canadian Imperial Bank of Commerce (CM), exp ratings Aaa/AAA by Moody's/Fitch, US$ benchmark 144A/Reg S 5y covered bond due 4/1/31. CIBC (B&D)/BMO/Scotia/HSBC/StanChart/TD/UBS joint books. Guarantor: CIBC Covered Bond (Legislative) Guarantor Limited Partnership. Collateral: Canadian legislative covered bond. Extended due for payment date: 4/1/32 (compounded SOFR in arrears). Coupon Type: Fixed, Semi-Annual (30/360). Coupon Type in Extension: Floating (compounded SOFR in arrears), payable monthly in arrear during extension period. Denoms: 200,000 x 1,000. Sale into Canada: Yes - Wrapper. Pricing today. Settle 4/1 (T+6).

ANNOUNCED WITH SPREAD SET: SOFR MS+53#.  CUSIP: 144A: 13607QD74 REGS: C2428PBR1; ISIN: 144A: US13607QD742 REGS: USC2428PBR13

Comps FYI: 

FINAL BOOKS: $1.35bn

[NEW MANDATES & MARKETING]

Nippon Life Insurance Company (the “Issuer”, Ticker: NIPLIF), the largest private life insurance company in Japan based on total and net assets and revenues from insurance and reinsurance, rated A1 (stable) by Moody's and A+ (stable) by S&P, has mandated J.P. Morgan, Citigroup, BofA Securities, HSBC and Morgan Stanley as Joint Bookrunners to arrange a series of telephonic investor calls across Asia, Europe and the US commencing on March 24, 2026. A benchmark size offering of US$ 144A / Reg S 5-year fixed rate senior unsecured notes and 7-year fixed rate senior unsecured notes (the “Notes”) is expected to follow, subject to market conditions. The Notes are expected to be rated A2 by Moody’s and A by S&P. 

(SSA)

Japan Finance Organization for Municipalities (JFM) has mandated Daiwa, Barclays, BNP PARIBAS and Goldman Sachs to lead its forthcoming senior unsecured USD benchmark 5-year fixed rate notes offering. The transaction will be launched in the near future, subject to market conditions, and is expected to be rated A1 (stable) by Moody's and A+ (stable) by S&P. 144A / Reg.S. GMTN documentation (Base Prospectus dated 18 July 2025, as supplemented on 19 December 2025).

Listing of any such securities expected to be on the Euro MTF Market of the Luxembourg Stock Exchange and the TOKYO PRO-BOND Market of the Tokyo Stock Exchange. Sales into Canada and Italy: YES.

Denominations: US$200k and integral multiples of US$2k in excess thereof. Fixed rate interest to be paid semi-annually.

A pre-recorded NetRoadshow presentation will be made available.

EU MiFID II and UK MiFIR professionals/ECPs-only/No EU or UK PRIIPs KID: Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU or UK PRIIPs KID (key information document) has been prepared as not available to retail investors in the EEA or the UK. FCA/ICMA stabilisation applies.