Commentary & Deal Flow

With $7.4bn pricing today, weekly volume has reached $30.95bn, leaving just $371m to meet the $31.321bn estimate. Barring a complete stall in activity tomorrow, we should see enough activity to exceed the weekly forecast.

Deal activity has been steady, with 25 transactions priced week-to-date - already tied for the third-highest weekly deal count of the year - with Thursday issuance still to come.

Nippon Life Insurance priced its debut senior issuance today, having only issued subordinated notes in the past. Order books peaked at $18.9bn, enabling them to revise IPTs 10bps tighter on both tranches, and ultimately price 42bps and 45bps inside IPTs on the 5-year and 7-year, respectively (43.5bp on average). Since 2021, this marks the fifth-largest IPT-to-final pricing move among A-rated issuers. Notably, Nippon Life already holds the top spot with its April 2025 hybrid issuance (75bp inside IPT), and excluding hybrids, today’s deal ranks as the second-largest tightening versus A-rated peers over that period.

MassMutual returned to the market with the first FABN issuance since January, pricing with a mid-single-digit concession. Given the $9.7bn printed in January and the typically clustered issuance pattern among FA-backed names, additional supply in this segment may follow.

Yankee issuers continue to dominate the supply this week. Following five Yankee bank deals yesterday, Rabobank and DNB Bank added a combined $2.1bn today. Year-to-date Yankee bank issuance now stands at $108.1bn, contributing to total bank supply of $197bn - both representing record levels on a quarterly basis.

Here’s today’s rundown:

[NIPPON LIFE]

Nippon Life Insurance Co (NIPLIF) exp A2/A (s/s) US$1.85bn 144A/Reg S no reg rights 2-part sr notes (5y FXD due 4/2/31 and 7y FXD due 4/2/33). MWC then 1mo par call on 5y (3/2/31) and 2mos on 7y (2/2/33). Denoms: 200,000 x 1,000. Listing: Singapore. Law: New York. Sale into Canada; Yes - Exemption. Selling Restrictions: No Sales into Japan. UOP: gcp. Marketing: https://dealroadshow.com/ (Passcode: NLIC26). Pricing 3/25. Settle 4/2 (T+6).

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

Announced as a benchmark, we heard initial price thoughts as 5y T+120 area, 7y T+135 area.

Revised initial price thoughts came in at 5y T+110 area, 7y T+125 area.

Went straight to launch at $1.1bn 5y at T+78. $750m 7y at T+90.

Ultimately, a $1.85bn deal priced as follows:

$1.1bn 4.748% 4/2/31 100.00 4.748% T+78. MW+15.

$750m 5.046% 4/2/33 100.00 5.046% T+90. MW+15.

As for r/v, this is NIPLIF’s debut senior issuance, CONCESSION IS N/A.

Comps away:

MetLife Global Funding I (Aa3/AA-/AA-)
-MET 4.350% due 01/12/31 T+67bp (G68; $98.76) - $750M pxd 01/05/26 +65

MetLife Inc (A3/A-/A-)
-MET 5.300% due 12/15/34 T+65bp (G74; $102.18) - $750M pxd Jun 2024

Pricoa Global Funding 1 (Aa3/AA-/AA-)
-PRU 4.350% due 11/25/30 T+67bp (G68; $98.82) - $500M pxd 11/18/25 +68

Prudential Financial Inc (A3/A/A-)
-PRU 5.200% due 03/14/35 T+80bp (G87; $100.51) - $750M pxd Mar 2025

Progressive Corp (A2/A/A)
-PGR 4.600% due 03/26/31 T+63bp (G62; $100.04) - $500M pxd 03/23/26 +65
-PGR 5.150% due 03/26/36 T+84bp (G84; $99.80) - $1bn pxd 03/23/26 +85

AIA Group Ltd (A1/AA-/A+)
-AIA 3.375% due 04/07/30 T+35bp (G39; $96.56) - $1bn pxd Mar 2020
-AIA 4.950% due 04/04/33 T+28bp (G48; $101.95) - $600M pxd Mar 2023

FINAL BOOKS:

$1.10bn 5yr - $8.60bn (7.82x) - PEAK $9.90bn

$750M 7yr - $7.65bn (10.20x) - PEAK $9.00bn

[LGENSO]

LG Energy Solution, Ltd. (LGES) exp Baa2/BBB (s/s) US$1.6bn 144A/Reg S 4-part sr notes (3y FXD, 5y FXD, 5y FRN, 10y Green bond). Listing: SGX-ST. Law: New York. UOP: 3y and 5y tranches: gcp; 10y: To finance and/or refinance, in whole or in part, new or existing projects related to (i) low carbon transportation and (ii) energy efficiency in accordance with the Green Financing Framework. Pricing 3/26. Settle 4/2 (T+5).

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

Announced with benchmark size, final size came in at $1.6bn with price progression as follows:

3y FXD - IPT T+150 area; GDNC T+115#; PXD $300m 5.00% 4/2/29 99.920 5.029% T+115.
5y FRN - IPT SOFR equiv; GDNC SOFR+156#; PXD $300m 4/2/31 FRN at SOFR+156, at 100.
5y FXD - IPT T+165 area; GDNC T+130#; PXD $500m 5.25% 4/2/31 99.900 5.273% T+130.
10y Green - IPT T+200 area; GDNC T+165#; PXD $500m 5.875% 4/2/36 99.189 5.984% T+165.

As for r/v, outstanding LGES was quoted as follows:
-LGENSO 5.375% due 07/02/29 T+98bp (G96; $101.55) - $800M pxd Jun 2024
-LGENSO FLOAT due 04/02/30 SOFR+125bp ($101.48) - $300M pxd Mar 2025
-LGENSO 5.375% due 04/02/30 T+100bp (G104; $101.45) - $600M pxd Mar 2025
-LGENSO 5.875% due 04/02/35 T+139bp (G144; $101.05) - $700M pxd Mar 2025

** 3y -  Outstanding Jul 29s G96; call a new 3y f/v T+95bp. At the T+115bp pricing level, 3Y CONCESSION IS 20BP.

** 5y - Outstanding Apr 30s G104; plus 8bp for 4s/5s curve = T+112bp. At the T+130bp pricing level, 5Y CONCESSION IS 18BP.

** 10y - outstanding Apr 35s G144; plus 6bp for ‘35/’36 curve = T+150bp f/v. At the T+165bp pricing level, 10Y CONCESSION IS 15BP.

FINAL BOOKS:

$300M 3yr FXD - $2.800bn (9.33x)

$300M 5yr FRN - $2.000bn (6.67x)

$500M 5yr FXD - $3.000bn (6.00x)

$500M 10yr - $3.500bn (7.00x)

[RABOBK]

Coöperatieve Rabobank U.A., New York Branch (RABOBK), exp security ratings Aa2/A+/AA- (issuer ratings Aa2/A+/A+ (s/s/s)), US$1.35bn 3(a)2 exempt 3y FXD and/or FLOATING Senior Preferred due 4/1/29. Coupon Type: FXD: Fixed, Semi-Annual, 30/360; FRN: Floating, Quarterly, Act/360. Agreement with Respect to the Exercise of Bail-in Power and Resolution Stay: by its acquisition of the notes, each holder of notes acknowledges, agrees to be bound by, and consents to the exercise of, any Bail-in Power (as defined in the Terms Supplement) by the Resolution Authority (as defined in the Terms Supplement). The notes are not MREL eligible liabilities. Denoms: 250,000 x 1,000. Governing Law: New York Law. Sale into Canada: Yes - Exemption. Pricing 3/25. Settle 4/1 (T+5). 

VIA Barc/JPM/MS/Rabo/RBC joint active books.

Announced with benchmark size, we heard initial thoughts as T+70 area and SOFR equiv.

Guidance came in at 3y FXD T+45#, 3y FRN SOFR+65#.

Ultimately, a $1.35bn deal priced as follows:

$600m 4/1/29 FRN at SOFR+65, at 100.

$750m 4.322% 4/1/29 100.00 4.322% T+45bp.

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

-RABOBK 3.743% due 01/14/28 T+32bp (G34; $99.2) $400m pxd JAN 2026

-RABOBK 3.957% due 10/17/28 T+39bp (G39; $99.3) $500m pxd OCT 2025

*** Oct ’28 G39, add 4bp for curve gets f/v to T+43bp. At the T+45bp pricing level, CONCESSION IS 2BP.

COMPS AWAY:

National Australia Bank Ltd (Aa2/AA-)

-NAB 3.850% due 12/13/28 T+35bp (G35; $99.1) $650m pxd JAN 2026

Australia & New Zealand Banking Group (Aa2/AA-/AA-)

-ANZ 3.919% due 12/08/28 T+40bp (G40; $99.1) $750m pxd DEC 2025

Commonwealth Bank of Australia (Aa2/AA-/AA)

-CBAAU 4.355% due 03/27/29 T+39bp (G39; $100.3) $1.1bn pxd MAR 2026

FINAL BOOK:

$600M 3yr SP FRN - $800M (1.33x) - PEAK $840M

$750M 3yr SP FXD - $1.50bn (2.00x) - PEAK $1.60bn

[APOLLO]

Apollo Global Management Inc (APO) exp A2/A/A (s/s/s) US$750m SEC registered 10y sr notes due 3/30/36. Guarantor: Apollo Asset Management, Inc., Apollo Principal Holdings A, L.P., Apollo Principal Holdings B, L.P., Apollo Principal Holdings C, L.P., AMH Holdings (Delaware), L.P., Apollo Management Holdings, L.P. and any other entity that is required to become a guarantor of the notes. MWC then 3mos par call. 101 CoC. Use of Proceeds: General corporate purposes, including to repurchase, repay, redeem or otherwise retire in full the $500 million aggregate principal amount outstanding of Apollo Management Holdings, L.P.'s 4.400% Senior Notes due 2026 and to pay related fees and expenses in connection with the offering of the notes and the use of proceeds therefrom. First Pay: 9/30/26. Denominations: 2,000 x 1,000. Sale into Canada: Yes - Exemption. Governing Law: New York. CUSIP: 03769MAG1. ISIN: US03769MAG15. Pricing 03/25. Settle 03/30 (T+3). 

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

Announced with benchmark size, we heard initial thoughts as T+165 area.

Went straight to launch at $750m 10y at T+137.

Ultimately, a $750m deal priced as follows:

$750m 5.70% 3/30/36 99.985 5.702% T+137. MW+25.

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

-APO 4.600% due 01/15/31 T+77bp (G78; $99.41) - $400m pxd NOV 2025

-APO 6.375% due 11/15/33 T+100bp (G115; $106.33) - $500m pxd NOV 2023

-APO 5.150% due 08/12/35 T+128bp (G131; $96.70) - $850m pxd AUG 2025

*** Jan ’31 G78 and Aug ’35 G131, APO’s curve is pretty wide. Aug ’35 G131, add 4bp for curve gets f/v to T+135bp. At the T+137bp pricing level, CONCESSION IS 2BP.

FINAL BOOK:

$750M 10yr - $2.90bn (3.87x) - PEAK $3.70bn

[DNB BANK ASA]

DNB Bank ASA (DNBNO), exp security ratings A2/A (issuer ratings Aa2/AA- (s/s)), US$750m 144A/Reg S 6nc5 fixed to floating Senior Non-Preferred Notes due 3/30/32. Optional Redemption Date: 3/30/31. Interest Payment Dates: Fixed Rate Interest Payment Dates: Each 30 March and 30 September, commencing 30 September 2026, to (and including) the Optional Redemption Date; Floating Rate Interest Payment Dates: 30 June 2031, 30 September 2031, 30 December 2031, and the Maturity Date. If the relevant Floating Rate Interest Payment Date is not a Business Day, the interest is payable in accordance with the Modified Following Business Day Convention (adjusted). Floating Rate: Compounded SOFR (Relevant Number: 2 U.S. Government Securities Business Days) + Margin. Fixed Rate Day Count: 30/360. Floating Rate Day Count: Actual/360. Early Redemption: Subject to regulatory consent in accordance with Condition 7(i), the Issuer may redeem the Notes prior to the Maturity Date, at par: (i) on the Optional Redemption Date, in accordance with Condition 7(c) (in whole only and at the Issuer's discretion); (ii) at any time in the Fixed Rate Period, or on any Floating Rate Interest Payment Date in the Floating Rate Period, for certain taxation reasons in accordance with Condition 7(b); and (iii) at any time in the Fixed Rate Period, or on any Floating Rate Interest Payment Date in the Floating Rate Period, upon the occurrence of an MREL Disqualification Event in accordance with Condition 7(k). Residual Holding Call: Applicable, 75%

Substitution or Variation: Applicable. Clearing: DTC. Governing Law: English law except for (i) the provisions of Condition 3; (ii) the provisions of Condition 10; (iii) the provisions of Condition 21; and (iv) any other write-down or conversion of the Notes in accordance with Norwegian law and regulation applicable to the Issuer from time to time, which shall be governed by Norwegian law. Sales into Canada: Ontario (via Exemption). Documentation: US$15,000,000,000 Medium-Term Note Program dated 16 March 2026. Denoms: U.S.$ 200,000 x 1,000. Business Days: Oslo, London and New York. Expected Listing: Application will be made for the Notes to be listed on the Regulated Market of Euronext Dublin. There are no assurances that the Notes will be admitted to trading on the regulated market of Euronext Dublin. UOP: gcp. Pricing 3/25. Settle 3/30 (T+3). 

VIA  Barc/BofA/JPM/MS/TD/WFS joint books.

Announced with benchmark size, we heard initial thoughts as T+112.5 area.

Guidace came in at T+87.5#.

Ultimately, a $750m deal priced as follows:

$750m 4.832% 3/30/32 100.00 4.832% T+87.5. Back-end: SOFR+113.0.

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

$1.1bn 4.748% 4/2/31 100.00 4.748% T+78. MW+15.

$750m 5.046% 4/2/33 100.00 5.046% T+90. MW+15.

-DNBNO 4.384% due 11/04/31 nc30 T+77bp (G79; $98.57) - $1bn pxd OCT 2025

*** Nov ’31 NC ’30 G79, add 3bp for curve gets f/v to T+82bp. At the T+87.5bp pricing level, CONCESSION IS 5BP.

COPMS AWAY:

Danske Bank (A3/A-/A+)

-DANBNK 5.019% due 03/04/31 nc30 T+85bp (G90; $100.69) - $750m pxd FEB 2025

-DANBNK 4.420% due 09/12/31 nc30 T+91bp (G93; $98.21) - $750m pxd SEP 2025

-DANBNK 4.999% due 03/27/32 nc31 T+97bp (G96; $100.31) - $750m pxd MAR 2026

Skan (A3/A/AA-)

-SEB 5.375% due 03/05/29 (bullet) T+64bp (G64; $102.33) - $750m pxd FEB 2024

-SEB 4.500% due 09/03/30 (bullet) T+73bp (G75; $99.19) - $750m pxd AUG 2025

Swedabank (A3/A/AA-)

-SWEDA 5.407% due 03/14/29 (bullet) T+62bp (G62; $102.52) -$750m pxd MAR 2024

-SWEDA 5.083% due 05/21/30 (bullet) T+75bp (G79; $101.33) -$750m pxd MAY 2025

-SWEDA 4.898% due 03/30/31 (bullet) T+87bp (G86; $100.24) - $650m pxd MAR 2026

ING (Baa1/A-/A+)

-INTNED 4.803% due 03/23/32 nc31 T+95bp (G94; $99.4) $1.5bn pxd MAR 2026

FINAL BOOK:

$750M 6nc5 FTF SNP - $1.68bn (2.23x) - PEAK $2.58bn

[WPP]

WPP 2025 LLC (WPPLN) exp Baa3/BBB/BBB (s/n/s) US$600m SEC registered 10y FXD sr notes due 3/30/36. MWC then 3mos par call (12/30/35). 101 CoC. Guarantor: WPP plc, WPP Jubilee Limited, WPP 2005 Limited. Denoms: 1,000 x 1,000. Governing Law: State of New York. Sale into Canada: Yes - Exemption. Selling Restrictions: As detailed in Prospectus Supplement. UOP: gcp. Marketing: https://dealroadshow.com Passcode: WPP2026. Pricing 3/25. Settle 3/30 (T+3). Cusip: 92944AAA1. ISIN: US92944AAA16.

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

Announced as a benchmark, we heard initial price thoughts as T+260 area.

Guidance came in at T+225#.

Ultimately, a $600m deal priced as follows

$600m 6.50% 3/30/36 99.449 6.576% T+225. MW+35.

As for r/v, this is a new debt entity by WPP, with the previous WPP Finance 2010 last issued in 2014. As such, CONCESSION IS N/A.

Comps away:

Omnicom Group Inc (Baa1/BBB+)
-OMC 5.300% due 06/02/36 T+137bp (G135; $97.00) - $600M pxd 02/25/26 +130

Cox Communications Inc (Baa2/BBB/BBB+)
-COXENT 5.450% due 09/01/34 T+175bp (G184; $95.90) - $750M pxd Aug 2024

RELX Capital Inc (A3/A-/A-)
-RELLN 5.250% due 03/27/35 T+86bp (G93; $100.50) - $750M pxd Mar 2025

FINAL BOOKS:

$600M 10yr - $1.20bn (2.00x) - PEAK $1.80bn

[MASSMU]

MassMutual Global Funding II (MASSMU) exp Aa3/AA+/AA+ (s/s/s) US$500m 144A/Reg S 5y sr secured FA-Backed notes due 4/1/31. FA Provider: Massachusetts Mutual Life Insurance Company. Denoms: 200,000 x 2,000. Sales into Canada: Yes, via exemption. UOP: To acquire a funding agreement from the General Account of the Massachusetts Mutual Life Insurance Company. Pricing 3/25. Settle 4/1 (T+5). CUSIP: 57629TCC9. ISIN: US57629TCC99.

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

Announced as a benchmark, we heard initial price thoughts as T+95 area.

Went straight to launch at T+75.

Ultimately, a $500m deal priced as follows 

$500m 4.70% 4/1/31 99.938 4.714% T+75.

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

-MASSMU 4.000% due 01/22/29 T+58bp (G58; $98.8) - $600M pxd 01/14/26 +50
-MASSMU 4.550% due 05/07/30 T+67bp (G69; $99.6) - $800M pxd May 2025

** Using the most recent 3y –  Outstanding Jan 29s G58; plus 10bp for 3s/5s curve = T+68bp (7bp nic)

The May 30s G69, though a bit older, points to T+70bp f/v (5bp).

At the T+75bp pricing level, CONCESSION IS 5-7BP.

Comps away:

MetLife Global Funding I (Aa3/AA-/AA-)
-MET 4.350% due 01/12/31 T+66bp (G66; $98.9) - $750M pxd 01/05/26 +65

FINAL BOOKS:

$500M 5yr FABN - $950M (1.90x) - PEAK $1.20bn

[M&A TODAY]

Merck & Co Inc "MRK" (Aa3/A+) entered an agreement to acquire Terns Pharmaceuticals Inc "TERN" $53.00 per share in cash representing an equity value of $6.7bn or an enterprise value of $5.7bn.

Merck plans on funding the transaction mainly with new debt issuance. MRK hit the market twice in 2025 for M&A most recently on 12/1/25 with $8bn for their $9.2bn acquisition of Cidara Therapeutics and again on 9/2/25 with $6bn for their $10bn acquisition of Verona Pharma.

The transaction is expected to close by Q2 2026.

Centerview Partners and Jefferies are the financial advisors with Freshfields LLP providing legal counsel to Terns.

[SSA PRICED]

Japan Finance Organization for Municipalities (JFM) exp A1/A+ US$500m (no grow) 144A/Reg S 5y sr notes due 4/2/31. Barc/BNP/Daiwa/GS (B&D/DM) joint books. List Luxembourg Stock Exchange Euro MTF and TOKYO PRO-BOND. English Law. Denoms: 200,000 x 2,000. Sales into Canada: Yes. Sales into Italy: Yes. Net Roadshow: http://www.netroadshow.com | Entry code: JFM2026March www.netroadshow.com/nrs/home/#!/?show=71ee12a3. Pricing 3/25. Settle 4/2.

IPTs: SOFR MS+58 area (currently equiv to ~CT5+29.5).

Spread set: SOFR MS+58. Deal size $500m no grow. IOIs in excess of $275mm excluding JLM interest.

PRICED: $500m 4.125% 4/2/31 99.469 4.244% SOFR MS+58 (T+28.7).