Commentary & Deal Flow

NTT Finance Corporation (NTT) exp A3/BBB+ (s/s) US$ benchmark 144A/3(c)7/Reg S 7-pt sr unsec notes (short 2y FXD due 03/31/28, 3y FRN due 06/20/29, long 3y FXD due 11/01/29, 5y FRN due 06/20/31, long 5y FXD due 11/01/31, long 7y FXD due 11/01/33 and long 10y FXD due 11/01/36). MWC only on short 2y and long 3y. MWC then 1mo par call on long 5y (10/01/31). MWC then 2mos par call on long 7y (09/01/33). MWC then 3mos par call on long 10y (08/01/36). Barc/BNP/BofA/Citi/Daiwa/GS/JPM (B&D)/Miz/MS/Nomura/SMBC joint active books. UoP: General corporate purposes, including repayment of debt. Sales into Canada: Yes. Denominations: 200,000 x 1,000. Listing: SGX-ST. Marketing: https://dealroadshow.com | Entry code: NTT2026 (not case sensitive). Pricing 06/24. Settle 07/01 (T+5). IPTs: short 2y T+90 area, 3y FRN SOFR+110 area, long 3y T+95 area, 5y FRN SOFR+130 area, long 5y T+110 area, long 7y T+125 area and long 10y T+135 area.

OTHER: