Commentary & Deal Flow

CFR CREDIT CLOSE: 8 Deals; Not Bad, But No Bk-to-Bk Double Digit Deal Day. DOC Ranks

With two deals out overnight and talk that one shop single-handedly had 7 deals looking, we were kind (crazily) hoping for a double-digit deal count today – which would have marked a rare back-to-back double digit deal day in 2025. Instead, we got 8 deals for $8.050bn (led by Standard Chartered’s $2bn 11nc10). Still a decent showing that leaves the week at $23.175bn $7.4bn plus shy of this week’s average estimate.

So far in 2025, we only see 3 back-to-back double digit deal days:

For comparison, 2024 sported 6 back-to-back double digit deal days through the same time period – including a couple of double digit trifectas.

Monday and Tuesday's combined $23.175bn is, however, the largest 2-day showing since 5/27-5/28:

Here’s where the week now stands vs the average estimate:

As for low coupon notables today - DOC ranked in 7yr low coupons.

DOC's 4.75% coupon ties for No.3 on the 7y Low Coupons List 2025 across all sectors and ratings. 

But comes in No. 1 on the 7yr 2025 FIG Low Coupon List. 

It also ranks No. 1 on the 7yr 2025 BBB Low Coupon List (and No. 4 back through 2023) 

   Here's today's rundown: 

[STANDARD CHARTERED]

Standard Chartered PLC “STANLN” (A3/BBB+/A p/s/s) hit the market today with US$2bn 144A/Reg S 11nc10 fixed rate reset sr unsec notes, unsubordinated, due 8/12/36. Optional redemption date: 8/12/35. Coupon: %, fixed rate, payable semi-annually in arrear on 12 February and 12 August in each year, commencing on 12 February 2026 up to and including the Optional Redemption Date. The interest rate will reset on the Optional Redemption Date to be the sum of the relevant Reference Bond Rate plus the Margin, payable semi-annually in arrear on 12 February 2036 and 12 August 2036. Day count: 30/360. Denoms: USD 200k x 1k. Canadian Sales: Yes. Listing: London Stock Exchange, main market. Governing Law: English Law. UOP: gcp. Pricing 8/5. Settle 8/12.144A CUSIP: 85325C2J0. 144A ISIN: US85325C2J03.

VIA Barclays/JPM/Scotia/SG/StanChart (B&D)/WFS as joint lead managers.

Announced overnight as benchmark (overnight books around $3bn, deal size chatter around $1.5bn), we heard initial thoughts at T+145bp.

Went straight to launch at $2bn 11nc10 at T+120.

Ultimately, a $2bn deal priced as follows:

$2bn 5.40% 8/12/36 100.00 5.40% T+120.

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

- STANLN 5.545% due 01/21/29 (nc 28) T+84bp (G81; $102.38) - $1bn pxd 1/13/25 +105
- STANLN 5.244% due 05/13/31 (nc 30) T+98bp (G99; $102.14) - $1bn pxd 5/6/25 +135
- STANLN 6.228% due 01/21/36 (nc 35) T+109bp (G112; $107.01) - $1bn pxd 1/13/25 +143

** Outstanding Jan 36nc35 G112; with curve call f/v T+115bp. At the T+120bp pricing level, CONCESSION IS 5BP.

Comps away:

HSBC Holdings PLC (A3/A-/A+)
- HSBC 5.790% due 05/13/36 (nc 35) T+108bp (G108; $103.85) - $2bn pxd 5/8/25 +140

Lloyds Banking Group (A3/BBB+/A+)
- LLOYDS 5.590% due 11/26/35 (nc 34) T+104bp (G108; $102.50) - $1.0bn pxd 11/19/24 +120

Nationwide Building Society (A3/BBB+/A)
- NWIDE 5.537% due 07/14/36 (nc 35) T+108bp (G107; $102.05) - $1.0bn pxd 7/7/25 +115

Barclays PLC (Baa1/BBB+/A)
- BACR 5.785% due 02/25/36 (nc 35) T+118bp (G120; $102.99) - $2.0bn pxd 02/19/25 +125
- BACR 5.860% due 08/11/46 (nc 45) T+105bp (G105; $100.73) - $1.25bn pxd 8/4/25 +110

FINAL BOOK:

$2bn 11nc10 - $6.800bn (3.40x) - PEAK $7.400bn

[DAIMLER TRUCK]

Daimler Truck Finance North America LLC ”DTRGR” (A3/A-) US$1.9bn 144A/Reg S (Cat 2) no reg rights 3-part sr notes (2y FXD due 8/12/27, long 5y FXD due 10/12/30 and long 7y FXD due 10/12/32). Par call: 1mo on L5y and 2mos on L7y. Guarantors: Daimler Truck Holding AG, Daimler Truck AG. Guarantor Ratings: A3/A- (s/s). Tax Call: Yes. Denoms: $150,000 x $1,000. Sale into Canada: Yes. UOP: gcp. Pricing 8/5. Settle 8/12 (T+5). 144A CUSIP: 2y: 233853BG4, L5y: 233853BH2, L7y: 233853BJ8. 144A ISIN: 2y: US233853BG48, L5y: US233853BH21, L7y: US233853BJ86.

VIA CACIB/HSBC/ING/JPM (B&D)/Scotia/SMBC joint active books.

Announced with benchmark size, final size came in at $1.9bn with price progression as follows:

2yr - IPT T+90 area; GDNC T+60; PXD $550m 4.30% 8/12/27 99.966 4.318% T+60. MW+10.

5yr - IPT T+115 area; GDNC T+92#; PXD $750m 4.65% 10/12/30 99.861 4.682% T+92. MW+15.

7yr - IPT T+130 area; GDNC T+105#; PXD $600m 5.00% 10/12/32 99.965 5.007% T+105. MW+20.

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

-DTRGR 5.125% due 09/25/27 T+61bp (G61; $101.54) - $600m pxd JUN 2024
-DTRGR 4.950% due 01/13/28 T+72bp (G70; $101.20) - $700m pxd JAN 2025
-DTRGR 5.250% due 01/13/30 T+77bp (G80; $102.75) - $800m pxd JAN 2025
-DTRGR 5.375% due 01/13/32 T+96bp (G103; $102.36) - $500m pxd JAN 2025
-DTRGR 5.625% due 01/13/35 T+105bp (G110; $102.57) - $600m pxd JAN 2025

*** 7yr: Jan ‘32 G103, add 2bp for curve gets f/v to T+105bp. At the T+105bp pricing level, 7yr CONCESSION IS FLAT.

*** 5yr: Jan ‘30 G80, add 5bp for curve = 85bp. Also looking at 7y f/v at T+105, take away 15bp for IPT curve gets = T+90bp. Going midpoint, call f/v at T+87.5bp. At the T+92bp pricing level, 5yr CONCESSION IS 4.5BP.

*** 2yr: 5y f/v at T+87.5, take away 25bp for IPT curve gets f/v to T+62.5bp. At the T+60bp pricing level, 2yr CONCESSION IS NEG 2.5BP.

FINAL BOOKS:

$550m 2yr - $2.400bn (4.36x) - PEAK $3.500bn

$750m 5yr - $2.000bn (2.67x) - PEAK $2.400bn

$600m 7yr - $1.300bn (2.17x) - PEAK $2.100bn

[MSCI]

MSCI Inc ”MSCI” (Baa3/BBB-/BBB- s/s/s) hit the market today with $1.25bn SEC registered 10y FXD sr notes due 9/1/35. MWC then 3mos par call. 101 CoC. Denoms: 2,000 x 1,000. UOP: to repay outstanding borrowings under the Revolving Credit Facility and to pay related fees and expenses, with remaining amounts to be used for general corporate purposes, which may include, without limitation, potential repurchases of our common stock, investments and acquisitions. Pricing 8/5. Settle 8/8 (T+3). CUSIP: 55354GAR1. ISIN: US55354GAR11.

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

Announced with benchmark size, we heard initial thoughts as T+140 area.

Guidance came in at T+112.5#.

$1.25bn 5.25% 9/1/35 99.417 5.325% T+112.5. MW+20.

As for r/v, this is a debut IG trade from MSCI Inc.

The last time MSCI hit the market was in August 2021, with a $700m 12nc6 HY trade. The$700m MSCI 3.250% due 0/15/33 (nc 8/15/27) was rated Ba1/BB+/BBB- when it priced on 8/3/21.

S&P upgraded MSCI in Feb 2023. Moody’s upgraded the name in May 2024. But this is the first time they’ve done a bond with full investment-grade ratings.

As such, we’re going DEBUT IG/NA on the CONCESSION.

Final book size was heard as $5.600bn (4.48x covered)

[MACQUARIE BANK]

Macquarie Bank Ltd “MQGAU” (issue ratings A3/BBB+/BBB+; issuer ratings Aa2/A+/A+) hit the market today with US$1bn 144A/Reg S 11nc10 fixed rate reset subordinated Tier 2 notes due 8/13/36. Optional call date: 8/13/35. Interest reset date: 8/13/35. Interest reset rate: On and after the Interest Reset Date to (but excluding) the Stated Maturity Date, interest on the Subordinated Notes will be payable at the 1-Year USD Treasury Rate plus %. Non-Viability: Subject to exchange upon a non-viability event for fully paid ordinary shares of Macquarie Group Limited (“MGL”) with a fall-back to write-off. Redemption: Subject to Australian Prudential Regulation Authority (“APRA”) approval, MBL may redeem the Subordinated Notes in whole or in part on the Optional Call Date and in whole but not in part for certain tax or regulatory reasons. Coupon type: Fixed/Fixed, semi-annual 30/360, unadjusted. Listing: none. Governing Law: State of New York, with some exceptions as described further in the Offering Memorandum for the Subordinated Notes. Denoms: US$200,000 x US$1,000. UOP: gcp. Pricing 8/5. Settle 8/13 (T+6). 144A CUSIP: 556079AG6. 144A ISIN: US556079AG66.

VIA Citi/GS/HSBC/Macquarie/MS/WFS joint books.

Announced overnight with benchmark size (size chatter $750m; overnight books $2.4bn), we heard initial thoughts as T+170a.

Guidance came in at T+145#.

Ultimately, a $1bn deal priced as follows:

$1bn 5.642% 8/13/36 100.00 5.642% T+145.

As for r/v, recent Aussie major 11nc10 subs were the main comps.

Australia & New Zealand Banking Corp (A3/A-/A-)
- ANZ 5.816% due 06/18/36 (nc 35) T+130bp (G130; $102.40) - $1.25bn pxd 6/10/25 +135

National Australia Bank (A3/A-/A-)
- NAB 5.902% due 01/14/36 (nc 35) T+127bp (G130; $103.20) - $1.25bn pxd 1/6/25 +130

On Macquarie Bank’s recent 3yr FXD/FRN priced on June 4, the 4.331% due 6/12/28 landed at T+ 50bp. Just a day before, NAB had printed at 3yr at T+40bp. So the Macquarie/Aussie major differential was 10bp on this deal. (We called NIC 2.5bp - factoring in a 5-10bp MQGAU vs Aussie major differential.

With the differential on MQGAU/major Aussie 3yr seniors at 10bp, the differential on today’s 11nc10 sub was pegged at 15bp.

With recent Aussie major 11nc10 subs at G130, adding 15bp for the differential puts f/v right at today’s T+145bp pricing level. CONCESSION FLAT.

Some thought the main direct comp also pointed to f/v in the T+145bp zone. 

Macquarie Bank (A3/BBB+/BBB+) – sub
- MQGAU 6.798% due 01/18/33 T+118bp (G138; $108.66) - $1.0bn pxd Jan 2023

FINAL BOOK:

$1bn 11nc10 - $4.000bn (4.00x) - PEAK $6.000bn

[CNA FINANCIAL]

CNA Financial Corp ”CNA” (Baa2/A-/BBB+) (p/s/s) US$500m (no grow) SEC registered 10y FXD sr notes due 8/15/35. MWC then 3mos par call. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: Intend to use the net proceeds, along with cash on hand, to redeem, repurchase, repay or otherwise retire the $500 million outstanding aggregate principal amount of the Company’s 4.500% senior notes due March 1, 2026. Marketing: https://dealroadshow.com Passcode: CNA2025REPLAY. Pricing 8/5. Settle 8/12 (T+5). CUSIP: 126117AZ3. ISIN: US126117AZ36.

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

Announced as $500m no grow, we heard the initial price thoughts as T+125 area.

Went straight to launch at $500m 10y at T+103.

Ultimately, the $500m deal priced as follows:

$500m 5.20% 8/15/35 99.722 5.236% T+103. MW+20.

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

-CNA 5.125% due 2/15/34 T+92bp (G102; $100.19) - $500M pxd Feb 2024

** Outstanding Feb 34s G102; plus 3bp for curve = T+105bp f/v. At the T+103bp pricing level, CONCESSION IS NEG 2BP.

Comps away:

The Travelers Companies (A2/A/A)
-TRV 5.050% due 7/24/35 T+69bp (G69; $101.15) - $500M pxd 7/21/25 +70

Chubb INA Holdings LLC (A2/A)
-CB 4.900% due 8/15/35 T+70bp (G70; $99.80) - $1.25B pxd 8/4/24 +70

Renaissancere Holdings LLC (A3/BBB+/A-)
-RNA 5.800% due 4/1/35 T+112bp (G115; $103.43) - $500M pxd 2/18/25 +130

American International Group, Inc (Baa1/A-/BBB+)
-AIG 5.450% due 5/7/35 T+81bp (G83; $103.21) - $625M pxd 5/5/25 +112

Selective Insurance Group (Baa2/BBB/BBB+)
-SIGI 5.900% due 4/15/35 T+133bp (G136; $102.68) - $400M pxd 2/20/25 +140

FINAL BOOKS:

$500m 10yr - $1.100bn (2.20x) - PEAK $1.950bn

[HEALTHPEAK]

Healthpeak OP LLC ”DOC” (Baa1/BBB+) (s/s) US$500m (up from $400m) SEC registered long 7y FXD sr notes due 1/15/33. MWC then 2mos par call. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: The company intends to use the net proceeds from this offering to repay borrowings outstanding under our commercial paper program and for general corporate purposes, which may include repaying or repurchasing other indebtedness, working capital, acquisitions, development and redevelopment activities, and capital expenditures. Pending application of the net proceeds from the offering for the foregoing purposes, such proceeds may initially be invested in short-term securities. Pricing 8/5. Settle 8/14 (T+7). CUSIP: 42250GAB9. ISIN: US42250GAB95.

VIA CACIB/JPM/PNC (B&D)/TSI/USB joint active books.

Announced with $400m size, we heard the initial price thoughts as T+115 area.

Guidance came in at T+92#. Upsized at launch to $500m.

Ultimately, the $500m deal priced as follows:

$500m 4.75% 1/15/33 99.178 4.884% T+92. MW+15.

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

-DOC 2.875% due 1/15/31 T+85bp (G80; $91.8) - $600M pxd Jun 2020
-DOC 5.250% due 12/15/32 T+68bp (G92; $102.2) - $750M pxd Jan 2023
-DOC 5.375% due 2/15/35 T+91bp (G95; $102.0) - $500M pxd 2/5/25 +102

** Outstanding FEB 35s G95; minus 5bp for 33s/35s curve = T+90bp f/v. At the T+92bp pricing level, CONCESSION IS 2BP.

COMPS AWAY:

Welltower Inc (A3/A-)
-WELL 4.500% due 7/1/30 T+65bp (G66; $100.5) - $1B pxd 6/25/25 +67
-WELL 5.125% due 7/1/35 T+86bp (G87; $100.5) - $1.25B pxd 6/25/25 +87

Ventas Realty LP (Baa1/BBB+/NR)
-VTR 4.750% due 11/15/30 T+83bp (G82; $100.8) - $500M pxd Mar 2020
-VTR 5.100% due 7/15/32 T+80bp (G82; $102.0) - $500M pxd 5/29/25 +100
-VTR 5.000% due 1/15/35 T+96bp (G99; $98.9) - $550M pxd Sep 2024

Alexandria Real Estate Equities Inc (Baa1/BBB+/NR)
-ARE 2.000% due 5/15/32 T+68bp (G95; $83.6) - $900M pxd Feb 2021
-ARE 5.500% due 10/1/35 T+103bp (G101; $100.13) - $550M pxd 1/30/25 +102

Healthcare Realty Trust Inc (Baa2/BBB)
-HR 3.100% due 2/15/30 T+92bp (G94; $93.7) - $650M pxd Sep 2019
-HR 2.000% due 3/15/31 T+103bp (G97; $86.5) - $800M pxd Sep 2020

FINAL BOOKS:

$500m L7yr - $900m (1.80x) - PEAK $1.500bn

[ESSENTIAL UTILITIES]

Essential Utilities Inc ”WTRG” (Baa2/BBB+ n/s) US$500m SEC registered 10y FXD sr notes due 8/15/35. MWC then 3mos par call. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: for general corporate purposes, including to repay a portion of commercial paper borrowings, working capital, capital expenditures or water and wastewater utility acquisitions. Pricing 8/5. Settle 8/7 (T+2). CUSIP: 29670GAK8.

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

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

Went straight to launch at $500m 10y at T+107.

Ultimately, a $500m deal priced as follows:

$500m 5.25% 8/15/35 99.798 5.276% T+107. MW+20.

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

-WTRG 4.800% due 08/15/27 T+53bp (G52; $101.02) - $500m pxd AUG 2024
-WTRG 5.375% due 01/15/34 T+85bp (G98; $102.02) - $500m pxd JAN 2024

*** Jan ‘34 G98, add 7bp for ‘34/’35 curve gets f/v to T+105bp. At the T+107bp pricing level, CONCESSION IS 2BP.

COMPS AWAY:

American Water Capital Corp (Baa1/A)
-AWK 5.250% due 03/01/35 T+78bp (G82; $101.85) - $800m pxd FEB 2025

Southern Co (Baa1/BBB+/BBB+)
-SO 4.850% due 03/15/35 T+86bp (G87; $98.26) - $750m pxd SEPT 2024

NiSource Inc (Baa2/BBB+/BBB)
-NI 5.350% due 07/15/35 T+97bp (G98; $101.20) - $900m pxd 06/23/25 +105

Dominion Energy Inc (Baa2/BBB/BBB+)
-D 5.450% due 03/15/35 T+100bp (G104; $101.77) - $700m pxd 03/06/25 +120

FINAL BOOK:

$500m 10yr - $1.900bn (3.80x) - PEAK $2.350bn

[KILROY]

Kilroy Realty LP ”KRC” (Baa3/BBB-/BBB- s/s/s) US$400m (up from $300m) SEC registered 10y FXD sr notes due 10/15/35. MWC then 3mos par call. REIT covenants.Guarantor: Kilroy Realty Corp. First pay: 4/15/26. Denoms: 2,000 x 1,000. Sale into Canada: No. UOP: We intend to use net proceeds from this offering to redeem or repay indebtedness and, to the extent not used for such purpose, for other general corporate purposes. We may also hold net proceeds in cash, cash equivalents and/or marketable securities. Such indebtedness to be redeemed or repaid is expected to include the 2025 Notes. The 2025 Notes bear interest at a rate of 4.375% per annum and mature on October 1, 2025. Pricing 8/5. Settle 8/8 (T+3). CUSIP: 49427RAT9.

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

Announced with $300m, we heard initial thoughts as T+210 area.

Went straight to launch at $400m 10y at T+180.

Ultimately, a $400m deal priced as follows:

$400m 5.875% 10/15/35 98.991 6.006% T+180. MW+30.

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

-KRC 3.050% due 02/15/30 T+157bp (G159; $90.93) - $500m pxd SEPT 2019
-KRC 2.500% (green) due 11/15/32 T+149bp (G171; $81.16) - $425m pxd AUG 2020
-KRC 2.650% (green) due 11/15/33 T+150bp (G163; $80.03) - $450m pxd SEPT 2021
-KRC 6.250% due 01/15/36 T+187bp (G184; $101.25) - $400m pxd JAN 2024

*** Going off most recent Jan ‘36 G184, call f/v at T+184bp. At the T+180bp pricing level, CONCESSION IS NEG 4BP.

COMPS AWAY:

Cousins Properties LP (Baa2/BBB)
-CUZ 5.875% due 10/01/34 T+114bp (G121; $103.64) - $500m pxd AUG 2024

Boston Properties LP (Baa2/BBB)
-BXP 5.750% due 01/15/35 T+137bp (G142; $101.18) - $850m pxd AUG 2024

Highwoods Realty LP (Baa2/BBB-)
-HIW 7.600% due 02/01/34 T+137bp (G150; $113.50) - $350m pxd NOV 2023

American Assets Trust LP (Baa3/BBB-/BBB)
-AAT 6.150% due 10/01/34 T+186bp (G193; $100.49) - $525m pxd SEPT 2024

Piedmont Operating Partnership LP (Baa3/BBB-/BBB-)
-PDM 2.750% due 04/01/32 T+147bp (G175; $83.94) - $300m pxd SEPT 2021

FINAL BOOK:

$400m 10yr - $2.300bn (5.75x) - PEAK $2.800bn

[SSA PRICED/ TVA]

Tennessee Valley Authority “TVA” (Aa1/AA+/AA+) (s/s/s) US$1.25bn 3(a)2 exempt 5y FXD global power bonds due 8/1/30. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: To refinance existing debt or for other power system purposes. Pricing 8/5. Settle 8/8 (T+3).

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

Announced with benchmark size, we heard the initial price thoughts as T+25 area.

Guidance came in at T+20#.

Ultimately, the $1.25bn deal priced as follows:
$1.25bn 3.875% 8/1/30 99.593 3.966% T+20.

As for r/v, outstanding TVA was quoted as follows:
-TVA 2.875% due 02/01/27 T+14bp (G7; $98.624) - $1B pxd Feb 2017
-TVA 3.875% due 03/15/28 T+12bp (G11; $100.218) - $1B pxd Mar 2023
-TVA 7.125% due 05/01/30 T+6bp (G7; $114.201) - $1B pxd Jun 2000
-TVA 1.500% due 09/15/31 T+12bp (G21; $86.18) - $500M pxd Sep 2021
-TVA 4.375% due 08/01/34 T+23bp (G30; $99.522) - $1B pxd Aug 2024
-TVA 4.875% due 05/15/35 T+35bp (G35; $102.479) - $1.5B pxd 05/13/25 +45
-TVA 5.250% due 02/01/55 T+60bp (G60; $97.754) - $1.25B pxd 02/11/25 +60
-TVA 4.250% due 09/15/65 T+65bp (G65; $80.482) - $1B pxd Sep 2015

**Outstanding May 35s G35; minus 15bp 5s/10s curve = T+20bp. At the T+20bp pricing level, CONCESSION IS FLAT.

Ultimately, if you look at SSA comps, they trade low 10s and the super HQ names have their 30s trade high 20s, so TVA’s T+20bp landed right in between these two.

Comps away:

Ontario (Province Of) (Aa3/AA-/AA-)
-ONT 4.700% due 01/15/30 T+17bp (G19; $103.12) - $3B pxd Jan 2025

Fannie Mae (Aa1/AA+/AA+)
-FNMA 0.875% due 08/05/30 T+5bp (G5; $86.78) - $4.5B pxd Aug 2020

Intl Bk Recon & Develop (Aaa/AAA/N/A)
-IBRD 4.125% due 03/20/30 T+3bp (G5; $101.417) - $6B pxd 03/12/25 +14.7

CPPIB Capital Inc (Aaa/AAA/N/A)
-CPPIBC 4.125% due 06/10/30 T+11bp (G12; $101.121) - $1.5B pxd 06/02/25 +20.1

Johnson & Johnson (Aaa/AAA/N/A)
-JNJ 4.700% due 03/01/30 T+26bp (G28; $102.778) - $1B pxd 02/18/25 +35

Walmart Inc (Aa2/AA/AA)
-WMT 4.350% due 04/28/30 T+26bp (G28; $101.395) - $1B pxd 04/23/25 +37

Apple Inc (Aaa/AA+/N/A)
-AAPL 4.200% due 05/12/30 T+28bp (G29; $100.687) - $1B pxd 05/05/25 +30

FINAL BOOKS:

$1.250bn 5y Global - $3.250bn (2.60x)- PEAK $3.300bn