[THE ENDGAME] : Eli Came and Went

Like two weeks ago, the week of the last FOMC policy meeting, high grade borrowers rushed to get to market before Wednesday’s July CPI (0.2% m-o-m, 3.0% y-o-y). Two weeks ago today, 10 ex-SSA issuers raised $13.6bln ahead of the Fed. Today, 16 issuers raised $18.1bln ahead of CPI.

While CPI may interrupt the flow of issuance mid-week, today’s haul was a good start to a week that, on average, is expected to produce $30bln in new supply. The guesses for this week ranged from a low of $22.5bln to $42.5bln. That also brought ex-SSA issuance for the month to $71.895bln, slowly creeping up on the lowest monthly estimate of $80bln and bringing the average estimate of $90bln within range.

It should be noted that overall (SSA-inclusive) issuance for the year stands at $1.351.008bln, topping the lowest annual estimate of $1.350.000bln, next stop…$1.420.000bln, the average overall yearly estimate. Not to be left out, year-to-date, ex-SSA issuance stands at $1.080.858bln, $19bln shy of the lowest yearly estimate of $1.100.000bln, with more than enough time left to reach the average annual estimate of $1.275.000bln.

Be that as it may, today’s lineup was headed by the twenty-fourth M&A-related transaction of the year. Eli Lilly raised $5bln through a 5-pt offering whose proceeds will go to help fund its $3.2bln acquisition of Morphic. That brought the total raised this year through M&A-related issues to $104.95bln, 9.7% of total ex-SSA issuance. Last year there were 32 M&A-related transactions that raised $128.4bln, or 10.62% of the year’s final tally.

Investors, who seemed to turn their backs on the broader markets, turned their attention to the corporate primary market where today’s deals contracted an average of 29.7bp from IPT/PX; attracted nearly $80bln in interest (4.29x covered) – the LLY deal itself saw the final book settle in at $25.8bln, or 5.16x oversubscribed – and priced with an average NIC of 2.18bp.

Bond buyers weren’t the only ones impressed with Eli Lilly today. Deutsche Bank analysts upgraded the stock today to a “buy”. While raising the price target by $300 points.

As for the broader markets, well, at least today was absent from the volatility that has been plaguing the market of late. Still, the Dow closed 141 points lower, while the S&P500 was literally unchanged, and the Nasdaq eked out a 0.21% gain. Many were hoping to see a continuation of last week’s late rally, though the upcoming economic data barrage has the market on edge.

This week’s CPI report, not to mention retail sales, will be pivotal clues as to the health of the economy, calming the nerves of investors investors following July’s weak nonfarm payrolls report that caused the market to tank. But, first they’ll have to get through tomorrow’s PPI report (0.2% m-o-m, 2.3% y-o-y).

The Treasury market appears to be looking on the negative side when it comes to the economy, with yields falling on the day. The benchmark 10yr note yield fell 4bp to close at 3.90%, while the long bond yield was also 4bp lower, closing at 4.19%. At the same time, the 2yr note saw its yield drop 3bp to close at 4.01%.

A3/BBB+	Regency Centers LP (REG)
	$325m (WNG) [Regency Centers LP] (REG) 10yr (1/15/35) SEC registered senior unsecured notes. A3/BBB+ (s/p). BofA/JPM(B&D)/PNC/WFS. UOP: General Corporate Purposes, Refinance. MWC. par call 3mo prior to mat. CUSIP: 75884RBC6 ISIN: US75884RBC60. Denoms 2k x1k. S/D 8/15 (F)
IPT(s):	+155 area
GUIDANCE:	N/A
LAUNCHED:	$325m 1/15/35 +122
PRICED:	$325m 5.10% 1/15/35 99.813 5.124% +122 MW T+20 (TSY 3.875% 8/15/34)
BOOKS:	$1.7bln
NIC(s):	-03
COMP(s):	REG 4.125 03/15/28 $98.23 ~T+92 G+86 REG 2.950 09/15/29 $92.26 ~T+93 G+93 REG 3.700 06/15/30 $94.88 ~T+97 G+95 REG 5.250 01/15/34 $101.25 ~T+117 G+120

Ba1/BBB-/BBB-	Enlink Midstream LLC (ENLC)
	$500m [Enlink Midstream LLC] (ENLC) 10yr (9/1/34) SEC registered senior unsecured notes. Ba1/BBB-/BBB-. (s/s/s). BofA/CITI(B&D)/MIZ/RBC. UOP: For general limited liability company purposes, including to repay borrowings under the Credit Facilities, a portion of which were incurred to purchase outstanding ENLK Series B Preferred Units on August 5, 2024. Until the Company applies the net proceeds from this offering for the foregoing purposes, the Company may invest the remaining proceeds in short-term, liquid investments. MWC. par call 3mo prior to mat. Guarantor: EnLink Midstream Partners LP Marketing: https://dealroadshow.com Passcode: ENLC2024. CUSIP: 29336TAE0 ISIN: US29336TAE01. Sales to Canada: YES. Denoms 2k x 1k. S/D 8/15 (I)
IPT(s):	+215 area
GUIDANCE:	N/A
LAUNCHED:	$500m 9/1/34 +180
PRICED:	$500m 5.65% 9/1/34 99.618 5.70% +180 MW T+30 (TSY 3.875% 8/15/34)
BOOKS:	$3.5bln
NIC(s):	+0
COMP(s):	ENLC 5.625 01/15/28 $100.85 ~T+156 G+146 ENLC 5.375 06/01/29 $100.37 ~T+153 G+152 ENLC 6.500 09/01/30 $105.45 ~T+160 G+159

A3/A	Entergy Texas Inc (ETR)
	$350m (WNG) [Entergy Texas Inc] (ETR) 30yr (9/15/54) SEC registered FMBs. A3/A (s/s). BKNY/CITI(B&D)/MS/RF/TD. UOP: The issuer intends to use the net proceeds from the issuance and sale of the bonds (i) to finance, together with other available funds, the construction of the Orange County Advanced Power Station and (ii) for general corporate purposes. Pending the application of the net proceeds from the issuance and sale of the bonds, the issuer may invest them in short-term, highly liquid, high-rated money market instruments and/or the Entergy system money pool. MWC. Par call. Marketing: e-Red. CUSIP: 29365TAP9 ISIN: US29365TAP93. Sales to Canada: YES. Denoms 1k x 1k. S/D 8/15 (U)
IPT(s):	+170 area
GUIDANCE:	N/A
LAUNCHED:	$350m 9/15/54 +140
PRICED:	$350m 5.55% 9/15/54 99.284 5.599% +140 MW T+25 (TSY 4.625% 5/15/54)
BOOKS:	$2.67bln
NIC(s):	-01
COMP(s):	ETR 3.35 06/15/52 $71.05 ~T+116 G+114 ETR 5.70 03/15/54 $103.18 ~T+128 G+127 ETR 5.85 06/01/54 $107.69 ~T+113 G+112 ETR 5.75 06/01/54 $104.30 ~T+125 G+125

Baa1/BBB	O'Reilly Automotive Inc (ORLY)
	$500m [O'Reilly Automotive Inc] (ORLY) 10yr (8/19/34)SEC registered senior unsecured notes. Baa1/BBB. BofA/JPM/USB. UOP: GCP. MWC. Par call 3mos prior to mat. Denoms 2k x 1k. S/D 8/19 (I)
IPT(s):	+140
GUIDANCE:	+113#
LAUNCHED:	$500m 8/19/34 +113
PRICED:	$500m 5.00% 8/19/34 99.782 5.028% +113 MW T+20 (TSY 3.875% 8/15/34)
BOOKS:	$1.31bln
NIC(s):	+0
COMP(s):	ORLY 3.90 06/01/29 $97.12 ~T+83 G+82 ORLY 4.20 04/01/30 $97.67 ~T+93 G+91 ORLY 1.75 03/15/31 $83.26 ~T+83 G+95 ORLY 4.70 06/15/32 $99.03 ~T+94 G+102

Baa3/BBB-/BBB-	Arrow Electronics Inc (ARW)
	$500m [Arrow Electronics Inc] (ARW) 5yr (8/21/29) SEC registered senior unsecured notes. Baa3/BBB-/BBB-. BofA/GS/MIZ/SCOT. UOP: The Issuer expects to use a portion of the net proceeds from this offering to repay all of its outstanding 3.250% notes due 2024 at maturity. Pending such application of the net proceeds, the Issuer may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments. The Issuer may apply the remaining net proceeds for general corporate purposes, which may include acquisitions or the repayment of other indebtedness, including the repurchase or redemption of any existing notes. MWC. Par call 1mos prior to mat. Denoms 2k x 1k. S/D 8/21 (I)
IPT(s):	+175 area
GUIDANCE:	N/A
LAUNCHED:	$500m 8/21/29 +143
PRICED:	$500m 5.15% 8/21/29 99.904 5.172% +143 MW T+25 (TSY 4.00% 7/31/29)
BOOKS:	$1.6bln
NIC(s):	+02
COMP(s):	ARW 3.875 01/12/28 $96.47 ~T+126 G+120 ARW 2.950 02/15/32 $86.33 ~T+127 G+136 ARW 5.875 04/10/34 $101.67 ~T+174 G+176

A1/A+	Principal Life Global Funding II (PFG)
	$500m [Principal Life Global Funding II] (PFG) 144a/RegS (w/o rts) 3yr (8/19/27) FA-Backed Notes. A1/A+ (s/s). DB(B&D)/HSBC/MS/WFS. UOP: To purchase one or more Funding Agreements from Principal Life Insurance Company. FA Provider: Principal Life Insurance Company. CUSIPs: 144A: 74256LFA2 / REGS: 74256MFB8. ISINs: 144A: US74256LFA26 / REGS:6 US74256MFB81.Sales to Canada: Yes. Denoms 2k x 1k. S/D 8/19 (F)
IPT(s):	+110 area
GUIDANCE:	+80#
LAUNCHED:	$500m 8/19/27 +80
PRICED:	$500m 4.60% 8/19/27 99.922 4.628 +80 MW T+15 (TSY 3.75% 8/15/27)
BOOKS:	$2bln
NIC(s):	+05
COMP(s):	PFG 5.000 01/16/27 $101.06 ~T+70 G+59 PFG 1.718 04/19/27 $92.29 ~T+98 G+93 PFG 5.500 06/28/28 $102.39 ~T+107 G+102 PFG 5.100 01/25/29 $101.50 ~T+97 G+95

Baa2/BBB	Equifax Inc (EFX)
	$650m [Equifax Inc] (EFX) long 5yr (9/15/29) SEC registered senior unsecured notes. Baa2/BBB. BofA/JPM/MIZ/WFS. UOP: The company intends to use the net proceeds from this offering for general corporate purposes, which may include the repayment of indebtedness outstanding under its delayed draw term loan. MWC. Par call 1mos prior to mat. COC. Denoms 2k x 1k. S/D 8/15 (F)
IPT(s):	+135 area
GUIDANCE:	+105#
LAUNCHED:	$650m 9/15/29 +105.
PRICED:	$650m 4.80% 9/15/29 99.968 4.806% +105 MW T+30 (TSY 4.00% 7/31/29)
BOOKS:	$1.5bln
NIC(s):	-01
COMP(s):	EFX 5.10 12/15/27 $101.30 ~T+83 G+84 EFX 5.10 06/01/28 $101.23 ~T+99 G+93 EFX 3.10 05/15/30 $92.11 ~T+93 G+91 EFX 2.35 09/15/31 $85.03 ~T+97 G+107

A1/A+	Eli Lilly & Co (LLY)
	$5bln [Eli Lilly & Co] (LLY) 5-pt (3yr (8/14/27), 5yr (8/14/29), 10yr (8/14/34), 30yr (8/14/54) & 40yr (8/14/64)) SEC registered senior unsecured notes. A1/A+. BNP/CITI/GS/JPM/MS. UOP: To fund the consideration payable in connection with the pending acquisition of Morphic Holding, Inc. and the fees and expenses in connection therewith. The Company expects to use any remaining net proceeds from the sale of the notes for general corporate purposes, which may include the repayment of outstanding commercial paper. MWC. Par call 1mos (3yr & 5yr), 3mos (10yr), 6mos (30yr & 40yr) prior to mat. Denoms 2k x 1k. S/D 8/14 (I) (M&A)
IPT(s):	+60 area, +75 area, +95 area, +115 area, +130 area
GUIDANCE:	3yr +35#, 5yr +50#, 10yr +70#, 30yr +88#, 40yr +100#
LAUNCHED:	$750m 8/14/27 +35, $1bln 8/14/29 +50, $1.25bln 8/14/34 +70, $1.25bln 8/14/54 +88, $750m 8/14/64 +100
PRICED:	$750m 4.15% 8/14/27 99.919 4.179% +35 MW T+10 (TSY 3.75% 8/15/27) $1bln 4.20% 8/14/29 99.781 4.249% +50 MW T+10 (TSY 4.00% 7/31/29) $1.25bln 4.60% 8/14/34 99.968 4.604% +70 MW T+15 (TSY 3.875% 8/15/34) $1.25bln 5.05% 8/14/54 99.510 5.082% +88 MW T+15 (TSY 4.625% 5/15/54) $750m 5.20% 8/14/64 99.966 5.202% +100 MW T+15 (TSY 4.625% 5/15/54)
BOOKS:	$2.6bln, $4.1bln, $5.7bln, $6.5bln, $6.9bln
NIC(s):	+04, +03, +05, +04, +03
COMP(s):	LLY 3.100 05/15/27 $97.34 ~T+30 G+25 LLY 4.500 02/09/29 $101.53 ~T+37 G+35 LLY 3.375 03/15/29 $96.86 ~T+38 G+37 LLY 4.700 02/27/33 $101.33 ~T+60 G+67 LLY 4.700 02/09/34 $101.27 ~T+63 G+65 LLY 4.875 02/27/53 $97.30 ~T+86 G+84 LLY 5.000 02/09/54 $99.08 ~T+86 G+86 LLY 4.950 02/27/63 $96.74 ~T+94 G+94 LLY 5.100 02/09/64 $99.00 ~T+96 G+96

Baa3/BBB-/BBB-	CDW LLC/CDW Finance Corp (CDW)
	$1.2bln [CDW LLC/CDW Finance Corp] (CDW) 2-pt (long 5yr (3/1/30) & 10yr (8/22/34)) SEC registered senior unsecured notes. Baa3/BBB-/BBB-. BofA/JPM/WFS. UOP: GCP. Gaurantor: CDW Corporation and all of the direct and indirect domestic subsidiaries of CDW LLC that are guarantors under the senior loan facilities. MWC. Par call 1mo (5yr), 3mos (10yr) prior to mat. COC @101. Denoms 2k x 1k. S/D (I).
IPT(s):	+165 area, +195 area
GUIDANCE:	5yr +137.5#, 10yr +168#
LAUNCHED:	$600m 3/1/30 +137.5, $600m 8/22/34 +168
PRICED:	$600m 5.10% 3/1/30 99.889 5.123% +137.5 MW T+25 (TSY 4.00% 7/31/29) $600m 5.55% 8/22/34 99.742 5.584% +168 MW T+30 (TSY 3.875% 8/15/34)
BOOKS:	$2.5bln, $2.25bln
NIC(s):	+03, +03
COMP(s):	CDW 4.250 04/01/28 $97.03 ~T+141 G+135 CDW 3.276 12/01/28 $93.13 ~T+133 G+130 CDW 3.250 02/15/29 $92.33 ~T+143 G+141 CDW 3.569 12/01/31 $89.20 ~T+147 G+157

A3/BBB+/A	Bank of America Corp (BAC)
	$2.5bln [Bank of America Corp] (BAC) 11nc10 (8/15/35) SEC registered fixed-to-floating rate subordinated notes. A3/BBB+/A. BofA (sole). UOP: GCP. S/D 8/15 (F).
IPT(s):	+185 area
GUIDANCE:	N/A
LAUNCHED:	$2.5bln 8/15/35 +152
PRICED:	$2.5bln 5.425% 8/15/35 100.00 5.425% +152 MW T+25 (Back End: SOFR+191.3) (TSY 3.875% 8/15/34)
BOOKS:	N/A ($12bln PEAK)
NIC(s):	+05
COMP(s):	BAC 2.482 09/21/36 $82.22 ~T+164 G+175 BAC 6.000 10/15/36 $108.49 ~T+115 G+107 BAC 3.846 03/08/37 $90.02 ~T+157 G+166

A3/A-/A	Oklahoma Gas & Electric Co (OGE)
	$350m (WNG) [Oklahoma Gas &Electric Co] (OGE) 5.60% 4/01/53 tap. SEC registered senior unsecured notes. A3/A-/A. MIZ/RBC/WFS. UOP: For general corporate purposes, including repayment of short-term debt, repayment of borrowings under its revolving credit facility, and the funding of its capital investment program and working capital needs. MW T+30. Par call 6mos prior to mat. Denoms 2k x 1k. ISIN: US678858BY62. S/D 8/15 (U).
IPT(s):	+155 area
GUIDANCE:	N/A
LAUNCHED:	$350m (WNG) 5.60% 4/01/53 tap +130
PRICED:	$350m (WNG) 5.60% 4/01/53 101.488 5.495% MW T+30 +130 (TSY 4.625% 5/15/54)
BOOKS:	$750m
NIC(s):	+03
COMP(s):	OGE 4.00 12/15/44 $82.65 ~T+113 G+114 OGE 4.15 04/01/47 $82.69 ~T+121 G+124 OGE 3.85 08/15/47 $79.14 ~T+117 G+120 OGE 5.60 04/01/53 $101.93 ~T+127 G+125

Baa3/BBB-/BB+	CenterPoint Energy Inc (CNP)
	$800m [CenterPoint Energy Inc] (CNP) 2-pt (30.5nc5.25 (2/15/55) SEC registered Series A Junior Subordinated Notes & 30.5nc10.25 (2/15/55)SEC registered Series B Junior Subordinated Notes. Baa3/BBB-/BB+. BARC/GS/JPM/MIZ/MS. UOP: For general corporate purposes, including the repayment of the $500 million aggregate principal amount of our outstanding Senior Notes due 2024, which mature on September 1, 2024, and bear interest at a rate of 2.50% per annum, and the repayment of a portion of our outstanding commercial paper. Proceeds from our commercial paper were used for general corporate purposes, including working capital purposes. Optional redemption: In whole or in part on one or more occasions at a price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (i) on any day in the period commencing on the date falling 90 days prior to the First Series A Reset Date and ending on and including the First Series A Reset Date and (ii) after the First Series A Reset Date, on any interest payment date. In whole, but not in part, at 100% of the principal amount of the applicable series of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date, at any time within 120 days after the occurrence of a tax event with respect to such series of the Notes. In whole, but not in part, at 102% of the principal amount of the applicable series of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date, at any time within 120 days after the occurrence of a rating agency event with respect to such series of the Notes; In whole or in part on one or more occasions at a price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (i) on any day in the period commencing on the date falling 90 days prior to the First Series A Reset Date and ending on and including the First Series A Reset Date and (ii) after the First Series A Reset Date, on any interest payment date. In whole, but not in part, at 100% of the principal amount of the applicable series of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date, at any time within 120 days after the occurrence of a tax event with respect to such series of the Notes. In whole, but not in part, at 102% of the principal amount of the applicable series of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date, at any time within 120 days after the occurrence of a rating agency event with respect to such series of the Notes. Denoms 1k x 1k. S/D 8/14 (U)
IPT(s):	7.25-7.375%, 7.25% area
GUIDANCE:	N/A
LAUNCHED:	$400m 30nc5.25 7.00%, $400m 30nc10.25 6.85%.
PRICED:	$400m 7.00% 2/15/55 100.00 7.00% +325.4 (TSY 4.00% 7/31/29) $400m 6.85% 2/15/55 100.00 6.85% +294.1 (TSY 3.875% 8/15/34)
BOOKS:	$2bln, $3bln
NIC(s):	N/A
COMP(s):	N/A

A2/A/A+	Caterpillar Financial Services Corp] (CAT)
	$2.5bln [Caterpillar Financial Services Corp] (CAT) 4-pt (long 2yr fixed and/or FRN (10/16/26), 3yr (10/15/27) & 5yr(8/16/29)) SEC registered senior unsecured notes. A2/A/A+ (p/s/s). BofA (B&D 5yr)/CITI (B&D 2yr FRN)/MUFG (B&D 2yr, 3yr). UOP: Financing and leasing transactions, customer and dealer loans and other corporate purposes. MWC. CUSIPs: 2yr FRN: 14913UAP5 2yr: 14913UAN0 3yr: 14913UAR1 5yr: 14913UAQ3 ISINs: 2yr FRN: US14913UAP57 2yr: US14913UAN00 3yr: US14913UAR14 5yr: US14913UAQ31. Sales to Canada: YES. Denoms 1k x 1k. S/D 8/16 (F)
IPT(s):	SOFR+Equiv, +70 area, +80 area, +95 area.
GUIDANCE:	2yr FRN SOFR+69#, 2yr +47#, 3yr +58#, 5yr +68#
LAUNCHED:	$500m 10/16/26 SOFR+69, $750m 10/16/26 +47, $650m 10/15/27 +58, $600m 8/16/29 +68
PRICED:	$500m SOFR+69 10/16/26 100.00 SOFR+69 $750m 4.45% 10/16/26 99.922 4.491% +47 MW T+10 (TSY 4.375% 7/31/26) $650m 4.40% 10/15/27 99.95 4.419% +58 MW T+10 (TSY 3.75% 8/15/27) $600m 4.375% 8/16/29 99.729 4.436% +68 MW T+15 (TSY 4.00% 7/31/29)
BOOKS:	$1.75bln, $1.25bln, $1.75bln, $1.75bln
NIC(s):	N/A, +06, +05, +07
COMP(s):	CAT 4.50 01/08/27 $100.44 ~T+48 G+37 CAT 1.70 01/08/27 $94.07 ~T+50 G+39 CAT 1.10 09/14/27 $90.93 ~T+44 G+45 CAT 4.85 02/27/29 $102.12 ~T+59 G+57 CAT 7.30 05/01/31 $113.78 ~T+97 G+108

A3/BBB+	Piedmont Natural Gas Co Inc (DUK)
	$375m (WNG) [Piedmont Natural Gas Co Inc] (DUK) long 10yr (2/15/35) SEC registered senior usecured notes. A3/BBB+ (s/s). BNP/TD(B&D)/TSI/USB. UOP: to (i) pay down a portion of outstanding intercompany short-term debt under the money-pool borrowing arrangement with Duke Energy Corporation and (ii) for general corporate purposes. MWC. Par call 3mo prior yo may. CUSIP: 720186AR6 ISIN:US720186AR65. Sales to Canada: YES. Denoms 2k x 1k. S/D 8/14 (U)
IPT(s):	+150 area
GUIDANCE:	N/A
LAUNCHED:	$375m 2/15/35 +120
PRICED:	$375m 5.10% 2/15/35 99.943 5.107% +120 MW T+20 (TSY 3.875% 8/15/34)
BOOKS:	$1.25bln
NIC(s):	-01
COMP(s):	DUK 2.50 03/15/31 $86.73 ~T+97 G+109 DUK 5.40 06/15/33 $102.95 ~T+107 G+112 DUK 3.85 06/15/34 $99.06 ~T+187 G+175 DUK 4.10 09/18/34 $92.32 ~T+118 G+118

Baa1/BBB+	UDR Inc (UDR)
	$300m [UDR Inc] (UDR) 10yr (9/1/34) SEC registered senior unsecured notes. Baa1/BBB+ (s/s). BofA/JPM(B&D)/RBC/WFS. UOP: GCP. MWC. Par call 3mo prior to mat. Covenants: Total Debt / Total Assets: ≤ 65%, Total Secured Debt / Total Assets: ≤ 40%, Interest Coverage: ≥ 1.5x, Unencumbered Assets / Unsecured Debt: ≥ 150%. Sales to Canada: YES. Denoms 2k x 1k. S/D 8/15 (F)
IPT(s):	+165 area
GUIDANCE:	N/A
LAUNCHED:	$300m 9/1/34 +135
PRICED:	$300m 5.125% 9/1/34 98.977 5.257% +135 MW T+25 (TSY 3.875% 8/15/34)
BOOKS:	$1.9bln
NIC(s):	-04
COMP(s):	UDR 2.10 08/01/32 $80.96 ~T+112 G+120 UDR 1.90 03/15/33 $78.50 ~T+111 G+116 UDR 2.10 06/15/33 $78.67 ~T+122 G+127 UDR 3.10 11/01/34 $83.64 ~T+128 G+127

A3/BBB+/A	NatWest Group PLC (NWG)
	$1.75bln [NatWest Group PLC] (NWG) 2-pt (4.25nc3.25 FRN (11/15/28) & 6nc5 F-T-F(8/15/30))SEC registered senior unsecured notes. A3/BBB+/A. CITI/JEFF/NWM(B&D)/WFS. UOP: GCP. Optional Redemption, Loss Absorption Disqualification Event, Tax Redemption. Set-off/Default Events: Noteholder waives right to set-off; Limited events of Default - please refer to Preliminary Prospectus Supplement. Listing: New York Stock Exchange. Governing Law: New York. Target Market: Manufacturer target market (UK MiFIR/MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID)/ UK PRIIPs KID has been prepared as not available to retail in the EEA or in the UK. Sales to Canada: YES. Denoms 200k x 1k. S/D 8/15 (YF)
IPT(s):	SOFR+150 area, +150 area
GUIDANCE:	4.25nc3.25 FRN SOFR+130#, 6nc5 +122#
LAUNCHED:	$500m 11/15/28 SOFR+130, $1.25bln 8/15/30 +122.
PRICED:	$500m SOFR+130 11/15/28 100.00 SOFR+130 $1.25bln 4.964% 8/15/30 100.00 4.964% +122 (Back End: SOFR+) (TSY4.00% 7/31/29)
BOOKS:	$1.5bln, $3.5bln
NIC(s):	N/A, +0
COMP(s):	NWG 5.808 09/13/29 $103.62 ~T+107 G+104 NWG 4.445 05/08/30 $98.03 ~T+117 G+116 NWG 5.200 05/28/31 $101.56 ~T+108 G+106

	VOL	IPT/PX	XCVRD	NIC	TRADING
(TODAY) 08/12	18,100	-30	4.29	2.18	0.00
WK ENDING 08/16/24	18,100	-30	4.29	2.18	0.00
WK ENDING 08/09/24	44,970	-31	5.04	4.73	-3.02
WK ENDING 08/02/24	31,125	-23	2.97	3.67	4.89
WK ENDING 07/26/24	31,504	-26	3.00	3.00	-1.52
WK ENDING 07/19/24	48,100	-27	3.63	0.94	-5.83
WK ENDING 07/12/24	18,250	-27	2.85	3.46	-1.30
WK ENDING 07/05/24	5,350	-30	4.95	6.00	-9.00
WK ENDING 06/28/24	31,950	-26	3.16	5.84	0.20
WK ENDING 06/21/24	31,400	-24	3.09	3.14	0.50
WK ENDING 06/14/24	5,750	-24	4.09	3.90	0.70
WK ENDING 06/07/24	33,575	-24	3.38	3.61	1.28
WK ENDING 05/31/24	19,700	-22	3.18	3.38	-1.34
WK ENDING 05/24/24	28,175	-22	4.53	3.78	-0.80
WK ENDING 05/17/24	28,100	-22	2.87	2.65	-1.14
WK ENDING 05/10/24	55,875	-28	4.05	0.55	-0.34
WK ENDING 05/03/24	19,000	-32	5.89	2.74	-7.60
WK ENDING 04/26/24	11,600	-27	3.22	-0.57	-0.73
WK ENDING 04/19/24	35,800	-27	3.61	2.78	-0.24
WK ENDING 04/12/24	10,480	-28	4.41	0.76	-0.88
YTD "ZERO DAYS"	14	2023 / 32
YTD FRNS DROPPED	15	2023 / 39
24-Aug	71,895	-29.48	4.52	4.24	-1.45
24-Jul	125,504	-26.26	4.80	2.47	-2.96
24-Jun	102,675	-24.60	3.28	4.08	0.70
24-May	136,050	-29.89	3.51	1.93	-0.84
24-Apr	106,680	-23.93	4.07	1.65	-1.10
24-Mar	142,909	-25.00	3.82	1.46	0.59
24-Feb	199,425	-26.51	3.93	1.89	-1.18
24-Jan	195,620	-25.66	3.73	2.70	-2.20
23-Dec	24,025	-23.94	3.04	5.59	-2.90
23-Nov	100,725	-25.50	3.95	7.40	-5.15
23-Oct	81,880	-22.37	3.45	6.06	-0.35
23-Sep	128,015	-24.60	3.40	4.59	-1.90
23-Aug	68,100	-27.16	3.67	4.40	-1.96
	VOL	IPT/PX	XCVRD	NIC	TRADING
2024 YTD	1,080,858	-27.09	3.77	2.93	-1.47
2023 YTD	867,360	-25.50	3.52	5.10	-2.20
24 VS '23 (% DIF)	24.60%	-1.59	0.25	-2.17	0.73

AUG	AUG VOL	LOW EST	AVE EST	HI EST	DIF (+/-)
2024	71,895	80,000	90,000	110,000	-18,105

2024	2024 YTD	LOW EST	AVE EST	HI EST	DIF (+/-)
YTD	1,080,858	1,100,000	1,275,000	1,350,000	-194,142

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