[THE ENDGAME] : In the Face of Adversity

Even another a sell off in the Dow (-217), though the S&P500 (+0.02%) and the Nasdaq closed in positive territory, the latter setting yet another record high close (17,020), and jump in Treasury yields, the benchmark 10yr note closed 8bp higher at 4.54%, could keep high grade borrowers from tapping the primary market today, in what is expected to be a lower than normal four-day week. Five borrowers managed to raise $7.05bln bringing ex-SSA issuance for the month to $123.4bln, edging closer to the average monthly estimate of $125bln, with three viable trading sessions left in the month.

A government auction of Treasuries was met with weak demand sending the rates higher. Stocks have struggled recently when the benchmark rate tops that mark. Stocks briefly fell to their session lows as yields rose, with the Dow falling more than 300 points before recovering. Also, Minneapolis Fed President Neel Kashkari said he wants to see many more months of data pointing to easing inflation before cutting rates, sending rates even higher.

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[PRICED] $1.25bln [Santander Holdings USA Inc] (SANUSA) 2-pt (3nc2 (5/31/27) & 11nc10 (5/31/35)) SEC registered senior unsecured FTFs. Baa2/BBB+/BBB+ (s/s/s). BofA/CITI/SANT(B&D)WFS. UOP: General corporate purposes or the repayment of debt. MWC. Par call 1mo (3nc2), 3mo (11nc10) prior to mat. Sales to Canada: YES. Denoms 2k x 1k. S/D 5/31 (YF) IPTs: +145 area, +205 area. GUIDANCE: 3nc2 +115#, 11nc10 +180#. LAUNCHED: $500m 5/31/27 +115, $750m 5/31/35 +180

PRICED:

• $500m 6.124% 5/31/27 100.00 6.124% +115 MW T+20 (Back End: SOFR+123.2) (TSY 4.50% 5/15/27)
• $750m 6.342% 5/31/35 100.00 6.342% +180 MW T+30 (Back End: SOFR+213.8)(TSY 4.375% 5/15/34)

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[PRICED] $2.25bln [Florida Power & Light] (NEE) 3-pt (5yr (6/15/29), 10yr (6/15/34), 30yr (6/15/54)) SEC registered FMBs. AA2/A+/AA- (s/s/s). BBVA/BNP/CIBC/CITI(B&D)/LOOP/RF/USB. UOP: General corporate purposes, including the repayment of a portion of FPL s outstanding commercial paper obligations. MWC. Par call 1mo (5yr), 3mo (10yr), 6MO (30yr) prior to mat. Marketing: e-Red. CUSIPs: 5yr: 341081GT8 10yr: 341081GU5 30yr: 341081GV3 ISINs: 5yr: US341081GT84 10yr: US341081GU57 30yr: S341081GV31. Sales to Canada: YES. Denoms 2k x 1k. S/D 6/3 (U). IPTs: +80, +105, +120. GUIDANCE: 5yr +60#, 10yr +80#, 30yr +95#. LAUNCHED: $750m 6/15/29 +60, $750m 6/15/34 +80, $750m 6/15/54 +95. RELAUNCHED: $750m 6/15/29 +60, $750m 6/15/34 +80, $850m 6/15/54 +95

PRICED:

• $750m 5.15% 6/15/29 99.831 5.188% +60 MW T+10 (TSY 4.625% 4/30/29)
• $750m 5.30% 6/15/34 99.659 5.344% +80 MW T+15 (TSY 4.375% 5/15/34)
• $750m 5.60% 6/15/54 99.781 5.615% +95 MW T+15 (TSY 4.25% 2/15/54)

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[PRICED] $500m (upped from $300m) [Sempra] (SRE) 30yr (6.875% 10/01/54 tap) SEC registered junior subordinated notes. Baa3/BBB-/BBB-. GS/JPM/MIZ. UOP: To repay outstanding commercial paper and potentially other indebtedness and to use any remaining net proceeds for other general corporate purposes. ISIN: US816851BS71. Denoms 2k x 1k. S/D 5/31 (U) IPT: 7.25%-7.375%. GUIDANCE: 7.1%#. LAUNCHED: $500m (upped from $300m) 10/1/54 7.1%

PRICED: $500m (upped from $300m) 6.875% 10/1/54 99.044 7.1% (4.625% 4/30/29)

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[PRICED] $300m (WNG) [Main Street Capital] (MAIN) 3yr (6/4/27) SEC registered senior unsecured notes. NR/BBB-/BBB-. JPM/RBC/SMBC/TSI. UOP: Repay outstanding debt, including amounts outstanding under Credit Facilities. MWC. Par call 1mo prior to mat. Coc @ 100. Denoms 2k x 1k. S/D 6/4 (F) IPT: +205 area. GUIDANCE: +185 area (+/-3). LAUNCHED: $300m 6/4/27 +182

PRICED: $300m 6.50% 6/4/27 99.793 6.577% +182 MW T+30 (TSY 4.50% 5/15/27)

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[PRICED] $2.75bln [Morgan Stanley Bank] (MS) 3(a)(2) 4nc3 FTF and/or FRN notes (5/26/28). Aa3/A+/AA-. MS(B&D). UOP: GCP. MWC: Par call 1mo prior to mat. Denoms 250k x 1k. S/D (5/30) IPT: +90 area, SOFR+Equiv. GUIDANCE:4nc3 FTF +75#FRN SOFR+Equiv. LAUNCHED: $2.1bln 5/26/28 +75, $650m 5/26/28 SOFR+86.5

PRICED:

• $2.1bln 5.504% 5/26/28 100.00 5.504% +75 MW T+15 (Back End: SOFR+86.5) (TSY 4.625% 4/30/29)
• $650m SOFR+86.5 5/26/28 100.00 SOFR+86.5

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