[THE ENDGAME] : Making Up for Lost Time
After being held in check last week by the Presidential election, the Fed’s interest rate decision and the last remnants of earnings blackouts, high grade corporate borrowers made up for lost time today, flooding the market with supply. After only three borrowers were brave enough to ward off last week’s headwinds, raising a grand total of $1.9bln to kick off the month of November, four times that many – actually 13 – raised $30.15bln.
That made today (10 the third busiest ex-SSA issuance day of the year (2) the most high-grade issuance we have seen in one session since Labor Day (3) more than enough to top the average weekly estimate of $30bln, though with the release of October CPI tomorrow (0.2% m-o-m, 2.6% y-o-y) we’re not expecting to dee a repeat of today’s output.
Nevertheless, as we speculated last week it was the banks, since they have the most to gain from rising interest rates, both foreign and domestic, who led the charge today, with HSBC out in front of the onslaught, raising $6.5bln via two separate offerings.
Two of the “big six” banks also got into the act. Citibank/Citigroup, in its eighth trip to the US public debt market this year, raised $4.25bln, while Goldman Sachs raised $3bln in its ninth visit of 2024 to the primary market. So far this year Citigroup has raised $30.7bln, while Goldman has raised $20.25bln. Combined, the “big six” have been responsible for $10.28% ($145.45bln) of the year-to-date ex-SSA issuance total.
Pent up demand among investors was evident with today’s deals contracting an average of 25bp from IPT/PX; attracting nearly $100bln (3.23x covered) in orders; and pricing with an average NIC of 1.09bp.
As for general market conditions, the so-called “Trump Rally” came to a halt today as investors chose to take some money off the table after last week’s monster rally. However, the pause may just be temporary as investors also fled the Treasury market where yields jumped anywhere from 8bp to 13bp across the board.
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| A2/A/A+ | Caterpillar Financial Services (CAT) |
| $2.3bln [Caterpillar Financial Services] (CAT) 3-pt (3yr fixed and/or FRN (11/15/27) & 5yr (11/15/29) SEC registered senior unsecured notes) A2/A/A+ (p/s/s). BARC(B&D3yr)/JPM(B&D 5yr)/SOCGEN(B&D 3yr FRN). UOP: GCP. MWC. CUSIPs: 3yr FRN: 14913UAT7 3yr: 14913UAS9 5yr: 14913UAU4. Sales to Canada: YES. Denoms 1k x 1k. S/D 11/15 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | $450m 11/15/27 SOFR+56 | $450m SOFR+56 11/15/27 SOFR+56 | |
| +50-55 | $950m 11/15/27 +32# | $950m 4.60% 11/15/27 99.914 4.631% +32 MW T+5 (4.125% 11/15/27) | |
| +65 area | $900m 11/15/29 +42# | $900m 4.70% 11/15/29 99.837 4.737% MW T+10 +42 (TSY 4.25% 11/15/34) |
| BOOKS: | $850m, $1.75bln, $2.25bln |
| NIC(s): | N/A, +02, +02 |
| COMP(s): | CAT 4.400 10/15/27 $99.64 ~T+22 G+22 CAT 4.850 02/27/29 $100.87 ~T+30 G+31 CAT 4.375 08/16/29 $98.81 ~T+34 G+34 CAT 7.300 05/01/31 $113.00 ~T+50 G+56 |
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| A2/BBB+/A | Goldman Sachs Group (GS) |
| $3bln [Goldman Sachs Group] (GS) 21nc20 (11/19/45) SEC registered senior unsecured fixed-to-floating rate notes. A2/BBB+/A. GS (sole). UOP: GCP. MWC. Par call 1yr prior to mat. Denoms 1k x 1k. S/D 11/19 (F) . |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +110 area | +85# | $3bln 11/19/45 +85 | $3bln 5.561% 11/19/45 100.00 5.561% +85 MW T+15 (Back End: SOFR+158) (TSY 4.125% 8/15/44) |
| BOOKS: | N/A |
| NIC(s): | -05 |
| COMP(s): | GS 4.80 07/08/44 $92.72 ~T+72 G+72 GS 4.75 10/21/45 $91.84 ~T+72 G+74 GS 2.75 03/02/51 $60.02 ~T+108 G+104 |
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| A3/BBB+/BBB+ | Safehold Global Holdings (SAFE) |
| $400m (upped from $300m) [Safehold Global Holdings] (SAFE) long 10yr (1/15/35) SEC registered senior unsecured notes. A3/BBB+/BBB+. BofA/GS/JPM/TSI. UOP: GCP. Guarantor: Safehold Inc. Denoms 2k x 1k. S/D 11/14 (F) (REIT) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +160 area | +137.5# | $400m (upped from $300m) 1/15/35 +137.5 | $400m (upped from $300m) 5.65% 1/15/35 98.812 5.804% MW T+25 +137.5 (TSY 4.25% 11/15/34) |
| BOOKS: | $1.5bln |
| NIC(s): | -04 |
| COMP(s): | SAFE 2.80 06/15/31 $85.43 ~T+103 G+110 SAFE 2.85 01/15/32 $84.51 ~T+106 G+111 SAFE 6.10 04/01/34 $103.00 ~T+125 G+126 |
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| Baa3/BBB-/BBB | Blue Owl Capital Corporation (OBDC) |
$400m [Blue Owl Capital Corporation] (OBDC) SEC registered senior unsecured 5.95% 3/15/29 tap. Baa3/BBB-/BBB/(p/s/s). MUFG/RBC(B&D)/SANTAN/SOCGEN/SMBC. UOP: To pay down existing indebtedness. MWC. par call 1mo prior to mat. CoC @ 100%. CUSIP: 69121KAH7 ISIN: US69121KAH77. Sales to Canada: YES. Denoms 2k x 1k. S/D 11/19 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +187.5 area | +163# | $400m 3/15/29 +163 | $400m 5.95% 3/15/29 100.043 5.936% +163 MW T+25 (TSY 4.125% 10/31/29) |
| BOOKS: | $900m |
| NIC(s): | +09 |
| COMP(s): | OBDC 4.250 01/15/26 $98.61 ~T+114 G+112 OBDC 3.400 07/15/26 $96.54 ~T+125 G+124 OBDC 2.625 01/15/27 $93.57 ~T+151 G+148 OBDC 2.875 06/11/28 $90.65 ~T+149 G+150 OBDC 5.950 03/15/29 $100.23 ~T+157 G+158 |
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| A1/A+ | Equitable Life Global Funding (EQH) |
| $500m [Equitable Life Global Funding] (EQH) 144a/RegS 3yr (11/19/27) FA-backed notes. A1/A+ (s/s). BofA/JPM(B&D)/PNC. UOP: To purchase one or more Funding Agreements from Equitable Financial Life Insurance Company. Fa Provider: Equitable Financial Life Insurance Company. CUSIPs: 144A: 29449WAR8 / REGS: 29450LAS6 ISINs: 144A: US29449WAR88 / REGS: US29450LAS60. Sales to Canada: YES. Denoms 2k x 1k. S/D 11/19 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +80 area | +58 | $500m 11/19/27 +58 | $500m 4.875% 11/19/27 99.97 4.886% +58 (4.125% 11/15/27) |
| BOOKS: | $1.1bln |
| NIC(s): | -01 |
| COMP(s): | EQH 1.00 01/09/26 $95.77 ~T+47 G+45 EQH 1.70 11/12/26 $94.22 ~T+43 G+43 EQH 1.40 08/27/27 $91.17 ~T+52 G+51 EQH 5.45 03/03/28 $100.98 ~T+81 G+82 |
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| Baa1/BBB | Otis Worldwide Corp (OTIS) |
| $600m [Otis Worldwide Corp] (OTIS) 7yr (11/19/31) SEC registered senior unsecured notes. Baa1/BBB. HSBC/JPM/MS(B&D)/SMBC. D&I Coordinator: Morgan Stanley. UOP: The Issuer intends to use the net proceeds from this offering, together with cash on hand, to fund the repayment at maturity of its notes due 2025, of which $1.3 billion principal amount is currently outstanding. MWC. Par call 2mo prior to mat. CoC: Put @ 101%. NY Law. CUSIP: 68902VAR8 ISIN: US68902VAR87. Sales to Canada: YES. Denoms 2k x 1k. S/D 11/19 (I) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +105 area | $600m 11/19/31 +75 | $600m 5.125% 11/19/31 99.994 5.126% +75 MW T+15 (TSY 4.125% 10/31/31) |
| BOOKS: | $4bln |
| NIC(s): | -04 |
| COMP(s): | OTIS 2.293 04/05/27 $94.86 ~T+38 G+26 OTIS 5.250 08/16/28 $101.53 ~T+48 G+48 OTIS 2.565 02/15/30 $88.74 ~T+71 G+71 OTIS 3.112 02/15/40 $76.86 ~T+66 G+78 |
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| SEE BELOW | Citibank NA/Citigroup Inc (C) |
| $4.25bln [Citibank NA/Citigroup Inc] (C) 3-pt ((3a2)3nc2 FRN & F-T-F (11/19/27) senior bank notes & (SEC registered)10nc5 (11/19/34) sub notes) 3nc2s: Aa3/A+/A+ (s/s/s) 10nc5: Baa2/BBB/BBB+ (s/s/s). CITI. UOP: (3nc2s) An amount equal to the net proceeds of the sale of the Notes will be allocated exclusively to finance or refinance in whole or in part, “Social Finance Assets”, which refers to a portion of Citi’s portfolio of assets that meet Citi’s Social Finance Asset Portfolio Eligibility Criteria and do not meet any of the Social Finance Exclusionary Criteria in accordance with Citi’s Social Finance Bond Framework available on Citi’s Investor Relations website. (10nc5) GCP. MWC (3nc2). Mar call 1mo prior to mat. CUSIPs: 3nc2 FRN: 17325F BL1 3nc2: 17325F BM9 10nc5: 172967 PN5 ISINs: 3nc2 FRN: US17325FBM95 3nc2: US17325FBL13 10nc5: US172967PN53. Sales to Canada: YES. Denoms 250k x 1k (3nc2s) 1k x 1k. (10nc5). S/D 11/19 |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+Equiv | $800m 11/19/27 SOFR+Equiv | $800m SOFR+71.2 11/19/27 100.00 SOFR+71.2 |
| +70 area | +53# | $2.2bln 11/19/27 +53 | $2.2bln 4.876% 11/19/27 100.00 4.876% +53 MW T+10 (TSY 4.125% 10/31/26) |
| +150 area | +128# | $1.25bln 11/19/34 +128 | $1.25bln 5.592%11/19/34 100.00 5.592% +128 MW T+20 (TSY 4.125% 10/31/29) |
| BOOKS: | N/A |
| NIC(s): | N/A, +05, +03 |
| COMP(s): | C 3.400 09/07/27 $96.83 ~T+31 G+31 C 5.803 09/29/28 $103.72 ~T+42 G+42 C 6.174 05/25/34 $104.11 ~T+114 G+117 C 5.827 02/13/35 $101.25 ~T+123 G+125 |
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| A2/A | Mercedes-Benz Finance North America LLC (MBGGR) |
| $2.45bln [Mercedes-Benz Finance North America LLC] (MBGGR) 144a/RegS 4-pt (2yr (11/13/26), 3yr fixed and/or FRN (11/15/27), 5yr) (11/15/29) senior unsecured notes. A2/A (s/s). BNP/CITI (B&D)/CACIB/JPM/MIZ/SANT. UOP: To make intra-group loans to the Guarantor and/or entities owned directly or indirectly by the Guarantor for purposes of repayment of debt and for general corporate purposes. MWC. Tax Changes call. Guarantor: Mercedes-Benz Group AG. CUSIPs: 2yr: 144A: 58769JBB2/REGS: U5876JBB0 3yr: 144A: 58769JAZ0 / REGS: U5876JAZ8. 3yr FRN: 144A: 58769JAY3 / REGS: U5876JAY1 5yr: 144A: 58769JBA4 / REGS: U5876JBA2 ISINs: 2yr: 144A: US58769JBB26 / REGS: USU5876JBB09.3yr: 144A: US58769JAZ03 REGS: USU5876JAZ85 3yr FRN: 144A: US58769JAY38 / REGS: USU5876JAY11 5yr: 144A: US58769JBA43/REGS: USU5876JBA26. Sales to Canada: NO. Denoms 150k x 1k S/D 11/15 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +75 area | +50# | $600m 11/13/26 +50 | $600m 4.80% 11/13/26 99.918 4.844% +50 MW T+10 (TSY 4.125% 10/31/26) |
| +85 area | +63# | $700m 11/15/27 +63 | $700m 4.90% 11/15/27 99.89 4.94% +63 MW T+10 (TSY 4.125% 11/15/27) |
| SOFR+Equiv | SOFR+85# | $550m 11/15/27 SOFR+85 | $550m SOFR+85 11/15/27 100.00 SOFR+85 |
| +105 area | +80# | $600m 11/15/29 +80 | $600m 5.10% 11/15/29 99.926 5.117% +80 MW T+15 (TSY 4.125% 10/31/29) |
| BOOKS: | $1.15bln, $1.25bln, $1bln, $1.375bln |
| NIC(s): | +04, +06, N/A, +05 |
| COMP(s): | MBGGR 5.200 08/03/26 $100.72 ~T+41 G+41 MBGGR 4.850 11/16/26 $100.01 ~T+50 G+50 MBGGR 4.750 08/01/27 $99.93 ~T+47 G+46 MBGGR 5.250 11/29/27 $100.99 ~T+59 G+59 MBGGR 3.100 08/15/29 $92.05 ~T+68 G+69 MBGGR 2.625 03/10/30 $88.76 ~T+74 G+73 |
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| SEE BELOW | Westpac Banking Corp (WSTP) |
| $3bln [Westpac Banking Corp] (WSTP) 3-pt (short 2yr (10/20/26) fixed and/or FRN (Aa2/AA-) SEC registered senior unsecured global MTNs & 11nc10 (11/20/35) fixed-to-floating rate notes (A3/A-/A-) SEC registered subordinated Tier 2 notes. BofA/CITI/HSBC/RBC/WSTP. UOP: GCP. (11nc10). Par call 1yr prior to mat. On and after the Reset Date to (but excluding) the Maturity Date, interest on the Notes will be payable at the prevailing 1-Year USD Treasury Rate plus [●]%. Non-viability: Contractual with conversion to Westpac ordinary shares. Cash out feature is available for holders. Optional Redemption: Subject to the prior written approval of APRA (which may or may not be given and holders should not expect that APRA’s prior written approval will be given for any redemption of the notes if requested by the Issuer) Westpac may redeem the notes in whole but not in part, (i) on the Call Date, (ii) following a Regulatory Event or (ii) following an Adverse Tax Event. Any redemption of the notes does not imply or indicate that the Issuer will in future exercise any right it may have to redeem any other outstanding regulatory capital instruments issued by the Issuer. Any such redemption would also be subject to APRA’s prior written approval (which may or may not be given). Denoms 2k x 1k. S/D 11/20 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+46# | $750m 10/20/26 SOFR+46 | $750m SOFR+46 10/20/26 100.00 SOFR+46 |
| +50 area | +28# | $750m 10/20/26 +28 | $750m 4.60% 10/20/2699.975 4.616% +28 (4.125% 10/31/26) |
| +150 area | +120# | $1.5bln 11/20/35 +120 | $1.5bln 5.618% 11/20/35 100.00 5.618% +120 (4.25% 11/15/34) |
| BOOKS: | $1.75bln, $2.4bln, $6.5bln |
| NIC(s): | N/A, +03, -01 |
| COMP(s): | WSTP 2.85 05/13/26 $97.55 ~T+22 G+21 WSTP 1.15 06/03/26 $94.93 ~T+23 G+22 WSTP 2.70 08/19/26 $96.92 ~T+19 G+19 WSTP 3.21 02/01/27 $95.86 ~T+91 G+89 |
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| Baa1/BBB/A- | HSBC Holdings plc (HSBC) |
| $1.75bln [HSBC Holdings plc] (HSBC) 11nc10 (11/18/35) SEC registered subordinated fixed-to-floating rate notes. Baa1/BBB/A-. HSBC (sole). UOP: To satisfy the Issuer's obligations in connections with the tender offers announced today for the outstanding principal amount of $1,500,000,000 4.250% Subordinated Notes due 2025 and $1,500,000,000 4.375% Subordinated Notes due 2026. Any proceeds not so used, will be used for general corporate purposes and to maintain or further strengthen the Issuer's capital base pursuant to the requirements under the UK CRR. Par call 1yr prior to mat. Tax changes call, regulatory / capital disqualification call. Denoms 200k x 1k. NYSE Listing. NY Law. Sales to Canada: YES. ISIN: US404280EL97. S/D 11/18 (YF) |
| IPT(s) | REVISED IPT | GUIDANCE | LAUNCHED | PRICED |
| +175 area | +170 area | +145# | $1.75bln 11/18/35 +145 | $1.75bln 5.874% 11/18/35 100.00 5.874% +145 (TSY 4.25% 11/15/34) |
| BOOKS: | $7bln |
| NIC(s): | -01 |
| COMP(s): | HSBC 5.719 03/04/35 $102.13 ~T+99 G+100 HSBC 5.402 08/11/33 $100.37 ~T+91 G+95 HSBC 6.254 03/09/34 $105.599 ~T+98 G+100 |
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| A3/A-/A+ | HSBC Holdings plc (HSBC) |
| $4.75bln [HSBC Holdings plc] (HSBC) 4-pt (4nc3 (11/19/28) FRN and/or F-T-F, 6nc3 (11/19/30) FRN and/or F-T-F) SEC registered senior unsecured notes. A3/A-/A+ (s/s/s). HSBC (sole). UOP: GCP. MWC (F-T-Fs). Par call 1yr prior to mat (all). Tax changes call, regulatory / capital disqualification call (all). Denoms 200k x 1k. Sales to Canada: YES. NYSE Listing. NY Law. ISINs: US404280EK15 (4nc3 FRN), US404280EM70 (4nc3 FTF), US404280EP02 (6nc5 FRN), US404280EN5 (6nc5 FTF). S/D 11/19 (YF). |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+104# | $500m 11/19/28 SOFR+104 | $500m SOFR+104 11/19/28 100.00 SOFR+104 |
| +110 area | +83# | $1.5bln 11/19/28 +83 | $1.5bln 5.13% 11/19/28 100.00 5.13% +83 MW T+15 (TSY 4.125% 11/15/27) |
| SOFR+Equiv | SOFR+129# | $500m 11/19/30 SOFR+129 | $500m SOFR+129 11/19/30 100.00 SOFR+129 |
| +125 area | +98# | $2.25bln 11/19/30 +98 | $2.25bln 5.286% 11/19/30 100.00 5.286% +98 MW T+15 (TSY 4.125% 10/31/29) |
| BOOKS: | $2.7bln, $4.75bln, $1.9bln. $6.3bln |
| NIC(s): | N/A, +03, N/A, +02 |
| COMP(s): | HSBC 5.597 05/17/28 $101.27 ~T+75 G+74 HSBC 7.390 11/03/28 $106.32 ~T+77 G+77 HSBC 3.973 05/22/30 $94.99 ~T+92 G+92 HSBC 2.848 06/04/31 $88.47 ~T+96 G+94 |
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| Baa2/BBB+/A- | BNP Paribas SA (BNP) |
| $1.75bln [BNP Paribas SA] (BNP) 144a/RegS 11nc10 (11/19/35) tier 2 subordinated F-T-Fs. Baa2/BBB+/A-. BNP.Issuer call: optional redemption in whole or in part at the Optional Redemption Amount on November [19], 20[34]. Redemption for taxation reasons: optional redemption in whole (but not in part) at the Early Redemption Amount upon the occurrence of a Tax Deduction Event, a Withholding Tax Event or a Gross-Up Event (subject to regulatory permission if required). Redemption upon the occurrence of a Capital Event: optional redemption in whole (but not in part) at the Early Redemption Amount upon the occurrence of a Capital Event (subject to regulatory permission if required). Redemption upon the occurrence of a MREL/TLAC Disqualification Event: optional redemption in whole (but not in part) at the Early Redemption Amount upon the occurrence of a MREL/TLAC Disqualification Event (subject to regulatory permission if required). If a Withholding Tax Event, a Tax Deduction Event, a Capital Event or a MREL/TLAC Disqualification Event has occurred and is continuing, the Issuer may, at its option, without any requirement for the consent or approval of the Noteholders, substitute all (but not some only) of the Subordinated Notes or vary the terms of all (but not some only) of the Subordinated Notes so that they become or remain Qualifying Tier 2 Notes. S/D 11/19 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +180 area | $1.75bln 11/19/35 +148 | $1.75bln 5.906% 11/19/35 100.00 5.906% +148 (Back End: SOFR+192 (TSY 4.25% 11/15/34) |
| BOOKS: | $6.5bln |
| NIC(s): | -02 |
| COMP(s): | BNP 4.375 03/01/33 $96.19 ~T+135 G+136 BNP 2.588 08/12/35 $84.95 ~T+138 G+136 |
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| Baa2/BBB/A- | Societe Generale SA (SOCGEN) |
| $1.5bln [Societe Generale SA] (SOCGEN) 144a Reg S 2-pt (2.25yr (2/19/27) senior non-preferred fixed and/or FRN). Baa2/BBB/A- (n/s/s). BofA/BMO/GS/SCOT/SG (B&D/GC)/SCB. Denoms 200k x 1k. Sales to Canada: YES. S/D 11/19 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+Equiv | $400m 2/19/27 SOFR+110 | $400m SOFR+110 2/19/27 100.00 SOFR+110 |
| +115 area | +92# | $1.1bln 2/19/27 +92 | $1.1bln 5.25% 2/19/27 99.996 5.256% +92 (TSY 4.125% 10/31/26) |
| BOOKS: | $1.1bln, $2.5bln |
| NIC(s): | N/A, +03 |
| COMP(s): | SOCGEN 6.447 01/12/27 $101.17 ~T+105 G+103 SOCGEN 1.792 06/09/27 $94.69 ~T+102 G+101 SOCGEN 5.519 01/19/28 $100.40 ~T+102 G+99 |
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| Baa1/BBB+/A- | Huntington Bancshares Inc/OH (HBAN) |
| $1.75bln [Huntington Bancshares Inc/OH] (HBAN) SEC registered 2-pt (senior unsecured 6nc5 F-T-Fs(1/15/31) &subordinated 15nc10 F-T-Fs (11/18/39)). 6nc5: Baa1/BBB+/A- (s/s/s). 15nc10: Baa1/BBB/BBB+ (s/s/s). CITI/GS(B&D)/HUNSEC/RBC/UBS. UOP: GCP. MWC (6nc5). Optitional Par redemption: 6nc5: In whole, but not in part, on and only on the reset date (one year prior to maturity). In whole or in part in the one month period prior to maturity. 15nc10: In whole, but not in part, during the three months prior to and including the reset date (five years prior to maturity). In whole or in part in the six month period prior to maturity. In whole, but not in part, within 90 days following the occurrence of a Tax Event or Tier 2 Capital Event (each as defined in the prospectus supplement). CUSIPs: 6nc5: 446150BE3 15nc10: 446150BF05. ISINs: 6nc5: US446150BE30 15nc10: US446150BF05. Sales to Canada: YES. Denoms 2k x 1k. S/D 11/18 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +120 area | +95# | $1.15bln 1/15/31 +95 | $1.15bln 5.272% 1/15/31 100.007 5.272% +95 MW T+15 (Back End: SOFR+127.6 (TSY 4.125% 10/31/29) |
| +205 area | +170# | $600m 11/18/39 +170 | $600m 6.141% 11/18/39 100.00 6.141% +170 MW T+30 (TSY 4.25% 11/15/34) |
| BOOKS: | $4bln, $5bln |
| NIC(s): | -01, +0 |
| COMP(s): | HBAN 5.023 05/17/33 $97.05 ~T+108 G+112 HBAN 5.709 02/02/35 $101.20 ~T+111 G+112 HBAN 2.487 08/15/36 $80.69 ~T+158 G+163 |
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| Baa1/A-/A+ | BNP Paribas SA (BNP) |
| $1.75bln [BNP Paribas SA] (BNP) 144a Reg S 6nc5 (11/19/30) fixed-to-floating rate senior non-preferred fixed-to-floating rate. Baa1/A-/A+. BNP (sole). UOP: GCP. Denoms 200k x 1k. Cusip 144A: 09659W2Z6 REG S: US09659W2Z63. 144A: 09659X2X9 REG S: US09659X2X97. S/D 11/19 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +130 area | +98# | $1.75bln 11/19/30 +98 | $1.75bln 5.283% 11/19/30 100.00 5.283% +98 (Back End: SOFR+128.1) (TSY 4.25% 11/15/34) |
| BOOKS: | $4.75bln |
| NIC(s): | -02 |
| COMP(s): | BNP 3.000 07/26/29 $90.43 ~T+102 G+102 BNP 5.497 05/20/30 $101.13 ~T+91 G+91 BNP 5.198 01/10/30 $100.10 ~T+86 G+87 BNP 3.052 01/13/31 $90.08 ~T+96 G+96 |
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| VOL | IPT/PX | XCVRD | NIC | TRADING | |
| (TODAY) 11/12 | 30,150 | -25 | 3.23 | 1.09 | 0.00 |
| WK ENDING 11/15/24 | 30,150 | -25 | 3.23 | 1.09 | 0.00 |
| WK ENDING 11/08/24 | 1,900 | -22 | 2.82 | -1.33 | 0.00 |
| WK ENDING 11/01/24 | 27,450 | -24 | 2.80 | 2.69 | 0.11 |
| WK ENDING 10/18/24 | 12,100 | -29 | 3.06 | 2.67 | -1.62 |
| WK ENDING 10/18/24 | 26,300 | -26 | 2.39 | 0.00 | -2.06 |
| WK ENDING 10/11/24 | 16,050 | -26 | 2.40 | 2.13 | -4.11 |
| WK ENDING 10/04/24 | 15,450 | -29 | 4.51 | 0.05 | -5.86 |
| WK ENDING 09/27/24 | 37,000 | -28 | 3.39 | 1.28 | -1.26 |
| WK ENDING 09/20/24 | 14,400 | -29 | 4.79 | 2.76 | -4.47 |
| WK ENDING 09/13/24 | 38,225 | -26 | 3.24 | 4.40 | -1.64 |
| WK ENDING 09/06/24 | 80,575 | -30 | 3.71 | 2.48 | -0.57 |
| WK ENDING 08/30/24 | 1,550 | -53 | 6.40 | 12.00 | -13.50 |
| WK ENDING 08/23/24 | 22,650 | -27 | 3.99 | 5.04 | -2.96 |
| WK ENDING 08/16/24 | 29,000 | -30 | 4.60 | 1.59 | -3.77 |
| 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 |
| YTD "ZERO DAYS" | 21 | 2023 / 32 | |||
| YTD FRNS DROPPED | 18 | 2023 / 39 | |||
| 24-Nov | 32,050 | -24.82 | 3.21 | 0.80 | 0.00 |
| 24-Oct | 95,000 | -26.06 | 3.11 | 1.75 | -2.32 |
| 24-Sep | 172,550 | -26.08 | 3.40 | 2.41 | -1.22 |
| 24-Aug | 106,995 | -29.35 | 4.50 | 4.13 | -2.85 |
| 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 | 136,150 | -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 |
| VOL | IPT/PX | XCVRD | NIC | TRADING | |
| 2024 YTD | 1,415,558 | -26.73 | 3.58 | 2.42 | -1.57 |
| 2023 YTD | 1,138,330 | -24.20 | 3.66 | 6.74 | -3.40 |
| 24 VS '23 (% DIF) | 24.40% | -2.53 | -0.08 | -4.32 | 1.83 |
| NOV | NOV VOL | LOW EST | AVE EST | HI EST | DIF (+/-) |
| 2024 | 32,050 | 60,000 | 70,000 | 85,000 | -37,950 |
| 2024 | 2024 YTD | LOW EST | AVE EST | HI EST | DIF (+/-) |
| YTD | 1,415,558 | 140,558 |
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