[THE ENDGAME] : Only the Beginning?
The 12 borrowers who jump-started 2025 high-grade issuance last week, apparently had the right idea getting ahead of what is expected to be a very busy week, albeit a short one, with 23 ex-SSA borrowers bombarding the market with 50 tranches that produced $38.45bln in new supply, making it the sixth busiest ex-SSA issuance day on record. To top it off, three SSA offerings, including a repeat of last January's $12bln offering from Kingdom of Saudi Arabia, added another $21.5bln, bringing overall issuance for the day to $59.95bln - the largest overall single-day total of all-time.
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| Baa2/BBB/A- | Societe Generale SA (SOCGEN) |
| $2.5bln [Societe Generale SA] (SOCGEN) 144a Reg S 3-pt (4.25nc3.25 (4/13/29) fixed and/or FRN & 8.25nc7.25 (4/13/33) senior non-preferred. Baa2/BBB/A-. BofA/CITI/JEFF/JPM/SCB/SG(GC). UOP: GCP. Par call 1yr prior to mat. Tax changes call, regulatory / capital disqualification call. Denoms 200k x 1k. (4.25nc3.25 FRN) ISIN: US83368RCB69 (144a); US83368TCC09 (Reg S). (4.25nc3.25). ISIN: US83368RCC43 (144a); US83368TCD81 (Reg S). (8.25nc7.25) ISIN: US83368RCF73 (144a); US83368TCG13 (Reg S). S/D 1/13 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+141# | $500m 4/13/29 SOFR+141 | $500m SOFR+141 4/13/29 100.00 SOFR+141 |
| +150 area | +120# | $1bln 4/13/29 +120 | $1bln 5.50% 4/13/29 99.997 5.504% +120 (TSY 4.375% 12/15/27) |
| +190 area | +160# | $1bln 4/13/33 +160 | $1bln 6.10% 4/13/33 99.965 6.108% +160 (TSY 4.50% 12/31/31) |
| BOOKS: | $61.5bln, $2.6bln, $2.75bln |
| NIC(s): | N/A, +05, +04 |
| COMP(s): | SOCGEN 6.446 01/10/29 $102.34 ~T+126 G+126 SOCGEN 5.634 01/19/30 $99.73 ~T+128 G+133 SOCGEN 3.337 01/21/33 $84.18 ~T+151 G+161 SOCGEN 6.691 01/10/34 $102.24 ~T+170 G+176 |
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| Baa1/BBB/BBB+ | Electricite de France SA (EDF) |
| $1.9bln [Electricite de France SA] (EDF) 144a Reg S 3-pt (10yr (1/13/35), 30yr (1/13/55) & 6.00% 4/22/64 tap) senior unsecured notes. Baa1/BBB/BBB+. BofA/CA-CIB/GS/ING/JPM/MS/RBC/WFS. UOP: GCP. MWC. Par call 3mos (10yr), 6mos (30yr) prior to mat. Denoms 100k x 1k (10s & 30s), 200k x 1k (tap). S/D 1/13 (YU) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +145 area | +120# | $700m 1/13/35 +120 | $700m 5.75% 1/13/35 99.610 5.802% +120 MW T+20 (TSY 4.25% 11/15/34) |
| +180 area | +155# | $800m 1/13/55 +155 | $800m 6.375% 1/13/55 99.867 6.385% +155 MW T+25 (TSY 4.625% 11/15/44) |
| +195 area | +170# | $400m 6.00% 4/22/64 +170 | $400m 6.00% 4/22/64 92.456 6.535% +170 MW T+30 (4.25% 8/15/54) |
| BOOKS: | N/A |
| NIC(s): | N/A |
| COMP(s): | N/A |
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| Baa3/BBB-/BBB- | JBS USA Holding Lux S.a.r.l / JBS USA Food Company / JBS USA Foods Group Holdings, Inc. (JBSSBZ) |
| $1.75bln [JBS USA Holding Lux S.a.r.l / JBS USA Food Company / JBS USA Foods Group Holdings, Inc.] (JBSSBZ) 144A / Reg S (w/ reg rights) 2-part sr unsec notes (10yr due April 20, 2035 / 30yr due February 25, 2055). Exp. ratings: Baa3/BBB-/BBB- (s/s/s). Guarantors: JBS S.A., JBS Global Luxembourg S.a r.l. and JBS Global Meat Holdings Pty. Limited. Active bookrunners: BB Securities, BBVA, BMO Capital Markets, Bradesco, BTG Pactual, Citi, Mizuho (10yr B&D), RBC (30yr B&D), Santander. UOP: General corporate purposes, including the repayment of existing debt. Minimum denominations: $2,000 x $1,000. Optional redemption: MWC, 3 months / 6 months par call. CUSIP: 12yr: 144A: 472140AA0 / REGS: L56900AA8; 30yr:144A: 472140AC6 / REGS: L56900AB6. ISIN: 12yr: 144A: US472140AA00 / REGS: USL56900AA86; 30yr: 144A: US472140AC65 / REGS: USL56900AB69. S/D: 1/21 (T+10). (YI) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| T+165 | T+135# | $1bln 4/20/2035 T+135 | $1bln 5.95% 4/20/2035 99.787 5.974% T+135 MW T+15 (TSY 4.25% 11/15/34) |
| T+195 | T+162.5# | $750m 2/25/2055 T+162.5 | $750m 6.375% 2/25/2055 98.541 6.485% T+162.5 MW T+25 (TSY 4.25% 08/15/54) |
| BOOKS: | $3.9bln, $2.8bln |
| NIC(s): | -01, -06 |
| COMP(s): | JBSSBZ 6.75 03/15/34 $106.42 ~T+121 G+124 JBSSBZ 5.50 01/15/30 $100.32 ~T+108 G+108 JBSSBZ 6.50 12/01/52 $100.41 ~T+161 G+161 JBSSBZ 7.25 11/15/53 $109.07 ~T+169 G+169 |
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| Baa1/BBB+/BBB+ | CRH SMW Finance/CRH America Finance (CRHID) |
| $3bln [CRH SMW Finance/CRH America Finance] (CRHID) 3-pt (5yr (1/9/30), 10yr (1/9/35) & 30yr (1/9/55)) SEC registered senior unsecured notes. Baa1/BBB+/BBB+ (s/s/s). 5yr: BofA/JPM(B&D)/NWM/SG/STAN 10yr: BofA/CITI/JPM(B&D)/MIZ/SG/SMBC. 30yr: BofA/BARC/BNP/JPM(B&D)/SG. UOP: GCP. MWC. Par call 1mo (5yr), 3mo (10yr), 6mo (30yr) prior to mat. Tax Call. CoC: Put @ 101%. Guarantor: CRH PLC. CUSIPs: 5yr: 12704P AB4, 10yr: 12636Y AF9, 30yr: 12636Y AG7. ISINs: 5yr: US12704PAB40, 10yr: US12636YAF97, 30yr: US12636YAG70. Marketing: https://dealroadshow.com/ Passcode: CRH2025. NY Law. NYSE Listing. Sales to Canada: YES. Denoms 200k x 1k. S/D 1/9 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +100 area | +75# | $1.25bln 1/9/30 +75 | $1.25bln 5.125% 1/9/30 99.895 5.149% +75 MW T+15 (TSY 4.375% 12/31/29) |
| +115 area | +90# | $1.25bln 1/9/35 +90 | $1.25bln 5.50% 1/9/35 99.895 5.502% +90 MW T+15 (TSY 4.25% 11/15/34) |
| +135 area | +105# | $500m 1/9/55 +105 | $500m 5.875% 1/9/55 99.93 5.88% +105 MW T+20 (TSY 4.25% 8/15/54) |
| BOOKS: | $3.5bln. $3.5bln, $3.5bln |
| NIC(s): | +0, +06, +0 |
| COMP(s): | CRHID 3.95 04/04/28 $96.96 ~T+65 G+63 CRHID 5.20 05/21/29 $100.59 ~T+61 G+65 CRHID 5.40 05/21/34 $99.56 ~T+83 G+85 CRHID 4.40 05/09/47 $81.00 ~T+103 G+105 CRHID 4.50 04/04/48 $82.41 ~T+98 G+101 |
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| A2/A-/AA- | Canadian Imperial Bank of Commerce (CM) |
| $2.3bln [Canadian Imperial Bank of Commerce] (CM) 3-pt (3nc2 F-T-F and/or FRN (1/13/28) & 6nc5 F-T-F (1/13/31) SEC registered senior notes. A2/A-/AA- (s/s/s). BofA/CIBC(B&D)/DB/MS/WFS. UOP: GCP. MWC. Par call 1mo prior to mat (3nc2 & 6nc5). Sales to Canada: YES. Denoms 2k x 1k. S/D 1/13 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+72# | $400m 1/13/28 SOFR+72 | $400m SOFR+72 1/13/28 100.00 SOFR+72 |
| +85 area | +60# | $1bln 1/13/28 +60 | $1bln 4.862% 1/13/28 100.00 4.862% +60 MW T+10 (TSY 4.25% 12/31/26) |
| +110 area | +83# | $900m 1/13/31 +83 | $900m 5.245% 1/13/31 100.00 5.245% +83 MW T+15 (TSY 4.375% 12/31/29) |
| BOOKS: | $625m, $1.5bln, $1.6bln |
| NIC(s): | N/A, +02, +01 |
| COMP(s): | CM 4.508 09/11/27 $99.50 ~T+54 G+57 CM 1.629 10/13/27 $95.20 ~T+83 G+86 CM 4.631 09/11/30 $97.65 ~T+77 G+79 CM 5.500 09/30/32 $95.64 ~T+158 G+166 |
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| A1/A+/A+ | Toyota Motor Credit Corp (TOYOTA) |
| $2.6bln [Toyota Motor Credit Corp] (TOYOTA) 4-pt (2yr fixed and or FRN (1/8/27), 5yr (1/9/30) & 10yr (1/9/35)) SEC registered senior unsecured notes. A1/A+/A+ (p/s/s). BofA(B&D 5yr)/BARC/BNP(B&D rest)/SANT/TD. UOP: GCP. MWC. CUSIPs: 2yr fxd: 89236TMY8, 2yr FRN: 89236TMZ5, 5yr: 89236TNA9, 10yr: 89236TNB7. ISINs: 2yr fxd: US89236TMY81, 2yr FRN: US89236TMZ56, 5yr: US89236TNA96, 10yr: US89236TNB79. Sales to Canada: NO. Denoms 2k x 1k. S/D 1/9 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | $400m 1/8/27 SOFR+47 | $400m SOFR+47 1/8/27 100.00 SOFR+47 | |
| +55 area | $650m 1/8/27 +35 | $650m 4.60% 1/8/27 99.945 4.629% +35 MW T+10 (TSY 4.25% 12/31/26) | |
| +80 area | $700m 1/9/30 +58 | $700m 4.95% 1/9/30 99.786 4.999% +58 MW T+10 (TSY 4.375% 12/31/29) | |
| +100 area | $850m 1/9/35 +75 | $850m 5.35% 1/9/35 99.847 5.37% +75 MW T+15 (TSY 4.25% 11/15/34) |
| BOOKS: | $500m, $1bln, $1.6bln, $2.25bln |
| NIC(s): | N/A, +04, +04, +04 |
| COMP(s): | TOYOTA 5.40 11/20/26 $101.46 ~T+30 G+31 TOYOTA 3.20 01/11/27 $97.37 ~T+30 G+30 TOYOTA 4.25 08/27/29 $96.89 ~T+58 G+60 TOYOTA 4.95 11/20/29 $99.15 ~T+72 G+72 TOYOTA 4.70 01/12/33 $96.93 ~T+54 G+61 TOYOTA 4.80 01/05/34 $96.72 ~T+63 G+66 |
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| see below | National Australia Bank Ltd/NY Branch / National Australia Bank Ltd (NAB) |
| $2.75bln [National Australia Bank Ltd/NY Branch] (NAB) 3-pt (3(a)2 5yr (1/14/2030) fixed and/or FRN (Aa2/AA-) senior bank notes & [National Australia Bank Ltd] (NAB) 144a Reg S 11nc10 (1/14/36) Tier 2 subordinated notes (A3/A-/AA-). BofA/CITI/GS/MS/NAB. UOP: GCP. (11nc10) Call date, interest reset date: Jan. 14, 2035 (one-time call). Reset rate: On and after reset date to (but excluding) maturity date, interest will be payable at prevailing 1Y UST rate plus [•]%. Non-viability: Contractual with conversion to NAB ordinary shares. Cash out feature is available for holders. Optional redemption: Subject to APRA approval, NAB may redeem notes in whole or in part, (i) at call date, (ii) following regulatory event or (iii) for certain taxation reasons. Denoms 250k x 1k. (5yr FRN) ISIN: US632525CC34 (144a); USQ6535DCF98 (Reg S). CUSIP: 632525 CC3 (144a); Q6535D CF9 (Reg S). (5yr). ISIN: US63253QAL86. CUSIP: 63253Q AL8. (11/10) ISIN: US63253QAL86. CUSIP: 63253Q AL8. S/D 1/14 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+79# | $750m 1/14/30 SOFR+79 | $750m SOFR+79 1/14/30 100.00 SOFR+79 |
| +75 area | +50# | $750m 1/14/30 +50 | $750m 4.901% 1/14/30 100.00 4.901% +50 (TSY 4.375% 12/31/29) |
| +155 area | +130# | $1.25bln 1/14/36 +130 | $1.25bln 5.902%1/14/36 100.00 5.902% +130 (TSY 4.25% 11/15/34) |
| BOOKS: | $4bln, $2.6bln, $2.75bln |
| NIC(s): | N/A, +03, -01 |
| COMP(s): | NAB 4.7870 01/10/29 $100.05 ~T+34 G+39 NAB 4.6402 07/26/30 $97.39 ~T+69 G+66 NAB 6.429 01/12/33 $104.37 ~T+111 G+117 NAB 3.347 01/12/37 $85.80 ~T+121 G+131 |
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| A1/A+/A+ | BNP Paribas SA (BNP) |
| $2.25bln [BNP Paribas SA] (BNP) 144a/RegS 8nc7 (1/13/33) senior non-preferred fixed-to-floating rate notes. A1/A+/A+. BNP(B&D). Governing law: New York law, except for the Status of the Senior Non Preferred Notes, governed by French law. CUSIPs: 144A: 09659W3A0 / REGS: US09659W3A04 ISINs: 144A: 09659X2Y7 / REGS: US09659X2Y70. S/D 1/13 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +155 area | +127# | $2.25bln 1/13/33 +127 | $2.25bln 5.786% 1/13/33 100.00 5.786% +127 (TSY 4.25% 11/15/34) |
| BOOKS: | $5.75bln |
| NIC(s): | +03 |
| COMP(s): | BNP 2.871 04/19/32 $84.84 ~T+135 G+129 BNP 6.000 12/15/33 $99.10 ~T+141 G+144 BNP 5.150 10/16/34 $95.28 ~T+116 G+116 |
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| A1/A-/A- | Mitsubishi UFJ Financial Group, Inc. (MUFG) |
| $2.25bln [Mitsubishi UFJ Financial Group, Inc.] (MUFG) 2-pt SEC registered senior unsecured (6nc5 (1/16/31) fixed-to-fixed, 11nc10 (1/16/35) fixed-to-fixed) notes. A1/A-/A-. MS (B&D 6nc5)/MUFG (B&D 11nc10). UOP: To fund the operations of MUFG Bank, Ltd. through loans that are intended to qualify as Internal TLAC debt. Coupon Reset: (6nc5) If not redeemed, the coupon resets to the 1yr Constant Maturity Treasury from the H.15 Daily Update, plus initial spread on January 16, 2030. (11nc10) If not redeemed, the coupon resets to the 1yr Constant Maturity Treasury from the H.15 Daily Update, plus initial spread on January 16, 2035. Tax Redemption: At par in the event of a tax event. Denoms 200k x 1k. Luxembourg / Euro MTF Market Listing. Sales to Canada: YES. S/D 6/16. (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +100 area | +78# | $1.1bln 1/16/31 +78 | $1.1bln 5.197% 1/16/31 100.00 5.197% +78 (TSY 4.375% 12/31/29) |
| +115-120 | +95# | $1.15bln 1/16/35 +95 | $1.15bln 5.574% 1/16/35 100.00 5.574% +95 (TSY 4.25% 11/15/34) |
| BOOKS: | $3.75bln, $3.75bln |
| NIC(s): | +05, +08 |
| COMP(s): | MUFG 5.258 04/17/30 $100.69 ~T+64 G+68 MUFG 5.475 02/22/31 $101.35 ~T+74 G+73 MUFG 5.406 04/19/34 $100.74 ~T+66 G+72 MUFG 5.426 04/17/35 $99.59 ~T+85 G+87 |
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| A3/A/A | Nordson Corp (NDSN) |
| $600m [Nordson Corp] (NDSN) 5yr (12/15/29) SEC registered senior unsecured notes. Baa2/BBB (s/s). BNP/MS(B&D)/WFS. UOP: To repay borrowings under Nordson's 364-Day Term Loan, to pay transaction related fees and expenses and for general corporate purposes. MWC. Par call 1mo prior to mat. COC: Put @ 101%. Marketing: www.netroadshow.com/nrs/home/#!/show=808eb458<http://www.netroadshow.com/nrs/home/#!/?show=808eb458> (Recommended) or Visit www.netroadshow.com<http://www.netroadshow.com> and enter the request entry code: Nordson2024 (not case-sensitive). Sales to Canada: YES. Denoms 2k x 1k. S/D 9/9 (I) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +120 area | +97# | $600m 12/15/29 +97 | $600m 4.50% 12/15/29 99.807 4.543% +97 MW T+15 (TSY 3.625% 8/31/29) |
| BOOKS: | $1.3bln |
| NIC(s): | +12 |
| COMP(s): | NDSN 5.60 09/15/28 $104.21 ~T+87 G+84 NDSN 5.80 09/15/33 $107.68 ~T+97 G+101 |
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| Baa3/BBB-/BBB- | Jackson National Life Global Funding] (JXN) |
| $1.2bln [Jackson National Life Global Funding] (JXN) 144a/RegS 2-pt (2yr (1/13/27) & 5yr (1/13/30) FA-backed notes). A3/A/A (s/s/s). BofA/DB/JPM(B&D)/WFS. UOP: To purchase one or more Funding Agreements from Jackson National Life Insurance Company. FA Provider: Jackson National Life Insurance Company. Sales to Canada: YES. Denoms 150k x 1k. S/D 1/13 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +90 area | +65# | $700m 1/13/27 +65 | $700m 4.90% 1/13/27 99.962 4.92% +65 (TSY 4.25% 12/31/26) |
| +120 area | +95# | $500m 1/13/30 +95 | $500m 5.35% 1/13/30 99.905 5.372% +95 (TSY 4.375% 12/31/29) |
| BOOKS: | $1.25bln, $1.1bln |
| NIC(s): | +02, +02 |
| COMP(s): | JXN 3.050 04/29/26 $97.78 ~T+54 G+62 JXN 5.550 07/02/27 $101.22 ~T+75 G+72 JXN 4.600 10/01/29 $96.94 ~T+91 G+92 JXN 2.588 01/17/30 $86.80 ~T+121 G+121 |
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| A3/A-/A- | Hyundai Capital America (HYNMTR) |
| $2bln [Hyundai Capital America] (HYNMTR) 144a Reg S (w/o rts) 3-pt (3yr (1/7/28) fixed and/or FRN & 5yr (1/8/30) senior unsecured notes). A3/A-/A-. BofA/HSBC/SMBC/TD(B&D)/WFS. UOP: GCP. MWC (3yr & 5yr fixed). Par call 1mos (5yr) prior to mat. Denoms 2k x 1k. (3yr FRN) ISIN: US44891ADN46 (144a); US44891CDN02 (Reg S). CUSIP: 44891ADNt4 (144a); 44891CDN0 (Reg S). (3yr fixed) ISIN: US44891ADL89 (144a); US44891CDL46 (Reg S). CUSIP: 44891ADL8 (144a); 44891CDL4 (Reg S). (5yr) ISIN: US44891ADM62 (144a); US44891CDM29 (Reg S). CUSIP: 44891ADM6 (144a); 44891CDM2 (Reg S). Sales to Canada: YES. Marketing: Direct Link: https://dealroadshow.com/e/HCA25URL: https://dealroadshow.com | Entry Code: HCA25. S/D 1/08 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+92# | $350m 1/7/28 SOFR+92 | $350m SOFR+92 1/7/28 100.00 SOFR+92 |
| +100 area | +75# | $850m 1/7/28 +75 | $850m 5.00% 1/7/28 99.802 5.072% +75 MW T+15 (TSY 4.00% 12/15/27) |
| +120 area | +93# | $800m 1/8/30 +93 | $800m 5.30% 1/8/30 99.766 5.354% +93 MW T+ 15 (TSY 4.375% 12/31/29) |
| BOOKS: | $1.25bln, $1.7bln, $1.9bln |
| NIC(s): | N/A, +02, +02 |
| COMP(s): | HYNMTR 4.300 09/24/27 $98.29 ~T+70 G+67 HYNMTR 4.875 11/01/27 $99.71 ~T+71 G+67 HYNMTR 4.550 09/26/29 $96.94 ~T+86 G+87 HYNMTR 5.800 04/01/30 $101.92 ~T+93 G+93 |
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| A2/A-/A- | Southern California Edison Co (EIX) |
| $1.5bln [Southern California Edison Co] (EIX) 2-pt (10yr (3/1/35) & 30yr (3/1/55)) SEC registered First and refunding mortgage bonds. A2/A-/A- (s/s/s). BofA/MUFG/RBC(B&D). UOP: To repay commercial paper borrowings and for general corporate purposes. MWC. Par call 3mo (10yr), 6mo (30yr) prior to mat. CUSIPs: 10yr: 842400JG9 30yr: 842400JH7 ISINs: 10yr: US842400JG95 30yr: US842400JH78. Sales to Canada: YES. Denoms 1k x 1k. S/D 1/9 (U) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +110 area | +85# | $850m 3/1/35 +85 | $850m 5.45% 3/1/35 99.786 5.476% +85 MW T+15 (TSY 4.25% 11/15/34) |
| +135 area | +108# | $650m 3/1/55 +108 | $650m 5.90% 3/1/55 99.454 5.938% +108 MW T+20 (TSY 4.25% 8/15/54) |
| BOOKS: | $3bln, $3.5bln |
| NIC(s): | -01, +01 |
| COMP(s): | EIX 5.950 11/01/32 $103.90 ~T+69 G+77 EIX 5.200 06/01/34 $98.56 ~T+77 G+78 EIX 5.875 12/01/53 $98.92 ~T+109 G+110 EIX 5.750 04/15/54 $97.87 ~T+104 G+105 |
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| A2/A/A+ | Caterpillar Financial Services (CAT) |
| $1.25bln [Caterpillar Financial Services] (CAT) 3-pt (2yr fixed and/or FRN (1/7/27) & 5yr (1/8/30)) SEC registered senior unsecured notes. A2/A/A+ (s/s/s). BofA( B&D 2yr fxd)/CITI(B&D 2yr FRN)/MUFG(B&D 5yr). UOP: GCP. MWC. CUSIPs: 2yr FRN: 14913UAW0 2yr fxd: 14913UAV2 5yr: 14913UAX8 ISINs: 2yr FRN: US14913UAW09 2yr fxd: US14913UAV26 5yr: US14913UAX81. Denoms 1k x 1k. S/D 1/8 (F) |
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| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+Equiv | $350m 1/7/27 SOFR+38 | $350m SOFR+38 1/7/27 100.00 SOFR+38 |
| +45 area | +25# | $450m 1/7/27 +25 | $450m 4.50% 1/7/27 99.955 4.524% +25 MW T+5 (TSY 4.25% 12/31/26) |
| +65 area | +42# | $450m 1/8/30 +42 | $450m 4.80% 1/8/30 99.807 4.844% +42 MW T+10 (TSY 4.375% 12/31/29) |
| BOOKS: | $625m, $750m, $1bln |
| NIC(s): | N/A, +02, -01 |
| COMP(s): | CAT 4.45 10/16/26 $99.99 ~T+18 G+20 CAT 4.50 01/08/27 $100.10 ~T+17 G+17 CAT 2.60 09/19/29 $91.00 ~T+33 G+34 CAT 2.60 04/09/30 $89.92 ~T+36 G+35 |
.
| Baa1/BBB+/BBB | AerCap Global Aviation Trust (AER) |
$1.5bln [AerCap Global Aviation Trust] (AER) 2-pt (3yr (4/1/28) & 7yr (12/15/31)) SEC registered senior unsecured notes. Baa1/BBB+/BBB. BARC/CITI/CA-CIB/DB/TD. UOP: General corporate purposes, including to acquire, invest in, finance or refinance aircraft assets and to repay indebtedness. Guarantors: AerCap Holdings N.V., AerCap Aviation Solutions B.V., AerCap Ireland Limited, International Lease Finance Corporation and AerCap U.S. Global Aviation LLC COC @101. Denoms 150k x 1k. S/D 1/13 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +95 area | +75# | $750m 4/1/28 +75 | $750m 4.875% 4/1/28 99.462 5.061% +75 MW T+15 (TSY 4.00% 12/15/27) |
| +125 area | +98# | $750m 12/15/31 +98 | $750m 5.375% 12/15/3199.31 5.497% +98 MW T+15 (TSY 4.50% 12/31/31) |
| BOOKS: | $1.5bln, $2bln |
| NIC(s): | +0, -05 |
| COMP(s): | AER 3.875 01/23/28 $96.79 ~T+71 G+70 AER 5.750 06/06/28 $101.88 ~T+81 G+79 AER 6.150 09/30/30 $104.14 ~T+86 G+83 AER 3.300 01/30/32 $86.93 ~T+94 G+104 |
.
| Baa1/BBB/BBB | Broadcom Inc (AVGO) |
| $3bln [Broadcom Inc] (AVGO) 3-pt (long 3yr (4/15/28), long 5yr (4/15/30), long 7yr (4/15/32)) SEC registered senior unsecured notes. Baa1/BBB/BBB (s/s/p). CITI/PNC(B&D 3yr)/SCOT(B&D 5yr)/WFS(B&D 7yr). UOP: For general corporate purposes and for repayment of debt. MWC. Par call 1mo (3yr, 5yr), 2mo (7yr) prior to mat. CoC @ 101%. CUSIPs: 3yr: 11135FCE9 5yr: 11135FCF6 7yr: 11135FCG4 ISINs: 3yr: US11135FCE97 5yr: US11135FCF62 7yr: US11135FCG46. Sales to Canada: YES. Denoms 2k x 1k. S/D 1/10 (I) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +75 area | +53# | $1.1bln 4/15/28 +53 | $1.1bln 4.80% 4/15/28 99.867 4.847% +53 MW T+10 (TSY 4.00% 12/15/27) |
| +85 area | +63# | $800m 4/15/30 +63 | $800m 5.05% 4/15/30 99.999 5.052% +63 MW T+10 (TSY 4.375% 12/31/29) |
| +95 area | +70# | $1.1bln 4/15/32 +70 | $1.1bln 5.20% 4/15/32 99.883 5.221% +70 MW T+15 (TSY 4.50% 12/31/31) |
| BOOKS: | $2.25bln, $2.1bln, $2.75bln |
| NIC(s): | +05, +05, +03 |
| COMP(s): | AVGO 4.15 02/15/28 $98.20 ~T+45 G+45 AVGO 4.11 09/15/28 $97.53 ~T+52 G+48 AVGO 4.35 02/15/30 $97.02 ~T+59 G+58 AVGO 5.00 04/15/30 $99.82 ~T+61 G+59 AVGO 5.15 11/15/31 $100.17 ~T+69 G+60 AVGO 4.30 11/15/32 $93.78 ~T+65 G+72 |
.
| Baa2/BBB/BBB | Williams Companies (WMB) |
| $1.5bln [Williams Companies] (WMB) 2-pt (10yr (3/15/35) & 30yr (3/15/55)) SEC registered senior unsecured notes. Baa2/BBB/BBB. DB/JPM(B&D)/MIZ/MS. UOP: To repay their commercial paper, near-term debt maturities and for other general corporate purposes. MWC. Par call 3mos (10yr), 6mos (30yr) prior to mat. Denoms 2k x 1k. (10yr) ISIN: US969457CP37, (30yr) ISIN: US969457CQ10. XS/D 1/09 (I) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +125 area | +100# | $1bln 3/15/35 +100 | $1bln 5.60% 3/15/35 99.843 5.618% +100 MW T+15 (TSY 4.25% 11/15/34) |
| +145 area | +120# | $500m 3/15/55 +120 | $500m 6.00% 3/15/55 99.33 6.047% +120 MW T+20 (TSY 4.25% 08/15/54) |
| BOOKS: | $3.5bln, $3.25bln |
| NIC(s): | -01, +01 |
| COMP(s): | WMB 5.65 03/15/33 $100.63 ~T+92 G+99 WMB 5.15 03/15/34 $96.96 ~T+95 G+97 WMB 5.30 08/15/52 $90.73 ~T+113 G+112 WMB 5.80 11/15/54 $96.43 ~T+120 G+121 |
.
| A1/AA- | RGA Global Funding] (RGA) |
| $600m (upped from $400m) [RGA Global Funding] (RGA) 144a/RegS 5yr (1/9/30) FA-backed notes. A1/AA- (s/s). BofA/CACIB/HSBC/USB(B&D). UOP: To purchase one or more Funding Agreements from RGA Reinsurance Company. FA Provider: RGA Reinsurance Company (“RGA Re”). CUSIPs: 144A: 76209PAG8 / REGS: 76209QAG6 ISINs: 144A: US76209PAG81 / REGS: US76209QAG64. Sales to Canada: YES. Denoms 2k x 1k. S/D 1/9 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +105 area | +85# | $600m (upped from $400m) 1/9/30 +85 | $600m (upped from $400m) 5.25% 1/9/30 99.926 5.267% +85 (TSY 4.375% 12/31/29) |
| BOOKS: | $1.1bln |
| NIC(s): | +04 |
| COMP(s): | RGA 6.000 11/21/28 $103.13 ~T+77 G+72 RGA 2.700 01/18/29 $91.14 ~T+73 G+78 RGA 5.448 05/24/29 $101.13 ~T+72 G+76 RGA 5.500 01/11/31 $100.87 ~T+90 G+85 |
.
| Aa2/A+/A+ | UBS AG/Stamford CT (UBS) |
| $1.25bln [UBS AG/Stamford CT] (UBS) 3nc2 (1/10/28) senior unsecured fixed-to-floating rate notes. Aa2/A+/A+. UBS (sole). Optional redemption: At the Issuer's option, in whole but not in part, on the occurrence of certain tax events, on the terms and subject to the provisions described under "Description of Notes We May Offer – Optional Tax Redemption" in the Offering Circular. At the Issuer’s option, in whole or in part, on January 10, 2027 on the terms and subject to the provisions described under "Description of Notes We May Offer – Redemption and Repayment" in the Offering Circular. Denoms 250k x 1k. S/D 1/10 (YF) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +85 area | +60# | $1.25bln 1/10/28 +60 | $1.25bln 4.864% 1/10/28 100.00 4.864% +60 (Back End: SOFR+72) (TSY 4.25% 12/31/26) |
| BOOKS: | $2.7bln |
| NIC(s): | +01 |
| COMP(s): | UBS 4.751 05/12/28 $99.39 ~T+75 G+73 UBS 6.442 08/11/28 $103.14 ~T+86 G+82 UBS 6.246 09/22/29 $103.48 ~T+87 G+83 |
.
| Baa3/BBB-/BBB- | Sixth Street Lending Partners (SIXSLP) |
| $750m [Sixth Street Lending Partners] (SIXSLP) 144a Reg S (w/rts) 5yr (7/15/30) senior unsecured notes. Baa3/BBB-/BBB-. BofA/GS/SMBC/WFS. UOP: To pay down a portion of the outstanding indebtedness on the Revolving Credit Facility and/or the Subscription Facility. MWC. COC. Denoms 2k x 1k. S/D 1/13 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +210 area | $750m 7/15/30 +185 | $750m 6.125% 7/15/30 99.347 6.267% +185 MW T+30 (TSY 4.375% 12/31/29) |
| BOOKS: | $3bln |
| NIC(s): | +04 |
| COMP(s): | SIXSLP 6.50 03/11/29 $101.09 ~T+176 G+181 SIXSLP 5.75 01/15/30 $98.10 ~T+177 G+177 |
.
| A1/A/A+ | John Deere Capital Corp (DE) |
| $900m [John Deere Capital Corp] (DE) 2-pt (2yr (1/8/27) & 3yr (1/7/28)) SEC registered senior unsecured notes. A1/A/A+ (s/s/s). BNP/CACIB/DB/GS(B&D). UOP: GCP. CUSIPs: 144a: 24422EXY0 RegS: 24422EXZ7. ISINs: 144a: US24422EXY03 RegS: US24422EXZ77. Sales to Canada: NO. Denoms 1k x 1k. S/D 1/9 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +45 area | +25# | $400m 1/8/27 +25 | $400m 4.50% 1/8/27 99.977 4.512% +25 (TSY 4.25% 12/31/26) |
| +55 area | +35# | $500m 1/7/28 +35 | $500m 4.65% 1/7/28 99.97 4.661% +35 (TSY 4.00% 12/15/27) |
| BOOKS: | $750m, $1bln |
| NIC(s): | +02, +02 |
| COMP(s): | DE 1.3 10/13/26 $94.71 ~T+17 G+20 DE 1.7 01/11/27 $94.61 ~T+26 G+26 DE 3.05 01/06/28 $95.96 ~T+18 G+18 DE 4.75 01/20/28 $100.40 ~T+28 G+28 |
.
| A2/A+ | Corebridge Global Funding (CRBG) |
| $800m [Corebridge Global Funding] (CRBG)144a/RegS (w/o rts) 2-pt (3yr fixed and/or FRN (1/7/28) FA-backed notes) A2/A+ (s/s). BofA(B&D)/BNP/DB/USB. UOP: To purchase a Funding Agreement from American General Life Insurance Company. FA Provider: American General Life Insurance Company. Sales to Canada: YES. Denoms 2k x 1k. S/D 1/9 (F). |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR+Equiv | SOFR+75# | $300m 1/7/28 SOFR+75 | $300m SOFR+75 1/7/28 100.00 SOFR+75 |
| +80 area | +58# | $500m 1/7/28 +58 | $500m 4.90% 1/7/28 100.00 4.90% +58 (TSY 4.00% 12/15/27) |
| BOOKS: | $500m, $750m |
| NIC(s): | N/A, +0 |
| COMP(s): | CRBG 4.65 08/20/27 $99.61 ~T+53 G+50 CRBG 4.90 01/07/28 $100.07 ~T+55 G+55 CRBG 5.90 09/19/28 $102.87 ~T+71 G+67 CRBG 5.20 01/12/29 $100.33 ~T+68 G+73 |
.
| A2/A+/A+ | Lincoln Financial Global Funding (LNC) |
| $500m [Lincoln Financial Global Funding] (LNC) 144a/RegS 5yr (1/13/30) FA-backed notes. A2/A+/A+ (s/s/s). BNP/DB/GS/JPM(B&D). UOP: To purchase one or more Funding Agreements from The Lincoln National Life Insurance Company. FA Provider: The Lincoln National Life Insurance Company. CUSIPs: 144A: 53359KAA9 / REGS: 53359LAA7 ISINs: 144A: US53359KAA97 / REGS: US53359LAA70. Marketing: https://dealroadshow.com/e/LINCOLN25 Passcode: LINCOLN25. Sales to Canada: YES. Denoms 2k x 1k.S/D 1/13 (F) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +115 area | $500m 1/13/30 +88 | $500m 5.30% 1/13/30 99.952 5.311% +88 (TSY 4.375% 12/31/29) |
| BOOKS: | $8bln, $10bln, $12bln |
| NIC(s): | N/A |
| COMP(s): | N/A |
.
| A1/A/A+ | Connecticut Light and Power Co] (ES) |
| $400m (WNG) [Connecticut Light and Power Co] (ES) 5yr (1/15/30)SEC registered FMBs. A1/A/A+ (n/s/s) BARC/MUFG(B&D)/USB. UOP: To refinance short-term debt and fund capital expenditures and working capital. MWC. Par call 1mo prior to mat. CUSIP: 207597ET8 ISIN: US207597ET86. Sales to Canada: YES. Denoms 2k x 1k. S/D 1/13 (U) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +75 area | $400m 1/15/30 +55 | $400m 4.95% 1/15/30 99.864 4.981% +55 MW T+10 (TSY 4.375% 12/31/29) |
| BOOKS: | $1.25bln |
| NIC(s): | +03 |
| COMP(s): | ES 4.65 01/01/29 $99.49 ~T+36 G+41 ES 2.20 06/15/31 $84.05 ~T+71 G+64 ES 2.05 07/01/31 $83.35 ~T+67 G+59 ES 4.95 08/15/34 $97.19 ~T+70 G+70 |
.
| Aa3/NR/A+ | Kingdom of Saudi Arabia] (KSA) |
| $12bln [Kingdom of Saudi Arabia] (KSA) 144a Reg S 3-pt (3yr (1/13/28), 6yr (1/13/31) & 10yr) (1/13/35) senior unsecured notes. Aa3/NR/A+ (s/-/s). (GCs)CITI(B&D 3yr)/GS(B&D 10yr))/JPM(B&D 6yr)/(Passive) BNP/FAB/HSBC/MASH/SNB/SCB. UOP: General Domestic Budgetary Purposes. Denoms 200k x 1k. S/D 1/13 (SSA) (Books: $30.5bln+) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| +120 area | +85# | $5bln 5.125% 1/13/28 99.854 5.178% +85 (TSY 4.00% 12/15/27) | |
| +130 area | +100# | $3bln 5.375% 1/13/31 99.671 5.44% +100 (TSY 4.375% 12/31/29) | |
| +140 area | +110# | $4bln 5.625% 1/13/35 99.179 5.734% +110 (TSY 4.25% 11/15/34) |
| BOOKS: | N/A |
| NIC(s): | N/A |
| COMP(s): | N/A |
.
| Baa2/BBB/BBB- | United Mexican States (MEX) |
| $1bln [Corp Andina de Fomento] (CAF) long 3yr (1/7/28) SEC registered senior unsecured notes. Aa3/AA/AA-. BofA/BMO/GS/MS. Denoms 1k x 1k. S/D 9/11 (SSA)$8.5bln [United Mexican States] (MEX) SEC-registered 3-part sr unsec global notes (5yr due May 13, 2030 / 12yr due May 13, 2037 / 30yr due May 13, 2055). Exp. ratings; Baa2/BBB/BBB-. Issue ratings: Baa2/BBB/BBB- (n/s/s). Via BofA, GS, JPM (B&D), Scotiabank, SMBC Nikko. UOP: for general purposes of the Government of Mexico (see Preliminary Prospectus Supplement). Minimum denominations: $200,000 x $1,000. Expected listing: Luxembourg Stock Exchange / Euro MTF. Governing Law: New York. Optional redemption: MWC, 1 month / 3 months / 6 months par call. CUSIP: 91087BBB5 / 91087BBC3 / 91087BBD1; ISIN: US91087BBB53 / US91087BBC37 / US91087BBD10. S/D: 1/13 (T+5). SSA. |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| T+210a | T+170# | $2bln 5/13/2030 T+170 | $2bln 6.00% 5/13/2030 99.453 6.124% T+170 MW T+30 |
| T+260a | T+230# | $4bln 5/13/2037 T+230 | $4bln 6.875% 5/13/2037 99.594 6.926% T+230 MW T+35 |
| T+290a | T+255# | $2.5bln 5/13/2055 T+255 | $2.5bln 7.375% 5/13/2055 99.618 7.408% T+255 MW T+40 |
| BOOKS: | $10bln, $9.5bln, $11bln |
| NIC(s): | N/A |
| COMP(s): | N/A |
.
| Baa2/BBB-/BBB- | Export-Import Bank of India (EXIMBK) |
| $1bln [Export-Import Bank of India] (EXIMBK) 144a Reg s CAT 2 10yr (1/13/35) senior unsecured MTNs. Baa2/BBB-/BBB-. BofA/CITI/HSBC(B&D)/JPM/SCB. UOP: To provide funding for (a) Export lines of credit and buyer’s credit granted by issuer to overseas governments, banks, institutions and other entities; (b) Loans for overseas investment and/or participation in equity of overseas joint ventures; (c) Import of capital goods by export oriented units; (d) Concessional financing schemes; and (e) Foreign currency loans. Change of control: If at any time Government of India owns (directly or indirectly) <51% of issued capital of issuer, each note shall immediately become due and repayable at its early redemption amount together with accrued interest, subject to conditions specified in condition 11.1 (event of default relating to senior notes). Denoms 200k x 1k. English Law. SGX-ST, London Intl, India INX Listings. FCA / ICMA stabilization applies. FINAL LINK: https://www.netroadshow.com/nrs/home/#!/?show=c80c253d (Recommended) OR Visit www.netroadshow.com and enter the deal entry code: EIBI2025 (not case-sensitive). S/D 1/13 (SSA) |
| IPT(s) | GUIDANCE | LAUNCHED | PRICED |
| SOFR MS+130 area | SOFR MS+100# | $1bln 1/13/35 SOFR MS+100 | $1bln 5.50% 1/13/35 99.167 5.16% T+98.61 (SOFR MS+100) (TSY 4.25% 11/15/34) |
| BOOKS: | $2.75bln |
| NIC(s): | N/A |
| COMP(s): | N/A |
.
| VOL | IPT/PX | XCVRD | NIC | TRADING | |
| (TODAY) 01/06 | 38,450 | -25 | 2.86 | 1.83 | 0.00 |
| WK ENDING 01/10/25 | 38,450 | -25 | 2.86 | 1.83 | 0.00 |
| WK ENDING 01/03/25 | 16,050 | -24 | 2.62 | 2.06 | 0.10 |
| WK ENDING 12/27/24 | 0 | 0 | 0.00 | 0.00 | 0.00 |
| WK ENDING 12/20/24 | 0 | 0 | 0.00 | 0.00 | 0.00 |
| WK ENDING 12/13/24 | 18,000 | -25 | 3.41 | 0.68 | -2.43 |
| WK ENDING 12/06/24 | 23,800 | -28 | 4.56 | 2.48 | -2.26 |
| WK ENDING 11/29/24 | 13,700 | -24 | 2.88 | 2.45 | 0.00 |
| WK ENDING 11/22/24 | 36,750 | -27 | 3.77 | 2.81 | -1.28 |
| WK ENDING 11/15/24 | 46,350 | -27 | 3.36 | 1.21 | 0.17 |
| 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 |
| YTD "ZERO DAYS" | 0 | 2024 / 23 | |||
| YTD FRNS DROPPED | 1 | 2024 / 21 | |||
| 25-Jan | 54,500 | -24.52 | 2.79 | 1.89 | 0.03 |
| 24-Dec | 41,800 | -27.00 | 4.10 | 1.83 | -2.30 |
| 24-Nov | 98,700 | -26.51 | 3.47 | 1.92 | -0.44 |
| 24-Oct | 95,000 | -26.06 | 3.11 | 1.75 | -2.32 |
| 24-Sep | 172,550 | -28.40 | 3.70 | 2.65 | -1.40 |
| 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 |
| VOL | IPT/PX | XCVRD | NIC | TRADING | |
| 2025 YTD | 54,500 | -24.52 | 2.79 | 1.89 | 0.03 |
| 2024 YTD | 75,050 | -26.90 | 3.70 | 2.50 | -1.50 |
| 25 VS '24 (% DIF) | -27.40% | 2.38 | -0.91 | -0.61 | 1.53 |
| JAN | JAN VOL | LOW EST | AVE EST | HI EST | DIF (+/-) |
| 2025 | 54,500 | 175,000 | 187,500 | 200,000 | -133,000 |
| 2025 | 2025 YTD | LOW EST | AVE EST | HI EST | DIF (+/-) |
| YTD | 54,500 | 1,350,000 | 1,650,000 | 1,900,000 | -1,595,500 |
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