G250 USD New Issue Supply with Trade Indicators for May 20, 2025

G250 – Supply May 20, 2025

US issuers:

Pricoa Global Funding I (PRU, Aa3/AA-)

5Y Fixed IPT +95 Area – attractive to 77/5Y

10Y Fixed IPT +115 Area - attractive to 91/10Y

Prudential (Pricoa) is adding net debt

NatWest Group PLC NatWest (NWG, A3/BBB+)

$300m WNG 4NC3 FRN IPT SOFR+135 Area

$6NC5 Fixed IPT +135 Area – attractive to 104/5Y

NatWest has net cash on its balance sheet

Siemens Funding B.V. (SIEGR, Aa3/AA-)

$3Y Fixed IPT +65 Area – attractive to 33/3Y

$3Y FRN IPT SOFR Equiv

$5Y Fixed IPT +80 Area – attractive to 57/5Y

$10Y Fixed IPT +100 Area - attractive to 71/10Y

$30Y Fixed IPT +115 Area - attractive to 82/30Y

$40Y Fixed IPT +125-130 - attractive to 89/30Y

Siemens is delevering

Texas Instruments Inc (TXN, Aa3/A+)

$5Y Fixed IPT +65 Area – attractive to 40/5Y

$10Y Fixed IPT +85 Area – attractive to 58/10Y

Texas Instruments will have close to $15 billion of tradable debt post this offering. They are delevering

Euro G – 250 issuers 5/20/25

Danske Bank A/S (DANBNK, Baa1/A-)

€ 500m 8NC7 Green SNP Fixed @ MS+115

Danske is delevering

Banco Santander SA (SANTAN, A2/A+)

€1b 7Y Sr Pref Fixed @ MS+90

Santander is relevering

Novo Nordisk Finance Netherlands BV (NOVOB, Aa3/AA)

€1.4b 2Y FRN @ 3mE+30

€ 1.45b 3Y Fixed @ MS+40

€1b 5.25Y Fixed @ MS+65

€900 8Y Fixed @ MS+80

€1.25b 12Y Fixed (May 27, 2037) at MS+105

Novo will have $15 billion of tradable debt after this offering and was de-levering

Nomura Holdings Inc (NOMURA, Baa1/A-)

€ 700m 5Y Fixed @ MS+120

Nomura is relevering

Credit Agricole SA (ACAFP, A3/A-)

€ 1b 10Y Social SNP Fixed @ MS+130

Credit Ag has net cash on its balance sheet

Daimler Truck International Finance BV (DTRGR, A3/A-)

€350m 2Y FRN @ 3mE +48

€650m 4Y Fixed @ MS+88

Daimler is relevering

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