Registration: SEC Registered; Comments: AngloGold Ashanti Holdings plc (ANGSJ) exp Baa3/BB+/BBB- US$700m SEC registered 10y sr notes due 10/1/30. Gtd by AngloGold Ashanti Ltd. MWC then 3mos par call. 101 CoC (upon the occurrence of both (i) a change of control of AngloGold Ashanti Limited and (ii) a rating downgrade of the notes by each of Fitch, Moody’s and S&P). Barc/BMO/BNP/BofA/CIBC/Citi/ DB/JPM (B&D)/RBC/Scotia/Stan Chart (active)/ANZ (passive) joint books. List NYSE. NY Law. UOP: repay a portion of the outstanding borrowings under $1.4 billion multi-currency syndicated revolving credit facility. Co may from time to time reborrow amounts repaid under our $1.4 billion multi-currency RCF. Marketing: www.netroadshow.com; passcode: Anglo2020 (not case-sensitive). Pricing today. Settle 10/1 (T+3). IPTs: T+362.5-375. AngloGold Ashanti Limited, the world’s third largest gold producer with a geographically diverse portfolio and production from 14 operations in nine countries, rated Baa3 by Moody’s, BB+ by S&P and BBB- by Fitch (all stable outlooks), has mandated Barclays, BMO Capital Markets, BNP Paribas, BofA Securities, CIBC Capital Markets, Citigroup, Deutsche Bank, J.P. Morgan (B&D), RBC Capital Markets, Scotiabank and Standard Chartered Bank as Joint Bookrunners and ANZ as Passive Bookrunner to arrange a series of fixed income investor calls, commencing on Wednesday, 23 September 2020. Deutsche Bank will be coordinating the roadshow logistics. An SEC Registered senior unsecured US$-denominated benchmark bond offering with a 10-year maturity will follow, subject to market conditions. AngloGold Ashanti Holdings plc (ANGSJ) (outstanding sr unsec ratings Baa3/BB+/BBB-) filed to offer US$tbd SEC registered sr notes due 2030. Gtd by AngloGold Ashanti Ltd. Barc/BMO/BNP/BofA/CIBC/Citi/DB/JPM/RBC/Scotia/SCB joint active books. Passive: ANZ. 3mos par call. 101 CoC (upon the occurrence of both (i) a change of control of AngloGold Ashanti Limited and (ii) a rating downgrade of the notes by each of Fitch, Moody’s and S&P). UOP: repay a portion of the outstanding borrowings under $1.4 billion multi-currency syndicated revolving credit facility. Co may from time to time reborrow amounts repaid under our $1.4 billion multi-currency RCF;

[ANGLOGOLD ASHANTI]

AngloGold Ashanti Holdings plc “ANGSJ” (Baa3/BB+/BBB-) hit the market today with US$700m SEC registered 10y sr notes due 10/1/30. Gtd by AngloGold Ashanti Ltd. MWC then 3mos par call. 101 CoC (upon the occurrence of both (i) a change of control of AngloGold Ashanti Limited and (ii) a rating downgrade of the notes by each of Fitch, Moody’s and S&P). List NYSE. NY Law. UOP: repay a portion of the outstanding borrowings under $1.4 billion multi-currency syndicated revolving credit facility. Co may from time to time reborrow amounts repaid under our $1.4 billion multi-currency RCF. Settle 10/1 (T+3).

Marketing: www.netroadshow.com; passcode: Anglo2020 (not case-sensitive).

VIA Barc/BMO/BNP/BofA/CIBC/Citi/ DB/JPM (B&D)/RBC/Scotia/Stan Chart (active)/ANZ (passive) joint books.

Announced overnight with benchmark size, we heard initial thoughts as 362.5-375.

Guidance came in at 337.5a.

Ultimately, a $700m deal priced at 312.5bp (INSIDE GUIDANCE if you assume +/- 12.5bp area – although we heard guidance was not defined).

PRICED: $700m 3.75% 10/1/30 99.678 3.789% T+312.5.

As for r/v, the last time AngloGold tapped dollars was in 2013, but the only decent AngloGold outstanding was a $300m 30yr from Apr 2010. The ANGSJ 6.500% due 04/15/40 traded at $121 on 09/15 (d/b) – T+341; G366. IPT on today’s 10yr seemed to start around the G spread on the ‘40s. BATSLN (Baa2/BBB+) last week printed with a 25bp long 10y/20y curve (205/230). You could obviously argue a steeper curve on AJGSJ, but it still leaves you well wide of T+312.5bp. But bottom line, this old/high $ px/illiquid bond doesn’t really hold up as a great comp.

Some said AngloGold is often marketed as a pick up vs Gold Fields Orogen Holdings (Baa3/BB+) , which has a more recent outstanding.

The GFISJ 6.125% due 05/15/29s traded at $118.25 on 09/21 (d/b) – T+292; G303 - $500m pxd May ’19. We’re not sure what the difference should be between the two credits, but today’s ANGSJ trade landed about 10bp back.

CONCESSION LOOKS NEGATIVE, BUT WE’RE NOT SURE BY HOW MUCH SO GOING N/A

Book was heard as just over $5bn at the top.