| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | ENGY | PRCD | ARAMCO | Saudi Arabian Oil Co (Saudi Aramco) | $5,000 | 3 | EMEA | May 27, 2025 |
Saudi Arabian Oil Company (“Saudi Aramco”) (Ticker: ARAMCO), exp Aa3/A+ (s/s) by Moody's/Fitch, US$5bn 144A/Reg S (Cat 2) 3-part sr notes (5y due 6/2/30, 10y due 6/2/35 and 30y due 6/2/55). MWC then 1mo par call on 5y, 3mos on 10y, and 6mos on 30y. Listing: LSE. Governing Law: English Law. UOP: gcp. Global books open, Pricing as early as 5/27. Settle 6/2.
VIA Citi (B&D on 10y)/GS/HSBC (B&D on 5y)/JPM (B&D on 30y) joint active books. ADCB/BoC/BofA/ENBD/FAB/Miz/MUFG/Natixis/Riyad Capital/SMBC/SNBCAP/StanChart joint passive books.
Announced with benchmark size, final size came in at $5bn with price progression as follows:
5yr - IPT T+115a; GDNC T+80; PXD $1.5bn 4.75% 6/2/30 99.635 4.833% T+80. MW+15.
10yr - IPT T+130a; GDNC T+95; PXD $1.25bn 5.375% 6/2/35 99.855 5.394% T+95. MW+15.
30yr - IPT T+185a; GDNC T+155; PXD $2.25bn 6.375% 6/2/55 98.243 6.509% T+155. MW+25.
As for r/v, outstanding ARAMCO was quoted as follows:
-ARAMCO 3.500% due 4/16/29 T+71bp (G77; $95.59) - $3bn pxd APRL 2019
-ARAMCO 2.250% due 11/24/30 T+83bp (G77; $87.52) - $2bn pxd NOV 2020
-ARAMCO 5.250% due 07/17/34 T+88bp (G94; $99.37) - $2bn pxd JUL 2024
-ARAMCO 4.250% due 04/16/39 T+147bp (G126; $84.32) - $3bn pxd APRL 2019
-ARAMCO 4.375% due 04/16/49 T+131bp ($76.52) - $3bn pxd APRL 2019
-ARAMCO 3.250% due 11/24/50 T+135bp ($61.33) - $2.25bn pxd NOV 2020
-ARAMCO 5.750% due 07/17/54 T+152bp ($90.37) - $2bn pxd JUL 2024
*** 30yr: Going off more recent Jul 54 T+152 ($90), add 1bp for curve/lowish $ gets f/v to T+153bp. At the T+155bp pricing level, 30yr CONCESSION IS 2BP.
*** 10yr: Going off recent Jul ‘34 G94, add 3bp for ‘34/’35 curve gets f/v to T+97bp. At the T+95bp pricing level, 10yr CONCESSION IS NEG 2BP.
*** 5yr: 10y f/v at T+97, take away 15bp for IPT curve gets f/v to T+82bp. At the T+80bp pricing level, 5yr CONCESSION IS NEG 2BP.
COMPS AWAY:
Chevron USA Inc (Aa2/AA-)
-CVX 4.475% due 02/26/28 T+33bp (G32; $100.50) - $1bn pxd 02/24/25 +30
-CVX 4.687% due 04/15/30 T+48bp (G49; $100.67) - $1.1bn pxd 02/24/25 +45
-CVX 4.980% due 04/15/35 T+69bp (G70; $99.77) - $1.1bn pxd 02/24/25 +45
-CVX 3.078% due 05/11/50 T+90bp ($63.63) - $1bn pxd MAY 2020
-CVX 2.343% due 08/12/50 T+90bp ($53.88) - $750m pxd AUG 2020
Exxon Mobil
BP Capital Markets America Inc (A1/A-/A+)
-BPLN 4.868% due 11/15/29 T+65bp (G68; $100.69) - $650m pxd NOV 2024
-BPLN 4.989% due 04/10/34 T+88bp (G96; $97.56) - $1bn pxd JAN 2024
-BPLN 3.001% due 03/17/52 T+110bp ($59.66) - $1.25bn pxd SEPT 2021
Shell International Finance BV (Aa2/A+/AA-)
-RDSALN 3.875% due 11/13/28 T+39bp (G36; $98.59) - $1.5bn pxd NOV 2018
-RDSALN 2.750% due 04/06/30 T+52bp (G52; $92.22) - $1.75bn pxd APRL 2020
-RDSALN 4.125% due 05/11/35 T+77bp (G77; $91.55) - $1.5bn pxd MAY 2015
-RDSALN 3.250% due 04/06/50 T+103bp ($64.73) - $2bn pxd APRL 2020
-RDSALN 3.000% due 11/26/51 T+101bp ($60.67) - $1bn pxd NOV 2021
TotalEnergies Capital SA (Aa3/A+/AA-)
-TTEFP 3.883% due 10/11/28 T+41bp (G39; $98.57) - $1bn pxd OCT 2018
-TTEFP 2.829% due 01/10/30 T+40bp (G42; $93.33) - $1.25bn pxd JUL 2019
-TTEFP 4.724% due 09/10/34 T+75bp (G80; $96.49) - $750m pxd SEPT 2024
-TTEFP 5.275% due 09/10/54 T+113bp ($88.81) - $1bn pxd SEPT 2024
FINAL BOOKS:
$1.50bn 5yr - $3.600bn (2.40x) - PEAK $17bn TTL
$1.25bn 10yr - $3.600bn (2.88x) - PEAK $17bn TTL
$2.25bn 30yr - $5.000bn (2.22x) - PEAK $17bn TTL