| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | ENGY | PRCD | ARAMCO | Saudi Arabian Oil Co (Saudi Aramco) | $4,000 | 4 | EMEA | Jan 26, 2026 |
Saudi Arabian Oil Company (Saudi Aramco) (Ticker: ARAMCO), exp Aa3/A+ (s/s) by Moody's/Fitch, US$4bn 144A/Reg S (Cat 2) 4-part sr notes (3y FXD due 2/2/29, 5y FXD due 2/2/31, 10y FXD due 2/2/36 and 30y FXD due 2/2/56). MWC then 1mo par call on 3y (1/2/29), 1mo on 5y (1/2/31), 3mos on 10y (11/2/35) and 6mos on 30y (8/2/55). Coupon: fixed rate, semi-annual, 30/360. Listing: London Stock Exchange (Main Market). Clearing: DTC (in relation to Rule 144A) and Euroclear and Clearstream, Luxembourg (in relation to Reg S). Governing Law: English Law. Denoms: $200,000 x $1,000. Netroadshow Link: https://dealroadshow.com/e/ATLANTIC26. Pricing 1/26. Settle 2/2 (T+5). 144A ISIN: 3y: US80415RAB78, 5y: US80415RAA95, 10y: US80415RAC51, 30y: US80415RAD35.
VIA Citi (B&D on 30y)/GS/HSBC (B&D on 5y)/JPM (B&D on 10y)/MS (B&D on 3y) active joint books. Passive: ADCB/BoC/BofA/BSF Capital/ ENBD/ FADB/ Miz/ MUFG/ Natixis/ Riyad/ SMBC/ StanChart.
Announced with benchmark size, final size came in at $4bn with price progression as follows:
3yr - IPT T+100 area; STL T+60; PXD $500m 4.00% 2/2/29 99.281 4.258% T+60. MW+10.
5yr - IPT T+115 area; STL T+80; PXD $1.5bn 4.375% 2/2/31 98.895 4.625% T+80. MW+15.
10yr - IPT T+125 area; STL T+95; PXD $1.25bn 5.00% 2/2/36 98.709 5.167% T+95. MW+15.
30yr - IPT T+165 area; STL T+130; PXD $750m 6.00% 2/2/56 98.550 6.106% T+130. MW+20.
As for r/v, outstanding ARAMCO was quoted as follows:
-ARAMCO 4.750% due 06/02/30 T+58bp (G64; $101.39) - $1.5bn pxd 5/27/25 +80
-ARAMCO 5.375% due 06/02/35 T+82bp (G87; $102.40) - $1.25bn pxd 5/27/25 +95
-ARAMCO 5.750% due 07/17/54 T+125bp ($95.76) - $2.00bn pxd JULY 2024
With the outstandings not being very liquid and trading levels varying (Another saw the 30s at G69; 35s at G82 and 54s at T+122), we looked at KSA with the target landing level being about 10bp back of KSA.
Saudi Government International Bond (Aa3/A+/A+)
-KSA 4.125% due 01/12/29 T+57bp (G57; $99.72) - $2.5bn pxd 01/05/26 +65
-KSA 4.375% due 01/12/31 T+65bp (G65; $99.56) - $2.75bn pxd 01/05/26 +75
-KSA 4.875% due 01/12/36 T+80bp (G79; $98.94) - $2.75bn pxd 01/05/26 +85
-KSA 5.875% due 01/12/56 T+121bp ($98.04) - $3.5bn pxd 01/05/26 +110
*** 30yr: KSA Jan ‘56 T+121, adding 10bp call f/v at T+130bp. At the T+130bp pricing level, 30yr CONCESSION IS FLAT.
*** 10yr: KSA Jan ‘36 G79, adding 10bp call f/v at T+90bp. At the T+95bp pricing level, 10yr CONCESSION IS 5BP.
*** 5yr: KSA Jan ‘31 G65, adding 10bp call f/v at T+75bp. At the T+80bp pricing level, 5yr CONCESSION IS 5BP.
*** 3yr: KSA Jan ‘29 G57, adding 10bp call f/v at T+65bp. At the T+60bp pricing level, 3yr CONCESSION IS NEG 5BP.
Heard $21bn combined peak books.