Commentary & Deal Flow

Equinor ASA (EQNR) exp Aa2/AA- (s/s) US$1.5bn SEC registered 3-part sr notes (tap of EQNR 4.25% 6/2/28, tap of EQNR 4.50% 9/30/30, and new 10y FXD due 11/14/35). MWC (T+10 on 2028s and T+10 on 2030s) then 1mo par call on 2028s (8/30/30, 1mo on 2030s (8/3/30) and 3mos on 10y (8/14/35). Tax Call. Barc/Citi (B&D)/Miz/MS joint active books. Guarantor: Equinor Energy AS. Denoms: 1,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Pricing 11/6. Settle 11/14 (T+5). Cusip: 2028: 29446MAL6, 2030: 29446MAM4, 10y: 29446MAP7. ISIN: 2028: US29446MAL63, 2030: US29446MAM47, 10y: US29446MAP77.

IPTs: 2028 tap T+65 area, 2030 tap T+75 area and new 10y T+100 area.

GUIDANCE: 2028 tap T+38#, 2030 tap T+48#, new 10y T+73#.

LAUNCHED:
$250m tap of 4.25% 6/2/28 at T+38. Total outstanding now $800m.
$250m tap of 4.50% 9/30/30 at T+48. Total outstanding now $650m.
$1bn new 10y at T+73.