Commentary & Deal Flow

LYB International Finance III LLC (LYB) exp Baa2/BBB/BBB US$1.5bn SEC registered 2-part sr notes (5y FXD due 1/15/31 and 10y FXD due 1/15/36). MWC then 1mo par call on 5y (12/15/30) and 3mos on 10y (10/15/35). 101 CoC. Citi/DB (B&D on 5y)/JPM (B&D on 10y) joint active books. Guarantor: LyondellBasell Industries N.V. Guarantor Ratings: Baa2/BBB/BBB (n/n/s). Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: General corporate purposes, which may include the repayment of the 0.875% 2026 notes, the 3.500% 2027 notes and the 8.100% 2027 notes. Marketing: https://dealroadshow.com | Password: LYB2025. First pay: 7/15/26. Pricing 11/10. Settle 11/13 (T+2). Cusip: 5y: 50249AAQ6, 10y: 50249AAR4. ISIN: 5y: US50249AAQ67, 10y: US50249AAR41.

IPTs: 5y T+180 area, 10y T+212.5 area.
GUIDANCE: 5y T+147#, 10y T+185#.
LAUNCHED: $500m 5y at T+145 (inside guidance), $1bn 10y at T+185.

PRICED:
$500m 5.125% 1/15/31 99.806 5.165% T+145. MW +30.
$1bn 5.875% 1/15/36 99.279 5.968% T+185. MW+30.