Commentary & Deal Flow

TotalEnergies Capital USA, LLC (TTEFP) exp Aa3/A+ (s/s) US$3.5bn SEC registered 3-part sr notes (5y FXD due 1/12/31, 5y FXD due 1/12/33, and 10y FXD due 1/12/36). MWC then 1mo par call on 5y (12/12/30), 2mos on 7y (11/12/32), 3mos on 10y (10/12/35). BofA (B&D on 10y)/Citi (B&D on 5y & 7y)/MS/MUFG/Natixis/StanChart/SMBC joint active books. Guarantor: TotalEnergies SE. Guarantor ratings: Aa3/A+ (s/s). Governing Law: New York Law. UOP: general Corporate Purposes and to repay certain outstanding intercompany indebtedness. Denoms: 2,000 x 1,000. Sales into Canada: yes via exemption. First Pay: 7/13/26. Day count 30/360. Pricing 1/6. Settle 1/12 (T+5). CUSIPs: 5y: 89158TAA7, 7y: 89158TAB5, 10y: 89158TAC3. ISINs: 5y: US89158TAA79, 7y: US89158TAB52, 10y: US89158TAC36.

IPTs: 5y T+80 area, 7y T+90 area, 10y T+95 area.
GUIDANCE: 5y T+53#, 7y T+63#, 10y T+68#.
LAUNCHED: $1.5bn 5y at T+53, $1.25bn 7y at T+63, $750m 10y at T+68.

PRICED:
$1.5bn 4.248% 1/12/31 100.00 4.248% T+53. MW+10.
$1.25bn 4.569% 1/12/33 100.00 4.569% T+63. MW+10.
$750m 4.857% 1/12/36 100.00 4.857% T+68. MW+15.