Commentary & Deal Flow

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). 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. 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. Dealroadshow Link: https://dealroadshow.com/e/ATLANTIC26. Pricing 1/26. Settle 2/2 (T+5). 144A ISIN: 3y: US80415RAB78, 5y: US80415RAA95, 10y: US80415RAC51, 30y: US80415RAD35.

IPTs: 3y T+100 area, 5y T+115 area, 10y T+125 area, 30y T+165 area.

LAUNCHED:
$500m 3y at T+60.
$1.5bn 5y at T+80.
$1.25bn 10y at T+95.
$750m 30y at T+130.