Commentary & Deal Flow

Saudi Arabian Oil Company (“Saudi Aramco”) (Ticker: ARAMCO), exp Aa3/A+ (s/s) by Moody's/Fitch, US$5bn 144A/Reg S (Cat 2) 3-part sr notes (5y due 6/2/30, 10y due 6/2/35 and 30y due 6/2/55). MWC then 1mo par call on 5y, 3mos on 10y, and 6mos on 30y. Citi (B&D on 10y)/GS/HSBC (B&D on 5y)/JPM (B&D on 30y) joint active books. ADCB/BoC/BofA/ENBD/FAB/Miz/MUFG/Natixis/Riyad Capital/SMBC/SNBCAP/StanChart joint passive books. Listing: LSE. Governing Law: English Law. UOP: gcp. Global books open, Pricing as early as 5/27. Settle 6/2.

IPTs: 5y T+115 area, 10y T+130 area, 30y T+185 area.

FINAL SPREAD: 5y T+80, 10y T+95, 30y T+155. Orderbooks in excess of $17bn (small skew to 30Y, ex JLM).

LAUNCHED:
$1.5bn 5y at T+80.
$1.25bn 10y at T+95.
$2.25bn 30y at T+155.