Saudi Aramco launches USD-denominated bond issue

Logo of Saudi Aramco

Saudi Arabian Oil Co. (Saudi Aramco) launched today, May 27, the sale of USD-denominated senior unsecured bonds to institutional investors under its Global Medium Term Note Programme.

 

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In a statement to Tadawul, the Saud-listed oil giant said the issuance is expected to be priced later, based on market conditions. Net returns on each tranche will be used for Aramco's general purposes, or any other purpose as defined in the final terms of the bond series.

 

Details of Bond Offering

Offer Type

USD-denominated bond issue, entailing direct, general, unconditional and unsecured obligations of Saudi Aramco

Offer Value

To be determined later, based on market conditions

Start Date

May 27, 2025

End Date

June 2, 2025

Target Classes

Institutional investors (qualified investors in the jurisdictions in which the offering will be made available, in accordance with the rules and regulations as such)

Issuance Managers

Citi, Goldman Sachs, HSBC and JPMorgan are active joint bookrunners.

Abu Dhabi Commercial Bank, Bank of China, BofA Securities, Emirates NBD Capital, First Abu Dhabi Bank, Mizuho, MUFG, Natixis Bank, Riyad Capital, SMBC, SNB Capital and Standard Chartered Bank are passive joint bookrunners.

 

Subscription Minimum Limit

$200,000 and integral multiples of $1,000 in excess thereof, subject to market conditions

Offer Price

To be determined later, based on market conditions

Par Value

$200,000

Return

The return will be based on market conditions

Maturity

Maturity will be determined as per market conditions

Redemption Terms

Redemption on maturity; redemption following an Event of Default; redemption for tax reasons (at the option of Saudi Aramco); Issuer Maturity Par Call (at the option of Saudi Aramco); Issuer Make Whole Call (at the option of Saudi Aramco); and Change of Control Put (at the option of Noteholders), each to be determined as per market conditions
 

The bond issuance will be subject to the approval of the relevant regulatory authorities. In addition, the bonds will be issued in accordance with the Rule 144A/Reg S offering requirements under the U.S. Securities Act of 1933, as amended. 

 

The stabilization rules of the UK-based Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) will also apply to the issuance.

 

Buy orders will be compiled into the official list of the FCA and admitted to the London Stock Exchange (LSE) in order for such bonds to be listed on the LSE’s main market.

 

Aramco also noted that the issuance’s aforementioned end date is an estimate subject to market conditions.

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