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PIPELINE: Oracle, Saudi Aramco Rate Locks Weighing on Tsys

PIPELINE
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  • Rate locks (hedges and on spec) are contributing to this morning's selling in Tsys with Oracle and Saudi Aramco issuing US$ debt today. Updates on size and guidance to follow. In the meantime, historical context on potential size of today's larger issuers (full list at 0834ET):
  • Oracle issued $5.25B back in February 2023 ($750M 5Y +110, $750M 7Y +130, $1.5B 10Y +155, $2.25B 30Y +203) and $7B in November 2022 ($1B 3Y +120, $1.25B 7Y +185, $2.25B 10Y +205, $2.5B 30Y +255). Oracle is also in the top 20 list of largest debt issuers in a single day with $20B over 6 tranches in March of 2020.
  • Saudi Aramco last issued $6B back in July (10Y +105, 30Y +145, 40Y +155) after issuing $8B back in November 2020 ($500M 3Y +110, $1B 5Y +125, $2B 10Y +145, $2.25B 30Y 3.3% yld, $2.25B 50Y 3.65% yld).
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  • Rate locks (hedges and on spec) are contributing to this morning's selling in Tsys with Oracle and Saudi Aramco issuing US$ debt today. Updates on size and guidance to follow. In the meantime, historical context on potential size of today's larger issuers (full list at 0834ET):
  • Oracle issued $5.25B back in February 2023 ($750M 5Y +110, $750M 7Y +130, $1.5B 10Y +155, $2.25B 30Y +203) and $7B in November 2022 ($1B 3Y +120, $1.25B 7Y +185, $2.25B 10Y +205, $2.5B 30Y +255). Oracle is also in the top 20 list of largest debt issuers in a single day with $20B over 6 tranches in March of 2020.
  • Saudi Aramco last issued $6B back in July (10Y +105, 30Y +145, 40Y +155) after issuing $8B back in November 2020 ($500M 3Y +110, $1B 5Y +125, $2B 10Y +145, $2.25B 30Y 3.3% yld, $2.25B 50Y 3.65% yld).