[DUBAI AEROSPACE]

DAE Funding LLC “DUBAEE” (Baa3/NR/BBB-) hit the market today with US$1.25bn 144A/3c7/Reg S 2-part sr notes (4y due 3/20/25 and 7y due 3/20/28). 1mo par call on 4y and 2mos on 7y. Guarantor: Dubai Aerospace Enterprise (DAE) Ltd. List Nasdaq Dubai. English Law. Settle 1/20 (T+5).

VIA GS (B&D)/MS as joint active books.
CACIB/Emirates NBD/FITB/GS/HSBC/JPM/Miz/MS/Natix/TSI as JLMs/JBRs. Co-mgr: DB

IPTs: 4y T+260 area, 7y T+310 area.

UPDATE: 4y spread set at T+230, 7y set at T+275.

PRICED:
$500m 2.625% 3/20/25 99.314 2.801% T+230.
$750m 3.375% 3/20/28 98.711 3.581% T+275.

We have a long list of comps on this one, but did not get direction on whether a NIC call was possible, so we have to go with CONCESSION N/A.

DAE Sukuk DIFC Ltd (Baa3/NR/BBB-)
- DUBAEE 3.750% due 02/15/26 T+258bp (G256; $103.11) - $750m pxd 11/19/20 +349.4
Dubai Government
- DUGB 3.890% due 03/20/25 T+148bp (G159; $107.60)

ICD Funding Ltd
- INVCOR 4.625% due 05/21/24 T+214bp (G208; $107.25) - $500m
- INVCOR 3.223% due 04/28/26 T+252bp (G248; $100.96) - $600m

Air Lease Corp (BBB/BBB)
- AL 3.375% due 07/01/25 T+124bp (G132; $106.87) - $850 pxd 6/17/20 +325
- AL 2.875% due 01/15/26 T+127bp (G128; $105.08) - $1.45bn pxd 8/10/20 +285
- AL 3.625% due 12/01/27 T+179bp (G151; $108.17) - $500m pxd Nov 2017

AerCap Ireland (Baa3/BBB/BBB-)
- AER 3.150% due 02/15/24 T+121bp (G120; $105.03) - $900m pxd 9/23/20 +320
- AER 1.750% due 01/30/26 T+152bp (G151; $98.60) - $1bn pxd 1/6/21 T+155
- AER 4.625% due 10/15/27 T+192bp (G165; $113.33) - $600m pxd 9/23/20 +445

Avolon Holdings (Baa3/BBB-)
- AVOL 4.250% due 04/15/26 T+226bp (G222; $107.19) - $1bn pxd 11/16/20 +385 (this deal pxd with a neg 30bp NIC).
- AVOL 3.250% due 02/15/27 T+251bp (G236; $101.25) - $650m pxd 1/9/20 +150

Final book size was heard as:

$500m 4yr - $1.2bn
$750m 7yr - $1.9bn