| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | UTIL | PRCD | TAQAUH | Abu Dhabi National Energy Co PJSC | $1,500 | 2 | EMEA | Apr 17, 2023 |
As for r/v, out
Abu Dhabi National Energy (Aa2/AA-)
- TAQAUH 2.000% due 04/29/28 T+86 (G86; $88.65) - $750m pxd April ‘21
- TAQAUH 4.875% due 04/23/30 T+102 (G97; $101.57) - $1bn pxd April ‘18
- TAQAUH 6.500% due 10/27/36 T+166 (G154; $111.97) - $912m pxd Oct ‘06
5YR: TAQAUH ‘28s T+86/$88.65; adding in curve/lo $ f/v was pegged at T+90bp. At the T+80bp pricing level, 5YR CONCESSION IS NEG 10BP.
10yr: T+102bp + 10-15bp 7s/10s = T+115bp. At the T+110bp pricing level, 10YR CONCESSION WAS PEGGED AT NEG 5BP.
Comps away:
MDGH GMTN RSC LTD (Aa2/AA/AA)
- MUBAUH 4.500% due 11/07/28 T+80 (G82; $100.01) - $800m pxd Nov ‘18
- MUBAUH 2.875% due 05/21/30 T+87 (G91; $90.56) - $1bn pxd Nov ‘19
- MUBAUH 2.500% due 06/03/31 T+88 (G85; $86.69) - $500m pxd May ‘21
- MUBAUH 3.375% due 03/28/32 T+92 (G90; $91.75) - $1bn pxd March ‘22
- MUBAUH 5.500% due 04/28/33 T+103 (G103; $106.85) - $1bn pxd T+165 10/18/22
Abu Dhabi Government International Bond (Aa2/AA/AA)
- ADGB 1.625% due 06/02/28 T+25 (G25; $89.37) - $2bn pxd May ‘21
- ADGB 3.125% due 04/16/30 T+39 (G34; $94.83) - $3bn pxd April ’20
UAE International Government Bond (Aa2/AA-)
- UAE 4.050% due 07/07/32 T+48 (G47; $99.84) - $1.75bn pxd July ‘22
Final books were not ready this afternoon.
At the peak, however, books were in excess of $14.600bn:
$500 L5y – books in excess of $6.40bn (excl JLM interest)
$1bn 10yr – books in excess of $8.20bn (excl JLM interest)