Abu Dhabi Developmental Holding Co PJSC (ADQ) (ADQABU)

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Abu Dhabi Developmental Holding Co PJSC (ADQ) (ADQABU)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	ADQABU	Abu Dhabi Developmental Holding Co PJSC (ADQ)	$2,500		2	EMEA	Apr 30, 2024

Tranche #1Abu Dhabi Developmental Holding Co PJSC (ADQ)

currency

USD

size (m)

1,250.000

maturity

May 8, 2029

type

Fixed

tenor

5.000

call

registration

144A/Reg S (Cat 2)

benchmark

Tsy

ranking

Sr. Unsecured

moody's

Aa2

s&p

fitch

re-open/tap

ipt

T+115 area

ipt-pxd

-35

guidance

T+85-90

spread

coupon

5.375%

spread set

price

99.46900

yield

5.498%

book size (m)

4,500

peak book (m)

x-covered

3.6

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

4,500

peak book (m)

x-covered

3.6

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #2Abu Dhabi Developmental Holding Co PJSC (ADQ)

currency

USD

size (m)

1,250.000

maturity

May 8, 2034

type

Fixed

tenor

10.000

call

registration

144A/Reg S (Cat 2)

benchmark

Tsy

ranking

Sr. Unsecured

moody's

Aa2

s&p

fitch

re-open/tap

ipt

T+125 area

ipt-pxd

-35

guidance

T+95-100

spread

coupon

5.500%

spread set

price

99.50700

yield

5.565%

book size (m)

3,700

peak book (m)

x-covered

2.96

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

3,700

peak book (m)

x-covered

2.96

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 4500; Registration: 144A/Reg S (Cat 2); Comments: USD1.25bn 5yr(5/08/2029) cpn 5.375%. Spread: T+80bps; Book size: 3700; Registration: 144A/Reg S (Cat 2); Comments: USD1.25bn 10yr(5/08/2034) cpn 5.5%. Spread: T+90bps;

Deal Comments

Abu Dhabi Developmental Holding Co PJSC (ABDEHO), exp Aa2/AA (s/s) by Moody's/Fitch, US$2.5bn 144A/Reg S (Cat 2) 2-part sr notes (5y due 5/8/29 and 10y due 5/8/34). 1mo par call on 5y and 3mos on 10y. Citi (B&D)/CACIB/FAB/GS/HSBC/StanChart active JBRs/JGCs. Passive JBRs: IMI/ADCB. List LSE (Main Market). Law: English Law. Pricing 4/30. Settle 5/8. IPTs: 5y T+115 area, 10y T+125 area. ----------------------------------- Abu Dhabi Developmental Holding Company PJSC (“ADQ”), an Abu Dhabi-based investment and holding company indirectly wholly-owned by the Government of Abu Dhabi and rated Aa2 (Stable) by Moody’s and AA (Stable) by Fitch, has mandated Citi, Crédit Agricole CIB, First Abu Dhabi Bank, Goldman Sachs International, HSBC and Standard Chartered Bank as Joint Global Coordinators and Joint Active Bookrunners (the “Joint Global Coordinators”) to arrange a Global Investor Call on Monday 29 April at 05:00 NYT / 10:00 UKT / 13:00 UAE / 17:00 HKT as well as a series of fixed income investor calls. Together with the Joint Global Coordinators, IMI-Intesa Sanpaolo and Abu Dhabi Commercial Bank have been appointed as Joint Passive Bookrunners. A debut 144A/RegS fixed rate US$-benchmark 5-year and 10-year senior unsecured offering under ADQ’s Global Medium Term Note Programme, expected to be rated Aa2 by Moody’s and AA by Fitch, will follow subject to market conditions.

Use of Proceeds

General Corporate Purposes

Relative Value

Abu Dhabi Developmental Holding Co PJSC “ABDEHO” (Aa2/AA s/s by Moody's/Fitch) hit the market today with $2.5bn 144A/Reg S (Cat 2) 2-part sr notes (5y due 5/8/29 and 10y due 5/8/34). 1mo par call on 5y and 3mos on 10y. Law: English Law. Pricing 4/30. Settle 5/8.

VIA Citi (B&D)/CACIB/FAB/GS/HSBC/StanChart active JBRs/JGCs. Passive JBRs: IMI/ADCB. List LSE (Main Market).

Announced overnight with benchmark size, we heard initial thoughts as 5yr 115a; 10y 125a.

Guidance came in at 5yr T+85-90; 10yr T+95-100bn.

Ultimately, a $2.5bn deal priced inside the guidance range at 5yr T+80bp; 10yr T+90bp.

PRICED:
$1.25bn 5.375% 5/8/29 99.469 5.498% T+80.
$1.25bn 5.50% 5/8/34 99.507 5.565% T+90.

Today’s trade is a debut for ABDEHO. As such, CONCESSION IS N/A.

Comps included the following:

Abu Dhabi Government International Bond (Aa2u/AA/AA)

- ADGB 4.875% due 04/30/29 T+45bp (G45; $98.80) - $1.75bn pxd 04/23/24 +35

- ADGB 5.000% due 04/30/34 T+49bp (G49; $98.75) - $1.5bn pxd 04/23/24 +45

MDGH GMTN RSC Ltd (Aa2/NR/AA)
- MUBAUH 3.750% due 04/19/29 T+91bp (G91; $92.06) - $650m pxd APRL 2017
- MUBAUH 2.875% due 11/07/29 T+82bp (G82; $87.61) - $1bn pxd OCT 2019
- MUBAUH 4.375% due 11/22/33 T+88bp (G88; $91.44) - $1bn pxd MAY 2023
- MUBAUH 5.875% (green) due 05/01/34 T+92bp (G92; $102.24) - $750m pxd OCT 2023

ABDEHO landed 41 behind the sovereign in 10yrs and 35bp back in 5yrs.

The ABDEHO 10yr landed a couple inside the MUBAUH Green ‘34s quoted T92/G92/$102.24 pre-announce.

FINAL BOOKS:

$1.25bn 5yr - $4.500bn (3.60x) – PEAK $5.600BN

$1.25bn 10yr - $3.700bn (2.96x) – PEAK $5.400BN

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