| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | FNCL | PRCD | DUBAEE | DAE Funding LLC | $600 | 1 | EMEA | Jan 8, 2026 |
DAE Funding LLC (DUBAEE), exp Baa2/BBB (s/s) by Moody's/Fitch, US$600m 144A/Reg S 7y FXD sr notes due 1/15/33. 2mos par call. Put/Call Option: Change of Control Put Option; Clean Up Call Option. Guarantor: Dubai Aerospace Enterprise (DAE) Ltd. Coupon: Fixed, semi-annual, 30/360. Interest Payment Dates: 15 July and 15 January in each year, up to and including the Maturity Date, commencing on 15 July 2026. Denoms: 200,000 x 1,000. Listing: Nasdaq Dubai. Governing Law: English Law. UOP: gcp. Pre-Recorded IP: https://dealroadshow.finsight.com/e/DAE2026. Pricing 1/8. Settle 1/15 (T+5). 144A CUSIP / ISIN: 23371DAM6 / US23371DAM65.
VIA:
JT ACTIVE BOOKS: ADCB/BoC/BNP/GS (B&D)/Miz
PASSIVE BOOKS: Bank ABC/CACIB/ENBD/FITB/FADB/HSBC/JPM/MS/Natixis/TSI.
PASSIVE CO-MGR: RAKBANK
Announced overnight with benchmark size, we heard initial thoughts as T+145a.
Went straight to launch at $500m 7y at T+120. Later upsized to $600m
PRICED: $600m 4.95% 1/15/33 98.912 5.137% T+120.
As for r/v, we didn’t see any direct comps.
The only outstanding DUBAEE bond was done in Jan 2021 - the DUBAEE 3.375% due 03/20/28.
This bond is very illiquid but did trade at T+117bp on Monday – bid side probably around T+119 – which would suggest a good print on DUBAEE’s 7yr at T+120bp.
That said, we’ll have to go with CONCESSION N/A.
AerCap Ireland Capital DAC / Aercap Global Aviation Trust (Baa1/BBB+/BBB+) – which has been listed as a comp for DUBAEE in the past – priced the AER 4.750% due 01/15/33 on Monday at T+92bp.
At T+120bp, today’s DUBAEE 7yr landed 28bp back of AER.
Looking back, DUBAEE also priced with a 28bp differential to AER during its last trip to the market on 06/15/21:
DUBAEE DEAL 06/15/21
PRICED: $1bn 1.55% 8/1/24 99.427 1.74%. T+140.
AER 3.150% due 02/15/24 (on 06/16/21) T+95bp (G102; $104.70) + curve at the time = T+112
This differential was initially much wider.
When DUBAEE priced a $1.25bn 2-part in Jan 2021, it landed around 100bp back of AER/AL:
DUBAEE PXD 01/12/21:
$500m 2.625% 3/20/25 99.314 2.801% T+230.
$750m 3.375% 3/20/28 98.711 3.581% T+275
Comps away 01/12/21:
Air Lease Corp (BBB/BBB)
- AL 3.375% due 07/01/25 T+124bp (G132; $106.87) -
AerCap Ireland (Baa3/BBB/BBB-)
- AER 3.150% due 02/15/24 T+121bp (G120; $105.03)
- AER 1.750% due 01/30/26 T+152bp (G151; $98.60)
FINAL BOOK:
$600m 7yr - $1.80bn (3.00x) - PEAK $2.00BN