Commentary & Deal Flow

Emirate of Abu Dhabi (ADGB), exp issue ratings AA/AA by S&P/Fitch (issuer ratings Aa2/AA/AA (s/s/s)), US$3bn 144A/Reg S (Cat 1) 2-part sr notes (3y FXD due 10/2/28 and 10y FXD due 10/2/35). Citi (B&D on 3y)/FADB/GS/HSBC/MS/StanChart (B&D on 10y) as JGCs. ADCB/BoC/Citi/ENBD/FADB/GS/HSBC/ICBC/JPM/MS/SMBC/StanChart as JBRs/JLMs. Coupon: FXD, SA 30/360. Denoms: US$200k x 1k. Governing Law: English Law. Listing: London Stock Exchange and Abu Dhabi Securities Exchange. Clearing: Rule 144A (DTC), Regulation S (Euroclear and Clearstream, Luxembourg). Pricing 9/25. Settle 10/2 (T+5).

IPTs: 3y T+40 area, 10y T+55 area.

GUIDANCE: 3y T+10-15, 10y T+20-25.

UPDATE: 3y set at T+10, 10y set at T+18. Orderbook: 3yr > US$6.25bn (excl. JLM interest), 10yr > US$10.50bn (excl. JLM interest).

LAUNCHED:
$1bn 3y at T+10.
$2bn 10y at T+18.