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 unsecured notes (5y FXD due 3/5/31 and 10y FXD due 3/5/36). BNP/ENBD/FADB/GS/JPM (B&D on 5y)/StanChart (B&D on 10y) as JGCs. ADCB/BoC/BofA/BNP/ENBD/FADB/GS/HSBC/ICBC/JPM/SG/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 2/26. Settle 3/5 (T+5).

IPTs: 5y T+50 area, 10y T+55 area.

Spread Set: 5yr T+20#, 10yr T+25#. Orderbook: 5yr > US$5.900bn (excl. JLM Interest), 10yr > US$6.800bn (excl. JLM Interest)
LAUNCHED: $1.25bn 5y at T+20, $1.75bn 10y at T+25.

PRICED:
$1.25bn 3.75% 3/5/31 99.824 3.789% T+20.
$1.75bn 4.25% 3/5/36 99.814 4.273% T+25.