Commentary & Deal Flow

DAE Sukuk (DIFC) Ltd (Issuer) / Dubai Aerospace Enterprise (DAE) Ltd (Obligor) US$750m 144A/3c7/Reg S 5.25y sr unsec certificates. Obligor ratings: Baa3/NR/BBB- (n/-/n). Exp issue ratings: Baa3/NR/BBB-. Scheduled dissolution date: 2/15/26. Sukuk structure: Wakala and Commodity Murabaha. Bank ABC/CACIB/CBD/DB/DIB/Emirates NBD/FAB/GIB/GS/HSBC (B&D)/JPM/Miz/Natixis/Truist joint leads/books. List Nasdaq Dubai. English Law. Docs: Issuer's US$2.5bn Trust Certificate Issuance Program. Pricing today. Settle 11/25 (T+4).

• IPTs: 4.375% area.
  LAUNCHED: $750m 5.25y at 3.875%.

PRICED:
$750m
Profit rate 3.875%
Re-offer 99.419
Periodic distribution rate 3.75 fixed 30-360
+349.4bp vs T 0.25 10/31/25