Commentary & Deal Flow

DAE Funding LLC (DUBAEE) exp Baa3/NR/BBB- US$1.25bn 144A/3c7/Reg S 2-part sr notes (4y due 3/20/25 and 7y due 3/20/28). 1mo par call on 4y and 2mos on 7y. Guarantor: Dubai Aerospace Enterprise (DAE) Ltd. GS (B&D)/MS as joint active books. CACIB/Emirates NBD/FITB/GS/HSBC/JPM/Miz/MS/Natix/TSI as JLMs/JBRs. Co-mgr: DB. List Nasdaq Dubai. English Law. Pricing today. Settle 1/20 (T+5).

IPTs: 4y T+260 area, 7y T+310 area.

UPDATE: 4y spread set at T+230, 7y set at T+275.

LAUNCHED:
$500m 4y at T+230.
$750m 7y at T+275.