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.
  

PRICED:
$500m 2.625% 3/20/25 99.314 2.801% T+230.
$750m 3.375% 3/20/28 98.711 3.581% T+275.