Commentary & Deal Flow

MDGH GMTN (RSC) Ltd (MUBAUH) exp Aa2/NR/AA US$1.5bn (expected) 144A/Reg S 2-part sr notes (10.5y due 11/22/33 and 30y Formosa due 5/22/53). 3mos par call on 10.5y and 6mos on 30y. Guarantor: Mamoura Diversified Global Holding PJSC. Guarantor Ratings: Aa2 (Moody’s) / AA (S&P) / AA (Fitch) (All Stable). Joint Global Coordinators: Abu Dhabi Commercial Bank, BNP Paribas (B&D on 30y), Citi, First Abu Dhabi Bank, J.P. Morgan (B&D on 10.5y) and Standard Chartered Bank. JLMs/JBRs on 2033 Notes: Abu Dhabi Commercial Bank, BNP Paribas, Citi, First Abu Dhabi Bank, J.P. Morgan Securities plc, Standard Chartered Bank, Barclays, Crédit Agricole Corporate and Investment Bank, Emirates NBD Capital, Mizuho, NATIXIS and SMBC Nikko; JLMs/JBRs on 2053 Notes: BNP PARIBAS SA, Taipei Branch (acting as the Lead Manager), Citibank Taiwan Limited, Crédit Agricole Corporate and Investment Bank, Taipei Branch, J.P. Morgan Securities (Taiwan) Limited and Standard Chartered Bank (Taiwan) Limited. Structuring Agents (2053 Notes): Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Barclays, Emirates NBD Capital, Mizuho, NATIXIS and SMBC Nikko. English Law. Netroadshow: https://www.netroadshow.com/nrs/home/#!/?show=d880a454 or Visit www.netroadshow.com and enter the deal entry code: Mubadala2023. Pricing 5/11. Settle 5/22 (T+7).

IPTs: 10.5y CT10+140-145, 30y Formosa: OLB30+180 area.

GUIDANCE: 10Y: CT10+115bp area / 30Y Formosa: OLB30+145bp area.  Orderbooks in excess of $16bn (excluding JLM interest) with small skew to the 30yr.  Books to go subject 09.30 EST / 14.30 UKT / 17.30 UAE.