Commentary & Deal Flow

Abu Dhabi Developmental Holding Co PJSC (ABDEHO), exp Aa2/AA (s/s) by Moody's/Fitch, US$ benchmark 144A/Reg S (Cat 2) 2-part sr notes (5y due 5/6/30 and 10y due 5/6/35). 1mo par call on 5y and 3mos on 10y. ADCB/Barc/Citi (B&D)/ENBD/HSBC/ICBC/IMI-Intesa Sanpaolo active JBRs/JGCs. Passive JBR: FAB. List LSE (Main Market). Law: English Law. Pricing 4/29. Settle 5/6. IPTs: 5y T+115 area, 10y T+125 area.