Abu Dhabi sets talk, to price add-on notes due 2025, 2030 and 2050

By Rebecca Melvin

New York, May 19 – The Emirate of Abu Dhabi released initial price talk for three add-on tranches of U.S. dollar-denominated notes due in 2025, 2030 and 2050 (expected ratings: AA/AA) early Tuesday, according to a market source.

The initial spread talk for the 2½% notes due April 16, 2025 was in the Treasuries plus 165 basis points area.

The initial spread talk for the 3 1/8% notes due April 16, 2030 was in the Treasuries plus 185 bps area.

The initial yield spread for the 3 7/8% notes due April 16, 2050 was 3½% to 3.55%.

The Rule 144A and Regulation S notes were being marketed by joint lead managers and joint bookrunners BNP Paribas, Standard Chartered Bank and JPMorgan.

The original deal sizes are $2 billion for the 2025 and 2030 notes and $3 billion for the 2050 notes.

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