Abu Dhabi’s Mamoura launches $4 billion six-, 10-, 30-year notes

By Rebecca Melvin

New York, May 12 – MDGH-GMTN BV, a subsidiary of Mamoura Diversified Global Holding PJSC, formerly Mubadala Development Co. PJSC, launched $4 billion of senior notes due in six, 10 and 30 years (expected rating: /AA/AA), according to a market source.

The $1 billion tranche of six-year notes was expected to yield mid-swaps plus 210 basis points, which was tight to initial price talk of mid-swaps plus 250 bps area and guidance of mid-swaps plus 220 bps area.

The $1 billion tranche of 10-year notes was expected to price to yield mid-swaps plus 235 bps, which was tight to initial price talk in the area of 275 bps and guidance of mid-swaps plus 245 bps area.

The $2 billion tranche of 30-year notes was expected to price to yield 3.95%, which was tight to initial price talk of 4 3/8% area and guidance of 4.1% area.

The order books at the time the Regulation S deal was launched were in excess of $6.25 billion, $8.25 billion and $9 billion for the six-, 10- and 30-year tranches, respectively.

Banca IMI, BNP Paribas, BofA Securities, First Abu Dhabi Bank, HSBC, Natixis, and Societe Generale are joint lead managers, with BNP Paribas Taipei Branch, SG Securities (HK) Ltd., Taipei Branch each as manager and HSBC Bank (Taiwan) Ltd. as lead manager.

MDGH is a government owned investment company.

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