Published on 3/5/2021 in the Prospect News Emerging Markets Daily.
New Issue: Abu Dhabi’s Mamoura prices $1.1 billion of notes due 2027, 2034
By Rebecca Melvin
New York, March 5 – MDGH-GMTN (RSC) Ltd., a subsidiary of Mamoura Diversified Global Holding PJSC, formerly Mubadala Development Co. PJSC, sold $1.1 billion of senior notes in tranches due in six and 13 years (Aa2/AA), according to a market source.
The $600 million tranche of 3/8% six-year notes was reoffered at 99.953 to yield 0.383%, or a spread of 65 basis points over mid-swaps. That pricing was tight to initial price talk of mid-swaps plus 85 bps area and guidance of mid-swaps plus 70 bps to 75 bps.
The $500 million tranche of 1% 13-year notes priced at 99.095 to yield 1.075%, or mid-swaps plus 90 bps, which was tight to initial price talk of 105 bps to 110 bps and guidance of mid-swaps plus 90 bps to 95 bps.
The order books were in excess of $2 billion at the time price guidance was released.
Citi and JPMorgan were joint global coordinators of the Regulation S notes as well as joint lead managers and bookrunners together with Abu Dhabi Commercial Bank, BNP Paribas, First Abu Dhabi Bank, ING, Morgan Stanley and Standard Chartered.
The investment company is indirectly wholly owned by the government of Abu Dhabi.
| Issuer: | MDGH-GMTN (RSC) Ltd.
|
| Guarantor: | Mamoura Diversified Global Holding PJSC
|
| Amount: | $1.1 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Citi, JPMorgan, Abu Dhabi Commercial Bank, BNP Paribas, First Abu Dhabi Bank, ING, Morgan Stanley and Standard Chartered
|
| Co-managers: | Banca IMI, DBS Bank Ltd., Mizuho, SMBC Nikko and UniCredit
|
| Pricing dates: | March 4
|
| Settlement date: | March 10
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Distribution: | Regulation S
|
|
|
| Six-year notes
|
| Amount: | $600 million
|
| Maturity: | March 10, 2027
|
| Coupon: | 3/8%
|
| Price: | 99.953
|
| Yield: | 0.383%
|
| Spread: | 65 bps over mid-swaps
|
| Talk: | 70 bps to 75 bps over mid-swaps, tightened from 85 bps area over mid-swaps
|
| Call option: | At par beginning on Feb. 10, 2027
|
|
|
| 13-year notes
|
| Amount: | $500 million
|
| Maturity: | March 10, 2034
|
| Coupon: | 1%
|
| Price: | 99.095
|
| Yield: | 1.075%
|
| Spread: | 90 bps over mid-swaps
|
| Talk: | 90 bps to 95 bps over mid-swaps, tightened from 105 bps to 110 bps
|
| Call option: | At par beginning on Dec. 10, 2033
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
