Abu Dhabi’s sovereign investment arm Mubadala, through its unit Mamoura Diversified Global Holding (MDGH), has set the stage for a new USD-denominated 10-year bond under its Global Medium Term Note Programme.
Initial price thoughts (IPTs) hover around UST+90 basis points, with bookbuilding kicking off on October 8. The deal is expected to price today, aiming for a settlement on October 16, 2025.
A strong lineup of banks is steering the transaction. Abu Dhabi Commercial Bank, Citi, First Abu Dhabi Bank, and Standard Chartered Bank serve as joint global coordinators, while Bank of China, Deutsche Bank, Goldman Sachs International, Mizuho, and Santander join as lead managers and bookrunners.
The senior unsecured notes, maturing October 16, 2035, carry a fixed semi-annual coupon on a 30/360 basis. Investors will have a three-month par call option and a change-of-control put option. The bonds, structured under Rule 144A and Regulation S, will list on the London Stock Exchange with minimum denominations of $200,000, plus $1,000 increments.
Credit backing comes from MDGH itself, rated Aa2 by Moody’s and AA by both S&P and Fitch, all with stable outlooks. Expected issue ratings are AA from S&P and Fitch. The transaction follows English law and will adhere to FCA/ICMA stabilization rules, with Standard Chartered handling billing and delivery.
