EM CEEMEA CREDIT: DUBAEE: potential sale of aircraft maintenance unit
Dubai Aerospace Enterprise (DUBAEE; Baa2/-/BBB)
“*DUBAI AEROSPACE SAID TO SEEK BUYER FOR PLANE MAINTENANCE UNIT” - BBG
• Headline refers to aircraft maintenance division. Aviation services’ champion DAE counts DAE Capita with aircraft purchases (83), sales (68) and leases (233) and DAE Engineering’s contract services (in excess of 1.5mn man-hours, over 300 aircraft checks) as per latest 2024 business transactions update.
• Dubai Aerospace Enterprise have USD debt profile shows a 500mn deal maturing on 20 March ’25. They also have longer dated debt maturing in Feb26 (USD750mn) and Mar28 (USD750mn).
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EURIBOR OPTIONS: Latest Option structures
- ERK5/ERM5 98.0625/98.3125cs spread, bought for 0.25 in 4k.
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"The EU has mandated Citi, Deutsche Bank, HSBC, Morgan Stanley and Société Générale as Joint Lead Managers for its upcoming EUR Fixed Rate RegS Bearer dual tranche transaction comprising an increase of the EU 2.500% benchmark due 4 December 2031 (EU000A3L1DJ0) and an increase of the green EU 3.250% benchmark due 4 February 2050 (EU000A3K4EU0). No further group. The transaction will be launched tomorrow, subject to market conditions."
- MNI pencils in E4-6bln for the short 7-year 2.50% Dec-31 EU-bond tap and E4-6bln for the 25-year 3.25% Feb-50 Green EU-bond (with an overall transaction size of E9-11 likely).
