Trade Idea

Dislocation in Abu Dhabi Curve

BUY

ADGB 3 1/8 04/16/30

XS2125308168
SELL

ADGB 2 1/2 04/16/25

XS2125308085

ADGB 3% 2030 look cheap against ADGB 2.5% 2025. While ADGB 30's have on average traded 31bps wider than ADGB 25's over the LTM, the difference has increased to 59bps as the 25's have tightened while the 30's have remained stable. Holders of ADGB 25's looking to extend maturity have the opportunity to take profits at 6bps and switch into ADGB 30's at 65bps.

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