Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) is set to issue a $1.75 billion (AED 6.43 billion) bonds split into a 7-year $750 million tranche and a 12-year $1 billion tranche.
The planned bond sale is aimed at redeeming an outstanding $500 million bond due in September, informed sources told Reuters.
The Abu Dhabi-listed company has received over $8.25 billion in bids for the awaited issuance.
“Initial price guidance (IPG), released earlier on Monday, was in the region of 185 basis points (bps) over U.S. Treasuries for the seven-year tranche and about 240 bps over for the 12-year paper,” the international news agency revealed.
The IPG was decreased to 165 bps over US Treasuries for the $750 million tranche and 210 bps over the UST benchmark for the $1 billion tranche.
Taqa's fresh bond sale is expected to be set 5 points above or below the reported figures.
Citigroup, First Abu Dhabi Bank (FAB), HSBC, ING, Mizuho, Scotiabank and SMBC Nikko are the sale’s joint lead managers.
