TAQA to issue $1.75bn two-tranche bonds

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.

Mubasher Contribution Time: 17-Apr-2018 08:31 (GMT)
Mubasher Last Update Time: 17-Apr-2018 08:44 (GMT)

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