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Abu Dhabi's TAQA plans USD2b bond issue

MENAFN - - 06/12/2012


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(MENAFN) Abu Dhabi National Energy Co (TAQA) plans to tap markets to raise USD2 billion from its two-part bond, amid strong demand for top-rated Gulf debt, Reuters reported.

TAQA has issued a USD750 million bond, maturing 2018, at a spread of 200 basis points over US Treasuries and a USD1.25 billion bond, maturing 2023, at 210 basis points over US Treasuries.

The company has USD1.75 billion in bond maturities next year. It last tapped markets for a dollar-denominated issue last December with a USD1.5 billion two-tranche bond to refinance 2012 maturities.

Regional traders said there was substantial demand for TAQA's new issue, with order books seen in excess of USD10 billion at 2pm UAE time, and the bonds already trading higher in the grey market.

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