mobanmarketDubai: Abu Dhabi National Energy Company (Taqa) said on Sunday it has finalised the issuance of $500 million in bonds. The 30-year bonds will have a coupon yield to maturity of 4 per cent.
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Taqa said the proceeds of the bond issuance will be used to repay other outstanding debt.
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A Reuters report last week citing a document by one of the banks, said the bonds received $4.5 billion in demand. Taqa hired BNP Paribas, First Abu Dhabi Bank, JP Morgan, Societe Generale, and Standard Chartered Bank to arrange the deal, Reuters reported.
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The bonds from Taqa come as more governments and companies in the GCC head to the bond market to raise cash amid low global rates. Less than a week ago, Abu Dhabi’s government sold $10 billion of bonds in a three-part deal that was its first international offering in two years. Bahrain is also tapping the bond market to sell both conventional bonds and sukuk.
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