SUBSCRIBE

CATEGORIES

Abu Dhabi’s TAQA sells $1.5 billion in bonds

imageStock Markets59 minutes ago (Apr 20, 2021 10:55AM ET)

(C) Reuters.

By Yousef Saba

DUBAI (Reuters) – Abu Dhabi National Energy Company (TAQA), owned by Abu Dhabi state-owned holding company ADQ, sold on Tuesday $1.5 billion in dual-tranche bonds comprising a seven-year tranche and 30-year Formosa notes, a document showed.

It sold $750 million of each tranche, with the seven-year paper at 80 basis points over U.S. Treasuries and the 30-year notes at 3.4%, the document from one of the banks on the deal showed.

Initial guidance was around 110 basis points over U.S. Treasuries for the seven-year tranche and around 3.75% for the 30-year Formosa portion.

TAQA received over $6.5 billion in orders for the debt sale, with a skew towards the conventional seven-year tranche. Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar.

Citi and HSBC were global coordinators and Bank of China, First Abu Dhabi Bank, Mashreq, Mizuho and MUFG were also on the deal.

Abu Dhabi’s TAQA sells $1.5 billion in bonds

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.