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The Abu Dhabi National Energy Company (TAQA) raised USD 1.75 bn in a dual-tranche bond issuance, which will be used for general corporate purposes and financing green projects, Wam reported Friday.
The issuance attracted substantial interest, with the order book exceeding USD 6.2 bn, making it 3.5x oversubscribed. This high demand led Taqa to revise pricing down from an already narrowed guidance of 90-95 bps for the 7-year bonds and 110-115 bps for the 12-year green bonds, to 85 bps over US treasuries for the former and 105 bps for the latter.
What they said: “Taqa’s latest green bond offering underscores our continued ability to secure competitive financing while advancing our ESG and decarbonization agenda. This issuance, the second under Taqa’s Green Finance Framework, reflects the increasing investor appetite for credible green investments that align with our ambitious growth targets,” Taqa’s Group Chief Executive Officer and Managing Director Jasim Husain Thabet said.
ADVISORS- Bank of China, Barclays, Citi, First Abu Dhabi Bank, JPMorgan, Mizuho, MUFG and Natixis were joint bookrunners and joint lead managers, with Citi, FAB, and MUFG collaborating on structuring the 12-year green debt.
