Louisiana Light • 3 days | 71.80 | -0.18 | -0.25% | |||
Bonny Light • 2 days | 76.66 | +1.57 | +2.09% | |||
Opec Basket • 3 days | 78.31 | +0.00 | +0.00% | |||
Mars US • 36 days | 79.71 | -2.05 | -2.51% | |||
Gasoline • 21 hours | 2.050 | +0.049 | +2.43% |
Bonny Light • 2 days | 76.66 | +1.57 | +2.09% | |||
Girassol • 2 days | 76.37 | +1.23 | +1.64% | |||
Opec Basket • 3 days | 78.31 | +0.00 | +0.00% |
Peace Sour • 1 day | 56.34 | -0.04 | -0.07% | |||
Light Sour Blend • 1 day | 59.34 | -0.04 | -0.07% | |||
Syncrude Sweet Premium • 1 day | 62.19 | -0.04 | -0.06% | |||
Central Alberta • 1 day | 57.09 | -0.04 | -0.07% |
Eagle Ford • 3 days | 65.82 | -0.04 | -0.06% | |||
Oklahoma Sweet • 3 days | 66.25 | +0.00 | +0.00% | |||
Kansas Common • 4 days | 59.75 | -2.75 | -4.40% | |||
Buena Vista • 5 days | 78.44 | -0.72 | -0.91% |
The proposed emissions cap would…
The Thursday OPEC+ decision for…
Abu Dhabi’s state owned energy company, the Abu Dhabi National Energy Co. (TAQA), has announced that it will be holding a two part bond sale in order to raise $2 billion.
The proceeds will be used to refinance $1.75 billion of debt which is set to mature next year.
It held a similar sale last December when it raised $1.5 billion to refinance bonds that were set to mature in 2012.
Bond sales are an easy way for organisations located in the Gulf to raise money as top-rated debt in the area is very strong and spreads for state-owned companies such as TAQA have tightened recently making them even more attractive. The International Petroleum Investment Co. (IPIC) held their own bond sale last month and managed to raise $2.9 billion.
Arabianbusiness.com explained that TAQA “launched a $750m bond maturing 2018 at a spread of 200 basis points over U. S. Treasuries and a $1.25bn bond maturing 2023 at 210 basis points over U. S. Treasuries.”
Related Article: Bad Times for BP Amid Rumors of Acquisition or Split
A spokesman for TAQA told Reuters that, “we are still in the process of book building. We have seen strong demand and expect to finalise the transaction late Wednesday or by Thursday.”
Demand is high with books seen in excess of $10 billion. Companies such as BNP Paribas, Citigroup Inc, HSBC Holdings, National Bank of Abu Dhabi, and Standard Chartered Plc, are just a few of those interested.
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By. Charles Kennedy of Oilprice.com
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