• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 22 mins U.S. Presidential Elections Status - Electoral Votes
  • 1 hour Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 13 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 mins .
  • 17 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 1 day Сryptocurrency predictions
  • 1 day 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 2 days Joe Biden's Presidency

TAQA Hopes to Raise $2 Billion with Bond Sale

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.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News