Abu Dhabi’s Taqa considering bond issue, sources say

LONDON: Abu Dhabi National Energy Company (Taqa) is the latest entity from the region considering an international bond, according to several sources.

The company sent an RFP to banks recently, which was due on May 8.

If Taqa issues, it would follow in the footsteps of the sovereign, which raised $5 billion (Dh18.4 billion) last month through a dual-tranche offering.

Another state-owned Abu Dhabi company, Mubadala, is in the market on Monday with a $500 million seven-year bond, which it has begun marketing at 170bp area over mid-swaps.

Oil investment fund, IPIC, is also rumoured to be considering a deal at some point, though the timing is uncertain given its dispute with Malaysian state-owned vehicle 1MDB. IPIC was eyeing a trade in euros, according to a Reuters report last month.

The currency for any Taqa deal is unknown, though one source reckoned it would most likely be dollars.