Dubai: Abu Dhabi National Energy Company (Taqa) said on Sunday it has finalised the issuance of $500 million in bonds. The 30-year bonds will have a coupon yield to maturity of 4 per cent.

Taqa said the proceeds of the bond issuance will be used to repay other outstanding debt.

A Reuters report last week citing a document by one of the banks, said the bonds received $4.5 billion in demand. Taqa hired BNP Paribas, First Abu Dhabi Bank, JP Morgan, Societe Generale, and Standard Chartered Bank to arrange the deal, Reuters reported.

The bonds from Taqa come as more governments and companies in the GCC head to the bond market to raise cash amid low global rates. Less than a week ago, Abu Dhabi’s government sold $10 billion of bonds in a three-part deal that was its first international offering in two years. Bahrain is also tapping the bond market to sell both conventional bonds and sukuk.