Abu Dhabi’s Taqa raises $750m in bond tap

Abu Dhabi: Abu Dhabi National Energy Co (Taqa) raised $750 million (Dh2.5 billion) by tapping its $1 billion of 2021 and 2026 bonds issued in June, sources familiar with the matter said on Thursday.

The new debt issuance is split between five- and 10-year maturities. The bond tap was arranged by Citigroup, Mizuho, Mitsubishi UFJ Financial Group and Standard Chartered.

A $250 million tranche of June 2021 bonds was sold at a yield of 3.05 per cent, compared to initial price talk of 3.35 per cent, while $500 million of June 2026 bonds were sold at 3.8 per cent, against initial talk of 4.125 per cent.