Taqa launches $2bn bond

Abu Dhabi National Energy Co (Taqa) launched a $2 billion two-part bond on Wednesday, arranging banks said, with final pricing tighter than earlier indicated due to strong demand for the deal.

The company, 75-per cent owned by the Abu Dhabi government, will sell a $750 million bond maturing 2018 at a spread of 200 basis points over U. S. Treasuries and a $1.25 billion bond maturing 2023 at 210 basis points over US Treasuries.

Taqa had issued slightly wider guidance for both tranches earlier on Wednesday.

BNP Paribas, Citigroup, HSBC Holdings, National Bank of Abu Dhabi and Standard Chartered are mandated bookrunners on the deal.

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