Abu Dhabi's Taqa says no bond issue until 2017

Abu Dhabi National Energy Co (Taqa) does not plan to issue any new bonds before 2017 at the earliest, the company said on Wednesday as it announced second-quarter earnings.

“The company expects to pay 2016 maturities from improved operational cash flow and asset sales and does not intend to return to the bond market until 2017, at the earliest,” it said in a statement.

Noting that it had refinanced a $1.2 billion bond in April at attractive pricing, Taqa said it had available liquidity of $5 billion at the end of June, including $1.1b of cash in hand.