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Abu Dhabi National Energy Company (Taqa), plans to price a $1.5 billion two-tranche bond on Monday, amid strong demand, a bank document showed.
Guidance for the long five-year tranche, expected to be $500 million in size, was tightened to 90 basis points over Treasuries from earlier indications of 120 bps as order books reached over $5.5 billion.
A 10-year green bond issue is expected to be $1 billion in size with price guidance at 120 basis points over Treasuries, 25 bps tighter than initially indicated, with over $6.1 billion in orders.
Taqa, an integrated utility company majority-owned by the Abu Dhabi government, mandated banks last week for the senior, unsecured bond issue following an earlier launch of its green finance framework.
Proceeds from the five-year tranche will be used for general corporate purposes while the 10-year green bond will be used to finance projects as set out in the framework.
BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, ICBC, IMI-Intesa Sanpaolo, Scotiabank, SMBC Nikko and Standard Chartered Bank are mandated bookrunners and lead managers.
First Abu Dhabi Bank, HSBC, and Standard Chartered Bank are joint green structuring advisers.
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