Abu Dhabi’s ADX lists Taqa bonds valued at $8.25bn

Abu Dhabi National Energy (Taqa) has made a secondary listing on the Abu Dhabi Securities Exchange (ADX) of nine bonds, with a total value of $8.25bn maturing between 2023 and 2051.

The listing of Taqa’s bonds, which are rated AA- by Fitch and Aa2 by Moody’s, takes the number of debt instruments listed on the ADX to 37.

The bonds were issued as part of Taqa’s Global Medium Term Note Programme and are listed on the London Stock Exchange. They range in size from $500m to $1.5bn, with issuance tenors ranging from seven years to 30 years. They have fixed coupons ranging from 2 per cent to 6.5 per cent, with coupons distributed to investors semi-annually.

Saeed Hamad Al Dhaheri, managing director and CEO of ADX, said: “Taqa’s secondary listing of $8.25bn of bonds on the ADX demonstrates the robust confidence that fixed-income issuers have in our flourishing debt capital market. At the same time, we are delighted to be offering market participants a greater range of securities on our exchange as part of our ‘ADX One’ strategy to enhance market liquidity and attract more international investors.”

Jasim Husain Thabet, Taqa’s group CEO and managing director, commented: “The listing of nine Taqa-issued bonds on ADX is an important milestone for both organisations as it provides additional liquidity for local and regional investors and strengthens Abu Dhabi’s debt capital market. Taqa is proudly an Abu Dhabi-based company – a market critical to our strategy for growth.

“Extending investment opportunities to our stakeholders across the emirate will contribute to the development of the local capital markets at a time when the UAE is experiencing stable economic growth year on year. With our strong balance sheet and our growth ambitions, we believe that TAQA continues to create value in the emirate through a thriving utilities sector.”

In other news, Taqa, ADNOC and Mubadala Investment Company recently entered into binding agreements that will see TAQA and ADNOC buy stakes in Masdar from Mubadala.

Read: Abu Dhabi’s ADNOC, Taqa, Mubadala enter agreements to acquire Masdar stakes