Abu Dhabi’s TAQA lists nine bonds worth $8.25bn on ADX

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

The bonds were largely issued as part of TAQA’s Global Medium Term Note Program and are listed on the London Stock Exchange. The bonds range in size from $500 million to $1.5 billion, with issuance tenors ranging from seven years to 30 years.

The fixed coupons on the bonds range from 2 percent to 6.5 percent, and they are distributed to investors semi-annually. The bonds are rated AA- by Fitch and Aa2 by Moody’s.  The listing of TAQA’s bonds takes the number of debt instruments listed on the ADX to 37.

“The listing of nine TAQA-issued bonds on ADX is an important milestone for both organizations 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 utility sector.”

Mr. Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said that “TAQA’s secondary listing of $8.25 billion 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.”

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