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

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, take 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