Masdar prices $600mln blue bond; orders top $1.4bln

By Zawya

By Staff Writer

Abu Dhabi’s flagship renewable energy company Masdar, rated A1/AA-/AA-, has set the final pricing for its $600 million five-year blue bond at 115 basis points (bps) over the five-year US Treasury benchmark, tightening from initial price thoughts of around 130 bps.

The offering attracted orders exceeding $1.4 billion, excluding joint lead manager interest.

The senior unsecured bond, which matures on October 29, 2031, was launched as a no-grow offering, meaning the issuer will not increase the $600 million issue size despite strong investor demand.

Final allocations have been released, with the bond quoted at a reoffer price of 98%.

Abu Dhabi Commercial Bank, BNP Paribas, Credit Agricole CIB, First Abu Dhabi Bank, HSBC, J.P. Morgan and Societe Generale acted as joint lead managers and bookrunners.

The notes are expected to settle on October 29 and be listed on the London Stock Exchange’s International Securities Market.

(Writing by Ahmad Mousa; editing by Seban Scaria)

Ahmad.mousa@lseg.com

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