Abu Dhabi’s TAQA mandates banks for dual-tranche USD green bond issue; IPTs out

By Zawya

By Staff Writer

Abu Dhabi National Energy Company (TAQA) has launched a dual-tranche US dollar-denominated green bond offering under Rule 144A and Regulation S format.

The Abu Dhabi-listed utility is marketing a long five-year tranche at initial price thoughts (IPTs) of around 130 basis points over US Treasuries and a 10-year tranche at around T+ 140bp.

The proposed notes are expected to be rated Aa3 by Moody's and AA by Fitch, in line with TAQA's issuer ratings. The bonds will rank as senior unsecured obligations of the company.

Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, J.P. Morgan, Mashreq and Standard Chartered Bank have been appointed joint bookrunners and joint lead managers.

Citi, HSBC and Standard Chartered are acting as joint green structurers on the transaction.

Settlement is scheduled for Oct. 26, 2026, with the five-year tranche maturing on April 26, 2032, and the 10-year tranche due on Oct. 26, 2036.

TAQA said proceeds will be used to finance or refinance eligible green projects in line with its Green and Blue Finance Framework, with any remaining proceeds allocated to general corporate purposes.

The bonds are expected to be issued under TAQA's $20 billion Global Medium Term Note Programme and listed on the London Stock Exchange's Main Market.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@lseg.com

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.