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Al Noor Solar Power Plant in Abu Dhabi, owned by TAQA. (supply)
Abu Dhabi National Energy Company, or TAQA, plans to price two tranches of bonds on Monday, issuing preliminary price guidance for long-term five-year and 10-year green bonds, a bank document showed.
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Preliminary guidance for the long-term five-year tranche is around 120 basis points over Treasuries, and for the 10-year tranche is around 145 basis points over Treasuries. Both tranches are expected to reach the benchmark size, or at least $500 million.
TAQA, an integrated utility majority-owned by the Abu Dhabi government, last week authorized banks to issue senior unsecured bonds following the earlier launch of its green finance framework.
Proceeds from the five-year bond will be used for general corporate purposes, while the ten-year green bond will be used to finance projects set out in the framework.
BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, IMI-Intesa Sanpaolo, Scotiabank, SMBC Nikko and Standard Chartered are the trusted bookrunners and lead managers.
First Abu Dhabi Bank, HSBC and Standard Chartered are joint green structure advisors.
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