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Abu Dhabi / WAM
The Abu Dhabi Securities Exchange (ADX) on Thursday announced that Abu Dhabi National Energy (Taqa) PJSC has made a secondary listing on the ADX of nine bonds with a total value of $8.25 billion, maturing between 2023 and 2051.
The bonds were largely issued as part of Taqa’s Global Medium Term Note Programme 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 bonds have fixed coupons ranging from 2 to 6.5 percent with coupons distributed to investors semi-annually. The bonds are rated AA- by Fitch and Aa2 by Moody’s. The listing of Taqa’s bonds take the number of debt instruments listed on the ADX to 37.
On the occasion of the listings, Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said, “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.”
Jasim Husain Thabet, Taqa’s group Chief Executive Officer and Managing Director, commented, “The listing of nine Taqa-issued bonds on Abu Dhabi Securities Exchange (ADX) is an important milestone for both organisations 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 utilities sector.”