TAQA is marketing seven-year and 12-year notes of benchmark size, which conventionally means upwards of $500mln.
DUBAI- Abu Dhabi National Energy Co (TAQA) has received orders in excess of $4 billion for a planned dual-tranche U.S. dollar-denominated bond issue, a source at one of the banks leading the deal said.
TAQA is marketing seven-year and 12-year notes of benchmark size, which conventionally means upwards of $500 million.
Initial price guidance for the notes, released earlier on Monday, was in the region of 185 basis points (bps) over U.S. Treasuries for the seven-year tranche, and of around 240 bps over for the 12-year paper.
Guidance was subsequently tightened to 175 bps and 225 bps over the benchmark, said the source. The bonds are expected to price later on Monday.
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