The combined order books totalled almost $15 billion. TAQA, an integrated utility company majority-owned by the Abu Dhabi government, mandated banks last week for the senior, unsecured bond issue following the publication of its green finance framework. Proceeds from the five-year tranche will be for general corporate purposes while the 10-year green bond will be used to finance projects as set out in the framework. Debt issuers in the Gulf have rushed back to markets during a typically slow period during the Muslim fasting month of Ramadan, taking advantage of lower yields and favourable market dynamics. Interest in issuing green bonds in the region has also grown as the UAE gears up to host the COP28 climate summit this year.
TAQA mandated BNP Paribas, Emirates NBD Capital, First Abu
Dhabi Bank, HSBC, ICBC, IMI-Intesa Sanpaolo, Scotiabank, SMBC
Nikko and Standard Chartered Bank as bookrunners and lead
managers.
First Abu Dhabi Bank, HSBC, and Standard Chartered Bank are
joint green structuring advisers.
(Reporting by Rachna Uppal, Editing by Louise Heavens and John
Stonestreet)
