Abu Dhabi's biggest utility and an aluminum smelter are raising as much as $2 billion by selling bonds they'll repay with cash from projects being fin (more)
Abu Dhabi's biggest utility and an aluminum smelter are raising as much as $2 billion by selling bonds they'll repay with cash from projects being financed, evidence of the emirate's effort to broaden its funding
Abu Dhabi National Energy Co. (TAQA), known as Taqa, said it plans to complete the sale this quarter of an $800 million project bond for its Shuweihat S2 power plant. The Taqa unit would now pay about 3.5 percent on 10-year project bonds, Amol Shitole, a credit analyst with SJS in Bangalore, India, said April 16 by e- mail. That compares with an average corporate bond yield of 3.37 percent yesterday, a Middle East regional HSBC/Nasdaq Dubai index shows.
Emirates Aluminium Co., or EMAL, may sell a project bond as early as this quarter, according to Mubadala Development Co., a partner in the venture. EMAL needs money to expand a smelter, while Taqa is refinancing its Shuweihat power station in Abu Dhabi, the largest sheikhdom in the United Arab Emirates. Both state-run companies are contributing to Abu Dhabi's effort to diversify financing options beyond bank loans and corporate bonds to attract a wider range of investors.
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