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Taqa may sell bonds by year-end
- United Arab Emirates: Monday, May 06 - 2013 at 05:13
Abu Dhabi National Energy Co (Taqa) has said it may sell bonds as early as the fourth quarter, amid prospects borrowing costs will fall after Standard & Poor's boosted the state-owned utility and oil producer's credit outlook, Bloomberg has reported. "You could expect to see us in the market in the fourth quarter, but if we don't like the market, we'll defer," chief financial officer Stephen Kersley told the news service. Taqa plans to refinance $1.2bn in bonds due in September 2014. The S&P upgrade will further assure investors that Taqa is "on the right path, both strategically and in terms of better managing its balance sheet" said the head of markets strategy at National Bank of Abu Dhabi, Chavan Bhogaita. "If Taqa can continue along these lines, it would certainly be beneficial for their funding activities through banks and capital markets."
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