PHOTO
Abu Dhabi Future Energy Company PJSC, known as Masdar, (A1/AA-), has launched $1 billion dual tranche no-grow Reg S senior unsecured bonds with tenures of 5 and 10 years.
Abu Dhabi Commercial Bank, Bank of China, BNP Paribas, Credit Agricole CIB, DBS Bank Ltd., First Abu Dhabi Bank, IMI-Intesa Sanpaolo, ING, J.P.Morgan are the joint lead managers and bookrunners.
The issuances come under Masdar’s $3 billion Euro Medium Term Note Programme.
The $500 million 5-year bond has IPTs in the UST+115 basis points area.
The $500 million 10 year has IPTs in the UST+125bps area.
Interest rates will be paid semi-annually on 21 May and 21 November in each year, up to and including the maturity date.
An amount equivalent to the net proceeds will be applied by the issuer to finance and / or refinance certain eligible green projects as described in its Green Finance Framework, according to the investor document.
The Abu Dhabi government-owned energy company raised $750 million its issued its first green bond in 2023.
Masdar, the only renewable power company in the UAE, has a total portfolio of 291 projects with capacity to produce 58 giga watts.
(Writing by Brinda Darasha; editing by Daniel Luiz)
