Abu Dhabi National Energy Company (TAQA), owned by Abu Dhabi state-owned holding company ADQ, sold on Tuesday $1.5 billion in dual-tranche bonds comprising a seven-year tranche and 30-year Formosa notes, a document showed.
It sold $750 million of each tranche, with the seven-year paper at 80 basis points over U.S. Treasuries and the 30-year notes at 3.4%, the document from one of the banks on the deal showed.
Initial guidance was around 110 basis points over U.S. Treasuries for the seven-year tranche and around 3.75% for the 30-year Formosa portion.
TAQA received over $6.5 billion in orders for the debt sale, with a skew towards the conventional seven-year tranche. Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar.
Citi and HSBC were global coordinators and Bank of China, First Abu Dhabi Bank, Mashreq, Mizuho and MUFG were also on the deal.