DUBAI- Abu Dhabi National Energy Co (TAQA) has received orders in excess of $4 billion for a planned dual-tranche U.S. dollar-denominated bond issue, a source at one of the banks leading the deal said.
TAQA is marketing seven-year and 12-year notes of benchmark size, which conventionally means upwards of $500 million.
Initial price guidance for the notes, released earlier on Monday, was in the region of 185 basis points (bps) over U.S. Treasuries for the seven-year tranche, and of around 240 bps over for the 12-year paper.
Guidance was subsequently tightened to 175 bps and 225 bps over the benchmark, said the source. The bonds are expected to price later on Monday.
(Reporting by Davide Barbuscia, editing by Ghaida Ghantous and Louise Heavens) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: email@example.com))