Ukraine, Egypt explore preferential trade deal: Zelenskyy    Egypt, Russia's Rosatom review grid readiness for El-Dabaa nuclear plant    Mastercard Unveils AI-Powered Card Fraud Prevention Service in EEMEA Region, Starting from Egypt    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    China's factory output expands in June '25    Egyptian pound climbs against dollar at Wednesday's close    New accords on trade, security strengthen Egypt-Oman Relations    Egypt launches public-private partnership to curb c-sections, improve maternal, child health    Gaza under Israeli siege as death toll mounts, famine looms    EMRA, Elsewedy sign partnership to explore, develop phosphate reserves in Sebaiya    Philip Morris Misr announces new price list effective 1 July    Egypt Post discusses enhanced cooperation with Ivorian counterpart    Egypt's Environment Minister calls for stronger action on desertification, climate resilience in Africa    Egypt in diplomatic push for Gaza truce, Iran-Israel de-escalation    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt, Tunisia discuss boosting healthcare cooperation        Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Abu Dhabi's TAQA raises $215m from ringgit bond
State-owned energy company raises new funds through sale of 10-year Islamic bonds at 4.65 per cent yield
Published in Ahram Online on 26 - 02 - 2012

Abu Dhabi National Energy Co (TAQA) raised $215 million from the sale of a Malaysian ringgit-denominated Islamic bond, or sukuk, it said on Sunday, as part of plans by the state-run oil and gas utility to diversify its funding sources.
The ten-year sukuk carried a 4.65 per cent profit rate with a full swapped rate to US dollars of 5.3 per cent, the company, which owns assets in Canada and Europe, said in a statement.
TAQA, which is 75 per cent owned by the government of Abu Dhabi, upsized the bond from 500 million to 650 million ringgits, due to strong investor demand from Malaysian asset management companies and Islamic investors, the company said.
The sukuk was part of the firm's 3.5 billion Malaysian ringgit sukuk programme, which was established late last year.
Gulf borrowers are tempted to explore financing options in Malaysia to diversify funding sources away from dollar financing and to tap into an Islamic investor base.
National Bank of Abu Dhabi and Abu Dhabi Commercial Bank have both issued in ringgit previously, in response to high demand from Malaysian investors looking to gain international exposure in local currency.
"This successful transaction opens up a new market and debt structure for TAQA," Stephen Kersley, chief financial officer of TAQA said in the statement.
Standard Chartered was the lead arranger for the sukuk.
Earlier this month, Malaysia's RAM Ratings assigned a preliminary AA1 rating to TAQA's proposed sukuk Murabahah programme of up to 3.5 billion ringgit.
In December, TAQA sold $1.5 billion in bonds maturing in five to ten years to refinance upcoming debt.
Abu Dhabi listed TAQA is a regular issuer of debt in global markets and benefits from implicit backing from the Abu Dhabi government as one of its strategic firms.
The emirate holds over 90 per cent of the UAE's oil reserves.


Clic here to read the story from its source.