China's c. bank issues 520.1b yuan off reverse repo    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Egypt signs strategic agreements to attract global investment in gold, mineral exploration    Egypt launches first national workshop on food systems, climate action with UN, global partners    Al-Sisi reviews Egypt's food security, strategic commodity reserves    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    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    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    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
Published in Arab News Agency on 26 - 02 - 2012


Abu Dhabi National Energy Co (TAQA)
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.