[TAQA]

Abu Dhabi National Energy Co PJSC "TAQAUH" (Aa3/NR/AA- (s/-/s) hit the market today with $1.5bn 144A/Reg S 2-part sr notes (7y and 30y Formosa). 3mos par call on 7y and 6mos on 30y. CoC. 2028s: 2051s: Citi (Taiwan)/HSBC (Taiwan) (JGCs/JBRs), BoC/FADB/Mashreq/Miz/MUFG joint structuring agents. English Law. 7y: list London. 30y: list London/Taipei. UOP: financing of the tender offers and gcp. Pricing 4/20. IPTs: 7y T+110a area, 30y 3.75% area.

VIA:

2028 LEADS: Citi/HSBC (JGCs)/BoC/FADB/Mashreq/Miz/MUFG (JBRs).

2051s: Citi (Taiwan)/HSBC (Taiwan) (JGCs/JBRs), BoC/FADB/Mashreq/Miz/MUFG joint structuring agents.

Announced overnight with benchmark size, we heard IPT at 7yr 110a; 30yr 3.75% area.

Ultimately a $1.5bn deal priced at 80/3.40%.

PRICED:
$750m 2.00% 4/29/28 99.799 2.031% T+80.
$750m 3.40% 4/29/51 100.00 3.40%. T+113.4.

As for r/v, outstanding TAQAUH was quoted as follows:

TAQAUH 4.375% due 06/22/26 T+76bp (G71; $113.77) - $1bn pxd Jun 2016

TAQAUH 4.875% due 04/23/30 T+85bp (G94; $119.48) - $1bn pxd Apr 2018

TAQAUH 4.000% due 10/03/49 T+112bp ($110.88; 3.40% yld) - $500m pxd Sept 2019

Based on the above, most felt f/v for the TAQAUH curve should be 5yr T+65-70; 7yr T+80a; and 10yr T+90-95 (factoring in high $). So at the T+80bp pricing level, 7YR CONCESSION IS FLAT.

The 30yr dual-listed Formosa came in right at the 3.40% secondary level. 30YR CONCESSION FLAT.

(*We originally did not have the 30yr Formosa on the countable list, but ultimately will count this tranche since it a dual-listed Formosa)

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