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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
TAQAUH
Abu Dhabi National Energy Co PJSC$1,500
2EMEA
Apr 17, 2023
currency
USD
size (m)
500.000
maturity
Jan 24, 2029
type
Fixed
tenor
5.750
call
-
registration
144A/Reg S (Cat 2)
benchmark
Tsy
ranking
Sr. Unsecured
moody's
Aa3
s&p
NR
fitch
AA-
size description
-
re-open/tap
No
ipt
T+120 area
ipt-pxd
-40
guidance
T+90 area
spread
80
coupon
4.375%
spread set
-
price
99.38900
yield
4.498%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-10
billing & delivering
active leads
BNP, EMN, FAB, HSB, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-10
billing & delivering
active leads
BNP, EMN, FAB, HSB, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
USD
size (m)
1,000.000
maturity
Apr 24, 2033
type
Fixed
tenor
10.000
call
-
registration
144A/Reg S (Cat 2)
benchmark
Tsy
ranking
Sr. Unsecured
moody's
Aa3
s&p
NR
fitch
AA-
size description
-
re-open/tap
No
ipt
T+145 area
ipt-pxd
-35
guidance
T+120 area
spread
110
coupon
4.696%
spread set
-
price
100.00000
yield
4.696%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-5
billing & delivering
active leads
BNP, EMN, FAB, HSB, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-5
billing & delivering
active leads
BNP, EMN, FAB, HSB, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
First Pay: 2023-07-24; Registration: 144A/Reg S (Cat 2); First Pay: 2023-10-24; Registration: 144A/Reg S (Cat 2);
Deal Comments
Abu Dhabi National Energy Company PJSC (TAQAUH), exp Aa3 (s) by Moody's and AA- (s) by Fitch, US$1.5bn 144A/Reg S (Cat 2) 2-part sr notes (long 5y due 1/24/29 and 10y Green Bond due 4/24/33). BNP/Emirates BND/FADB/HSBC/ICBC/IMI-Intesa/Scotia/SMBC Nikko/SCB (B&D) as JBRs/JBLs. Joint Green Structurers: FADB/HSBC/SCB. List LSE. English Law. UOP: L5y: gcp; 10y: financing eligible green projects as described in TAQA's Green Finance Framework. Pricing 4/17. Settle 4/24 (T+5). IPTs: L5y T+120 area, 10y green T+145 area. Abu Dhabi National Energy Company PJSC (“TAQA” or the “Issuer”) (rated Aa3 by Moody's and AA- by Fitch, both with a stable outlook), one of the largest listed integrated utility companies in the EMEA region in terms of market capitalization and 90.03% indirectly owned by the Emirate of Abu Dhabi, has mandated BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, ICBC, IMI-Intesa Sanpaolo, Scotiabank, SMBC Nikko and Standard Chartered as Joint Lead Managers and Bookrunners to organize a global investor call and a series of fixed income investor calls commencing on 13 April 2023. A proposed dual-tranche USD denominated benchmark 144A/Regulation S (Category 2) Registered senior unsecured bonds offering, including a Long 5-year tranche and a 10-year green tranche (collectively, the “Notes”) under TAQA’s Global Medium Term Note Programme (the “Offering”) will follow, subject to market conditions. FCA/ICMA stabilisation applies.
Relative Value

As for r/v, out

Abu Dhabi National Energy (Aa2/AA-)
- TAQAUH 2.000% due 04/29/28 T+86 (G86; $88.65) - $750m pxd April ‘21
- TAQAUH 4.875% due 04/23/30 T+102 (G97; $101.57) - $1bn pxd April ‘18
- TAQAUH 6.500% due 10/27/36 T+166 (G154; $111.97) - $912m pxd Oct ‘06

5YR: TAQAUH ‘28s T+86/$88.65; adding in curve/lo $ f/v was pegged at T+90bp. At the T+80bp pricing level, 5YR CONCESSION IS NEG 10BP.

10yr: T+102bp + 10-15bp 7s/10s = T+115bp. At the T+110bp pricing level, 10YR CONCESSION WAS PEGGED AT NEG 5BP.

Comps away:

MDGH GMTN RSC LTD (Aa2/AA/AA)
- MUBAUH 4.500% due 11/07/28 T+80 (G82; $100.01) - $800m pxd Nov ‘18
- MUBAUH 2.875% due 05/21/30 T+87 (G91; $90.56) - $1bn pxd Nov ‘19
- MUBAUH 2.500% due 06/03/31 T+88 (G85; $86.69) - $500m pxd May ‘21
- MUBAUH 3.375% due 03/28/32 T+92 (G90; $91.75) - $1bn pxd March ‘22
- MUBAUH 5.500% due 04/28/33 T+103 (G103; $106.85) - $1bn pxd T+165 10/18/22

Abu Dhabi Government International Bond (Aa2/AA/AA)
- ADGB 1.625% due 06/02/28 T+25 (G25; $89.37) - $2bn pxd May ‘21
- ADGB 3.125% due 04/16/30 T+39 (G34; $94.83) - $3bn pxd April ’20

UAE International Government Bond (Aa2/AA-)
- UAE 4.050% due 07/07/32 T+48 (G47; $99.84) - $1.75bn pxd July ‘22

Final books were not ready this afternoon.

At the peak, however, books were in excess of $14.600bn:

$500 L5y – books in excess of $6.40bn (excl JLM interest)
$1bn 10yr – books in excess of $8.20bn (excl JLM interest)

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