Sources say Abu Dhabi National Energy Co has appointed five banks for potential offering
Abu Dhabi National Energy Co (TAQA) has appointed five banks to arrange a potential international bond offering that is expected to launch in the first quarter of this year, sources have said.
Bank of America-Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Royal Bank of Scotland, Societe Generale and Standard Chartered have been chosen to manage the deal, according to the sources, who declined to be named because the information isn't public.
The state-owned company sent out an invitation to banks late last year to pitch for roles on a deal expected to happen in April. However, the sources on Thursday did not rule out an opportunistic launch at an earlier date.
Despite the volatility in emerging credit markets at the moment, the Abu Dhabi-state linked firms will still have access to the market and can launch a drive-by deal, one of the sources said.
TAQA was last in the market in December 2012, when it priced a $2 billion dual-tranche bond.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.