Taqa plans bond issue

03/09/2014 00:51 AST

Abu Dhabi National Energy Co.'s debt is outperforming regional notes after the company said it won't tap bond markets for at least two years and as security improves in Iraq, where it halted work at an oil field.

About 120 US airstrikes helped repel militants of an al Qaeda-offshoot group from the Kurdish region of northern Iraq where Taqa, as the Abu Dhabi-controlled utility is known, runs the Atrush oil field. Earnings from Atrush, set to start producing next year, and other crude deposits will help repay debt. Taqa, which normally refinances its bonds, said on August 13 it will meet 2016 payments from cash flow and by selling assets.

Yields on Taqa's bonds fell this week to the lowest in more than a year, with the 2023 security dropping 17 basis points in August to 3.4 per cent on August 29, according to data compiled by Bloomberg. That compares with a 12 basis-point decline in the average Middle East sovereign yield and a 14 basis-point slide for regional corporate borrowers, according to JP Morgan Chaseindexes.

"With no bonds planned, Taqa's existing debt is in demand and that makes what's out there more valuable," Deepti S. M., a credit analyst at SJS Markets in Bangalore, India, said by phone on September 1. "US involvement in Iraq is improving security, and that will help Taqa's long-term investment outlook."


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