close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Abu Dhabi’s TAQA picks five banks for dollar bond

Abu Dhabi National Energy Co (TAQA) has mandated five banks for a dollar-denominated bond which could be issued before the end of the year, a spokesman for the company told Reuters on Monday.

0

November 12, 2012 6:29 by



TAQA has picked BNP Paribas, Citigroup Inc, HSBC Holdings, National Bank of Abu Dhabi and Standard Chartered for the bond, the spokesman said.

 

“Subject to approval from our board of directors and favourable market conditions, we may proceed with an issuance this year,” the spokesman added without elaborating on specific details.

 

The company, which is 75-percent owned by the Abu Dhabi government, is due to report its third-quarter earnings later this week, following a board meeting scheduled for Tuesday.

 

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. Abu Dhabi holds over 90 percent of the UAE’s oil reserves, with the seven-member federation one of the world’s largest oil exporters.

 

TAQA last tapped global debt markets in December last year with a $1.5 billion two-tranche bond to refinance debt.

 

Chief Executive Carl Sheldon told Reuters on Monday that the company would issue bonds if the pricing was attractive.

 

“The spreads have tightened against other sovereign-related entities. We have two maturities next year and if we can get the issue at the right pricing, we will (sell bonds),” Sheldon said on the sidelines of an energy conference in Abu Dhabi.

 

The company has a $1 billion bond coming due in August and a $750 million note maturing in October , according to Thomson Reuters data.

 

Separately, sources told Reuters on Monday that TAQA is in advanced talks to buy a stake in an oil block in Iraqi Kurdistan by taking a majority interest in General Exploration Partners (GEP).

 

By Stanley Carvalho

(Writing by Rachna Uppal; Editing by David French)



0

Leave a Comment