Abu Dhabi's Taqa sells $1.5 bln in bonds

Abu Dhabi National Energy Company (TAQA) sold $1.5 billion of five and 10-year global bonds on Wednesday, the latest issues from a $9 billion bond program to help finance investments and repay debt.

TAQA TAQA.AD is 75 percent owned by the government of Abu Dhabi and is one of the vehicles the emirate uses to invest oil money. Abu Dhabi holds most of the oil reserves and wealth in the United Arab Emirates, the world's third-largest oil exporter.

The five-year tranche worth $1 billion was sold at a price of 99.451 with a yield of 4.875 percent and a coupon of 4.75 percent. The 10-year tranche worth $500 million was sold at a price of 99.201 with a yield of 6.359 percent and a coupon of 6.25 percent.