* BNP Paribas, Citi, HSBC, NBAD and StanChart picked -
* Deal before yr-end, subject to board assent, market
* May issue bonds to refinance debt - CEO
* TAQA has $1.75 bln in bonds maturing 2013
(Adds detail, background, CEO quote)
By Stanley Carvalho
ABU DHABI, Nov 12 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.
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
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
(Writing by Rachna Uppal; Editing by David French)