Abu Dhabi National Energy Company, also known as Taqa, raised $1.75 billion in a two-tranche dollar denominated bond issue that was 4.7 times oversubscribed.

The two tranches consisted of bonds with maturities of seven years with a coupon of 4.375 per cent, and bonds with maturities of 12 years with a coupon of 4.875 per cent, reported Emirates news agency Wam.

 The issue was over 4.7 times subscribed. The proceeds from the issue will be used to refinance existing debt.

"We have seen robust demand from investors for this bond issuance," said Mohammed Al Ahbabi, acting chief financial officer. "The company is focused on prudent financial management while we pursue a strategy of value creation across our two business streams."

Citi and HSBC acted as the global coordinators for the bond issue. The joint lead managers were Citi, First Abu Dhabi Bank, HSBC, ING, Mizuho, Scotiabank and SMBC Nikko. The bonds will be traded on the London Stock Exchange, and are expected to be rated A3 by Moody’s and A by Fitch.

In February the Abu Dhabi based company, which operates in 11 countries, reported a Dh171 million ($46.5 million) profit in 2017 thanks to higher energy prices and cost cuts that helped it recover from its record Dh19 billion loss in 2016.

The firm has oil-producing assets in Canada and a majority stake in the Atrush field in the northern Kurdistan region of Iraq, from where it started oil production last July.