Abu Dhabi National Energy Co (taqa) last week became the second Abu Dhabi state-linked firm in as many weeks to come to market, pricing a US$750m 3.875% 10-year bond on Tuesday at 99.369 to yield 3.952%. As with Mubadala the previous week, Taqa came to market at a time when investors are bullish on Gulf credits both because of the region's prospects and also because it is viewed as something of a haven within EM, particularly given the turmoil in Russia and Ukraine.
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