Abu Dhabi National Energy Company (Taqa) issued two bonds worth a combined $750m on 12 October.

A five-year $250m bond has a coupon rate of 3.625 per cent.

A ten year $500m bond has a coupon rate of 4.375 per cent.

The two issuances are understood to be a tap on $1bn of five and ten-year senior notes issued in June. They are due in June 2021 and 2026 respectively.

The funds will be used for general corporate purposes as well as refinancing existing bonds, according to a Taqa statement. A $1bn bond matured in October 2016, while a $750m bond matures in March 2017, followed by a $500m bond in October 2017.

The US’ Citigroup, Japan’s Mizuho, Mitsubishi UFJ and the UK’s Standard Chartered arranged the tap, according to Reuters. The five-year bonds were sold at a yield of 3.05 per cent and the ten-year at 3.8 per cent, it reported.

Loss-making Taqa has had to undertake major cost-cutting schemes as its revenues fell due to lower oil prices. It posted revenues of AED7.9bn in the first half of 2016, a 19 per cent fall compared to the same period in 2015.