UAE’s telecoms operator Etisalat plans bond sale ahead of euro maturity: Sources

Published: Updated:
Enable Read mode
100% Font Size

Abu Dhabi-based telecoms operator Etisalat is expected to tap the international bond market in the coming days ahead of a 1.2 billion euro ($1.45 billion) bond maturity in June, three sources familiar with the matter said.

One of the sources said the planned euro-denominated bond sale could come as early as this week.


Etisalat, which did not immediately respond to a request for comment, has not issued bonds since its debut sale in 2014.

For the latest headlines, follow our Google News channel online or via the app.

That deal comprised two euro-denominated tranches worth 1.2 billion euros each and two US dollar-denominated worth $500 million each. One of the euro tranches is due on June 18.

The Gulf has seen a flood of debt sales so far this year, as borrowers in the oil-dependent region take advantage of cheap rates and abundant global liquidity to plug finances hit by the pandemic-induced downturn.

Read more:

UAE's Etisalat increases profit by $224mln in 2020

UAE’s Etisalat ranks fastest mobile network operator globally by Ookla Speedtest

On Tuesday, Abu Dhabi National Energy Company (TAQA), owned by Abu Dhabi state-owned holding company ADQ, was marketing a two-tranche US dollar bond deal.

Meanwhile Kuwait’s Equate Petrochemical Company announced plans on Monday to issue new seven-year dollar bonds.

Still, despite the recent flurry of deals, a rebound in oil prices may limit Gulf government’s needs to tap debt investors in the coming months, bankers said, in a region where government debt transactions account for the largest part of total borrowing volumes.

Frequent issuers such as Qatar, which last year issued $10 billion in bonds, and Abu Dhabi, which raised $15 billion in total last year, have yet to tap the markets.

Top Content Trending