Etisalat set to raise US$500 million through bond issue

Etisalat is set to raise up to US$500 million through a re-opening of its June 2019 bond, which is expected to price later today, a document from lead arrangers showed.

Price guidance for the issue has been set in the area of 80 basis points over midswaps, the document showed. The bonds will be fungible with those issued earlier in the series after 40 days.

Etisalat, rated Aa3/AA-/A+ by the main credit agencies, said in a statement to the stock exchange that it would issue bonds under its US$7 billion global medium-term note programme. It did not provide any details.

HSBC and National Bank of Abu Dhabi are bookrunners for the bond tap.