Etisalat to create $8bn bond programme

This will allow the company to issue conventional or Islamic bonds when needed

Tags: Etisalat International - UAEUnited Arab Emirates
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Etisalat to create $8bn bond programme Etisalat is creating a $8 billion bond programme which will allow it to issue conventional or Islamic bonds onto the global debt market when necessary.
By  Georgina Enzer Published  November 11, 2010

Etisalat, the UAE telecoms operator, said on Thursday it had created an $8 billion bond programme to allow it to issue conventional or Islamic bonds in the global debt markets when needed.

The state-backed telco has established a $7 billion global medium term note (GMTN) programme and a $1bn sukuk programme, it said in a statement to the Abu Dhabi bourse.

The move will allow Etisalat to "[access] a large pool of global investors to diversify its funding sources and manage its debt management profile effectively," it said in the statement.

Etisalat, the Gulf's second largest telecoms group, offered in September to buy a 46% stake in Kuwait's Zain for $6.07 a share, in a deal worth just under $12 billion.

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