Etisalat plans to sell four-tranche bond as early as Wednesday

Dubai: Abu Dhabi-based telecoms operator Etisalat is planning to sell a four-tranche debut bond issue denominated in both dollars and euros as early as Wednesday, a document distributed by lead arrangers said.

Meetings with fixed income investors were scheduled to conclude in London yesterday, with a transaction slated for today, the document said.

It also reiterated that Etisalat plans to divide the bond issue into four portions — two dollar tranches of five- and 10-year lifespan, plus two euro-denominated tranches of seven and 12 years’ duration.

This was previously communicated in a separate document on Monday, which disclosed that the overall size of the issue could be as much as 3.1 billion euros ($4.22 billion), and backed up what sources told Reuters last week.