Region’s biggest bond sale in 2014 set for pricing record | GulfNews.com:
"An impending bond issue by Etisalat may not only be the region’s largest deal so far this year, but also set a record for tight pricing as the Gulf becomes more of a mainstream investment destination.
Etisalat’s debut bond will replace some of the debt used to fund its 4.2 billion euro (Dh21 billion, $5.7 billion) purchase of a majority stake in Morocco’s Maroc Telecom from France’s Vivendi.
Investor roadshows are due to finish on June 10 and banking sources told Reuters earlier this week that the firm could then issue a four-tranche deal, consisting of five- and 10-year bonds denominated in US dollars and seven- and 12-year bonds denominated in euros.
The size has not been fixed but some bankers speculate that it will be between $2 billion and $3 billion — a level that would be easily absorbed by massive investor demand. The largest deal from the Gulf so far in 2014 was Saudi Electricity Co’s $2.5 billion, two-part sukuk in April."
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