Etisalat Raises $400 Million From First Bond Sales Since June - Bloomberg Business

Etisalat Raises $400 Million From First Bond Sales Since June - Bloomberg Business:



"Emirates Telecommunications Corp. raised $400 million by selling bonds as it returned to the market for the first time since its debut offering in June, two people with knowledge of the matter said.



The United Arab Emirates phone operator sold the securities as part of its 2.375 percent June 2019 notes that raised $500 million last year, said the people asking not to be identified because the information hasn’t been made public. The issue will be priced to yield 72.5 basis points, or 0.725 percentage points, over the interpolated midswap rate, the people said. The rate narrowed from an initial guidance of about 80 basis points, they said.



The June 2019 notes of the company, also known as Etisalat, traded at a spread of 66.4 basis points yesterday, according to data compiled by Bloomberg. The Abu Dhabi-based company sold the bonds under its $7 billion global medium-term note program. It issued $4.3 billion of debt in June."



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