Etisalat Group issues 1 billion Euro bonds with remarkable demand from investors

May 10, 2021 0 comments
Etisalat Group has announced the successful completion of a bond issuance worth one billion Euros to refinance the maturing bond tranche it had issued in 2014 for the acquisition of a controlling stake in Maroc Telecom. Etisalat Group issued bonds in two tranches, the first is a 7-years tranche amounting to 500 million euros with an annual yield of 0.4 percent, the Group said in a statement. The second tranche is for a period of 12-years and amounts to 500 million Euros with an annual yield of 1 percent.

Etisalat Group issues 1 billion Euro bonds

The refinancing decision aims to diversify the company’s sources of funds and extending the repayment schedule of existing debt while taking benefit of improved cost of funding thereby maximizing shareholders value. The bond issuance was very successful as it witnessed a remarkable demand from local and international investors with being 6 times oversubscribed. This high demand reflects investors’ confidence in Etisalat Group’s performance, strong financial profile and credit ratings; AA3 stable (Moody’s) and AA- Stable (S&P Global), one of the highest rating in the industry. This also highlights the growing confidence of international investors in the UAE economy.

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