Emirates Telecommunications launches €1 billion seven-, 12-year notes

By Rebecca Melvin

Concord, N.H., May 6 – Emirates Telecommunications Group Co. PJSC (Etisalat) launched on Thursday €1 billion of notes due in seven years and 12 years, according to a market source.

The €500 million seven-year note will yield mid-swaps plus 53 basis points.

The €500 million 12-year notes will yield mid-swaps plus 78 bps.

Order books were in excess of €6.8 billion skewed toward the seven-year tranche at the time the launch was announced.

As previously reported, the notes are being sold under the company’s $10 billion euro medium-term note program (Aa3/AA-).

BNP Paribas, First Abu Dhabi Bank, HSBC and Societe Generale are joint lead managers and joint bookrunners of the Regulation S notes with Citigroup and Emirates NBD Capital also mandated as passive bookrunners.

The multinational telecommunications services provider is based in Abu Dhabi, United Arab Emirates.

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