By Joanne Bladd
Gulf's second largest telecoms group said $8bn bond programme will allow it to tap debt markets when needed
Etisalat, the UAE telecoms operator, said on Thursday it
had created an $8bn bond programme to allow it to issue conventional or Islamic
bonds in the global debt markets when needed.
The state-backed telco has established a $7bn global
medium term note (GMTN) programme and a $1bn sukuk programme, it said in a
statement to the Abu Dhabi bourse.
The move will allow Etisalat to “[access] a large pool of
global investors to diversify its funding sources and manage its debt
management profile effectively,” it said in the statement.
Etisalat, the Gulf's second largest telecoms group, offered in September to buy a 46 percent stake in Kuwait's Zain for $6.07 a share, in a deal worth just under $12bn.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.