Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has completed the issuance of seven and 12-year bonds valued at EUR 1 billion under its established Euro Medium Term Note (EMTN) Programme worth $10 billion.

The euro-dominated bonds comprise a EUR 500 million seven-year tranche with a 0.4% annual yield and a EUR 500 million 12-year tranche with a 1% annual yield, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Sunday.

The company witnessed six times over-subscription for the bond issuance whose net proceeds will be used for the repayment of the maturing seven-year euro tranche amounting to EUR 1.2 billion in June 2021. 

It is noteworthy to mention that last week, Etisalat has hired banks, including BNP Paribas, First Abu Dhabi Bank (FAB), HSBC, to arrange an investor call for a planned euro-denominated bond issuance of seven and 12 years.