Etisalat Establishes Global Medium Term Note and Sukuk programme
Emirates Telecommunications Corporation (ETISALAT) is pleased to announce that it will establish a Global Medium Term Note (GMTN) and a Sukuk Programme in the near future.
Both Programmes will provide Etisalat with the flexibility to issue conventional and/or Islamic securities within the international debt capital markets across multiple tenors and currencies when needed.
The size of the GMTN Programme is US$7 billion of issuance and the Sukuk Programme is USD$1 billion of issuance.
The establishment of both the GMTN Programme and the Sukuk Programme represent a major milestone for Etisalat in terms of achieving a well-balanced funding platform which is aligned with the corporation's funding strategy.
Such programmes will facilitate Etisalat in accessing a large pool of global investors to diversify its funding sources and manage its debt maturity profile effectively.
The establishment of the GMTN and Sukuk programmes does not imply that any bonds or Sukuk are currently being issued, it is rather a preparation for future issuances if needed.
- Twist of fate: Middle East fund managers shy away from Turkey, warm up to Egypt
- 'Let them eat cake'...or in the case of Egyptians, shall we say 'pasta'?
- In flux: What's up with Dubai's stock market?!
- GCC banks could face capital and liquidity shortfall
- It's time for an interest rate war in emerging markets, and here's why Middle Eastern economies should take part