UAE Etisalat Picks Banks Ahead Of Potential Bond Issue – Statement

Etisalat, the largest listed company in the United Arab Emirates by market value, has mandated banks to organise meetings ahead of a potential bond issue, the telecom operator said on Tuesday.

Etisalat, which earlier this month bought a 53 per cent stake in Maroc Telecom for 4.14 billion euros ($5.65 billion) from Paris-listed Vivendi, said the meetings will be held in the UAE, Asia and Europe from June 1.

The company did not identify the mandated banks, but a separate document from lead arrangers showed Etisalat chose Deutsche Bank, Goldman Sachs, HSBC and Royal Bank of Scotland to arrange the offering – as sources told Reuters on Monday.

The issue could be denominated in euros or dollars or both currencies, the document for arranging banks added.