After a bout of torrential rain, Dubai has bounced back like no other city, with automotive events being organised in full swing and big announcements being made
auto50 minutes ago
Abu Dhabi Securities Exchange (ADX) has listed 1 billion euros of bonds issued by Emirates Telecommunications Group Company (Etisalat) in two equal tranches maturing in 2028 and 2033. The bonds were more than six times over-subscribed.
Etisalat Group’s 500 million euros 7-year notes mature on May 17, 2028 and carry a 0.375 per cent coupon, while the 12-year 500 million euros tranche matures on 17 May 2033 and carries a 0.875 per cent coupon.
The senior unsecured notes were issued under Etisalat’s Euro Medium Term Note Programme and are rated AA- by S&P and Aa3 by Moody’s. Interest rates will be paid out to bondholders annually on May 17.
The listing of Etisalat Group’s bonds come on the heels of Abu Dhabi Ports’ $1 billion listings earlier this month and the listing in April of 1.1 billion euros of bonds issued by Mamoura Diversified Global Holding, a fully owned entity by Mubadala Investment Company.
Increasing the number of listings on the exchange is a target of ADX’s ‘ADX One’ strategy, launched earlier this year to double market capitalisation over the next three years. First Abu Dhabi Bank has acted as a Listing Agent on Etisalat Group’s Euro bonds on ADX. By 2021, ADX is expecting a total of more than 10 listings and the launch of a derivates market is scheduled for the fourth quarter.
Hatem Dowidar, chief executive officer of Etisalat Group, stated, “The latest 1 billion euros bond raising exercise has provided Etisalat Group with an opportunity to diversify our sources of capital while taking advantage of the improved cost of funding and listing on the Abu Dhabi Securities Exchange improves flexibility and transparency for Etisalat Group and investors in the debt capital markets. We are pleased with the attractive pricing of our bonds and the significant interest from investors across the region and globally. This robust demand demonstrates the financial strength of our business and the confidence bondholders have in the future of the UAE’s telecoms industry.”
Equity trading on the Abu Dhabi Securities Exchange has increased notably this year, as the exchange’s market capitalisation increased 25 per cent during the first quarter to a record Dh936 billion. In the first three months of 2021, the total traded value of stocks bought and sold increased five-fold year on year to Dh107.8 billion and the benchmark ADX index advanced 17.2 per cent.
Meanwhile, buying and selling by institutional investors increased significantly to Dh92.6 billion in value, from Dh14.6 billion, while trading by retail investors more than doubled to Dh15.1 billion. — Wam
After a bout of torrential rain, Dubai has bounced back like no other city, with automotive events being organised in full swing and big announcements being made
auto50 minutes ago
Sounds of prayer 'hallelujah…praise the lord' filled the air as part of a religious ceremony marking the soft opening of the facility
uae57 minutes ago
Afghanistan rulers are absent at the UN Human Rights Council meeting as Taliban are not recognised by the global body
asia1 hour ago
A recognition reaffirms Alaan's status as a leader in the corporate card and expense management sector in the Middle East
kt network1 hour ago
The deluge cut off a road, uprooted trees, washed away homes and sent vehicles flying
africa1 hour ago
The Gulf countries have been working on the unified tourist visa – similar to Schengen-style visa – for over one year
uae1 hour ago
Renowned French pastry chef Angelo Musa, who recently introduced two dining concepts in Dubai, shares tips on how to excel in pastry art
entertainment1 hour ago
Sheeraz was generous in giving realistic and practical insights on how fame can completely change the trajectory of one’s career and brand
kt network1 hour ago