Etisalat eyes tighter spreads after dazzling debut

UAE telco giant Emirates Telecommunications Corp (Etisalat) made its bond market debut this year with the second largest CEEMEA corporate bond ever. The issuer used loan and bond markets to great effect to finance a majority stake in Maroc Telecom and, having hooked a new set of fixed income investors, is expecting its credit spreads to tighten in the months ahead. Steven Gilmore reports.