Pricing guidance for a 5-year dollar bond has been set at 80 basis points over mid-swaps and a 10-year dollar bond is set in the area of 100 to 110 basis points over mid-swaps.
Etisalat gave initial pricing guidance for a 7-year euro bond at 100 basis points over mid-swaps, setting a 12-year euro tranche at 125 bps over mid-swaps.
The company did not state the size of the deal, but some bankers speculate it will be between $2 billion and $3 billion.
Lead managers for the Etisalat issue are Deutsche Bank , Goldman Sachs, HSBC and RBS.