The Abu Dhabi Securities Exchange (ADX) announced on Tuesday the listing of the Emirates Telecommunication Group Company (Etisalat) notes under the issuer's medium-term note scheme with an overall value of 1 billion euro ($1.2 billion) in two tranches beginning June 14th, 2021.

The listing of bonds in two tranches is subject to Securities and Commodities Authority (SCA) Board of Directors resolution No.17 of 2014 regarding bond regulations and ADX listing rules article No. 13.

According to a circular released on Tuesday, all heads of departments at ADX are also to carry out this resolution in their respective domains.

This resolution will be distributed to SCA, all ADX departments, and all ADX-accredited brokers. The resolution takes effect from the date it is issued.

The Abu Dhabi Securities Exchange has declared the listing of $1 billion in bonds authorized by Abu Dhabi Ports.

The 10-year bonds, which are listed on the London Stock Exchange, are rated A+ (stable) by S&P and A+ (stable) by Fitch but were 4.5 times oversubscribed.

The Notes mature on May 6, 2031, and have a coupon of 2.5 % each year. Bond market development is an important element of the Abu Dhabi exchange's "ADX One" strategy, which aims to boost liquidity and diversify the market's product and service offering. The ADX has attracted exchange-traded funds (ETFs) and Second Market listings in recent years, and the introduction of a derivatives sector is planned for late 2021.

The offering of Abu Dhabi Ports bonds continues to follow the listing on ADX in April of 1.1 billion euros of bonds offered by Mamoura Diversified Global Holding, a Mubadala Investment Company debt issuing business.