Abu Dhabi-based telecommunications operator Etisalat has set initial price thoughts on its debut bond issue which could price at end of the day, a document from the lead managers said on Wednesday.

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.