Pakistan Raises $1 Billion Eurobonds in Reopening of March Issue

Pakistan sold another $1 billion worth of Eurobonds on Tuesday.

These bonds were issued in a reopening of existing three-tranche bonds that were launched in March and had raised $2.5 billion while being the first international bond sale by Pakistan since late 2017.


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Bonds worth $300 million were issued as five-year bonds at 5.875 percent – due in 2026, $400 million worth of bonds were issued for 10-year at 7.125 percent – due in 2031, and $300 million worth of bonds were issued for 30-year at 8.450 percent – due in 2051. The total subscription was over $3 billion for all the three denominated bonds.

The bonds were tightened from initial price guidance of six percent to 6.125 percent for the notes due in 2026, around 7.375 percent for the tranche maturing in 2031, and around 8.75 percent for the paper due in 2051 after they drew more than $3 billion in combined orders.

The issue in March had five-year bonds issued at six percent, the 10-year bond at 7.375 percent, and the 30-year bond at 8.875 percent.


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Credit Suisse, Deutsche Bank, Emirates NBD Capital, JPMorgan and Standard Chartered arranged this launch of the Eurobonds. Meanwhile, the Minister for Finance, Shaukat Tarin, is on leave for five days.



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