Pakistan to raise $ 1 – 2 billion with another Eurobond Issue

MLN – According to sources, Government of Pakistan is expected to hold a meeting with previous Joint Lead Managers on 22nd of January to consult on Eurobonds issue to raise sums of up to $ 1 – 2 billion.

The meeting will be conducted by the Advisor to Prime Minister, Mr. Miftah Ismail.

Government of Pakistan, only earlier during December last raised 2.5 billion USD against its debt securities auction, with major chunk of funds coming in from 5-year Sukuks @ 5.625% and 10-year Eurobonds @ 6.875%. Investors hailed from various blue chip institutional international investors from around the world. Of the total orders received; 44% of the orders were by investors from Europe, 24% from Asia, 20% from North America, 8% Middle East and 12% from other regions. Pakistan’s last bond issue was extremely successful as investors.

The Government is crippled with a load of problems on the External Front. Declining remittances, with the continuous depletion of reserves, trade deficit, increasing imports and the other macroeconomic in disciplinary policies have landed the country in muddy waters.

In a bond issue carried out in September 2015, the government had issued Eurobonds valuing $500 million with a 10-year maturity in the international market at an interest rate of 8.25%.

Posted on: 2018-01-19T12:08:00+05:00