PAKISTAN HIRES BANKS FOR US DOLLAR SUKUK – IFR

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By Frances Yoon

LONDON, Sept 2 (IFR) – The Islamic Republic of Pakistan’s ministry of finance has selected Citigroup, Deutsche Bank, Dubai Islamic Bank and Standard Chartered as bookrunners for a US dollar sukuk offering, according to a ministry official who asked not to be identified.

The mandate was officially decided last week, the official added. The ministry will decide on the tenor of the Islamic bond, as well as the format of the transaction, as early as next week, he said.

“We would like to be able to sell this deal to US investors,” said the official, who added the government hoped to price the deal by the end of September.

Pakistan is rated B- by S&P and Caa1 by Moody’s.

Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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