PAKISTAN SETS FINAL GUIDANCE OF 6.75%-6.875% ON FIVE-YEAR SUKUK PKGOVT.UL – IFR

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By Abhinav Ramnarayan

LONDON, Nov 25 (IFR) – The Islamic Republic of Pakistan has set final guidance of 6.75%-6.875% on its five-year US dollar benchmark sukuk, according to a lead.

The order book is now in excess of USD1.3bn, excluding lead orders. Final guidance compares to initial profit thoughts of 6.875% area set earlier on Tuesday.

US books are set to go subject at 17.30 New York time on Tuesday, while European, Asian and Middle East books will go subject Wednesday morning London time.

The sovereign, rated Caa1/B- by Moody’s/S&P, is expected to price the Reg S/144A deal on Wednesday.

On Monday, the issuer met investors in Dubai and Abu Dhabi and was scheduled to have a team in Singapore and one in London on Tuesday ahead of the deal.

Citigroup, Deutsche Bank, Dubai Islamic Bank and Standard Chartered are the leads.

Pakistan was last in the market in April, when it completed a USD1bn 7.25% 2019 conventional bond.

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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