LONDON: Pakistan has opened books on a five-year US dollar sukuk and set initial profit thoughts of 6.875%, according to a lead. The sovereign, rated Caa1/B- by Moody’s and Standard and Poor’s, is expected to price the deal on Wednesday. On Monday, the issuer met investors in Dubai and Abu Dhabi and was scheduled to have a team in Singapore as well as 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 $1 billion conventional bond issue at 7.25%.
Published in The Express Tribune, November 26th, 2014.
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