By Rebecca Melvin
Concord, N.H., March 31 – Pakistan priced $2.5 billion of notes in three tranches due in five, 10 and 30 years (B3//B-), according to a market source on Wednesday.
All three tranches priced at par.
The $1 billion of notes due April 8, 2026 priced with a 6% coupon for a yield spread of 509.5 basis points over Treasuries.
The $1 billion of notes due April 8, 2031 priced with a 7 3/8% coupon for a spread of 565.7 bps over Treasuries.
The $500 million tranche of notes due April 8, 2051 priced with an 8 7/8% coupon and a 648.3 bps spread over Treasuries.
Credit Suisse, Deutsche Bank, Emirates NBD Capital, JPMorgan and Standard Chartered Bank are the joint lead managers and joint bookrunners and BOC International is joint lead manager and passive joint bookrunner of the Rule 144A and Regulation S transaction.
Combined order books were in excess of $5.3 billion at the time the deal was launched.
| Issuer: | Pakistan
|
| Issue: | Senior notes
|
| Amount: | $2.5 billion
|
| Bookrunners: | Credit Suisse, Deutsche Bank, Emirates NBD Capital, JPMorgan, Standard Chartered Bank and BOC International
|
| Trade date: | March 31
|
| Settlement date: | April 8
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 8, 2026
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 509.5 bps over Treasuries
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 8, 2031
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 565.7 bps over Treasuries
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | April 8, 2051
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Spread: | 648.3 bps over Treasuries
|
|
|
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