Pakistan talks dollar-denominated 10-year global bonds at 7% area

By Reshmi Basu

New York, May 23 - The Islamic Republic of Pakistan set initial price guidance for a dollar-denominated benchmark-sized offering of 10-year global bonds (B1/B+) at the 7% area, according to a market source.

The deal also will include a reopening of its dollar-denominated 2036 bonds.

Pricing is expected to take place on Friday.

Citigroup, Deutsche Bank and HSBC are lead managers for the Rule 144A and Regulation S transaction.

The bond offering is part of the sovereign's strategy to tap the market once a year.

On March 23, 2006, Pakistan completed an $800 million two-part sovereign bond deal. The country priced a $500 million issue of 10-year notes at par to yield 7 1/8% and a $300 million issue of 30-year notes at par to yield 7 7/8%.

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