By Reshmi Basu
New York, May 24 - The Islamic Republic of Pakistan sold a $750 million offering of 10-year global bonds (B1/B+) at par to yield 6 7/8%, according to a market source.
The deal came at the low end of price guidance for a yield in the 7% area.
Citigroup, Deutsche Bank and HSBC were lead managers for the Rule 144A and Regulation S transaction.
The bond deal 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 issuer 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%.
| Issuer: | Islamic Republic of Pakistan
|
| Amount: | $750 million
|
| Issue: | Global bonds
|
| Maturity: | June 1, 2017
|
| Coupon: | 6 7/8%
|
| Issue price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | Treasuries plus 200 bps
|
| Lead managers: | Citigroup, Deutsche Bank, HSBC
|
| Pricing date: | May 24
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 7% area
|
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