Pakistan to start roadshow next week for benchmark-sized five-year Islamic floater

By Paul A. Harris

St. Louis, Jan. 3 - The Islamic Republic of Pakistan is expected to begin marketing a benchmark-sized five-year Islamic bond (B2/B+) early in the week of Jan. 9, according to market sources.

Citigroup and HSBC will run the books for the offering, which is expected to come with a floating-rate structure. Islamic bonds pay coupons in accordance with religious strictures that proscribe conventional interest-bearing debt instruments.

The Pakistan offering is expected to be marketed in the Middle East and continental Europe during the Jan. 9 week, before moving to London early in the week of Jan. 17, and pricing during that week.

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