Pakistan adds 30-year tranche to maximum $1.5 billion bond offering

By Reshmi Basu

New York, March 21 - The Islamic Republic of Pakistan added a 30-year tranche to its dollar-denominated offering of fixed-rate bonds (B2/B+), according to a market source.

The issuance, which will not exceed $1.5 billion, will now include 10-year bonds and 30-year bonds.

Price guidance for the 10-year tranche has been set in the area of 7 1/8%, while the 30-year tranche is being talked at 62.5 to 75 basis points over the yield on the 10-year tranche.

Citigroup, Deutsche Bank and JP Morgan are the bookrunners for the transaction. The roadshow is scheduled to wrap up in Los Angeles and New York on Wednesday.

Pricing is expected at the end of the week.

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