Pakistan sets deal size at $1.25 billion maximum, talks 10-year bond 7 1/8%, 30-year at 7 ¾%-7 7/8%

By Paul A. Harris

St. Louis, March 22 - The Republic of Pakistan has set an overall maximum size of $1.25 billion for its two-part sovereign bond offering (B2/B+), according to market sources.

Pakistan is marketing 10-year bonds at the 7 1/8% area and 30-year bonds at 7¾% to 7 7/8%, the sources added.

Pricing is expected on Thursday.

Citigroup, Deutsche Bank and JP Morgan are managing the sale.

On Wednesday morning, a market source said that the order book stood at $1.25 billion across both tranches, with 65% of the demand in the 10-year paper and 35% in the 30-year paper.

Tranche sizes remain to be determined.

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