By Paul A. Harris
St. Louis, March 23 - The Islamic Republic of Pakistan (B2/B+) completed an $800 million two-part sovereign bond transaction on Thursday, according to market sources.
Pakistan priced a $500 million issue of 10-year notes at par to yield 7 1/8%, on top of price talk, and a $300 million issue of 30-year notes at par to yield 7 7/8%, on the wide end of the 7¾% to 7 7/8% price talk.
Deutsche Bank, Citigroup and JP Morgan were the managers for the bonds, which were priced via Rule 144A and Regulation S.
A buyside source told Prospect News on Wednesday that the market had initially anticipated $1.5 billion of combined issuance from Pakistan. On Wednesday the source said the overall amount had decreased to $1.25 billion maximum.
| Issuer: | Islamic Republic of Pakistan
|
| Amount: | $800 million in two tranches
|
| Issue: | Notes
|
| Managers: | Deutsche Bank, Citigroup, JP Morgan
|
| Trade date: | March 23
|
| Settlement date: | March 30
|
| Issuer ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | March 31, 2016
|
| Coupon: | 7 1/8%
|
| Price: | Par
|
| Yield: | 7 1/8%
|
| Spread: | 239.6 bps
|
| Price talk: | 7 1/8% area
|
|
|
| 30-year notes
|
| Amount: | $300 million
|
| Maturity: | March 31, 2036
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 301.8 basis points
|
| Price talk: | 7¾%-7 7/8%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
