New Issue: Pakistan prices $1 billion 7.95% seven-year sukuk at par

By Rebecca Melvin

Concord, N.H., Jan. 25 – Pakistan priced $1 billion of senior unsecured sukuk due in seven years (B3//B-) at par with a 7.95% profit rate, according to a syndicate source on Tuesday.

The benchmark sukuk was offered under the trust certificate issuance program of the Pakistan Global Sukuk Programme Co. Ltd. It priced at a spread over Treasuries of 627.8 basis points or mid-swaps plus 626 bps.

Credit Suisse (Singapore) Ltd., Deutsche Bank AG London Branch, Dubai Islamic Bank PJSC and Standard Chartered Bank were the joint lead managers and joint bookrunners of the Rule 144A and Regulation S offering.

Issuer:	Pakistan
Amount:	$1 billion
Issue:	Senior unsecured trust certificates (Ijara sukuk)
Dissolution date:	Jan. 31, 2029
Bookrunners:	Credit Suisse (Singapore) Ltd., Deutsche Bank AG London Branch, Dubai Islamic Bank PJSC and Standard Chartered Bank
Distribution rate:	7.95%
Price:	Par
Yield:	7.95%
Spread:	Treasuries plus 627.8 bps or mid-swaps plus 626 bps
Pricing date:	Jan. 24
Settlement date:	Jan. 31
Ratings:	Moody’s: B3
	Fitch: B-
Distribution:	Rule 144A and Regulation S
ISIN:	US69583PAA21, XS2419405274

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