§ Pakistan is all set to float USD denominated Eurobonds in the international market, under the Global Medium Term Note Programme. After a hiatus of almost 4 years, Pakistan is tapping the international bond market, with last Eurobond (USD 1.5bn | 10yr) and Sukuk (USD 1bn| 5yr) issued in 2017 at 6.875% and 5.625%, respectively.
§ As per the initial information received from various media sources, some salient features of the programme and the Notes are as follows:
o USD benchmarked 5 year Fixed Rate note with maturity on April 6, 2026 expected to be priced at around 6.25%. Coupon: Semi Annual (30/360)
o USD benchmarked 10 year Fixed Rate note with maturity on April 6, 2031 expected to be priced at around 7.5%. Coupon: Semi Annual (30/360)
o USD benchmarked 30 year Fixed Rate note with maturity on April 6, 2051 expected to be priced at around 8.875%-9 %. Coupon: Semi Annual (30/360)
o Issuer: The President of the Islamic Republic of Pakistan for and on behalf of the Islamic Republic of Pakistan.
o Arrangers and Dealers: BOCI Asia Limited, Credit Suisse (Singapore) Limited, Deutsche Bank AG, London Branch, Emirates NBD Bank PJSC, J.P. Morgan Securities plc, Standard Chartered Bank and any other Dealers appointed in accordance with the Programme Agreement from time to time.
o Format: 144A/Reg S, global MTN, senior unsecured
o Settlement Date: April 6, 2021
o Issuer ratings: B3 (Moody’s), B- (S&P), B- (Fitch); all stable outlook
o Expected issue ratings: B3 (Moody’s), B- (Fitch)
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