Pakistan flushed with success of PIS bonds

Islamic Republic scores new capital markets success with debut Sukuk issue.

The Islamic Republic of Pakistan priced an increased Sukuk bond issue yesterday January 18 raising $600 million from a five-year FRN issued in the name of Pakistan International Sukuk Company Ltd PIS.

Under the lead management of Citigroup and HSBC, the BB2 rated sovereign priced a Reg S deal at par on a spread of 220bp over six-month Libor. Fees were 19bp and there were five co-managers comprising ABC Islamic Bank, Arab Bank,...

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