Pakistan sells first dollar bond since 2007

The sovereign quenches the thirst of frontier market investors by issuing a $2 billion dual-tranche bond, its first international note in seven years.

Pakistan sells first dollar bond since 2007

The Islamic Republic of Pakistan sold a $2 billion dual-tranche note on Wednesday, meeting with heavy demand as investors, particularly US investors, warmed to the country's improved political and economic outlook.

The deal, which is the Asian sovereign’s first dollar-denominated bond sale since 2007, is divided into five- and 10-year tranches of equal size, according to a term sheet seen by FinanceAsia. The bonds yield 7.25% and 8.25%, respectively.

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