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,...