Sub-continent delivers bonds from Pakistan, UPL

Pakistan returns with record breaking sukuk, while Indian agro-chemicals company makes its offshore debut.

Sub-continent delivers bonds from Pakistan, UPL

The Islamic Republic of Pakistan and India's UPL Corp took advantage of China's golden week holiday on Wednesday to raise $1.5 billion in a muted week for Asian G3 bond supply.

Pakistan's $1 billion five-year Reg S144a deal was particularly noteworthy, not least because its 5.5% profit rate means the sovereign has finally been able to pierce its previous record low borrowing cost set in 1997.

Almost two decades ago, the...

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