azgard-nine-to-launch-260-million-bond-next-week

Azgard Nine to launch $260 million bond next week

Having completed its roadshow on Friday, the company finally looks set to launch its bond next week. Pakistan has stated that political unrest should not detract from the country's strong economic fundamentals.
Pakistani textile and fertiliser manufacturer Azgard Nine may finally launch its B2-rated seven-year $260 million bond next week, in the hope that more stable market conditions are around the corner. The company, whose offering is sole-led by Citi, completed its roadshow last week.

The bond offering comes at a time of heightened political instability in Pakistan following recent riots due to the removal of the country's chief justice, the Red Mosque siege, and attempts on President MusharrafÆs life.

These events have led Standard and PoorÆs to revise its outlook on the sovereign from positive to stable - a move which prompted PakistanÆs Ministry of Finance to write a letter to the credit rating agency, challenging...
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