Investors jump back on the Pakistan merry-go-round

Pakistan completes a hugely successful bond issue, but where is the upside?

The Federal Republic of Pakistan returned to the international bond markets yesterday Thursday with its most successful bond to date. Under the lead management of ABN AMRO, Deutsche Bank and JPMorgan, the sovereign priced a $500 million five-year fixed rate deal at par on a coupon of 6.75% to yield 370bp over Treasuries, or 335bp over Libor.

After completing a week of roadshows, the B2B-rated credit managed to accumulate an order book of just over $2 billion. Such large demand facilitated pricing right at the tight end of a revised indicative range between 6.75% and 6.875%.

Just over 200 accounts participated in the deal, of which 54% came...

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