mobilink-prices-pakistans-first-highyield-debt-offering

Mobilink prices Pakistan's first high-yield debt offering

ABN AMRO and Deutsche Bank close debut deal for Pakistani telco with tight execution.
ABN AMRO and Deutsche Bank completed a hugely successful deal for first-time borrower Pakistan Mobile Communications Mobilink early Friday morning November 3.

The $250 million deal, a Reg-S 144a B3B rated $250 million seven-year non-call four year structure, garnered huge demand on the back of its rarity value with the leads closing the order book some 15-times oversubscribed.

Launched on Wednesday, with an initial guidance of 8.75% to 9%, the deal saw pricing come in to 8.625% on Thursday as it picked up momentum through a very controlled bookbuild heading into Friday's pricing. The leads only kept the books open for two hours in Asia and Europe, while only opening them for 90...
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