Pakistan executes bond at half expected size

Completion of Pakistan's latest international bond offering sends mixed signals to other high-yield issuers in the pipeline.
Holding faith with frontier market debt?
Holding faith with frontier market debt?

The Islamic Republic of Pakistan returned to the international bond markets for the seventh time in its history on Thursday with a $500 million offering that marked its first new transaction since November 2014.

The B3B-B- rated sovereign raised exactly half the amount of money it had been hoping for, having budgeted for $1 billion in offshore bonds this current fiscal year. 

The 10-year 144a deal came on yet another difficult day for global capital markets with equity markets falling across the world and the iTraxx Crossover Index a measure of sub investment grade credit default swaps, about 19bp wider by Europe's close....

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