Pakistan joins sovereign sukuk spree

Pakistan raises a $1 billion five-year Islamic bond, the latest sovereign to do so, boosting volumes of the asset class to an all-time high since 2012.

The Islamic Republic of Pakistan sold a $1 billion five-year sukuk or Islamic bond on Wednesday, taking the asset class to its best levels since 2012 as investor familiarity improves.

The 144AReg S offering's final profit rate is 6.75% which is much tighter than its initial targeted profit rate of 6.875% area, a source familiar with the matter told FinanceAsia

It was also issued via a special purpose vehicle fully owned by the government   The Second Pakistan International Sukuk Company that was established specifically for issuing shariah-compliant securities in international markets.

The...

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