Pakistan pushes its curve out to 2036

Pakistan prices its largest ever debt deal, while racing out to establish a long-dated curve only two years after its debut.

By Unknown Unknown

March 23, 2006

The Islamic Republic of Pakistan has priced its third international bond deal in the past two years with a dual tranche upsized $800 million transaction The deal, led by Citigroup, Deutsche Bank and JPMorgan, is split into a $500 million 10 year tranche and a $300 million 30 year tranche Together, they represent the largest ever fundraising exercise for Pakistan

Furthermore, with the completion of a 30 year tranche, Pakistan becomes one of the fastest emerging market sovereigns to develop a long dated curve going from five-year to 30 year in only a two year timeframe Comparably, it took the Philippines - one of AsiaÆs biggest sub-investment grade borrowers û four years to build its...

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