Sub-continent delivers bonds from Pakistan, UPL

Pakistan returns with record breaking sukuk, while Indian agro-chemicals company makes its offshore debut.
One Belt One Road through Pakistan
One Belt One Road through Pakistan

The Islamic Republic of Pakistan and India's UPL Corp took advantage of China's golden week holiday on Wednesday to raise $1.5 billion in a muted week for Asian G3 bond supply.

Pakistan's $1 billion five-year Reg S144a deal was particularly noteworthy, not least because its 5.5% profit rate means the sovereign has finally been able to pierce its previous record low borrowing cost set in 1997.

Almost two decades ago, the then-BB2 rated credit raised $150 million in five-year money on a 6% coupon.

It has never been able to achieve it again, until now.

In the intervening period,...

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