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,...