Pakistan raises $3bn through dual-tranche Eurobond sale

ISLAMABAD: Pakistan has raised a record $3 billion — its single largest international capital market transaction — through a dual-tranche Eurobond sale that drew nearly $6bn in orders, the Ministry of Finance said on Thursday. In a statement, it said: “The transaction attracted nearly $6bn in orders — almost twice the amount issued — from a broad and diversified base of institutional investors across global markets and continents.” “The successful transaction marks a major milestone in Pakistan’s renewed and increasingly diversified access to international capital markets, demonstrating strong investor confidence and Pakistan’s ability to access global funding markets at significant scale,” the ministry added. The transaction includes $1.75bn through a 5.5-year bond at a coupon rate of 7.5 per cent and $1.25bn through a 10-year bond at 7.9pc, the ministry said. Pakistan’s last most expensive Eurobond was raised more than a decade ago at an 8.25pc interest rate during the tenure of the PML-N government. It reached maturity a couple of years ago and has already been repaid. The finance ministry said on Thursday that the total global demand for Pakistani paper amounted to $6bn. “The c