(Adds names of lead managers, scale of interest)
ISLAMABAD Oct 5 Pakistan will issue a $1
billion sukuk bond within hours, the finance ministry said on
Wednesday, returning to the international U.S. dollar sukuk
market after a two-year absence.
The ministry said roadshows in Dubai, London, Boston and New
York scored "unprecedented interest".
Pakistan's economy grew 4.7 percent in the last fiscal year,
its fastest pace since 2008, rebounding from a series of crises
in recent years, helped by low oil prices and the improved
The government has recently embarked on vast infrastructure
spending to eradicate energy shortages and the country's debt is
rated B3 by Moody's and B- by Standard & Poor's.
"After the completion of the book building process, the
allocation and pricing of international sukuk 2016 is expected
to be completed later tonight," a ministry statement said,
noting that the bonds would have a five-year maturity.
One Pakistan-based financial analyst said it was likely that
Pakistan will also sell debt with a 10-year tenure, depending on
the level of interest from investors.
The ministry said joint lead managers were Standard
Chartered Bank, Citibank, Deutsche Bank, Dubai Islamic Bank and
The settlement date for the bond is Oct. 13, the ministry
Pakistan last raised $1 billion in the sukuk market in late
(Reporting by Drazen Jorgic; Editing by Louise Ireland)