Pakistan opens books on five-year US dollar benchmark sukuk

LONDON: The Islamic Republic of Pakistan has opened books on a five-year US dollar benchmark sukuk, according to a lead.

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The sovereign, rated Caa1/B- from Moody’s/S&P, is expected to price the Reg S/144A deal on Wednesday.

On Monday, the issuer met investors in Dubai and Abu Dhabi and is scheduled to have a team in Singapore and one in London today ahead of the deal.

Citigroup, Deutsche Bank, Dubai Islamic Bank and Standard Chartered are the leads.

Pakistan was last in the market in April, when it completed a USD1bn 7.25% 2019 conventional bond. -Reuters

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