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Roadshows for global dollar bonds issue from next week
ISLAMABAD — Pakistan government will be holding roadshows in Asia, Europe and the USA from next week to make another issue of global dollar bonds to raise over about $1 billion funds for general budgetary support.
The issue of bonds would be subject to market conditions, said a statement issued by the finance ministry. The government has mandated Citibank, Deutache Bank and HSBC for this capital market financing.
Prime Minister's Advisor on Finance Dr Salman Shah, Economic Advisor to the ministry of finance and Director- General Debt Coordination office Dr Ashfaque Hasan Khan and some other senior officials left yesterday for Europe to hold roadshows there for raising upto $1 billion.
Pakistan returns to the international financial market with a Rule 144A/Regulations S. bond issue for general budgetary support. The rule makes the securities eligible for purchase and trade by institutional US investors.
The securities will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.
The government plans to float these bonds in New York before the close of this fiscal year but most probably within this month. The finance ministry has been holding continuous meetings with these fund managers on the subject over the last few months.
This will be Pakistan's fourth international bond in the last five years. Last year Pakistan sold $800 million in a dual- tranche sovereign bond, comprising $500 million in a 10-year issue and $300 million in 30-year paper. The proposed new sovereign bond is likely to be for 15 and 20 years maturity period.
In 2004 Pakistan raised $500 million through five-year sovereign Eurobond and in 2005 it issued $600 million five-year sukuk (an Islamic bond) against which it had to pledge certain sections of the motorway project.
The government did not take into account the criticism being made by independent economist and experts as to why it was borrowing funds from the international market especially when its foreign exchange reserves had reached to over $13 billion. They said that government needed to utilise these reserves, most of which were laying in the account of the central bank.
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