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Tag: Eurobonds

  • SBP receives $2.5bn of Eurobonds issuance

    SBP receives $2.5bn of Eurobonds issuance

    KARACHI: State Bank of Pakistan (SBP) on Thursday said that it has received government proceeds of $2.5 billion Eurobonds issuance in its account.

    The central bank in a tweet said that as a result of current transfers, the SBP’s foreign exchange reserves are closed above $16 billion on Thursday, the highest level since July 2019.

    Earlier, a statement issued from Islamabad said that Pakistan had entered the international capital market after a gap of over three years by successfully raising USD 2.5 billion through a multi-tranche transaction of 5-, 10- and 30-year Eurobonds.

    The transaction generated great interest as leading global investors from Asia, Middle East, Europe and the US participated in the global investor calls and the order book.

    This is for the first time that Pakistan has adopted a program-based approach with registration of Global Medium-Term Note (GMTN) program. The program will allow Pakistan to tap the market at short notice.

    The Government intends to make full use of this program and become a regular issuer in the International Capital Markets.

  • ECC approves issuance of $500 million Eurobonds

    ECC approves issuance of $500 million Eurobonds

    The Economic Coordination Committee of the Cabinet (ECC) convened on Thursday and granted preliminary approval for the issuance of $500 million Eurobonds, marking a significant move to secure financial resources for critical national projects.

    (more…)
  • Govt plans issuance of Eurobond, Sukuk in international capital markets; intends to hire consortia

    Govt plans issuance of Eurobond, Sukuk in international capital markets; intends to hire consortia

    ISLAMABAD: The government has planned to set up a Medium Term Note (MTN) Program for issuance of US Dollar denominated Eurobonds and Sukuk in the international capital markets.

    The program shall initially cover a period of one year, said ministry of finance on Friday.

    For the purpose, finance division plans to engaged two consortia, each consisting of five financial institutions, for issuance of Eurobonds and Sukuk under the program. “The selected consortia are expected to guide, advise, manage, coordinate and execute the whole range of activities associated with the program,” the ministry said.

    It further said that Consortium – 1 shall consist of five conventional financial institutions and shall assist in issuance of Eurobonds. Consortium-2 shall consist of five financial institutions, including at least two Islamic financial institutions, and shall assist in issuance of international Sukuk.

    Explaining the selection criteria for Consortium-1, the ministry said that the financial institution ranked first shall be selected. The financial institutional ranked second shall be given the option to match the lowest evaluated financial proposal. “If it chooses so, it shall be selected as part of the consortium, otherwise it shall be rejected.”

    The process shall continue in this manner till five consortium members are selected. In case of a tie, the financial institution having secured higher technical score shall be given the option to become part of the consortium.

    Regarding selection of members of Consortium-2, the ministry said that the same process as in case of Consortium – 1 shall be followed except that at least two Islamic financial institutions shall be selected as members of Consortium-2.

    The ministry invited proposals for the program to be submitted by October 14, 2019.