Pakistan vaults over bad news with bond triumph
The Islamic Republic of Pakistan overcame a storm of negative press and the country’s worst bout of political violence in recent years to price a $750m bond yesterday (Thursday), and the deal was a blowout, amassing more than $3.5bn of orders. Attracted by the country’s improving economy — including GDP growth of 7% and foreign investment of $6.5bn last year — investors deluged the sovereign with demand.
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