Pakistan pushes out curve with bold 10, 30 year bonds

24 Mar 2006

The Islamic Republic of Pakistan launched its largest ever international bond this week, and despite uncertain market conditions, extended its Euromarket curve from 2009 to 2036 by issuing a 10 and a 30 year bond.

Amid tight spreads, bankers said it was one of the fastest ever maturity extensions of this kind from an emerging markets sovereign. The B2/B+ rated country's Rule 144A transaction, led by Citigroup, Deutsche Bank and JP Morgan, comprised a $500m 10 year bond and a $300m 30 year. ...

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