Pakistan picks banks for dollar sukuk despite high yields

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By Tessa Wilkie
14 Aug 2014

Pakistan has mandated four banks to arrange its second ever dollar denominated sukuk, despite its conventional bonds having lost 3pts-4pts in cash since the start of June.

Citi, Deutsche Bank, Dubai Islamic Bank’s Pakistani subsidiary and Standard Chartered Bank are arranging the note, according to two bankers away from the deal. The sukuk is expected to be up to $1bn.

In May a ministry of finance spokesperson told IFIS (sister publication to GlobalCapital Asia) that

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