Pakistan
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Asia’s capital markets have swung from euphoria to despair in the past year, with no let-up in sight
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South Asian sovereign made an opportunistic move to print a rare sukuk
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The Islamic Republic of Pakistan returned to the bond market on Wednesday, raising $1bn in a triple part tap of its existing dollar bonds. Market participants say they are ‘impressed’ with the way reforms are headed in the South Asian country amid its International Monetary Fund programme.
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Deutsche Bank has hired a new head of global emerging markets business in Pakistan.
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In a rare international bond issue from Pakistan, state-owned Water and Power Development Authority has issued the country's first responsible investment-labelled bond. It was also Wapda's debut dollar bond.
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The Islamic Republic of Pakistan marketed its first dollar bond in more than three years this week, following the return of the country’s IMF programme. The triple tranche transaction raised the south Asian country $2.5bn — and proved its resilience in the face of the pandemic. Morgan Davis reports.
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Pakistan’s Water and Power Development Authority (Wapda) is planning to sell its debut dollar bond in late March, in what would be a rare international corporate outing from the country.
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Pakistan’s Ministry of Finance and Revenue has raised a $370m syndicated loan from a group of 10 banks.
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The government of Pakistan is seeking banks to offer advice on the sale of planned dollar bonds and sukuk in the international capital market.
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The Asian Infrastructure Investment Bank has approved loans totalling $1.2bn to India and Pakistan to help the two countries combat the Covid-19 pandemic.
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Pakistan’s stock exchange has called for public comment on the potential IPOs of Air Link Communications and TPL Trakker.
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Pakistan has started the year by rejigging rules for IPOs in the country, in a bid to revive its fledgling stock market by attracting more listings.
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Country Garden seeks second borrowing in six months – UAF taps two banks for HK$1.6bn – Deutsche arranges $190m for Shangshi – Pakistan sovereign deal open – Malakoff woos banks to refi – IRFC pulls into Samurai market
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The Islamic Republic of Pakistan’s sovereign bonds were among the best performers in high yield Asian debt in dollars last week, as the country neared an agreement with the International Monetary Fund (IMF) for a bailout.
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Pakistan’s Hub Power Co (Hubco) has launched a rights issue to fund an increase of its stake in the local subsidiary of a Chinese state-owned power company.
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Pakistan walks a fine line between emerging market and frontier. It is clinging on to its hard won status, reports Morgan Davis
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Panda bonds could take a back seat in the first quarter of 2019 due to the expected increase in issuance of local government bonds and as banks focus on their own funding needs, according to onshore DCM bankers.
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Interloop, a Pakistan-based sock supplier for sports brands Nike and Adidas, intends to list on the domestic stock exchange, in what would be the country’s largest listing from a private sector company.
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The Islamic Republic of Pakistan’s outstanding dollar bonds received a boost on Tuesday after the country turned to the IMF for assistance. Addison Gong reports.
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Goldman hires from IMF — UBS adds to debt origination — Bank Alfalah, CLSA ink pact for Pakistan — Credit Suisse taps Japan CEO — PNB scoops up former HSBC banker
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Pakistan is making a quick comeback to the loan market, seeking $200m, amid a mounting debt crisis in the country. But economists and bankers said numerous funding avenues are available for the sovereign to manage its $12bn of outstanding debt.
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Asia’s syndicated loan market is offering razor-sharp funding to sovereign borrowers, and that is not just limited to the more developed countries in the market. Pakistan and Sri Lanka are returning to the market with $1.45bn of loans between them, and both look set to cut their pricing significantly. Pan Yue reports.
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An overnight bookbuild in Oil & Gas Development Co this week reopened the market for Pakistan equity deals, as investors clamoured for shares in the Prp5.7bn ($49.7m) offering.
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China plans to turn Hainan into its latest trade laboratory, the International Monetary Fund (IMF) warns countries joining the Belt and Road Initiative against accumulating excessive debt, and the securities watchdog says it will allow international participants to trade onshore iron ore futures by early May.
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An unnamed institutional investor has launched a block sale of shares in Pakistan-based Oil & Gas Development Co worth up to Prp5.9bn ($50.8m).
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Pakistan is back in the offshore syndicated loan market for a $450m facility led by two banks.
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Pakistan-based pharmaceutical company AGP is set to launch bookbuilding for a Prp2.8bn ($25.2m) offer-for-sale on the country’s stock exchange this week, according to a statement by financial services company JS Global Capital.
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Pakistan’s securities regulator has overhauled its IPO rules to make the country’s bookbuilding process more market-friendly.
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China’s central bank will hold on to its 'neutral and prudent' monetary policy, the central bank of Pakistan encourages businesses to trade with China in renminbi, and the Chinese currency regains its position as the sixth most used global payments currency.
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The Chinese president emphasises the need to control financial risk at a key economic policy forum, Pakistan considers using the renminbi instead of the dollar in bilateral trade with China, and China Development Bank sells $350m of bonds in Hong Kong to help fund the Belt and Road Initiative (BRI).
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The Islamic Republic of Pakistan raised $2.5bn from a sukuk and a conventional bond on Thursday, finding strong support from the buy-side.
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The first set of commitments are in for Pakistan’s latest outing in the syndicated loan market — a $700m 10 year facility that is partially guaranteed by the International Bank for Reconstruction and Development (IBRD).
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The Islamic Republic of Pakistan opened its dollar-denominated sukuk and conventional bonds for bids on Wednesday, just days after the country’s government was forced to bring in the army to tackle protests in the capital.
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The Islamic Republic of Pakistan has set the stage for a dollar-denominated sukuk and a dollar conventional bond, hiring banks for the transaction.
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This article is the third part in a series of four on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Road element and two to the Belt element, of which this piece is the first and focuses on the Asian part of the overland route
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Who does Pakistan turn to in the event of a new liquidity crisis: to China or the IMF? Widening trade and current account deficits and dwindling FX reserves could mean the South Asian country has to make up its mind sooner rather later
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The Islamic Republic of Pakistan is hiring banks to lead its international sukuk issuance, issuing a request for proposals over the weekend.
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The People’s Bank of China scraps the requirement for financial institutions to set aside cash as reserves when buying foreign currency forwards, KraneShares launches new ETF to track companies in the Belt and Road Initiative (BRI) projects, and Bridgewater is said to be starting a new investment fund in China.
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Habib Bank (HBL) has reached a settlement with US regulators for a much lower fine of $225m, after accusations it had breached anti-money laundering rules wiped 30% off its market value.
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Niche players see MiFID II's research rules as an opportunity to win market share.
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The US has slapped Habib Bank (HBL) with one of the biggest fines on an Asian financial institution in recent years. Pakistan's largest bank is the latest lender to be penalised for flouting anti-money laundering rules but said it would contest the fine.
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Amid a buzz of IPO activity in India, GTPL Hathway is in line to raise Rp4.8bn ($74.4m) after sealing its oversubscribed listing.
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The Pakistan Stock Exchange (PSX) priced its IPO on Monday to raise Prp4.5bn ($42.8m), completing a demutualisation exercise and public offering that has been in the works for years. But while books were oversubscribed, the bourse had to contend with myriad challenges to get across the line, writes John Loh.
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Pakistan has signed its largest offshore syndicated loan on record, a $650m one year financing, with a group of 10 banks, said sources.
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The Pakistan Stock Exchange is planning to sell 20% of its share capital to the public and is seeking comments on its draft offer document, according to a filing.
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The Securities and Exchange Commission of Pakistan is giving a fillip to its IPO market, rejigging rules to make the equity-raising process more efficient and less time consuming.
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Pakistan and its bankers have enjoyed a purple patch since 2013, when the IMF rescued the country from a near-death experience. There are encouraging signs of a sustainable period of growth, much of it being driven by investor demand. But, with elections looming, can the country continue to build on its hard-won gains?
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China and Pakistan like to describe their relationship as sweeter than honey and stronger than steel. As a huge China-backed project to overhaul Pakistan’s creaking infrastructure takes shape, Pakistani bankers are steeling themselves to discover just how sweet that Chinese investment might be