Pakistan issues new Bond of $500m in Eurobond market

NEW YORK (Web Desk) - Pakistan successfully launched $500 million to $1billion Eurobond in New York in order to boost foreign currency reserves up to $20 billion mark, Radio Pakistan reported on Friday.

Finance Minister Ishaq Dar led the final road show at New York on Wednesday. The pricing of the bond was held on Thursday.

The coupon rate was 8.25% equal to the rate at which it issued such bonds in April last year.

It may be recalled that Pakistan team comprising Finance Secretary Waqar Masood Khan and Governor State Bank of Pakistan Ashraf Wathra conducted road shows for launching the bond in London, Los Angeles and Boston.

Pakistan came to the market on the back of a good track record of economic management since its last issue.

The investors were appreciative of the progress made in stabilizing the economy and reforms carried out in critical sectors of energy, privatization, tax administration and investment climate.