Pakistan Raises $2 Billion in Eurobonds
The government of Pakistan has raised US$ 2 billion in international debt markets by issuing Eurobonds in terms of 5 years and 10 years. The offering was oversubscribed (over 400 orders) receiving US$ 5.2 billion in offers – it was the biggest single amount the government of Pakistan has ever raised. However, according to Moody’s, Pakistan has a junk credit rating of Caa1.
For the 5-year bonds, the Pakistan Ministry of Finance noted that 59% of investors were based from the United States, 29% from Europe, 10% from Asia and the rest elsewhere.
Back in 2007, the Musharraf administration raised 10-year bonds at 6.75% interest.
5-Year, US$ 1 Billion, 7.25%
10-Year, US$ 1 Billion, 8.25%
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