Pakistan declared “Issuer of the Year” by International Financing Review Asia, Asia
Islamabad, December 19, 2014 (PPI-OT): Pakistan has been declared as the “Issuer of the Year” by the International Financing Review Asia (IFR Asia) in its Roll of Honour for the year 2014. Finance Minister, Ishaq Dar said that based on its successful return to international capital markets, Pakistan has been honoured with the title by the prestigious publication, IFR, Asia.
Pakistan re-entered the international equity capital markets through issuance of sovereign paper as well as divestment of shares. Pakistan tapped the international debt market twice during the year.
In April, Eurobonds worth US $2 billion (US$ 1 billion of 5-year tenor with a markup of 7.24% and US$ 1 billion of 10-year tenor with a markup of 8.25%) were issued (after a gap of 7 years) while, in November 2014, Pakistan issued International Sukuk (after a gap of 9 years) worth US$1 billion with a tenor of 5 years and markup of 6.75%.
Pakistan also successfully tapped the international and domestic equity markets by divesting government shares in United Bank Limited, Pakistan Petroleum Limited and Allied Bank Limited.
Established in 1997, IFR Asia is Asia’s most authoritative capital markets magazine and maintains the largest editorial team of any Asia capital markets publication, with analysts and journalists based in Singapore, Hong Kong and Tokyo.
While including Pakistan in its Roll of Honour, IFR Asia Review 2014 states that “Many Asian issuers raised funds with ease in 2014, but only one capped a remarkable turnaround with offerings in both the debt and equity capital markets. For putting itself firmly back on the global markets map, the Islamic Republic of Pakistan is IFR Asia’s Issuer of the Year”. The IFR Asia 2014 Awards ceremony is scheduled in February 2014 in Hong Kong, details of which are awaited.
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