The Islamic Republic of Pakistan sold a $2 billion dual-tranche note on Wednesday, meeting with heavy demand as investors, particularly US investors, warmed to the country's improved political and economic outlook.
The deal, which is the Asian sovereign’s first dollar-denominated bond sale since 2007, is divided into five- and 10-year tranches of equal size, according to a term sheet seen by FinanceAsia. The bonds yield 7.25% and 8.25%, respectively.
Based on Dealogic data, the transaction is Pakistan’s largest international sovereign bond offering to date and the biggest debt issue by a high-yield emerging Asian sovereign since 2011, when the Republic of Indonesia -- then sub-investment...
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