According to the sources, The Pakistan re-entered the Islamic-denominated Sukuk Bond market, to raise $1 billion at an offered yield of 7.95%, as compared to the initial price targeting range of 8.25 to 8.37%..
As per details, It is most likely the highest yield ever offered for the asset-backed Islamic Sukuk bond in Pakistan.
PTI, when it was in the Opposition in the previous regime, had always objected to the Sukuk bond, claiming that the country’s assets were mortgaged to obtain loans, However, some of the cabinet members still opposed the bond whenever the summary to launch the Sukuk Bond was tabled before them in the 3.5 years of PTI rule.
Pakistan, In response to rising external vulnerability has so far raised $2 billion during the current fiscal year through the issuance of international bonds against the budgetary projection of $3.5 billion for the current fiscal year 2021-22.
It must be noted that Pakistan had raised $1 billion through the Eurobond in July 2021 and now $1 billion is targeted through the Sukuk Bond in January 2022.
The Pakistan had launched the Sukuk Bond in 2014-15 at a fixed rate of 6.75% for raising $1 billion.
The country launched $1 billion Sukuk Bond for 5 years in October 2016 at the rate of 5.5, then in December 2017 at the rate of 5.625% respectively.
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