KARACHI: In an encouraging development for the debt market of Pakistan, an innovative, new debt instrument has been issued and listed on Pakistan Stock Exchange (PSX) by Bank Alfalah (BAFL).
“Bank Alfalah has issued Medium Term Note in the form of term finance certificates (Tranche Series-A) of Rs11,000 million through Shelf Registration Programme, which have been listed on the PSX as of January 28, 2021. A gong ceremony was held at PSX to mark the listing of the instrument,” a statement issued by PSX on Thursday read.
The gong was struck by Bank Alfalah CEO Atif Bajwa amid the presence of PSX Board members, MD & CEO Farrukh H Khan, and senior management of PSX, SECP and BAFL.
Also present on the occasion were the senior management and representatives of Arif Habib Limited and Alfalah CLSA Securities, the joint lead managers and arrangers to the issue.
In his opening remarks, PSX MD & CEO Farrukh Khan said, “It is indeed a very welcome and positive development for the debt market of Pakistan that Bank Alfalah has issued and listed its Tranche Series-A TFCs of Rs11 billion on the exchange. Bank Alfalah has always been innovative whereby for the first time a shelf prospectus against issuance of Rs50 billion TFCs has been approved.
“Bank Alfalah has presence in both the brokerage and asset management industries and has recently become the first market maker of debt securities as well. I am very pleased that they are making their mark yet again on PSX through this innovative debt instrument, which will help provide depth and dynamism to the debt sector of the capital market of Pakistan.”
Meanwhile, Bank Alfalah CEO Atif Bajwa stated, “Bank Alfalah would like to thank SECP and PSX for their continued efforts in promoting the capital markets of Pakistan. Our debt capital markets are still at a nascent stage and we appreciate the efforts of all the stakeholders to develop this market based on global best practices. Sharing the same vision, we at Bank Alfalah believe that an efficient and well developed debt market will open up additional avenues for corporates and investors for sources of funding and investments respectively.”
