The government of Pakistan has successfully raised $1 billion through the issuance of international sukuk.
The Finance Division states that the transaction generated great interest as leading global investors from Asia, the Middle East, Europe and the US participated in the order book.
The transaction’s success is a testimony to the investors’ confidence in the country’s economic revival, long-term stability and growth.
The response was overwhelmingly strong and the order books were oversubscribed (peaked at $2.7 billion) consisting of orders from high-quality investors. After careful consideration, the government decided to raise $1 billion.
This is the first issuance under the government’s newly established ‘Trust Certificate Issuance Programme’ and the first time that the government has issued an international sukuk with a 7 year maturity.
The program will allow Pakistan to tap the market at short notice. The government intends to make full use of this program and become a regular issuer of sukuk in the international capital markets.