ISLAMABAD: Ten leading global lenders have expressed interest in Pakistani eurobonds as the government plans to raise about $1 billion within the next two months to shore up foreign exchange reserves, a top finance ministry official said on Wednesday.
A eurobond, or external bond, is a fixed-income debt instrument denominated in a currency not native to the country where it is issued. About $1.5 billion worth of eurobonds were part of Pakistan’s financing plan in the past fiscal year but were delayed due to adverse market conditions.
The new bonds are expected to be issued in December or January, Kamran Afzal, the ministry’s special secretary, told reporters on Wednesday.
“10 leading banks have submitted their financial and technical bids to structure the bond issue,” Afzal was quoted by local media as saying.
Bank of America, Bank of China, and several other lenders from Europe and the Gulf region are reportedly among the lenders interested.
“Their bids will be evaluated next week and it is expected that two consortiums will be hired to put in place structures for floating the Eurobond and the Sukuk bond,” the Express Tribune newspaper said.
Afzal said the government would first float the Eurobond and then the Islamic bond also, depending on the advice of financial advisers. This will be the first capital market transaction by the government of Prime Minister Imran Khan and will help Pakistan meet its external debt obligations such as the repayment of major loans, including $3 billion to Saudi Arabia.
The Group of 20 nations (G20), representing the world’s biggest economies, last month suspended debt payments of Pakistan and dozens of other developing countries to help support their fight against the coronavirus pandemic. G20 has agreed to extend debt suspension for these countries until June 2021.
Ten top global banks vie for Pakistan’s $1 billion eurobonds
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Ten top global banks vie for Pakistan’s $1 billion eurobonds
- Bank of America, Bank of China, and other lenders from Europe and the Gulf are reportedly among the bidders
- The money will help Pakistan meet its external debt obligations such as the repayment of major loans
Pakistan beat India by 191 runs to win U-19 Asia Cup final in Dubai
- Sameer Minhas played a clinical 172-run knock to lead Pakistan to a commanding total of 347-8
- In response, India were in the game for first few overs but collapsed at 156 runs from 26.2 overs
ISLAMABAD: Pakistan delivered a commanding all-round performance to thrash arch-rivals India by 191 runs in the Under-19 Asia Cup final in Dubai on Sunday, dominating the contest with both bat and ball.
India, who were undefeated in the tournament, won the toss and put Pakistan to bat first. The decision did not pan out well for the Blue Shirts as Pakistan were off to a flying start, powered by opener Sameer Minhas and middle-order batter Usman Khan.
The two built a 92-run partnership before Khan returned to the pavilion. Minhas, however, kept on piling the runs and smashed a clinical 172-run knock to lead Pakistan to a commanding total of 347-8 from 50 overs. Ahmed Hussain scored 56 runs off 72 deliveries.
In response, India were in the game for the first few overs, but after that, it was all Pakistan, with bowlers picking up wickets at regular intervals. The Indian side collapsed at 156 runs from 26.2 overs. Minhas was declared player-of-the-match and player-of-the-series.
“It was a good innings... we wanted to bat first looking at the track,” Minhas said. “It is very memorable for me.”
Ali Raza picking up 4 wickets for Pakistan, while Deepesh Devendran was the pick of the Indian bowlers, returning figures of 3-83.
Pakistan President Asif Ali Zardari congratulated the U19 team on the impressive victory.
“Impressive victory over India in final shows young players’ dedication and resolve,” he said on X. “A proud moment for the nation. Appreciation to captain, team, PCB Chairman Mohsin Naqvi, and coaches.”
