DUBAI: Pakistan has hired a group of banks to arrange investor calls ahead of a triple-tranche sale of US dollar-denominated bonds, a document showed on Thursday.
Credit Suisse, Deutsche Bank, Emirates NBD Capital, JPMorgan, Standard Chartered and BOC International will hold calls with fixed income investors, the document from one of the banks showed.
A benchmark issuance comprising tenors of five, 10 and 30 years will follow, subject to market conditions. Tranches of benchmark size are usually at least $500 million.
Cash-strapped Pakistan has been in dire need of funds after its economy was hit hard by the coronavirus pandemic and contracted.
Questions over fiscal and revenue reforms had led to the suspension of a $6-billion bailout package by International Monetary Fund (IMF) since early last year.
The IMF and Pakistan reached agreement last month to resume the suspended facility, subject to approval by the IMF board.
The IMF approved a $500 million disbursement to Pakistan for budget support after the board completed delayed reviews of the$6-billion loan program on Wednesday.
The latest payment brought to $2 billion the total disbursements under the Extended Fund Facility since the program was first approved in July 2019, the IMF said in a statement.
Domestic newspaper the News quoted Muhammad Umar Zahid, the finance ministry’s director of debt, as having told a webinar last month that Pakistan expected to raise more than $1.5 billion in global bonds if market conditions were conducive.
Historical remittances and good debt inflows have shored up Pakistan’s foreign reserves to help its currency recover against the dollar.
The central bank has revised its GDP growth target to 3% from 2% for fiscal 2020/21, while the IMF projects 1.5%.
Pakistan hires banks for three-tranche dollar bond sale, document shows
https://arab.news/6m7rh
Pakistan hires banks for three-tranche dollar bond sale, document shows
- Cash-strapped Pakistan has been in dire need of funds after its economy was hit by coronavirus pandemic
- IMF approved $500 million disbursement to Pakistan after board completed delayed reviews of $6-billion loan program yesterday
Babar Azam dropped for scoring too slowly, says Pakistan coach Hesson
- Shaheen Shah Afridi was left out after conceding 101 runs in three matches
- Pakistan will now face New Zealand in the opening match of the second phase
COLOMBO: Batting great Babar Azam was dropped for Pakistan’s final T20 World Cup group game against Namibia for scoring too slowly, said head coach Mike Hesson on Friday.
Azam, who is the highest run-scorer in T20 international history with 4,571 runs, was left out for the must-win game against Namibia as Pakistan racked up 199-3 and secured a place in the Super Eights by 102 runs.
The 2009 champions face New Zealand in Colombo on Saturday in the opening match of the second phase.
“I think Babar is well aware that his strike rate in the power play in the World Cup is less than 100 and that’s clearly not the role we think we need,” Hesson told reporters after Pakistan’s final practice session on Friday was washed out by rain.
Pakistan left out Azam for the same reason at last year’s Asia Cup and even after dismal showing in the Big Bash League, he was still selected for the T20 World Cup.
“We brought Babar back in for a specific role post the Asia Cup,” said Hesson.
“We’ve got plenty of other options who can come in and perform that role toward the end.
“Babar is actually the first to acknowledge that.
“He knows that he’s got a certain set of skills that the team requires and there are certain times where other players can perform that role more efficiently.”
Hesson also defended dropping pace spearhead Shaheen Shah Afridi after he conceded 101 runs in three matches, including 31 in two overs against India.
“We made a call that Salman Mirza was coming in for Shaheen, and he bowled incredibly well,” said Hesson.
“To be fair, he was probably really unlucky to not be playing the second and third games.”
Hesson was wary of Pakistan’s opponents on Saturday.
“New Zealand have played a huge amount in the subcontinent in recent times so we have to play at our best.”
