ISLAMABAD: Finance Minister Ishaq Dar has revealed that Pakistan has been declared as the “Issuer of the Year” by the International Financing Review Asia (IFR Asia) in its Roll of Honour for the year 2014.
Dar said that based on its successful return to the international capital markets, Pakistan has been honoured with the title by this prestigious publication. Pakistan re-entered the international equity capital markets through issuance of sovereign paper as well as divestment of shares and tapped the international debt market twice during the year.
In April, Eurobonds worth $2 billion – $1 billion of a five-year tenor with a markup of 7.24% and $1 billion of a 10-year tenor with a markup of 8.25% – were issued after a gap of 7 years while, in November 2014, Pakistan issued International Sukuk – after a gap of 9 years – worth $1 billion with a tenor of 5 years and a markup of 6.75%. Pakistan also successfully penetrated the international and domestic equity markets by divesting government shares in United Bank Limited, Pakistan Petroleum Limited and Allied Bank Limited.
Established in 1997, IFR Asia is Asia’s most authoritative capital markets magazine and maintains the largest editorial team of any Asia capital markets publication, with analysts and journalists based in Singapore, Hong Kong and Tokyo. “Many Asian issuers raised funds with ease in 2014, but the Islamic Republic of Pakistan capped a remarkable turnaround with offerings in both debt and equity capital markets,” stated the review.