Pakistan sets price guidance for 10-yr bond -source
HONG KONG, May 23 (Reuters) - Pakistan has set an initial guidance of around seven percent for its benchmark-sized offering of dollar-denominated 10-year bonds, a source close to the deal said on Wednesday.
Pakistan has appointed Citigroup (C.N), Deutsche Bank (DBKGn.DE) and HSBC (HSBA.L) (0005.HK) to jointly manage this sovereign offshore bond sale.
Presentations for the bond sale continue in New York and Los Angeles on May 23 and New York on May 24 before the expected pricing on May 25.
The issue is rated B-plus by Standard & Poor's Ratings Services with a positive outlook and B1 by Moody's Investors Service.
S&P said its rating is valid for an issue amount of up to $1 billion.
The transaction will be Pakistan's fourth international debt offering since 2004, when it made its first visit since economic sanctions were imposed for conducting nuclear tests in 1998.
Last year Pakistan sold $800 million in a dual-tranche sovereign bonds, comprising $500 million in a 10-year issue and $300 million in 30-year paper.
In 2004 Pakistan issued a $500 million, five-year eurobond, while in 2005 it floated a $600 million Islamic bond, also for a five-year term.
