LONDON, April 8 (IFR) - The Islamic Republic of Pakistan is set to raise USD2bn through its upcoming issue of five- and 10-year bonds.
The sovereign, rated Caa1/B- by Moody's/S&P, has launched a USD1bn five-year tranche at the final yield of 7.25% and a 10-year portion at 8.25%.
Final terms came at the tight end of revised guidance of 7.25%-7.375% for the five-year note and of 8.25%-8.375% for the 10-year note and tight to initial price thoughts of mid-7% and mid-8% respectively released on Monday.
Barclays, Bank of America Merrill Lynch, Citigroup and Deutsche Bank are the lead managers on the 144A/Reg S issue, which is expected to price later on Tuesday. (Reporting by Davide Scigliuzzo; Editing by Sudip Roy)