April 28 Pakistan could issue a sovereign
Islamic bond after the release of its June budget, a spokesman
for the country's finance ministry told Reuters.
Final details of a potential deal have not been decided yet
and it is unlikely to happen soon, said Nadeem Kayani. It was
not clear whether the issue would be in U.S. dollars or local
"The finance ministry is working for the issuance of an
Islamic bond, sukuk, but it is likely to be issued sometime
after the budget," Kayani said on Monday.
Pakistan sold $2 billion of dollar-denominated bonds earlier
this month, issuing a $1 billion five-year bond yielding 7.25
percent and a $1 billion 10-year bond yielding 8.25 percent
after attracting $7 billion in investor orders.
Last month it received a $556 million loan installment from
the International Monetary Fund. In September, the IMF saved
Pakistan from possible default by agreeing to lend it $6.7
billion over three years.
(Reporting by Syed Raza Hassan; Writing by Bernardo Vizcaino;
Editing by Andrew Torchia)