April 8, 2014 / 11:21 AM / in 4 years

Pakistan sets final yield range on dual tranche US dollar bond

LONDON, April 8 (IFR) - The Islamic Republic of Pakistan has tightened yield guidance on its upcoming issue of a dual tranche US dollar-denominated bond offering, according to one of the lead managers.

The sovereign, rated Caa1/B- by Moody‘s/S&P, has set a final yield range of 7.25%-7.375% on the five-year tranche and of 8.25%-8.375% on the 10-year portion.

It opened books on the trade on Monday, setting initial price thoughts of 7.5% area and 8.5% area respectively.

Both notes will have benchmark size.

Barclays, Bank of America Merrill Lynch, Citigroup and Deutsche Bank are the lead managers on the 144A/Reg S issue, which is expected to launch and price later on Tuesday.

Reporting by Davide Scigliuzzo; Editing by Sudip Roy

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