LONDON, April 7 (IFR) - The Islamic Republic of Pakistan has set initial price thoughts on a US dollar denominated dual-tranche due 2019 and 2024 transaction.
The sovereign, rated Caa1 by Moody’s and B- by Standard & Poor‘s, has set IPTs of mid 7% on a five-year benchmark note and mid 8% on a 10-year benchmark note.
The sovereign completes investor meetings in the US today, with the Reg S/144a deal expected to price on Tuesday, subject to market conditions.
Bank of America Merrill Lynch, Barclays, Citigroup and Deutsche Bank are the lead managers. (Reporting By Abhinav Ramnarayan; Editing by Sudip Roy)