LONDON: Pakistan has set final guidance of 6.75-6.875 per cent on five-year US dollar benchmark sukuk, according to a lead.

The order book is now in excess of $1.3 billion, excluding lead orders. Final guidance compares to initial profit thoughts of 6.875pc area set earlier on Tuesday.

US books are set to go subject at 17.30 New York time on Tuesday, while European, Asian and Middle East books will go subject Wednesday morning London time.

The sovereign, rated Caa1/B- by Moody’s/S&P, is expected to price the Reg S/144A deal on Wednesday.

Citigroup, Deutsche Bank, Dubai Islamic Bank and Standard Chartered are the leads.

Pakistan was last in the market in April, when it completed a $1bn 7.25pc 2019 conventional bond.—Reuters APP adds: Finance Minister Ishaq Dar on Tuesday addressed meetings in London attended by leading investors, banks and financial institutions highlighting the sukuk.

Earlier the Pakistan team led by Ishaq Dar arrived in London to cover the Europe side of its campaign for sukuk after concluding the first leg of the trip in Middle East where the minister addressed investors conferences in Dubai and Abu Dhabi.

According to a statement issued by the Ministry of Finance here, the minister shared the key economic indicators, which he argued, manifested a turnaround in Pakistan’s economy.

He attributed economic gains to consistent economic reforms agenda pursued by the government.

Eulogising the role played by the non-resident Pakistanis to neutralise the setback to the country’s image because of protests in Islamabad, the minister said their remittances would help the country achieve the $15 billion forex reserve target by year end.

He welcomed the interest shown for sukuk in investors circles.

Dar claimed the turnout at investment conferences in the UAE and London reflects interest and hoped the response for sukuk would far exceed the performance of Eurobonds on global market.

The investors conference regarding the US dollar denominated sukuk transaction was also held earlier in Singapore.

Published in Dawn, November 26th, 2014