NEW YORK: Pakistan’s economic performance has enabled it to enter the international bond market after a break of seven years and it is expected to raise more or less $2 billion on Wednesday, said Finance Minister Ishaq Dar.

Addressing workers of Pakistan Muslim League-N in Brooklyn, New York, on Monday night, he said bond managers in Dubai, London, Toronto and New York, had shown a keen interest in Pakistan’s bond issue during the roadshows.

“A final decision on bond issuance could come as early as Wednesday,” he said.

He said bold policy steps taken by the government to address the challenges of security and energy crisis would bring promising outcome.

Agencies add: Pakistan is hoping to raise $2bn through its issue of five- and 10-year bonds.

The country, rated Caa1/B- by Moody's/S&P, has launched a $1bn five-year tranche at the final yield of 7.25 per cent and a 10-year portion at 8.25pc.

Final terms came at the tight end of revised guidance of 7.25pc-7.375pc for the five-year note and of 8.25pc-8.375pc for the 10-year note and tight to initial price thoughts of mid-7pc and mid-8pc 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 was expected to price later on Tuesday.

Meanwhile, Pakistan's roadshows for the bond issue received an overwhelming response in the international markets.

Spokesman for the Ministry of Finance told APP news agency that the roadshows, led by the finance minister, were held in Dubai on April 2, London on April 4 and in New York on April 7.

The second team, led by Finance Secretary Waqar Masood Khan, conducted roadshows in Singapore, Hong Kong and Los Angeles.

The spokesman said the finance minister called Prime Minister Nawaz Sharif and informed him about the progress made so far. The prime minister expressed his satisfaction over the process, and hoped the economic policies of the government would be successful in future, too.

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