THIS refers to recent news reports on Pakistan bonds. I think the issue was good news for US fund managers. Most of the allocation was taken up by them. It was also good earnings for the four leading banks concerned with the issue.
The recently floated Sri Lankan bonds, with five years’ maturity, had a coupon of 5.13pc. Our Pakistan bond of a similar period and maturity has a coupon of 7.25pc. This is a substantial rate difference.
The nation would be interested in knowing from the finance minister as to how many countries have issued sovereign bonds in the last 12 months with a yield as high as the Pakistani bond?
Shiraz Sachedina
Karachi
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