ISLAMABAD, May 18: Pakistan announced on Friday to hold road-shows in Asia, Europe and USA next week to make another issue of global dollar bonds to raise over $800-1000 million funds for general budgetary support.

The issue of bonds would be subject to market conditions, said a statement issued by the finance ministry.

The government has mandated the Citibank, the Deutsche Bank and the HSBC for this capital market financing.

Pakistan returns to the international financial market with a Rule 144A/Regulations S. bond issue for general budgetary support. The rule makes securities eligible for purchase and trade by institutional US investors.

The securities will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the US absent registration or an applicable exemption from the registration requirements of the Act.

The government plans to float these bonds in New York before the close of this fiscal year but most probably within this month. The finance ministry has been holding continuous meetings with these fund managers on the subject over the last few months.This will be Pakistan’s fourth international bond in the last five years.

Last year, Pakistan sold $800 million in a dual-tranche sovereign bond, comprising $500 million in a 10-year issue and $300 million in 30-year paper. The proposed new sovereign bond is likely to be for 15 and 20 years maturity period.

In 2004, Pakistan raised $500 million through five-year sovereign Eurobond and in 2005 it issued $600 million five-year Sukuk (an Islamic bond) against which it had to pledge certain sections of the Motorway project.