Islamabad, November 24, 2014 (PPI-OT): Investors Conferences on Sukuk bonds began here Monday with the inaugural conference being held in Abu Dhabi in the morning followed by the second conference in Dubai later in the afternoon. Having successfully concluded the Middle East road shows/investors conferences, the Pakistan team led by the Finance Minister Ishaq Dar left Dubai for London. A US Dollar denominated benchmark 144A/Regulation S Sukuk transaction would follow subject to market conditions and investors response after conclusion of investors’ conferences tomorrow in Singapore and London.
Riding on the recent successful Euro-Bond issue in April, 2014 which was oversubscribed fourteen times, but the Government decided to take only US $2 billion against offers of over US $7billion, and announced that the Government has priority for Shariah-compliant bonds (Sukuk) for giving an equal chance to Islamic investors in Islamic papers.
Therefore, the economic team has now embarked upon tapping the fast growing and highly liquid base of Sukuk investors to consolidate macro-economic stability direction and enhance the forex reserves of the Country. Universal acceptance of Sukuk as a strong alternative to regular conventional bonds and earlier announced in April, 2014 are key drivers for this beginning which has already witnessed significant interest from investors in the Middle East today.
Successful conclusion will assist the Country to continue its wide-ranging development plans in the energy, infrastructure and other essential sectors. The group meetings in Abu Dhabi and Dubai were well received by a wide range of quality investors, including fund managers, private banks, and local and international financial institutions. Pakistan team is led by the Minister for Finance, Senator Muhammad Ishaq Dar who is accompanied by the Additional Secretary (External Finance).
For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +92-51-9252323 and +92-51-9252324
Fax: +92-51-9252325 and +92-51-9252326