State Bank receives $2.5 billion from issuance of euro and sukuk bonds

20

KARACHI: The State Bank of Pakistan has received $2.5 billion earned from the recent issuance of euro and sukuk bonds. Last week, Pakistan raised $1 billion in a five-year Sukuk and $1.5 billion in ten-year Eurobond transactions.

After receiving of the payments, the foreign exchange reserves of the country have increased to $22 billion, according to an official handout.

According to a Finance Ministry handout after the issuance last week, the profit rate for the Sukuk is 5.625 per cent and for the Eurobond is 6.875 per cent, respectively.

The order book for Pakistan’s sovereign papers was over $8 billion but Pakistan picked up only $2.5 billion in order to ensure low final yields on the Sukuks and Eurobonds.
Pakistan raises $2.5 billion through Sukuk, Eurobond

The 6.875 per cent rate for the 10-year Eurobond was said to be the lowest ever rate, as no 10-year bond has ever been sold at a cheaper rate by Pakistan in the international capital markets.

INP/AH

Residents protest against power outages in Karachi’s Malir

KARACHI , Dec 7 (INP) Residents of Karachi’s Saudabad, Malir area registered a strong protest against unannounced prolonged power outages in the area.

Disgruntled people blocked the road for traffic, burnt tyres and raised slogans against the authorities. The protesters said that they are deprived of electricity for the last two days that has created immense troubles for them.

They declared that digital meters will not be allowed to install in the area as they function faster and overcharge bill to the people.

A large number of people including men and women took part in the protest.

Orignally published by INP