Pakistan completes debut green sukuk auction: IFR
The 10.6363% interest rate on the three-year instruments, determined via an auction held on the Pakistan Stock Exchange, is 61bp points inside the 11.2464% benchmark rate, which is the latest six-month weighted average of market treasury bills.
The bonds will be issued by Pakistan Domestic Sukuk Company, a wholly owned subsidiary of the ministry of finance.
Meezan Bank, Dubai Islamic Bank (Pakistan), BankIslami Pakistan and Bank Alfalah were joint financial advisers on the issue.
This marks the sovereign's first sukuk tied to ESG assets.
Proceeds will be used towards three hydropower projects. The sovereign has stated its intention to sell further sukuk to support the projects, up to a total of Rs52bn.
The sovereign's domestic ratings are Caa2/B–/CCC+, according to LSEG data.
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