PIA Pakistan to issue $127mn sukuk this month
PIA will issue a ten-year sukuk later this month, worth up to PKR20b rupees (US$126.7m) including a greenshoe (over-allotment) option of PKR5b (US$31.6m), an abridged term sheet reveals. The purpose of the Islamic bond issue is to meet its permanent working capital requirements and for the settlement of part of its existing financing facilities, both conventional and Islamic, it outlined. The sukuk will come inclusive of a two-year grace period and will be repaid in 96 equal monthly instalments. Classified as a “public sector sukuk”, it will be privately placed and 100% backed by government guarantee, with BankIslami Pakistan acting as joint book-runner, advisor, and investment agent on the issuance.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-07-06/unaligned/pia-pakistan-to-issue-127mn-sukuk-this-month
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PIA Pakistan to issue $127mn sukuk this month
PIA will issue a ten-year sukuk later this month, worth up to PKR20b rupees (US$126.7m) including a greenshoe (over-allotment) option of PKR5b (US$31.6m), an abridged term sheet reveals. The purpose of the Islamic bond issue is to meet its permanent working capital requirements and for the settlement of part of its existing financing facilities, both conventional and Islamic, it outlined. The sukuk will come inclusive of a two-year grace period and will be repaid in 96 equal monthly instalments. Classified as a “public sector sukuk”, it will be privately placed and 100% backed by government guarantee, with BankIslami Pakistan acting as joint book-runner, advisor, and investment agent on the issuance.<br/>
