The selection of lead manager for the forthcoming issuance of Pakistan’s sovereign bond is likely to be decided within this week, a senior official at the Ministry of Finance told The However, he showed his inability to disclose the size of the bond arguing that the lead manager would give suggestion to the government to this effect after analysing the US economy and international capital market.

The official said in January 2005, Pakistan issued $600 million an Islamic bond (Sukuk) —- the five year notes structured to comply with Islamic law (Shariah) lead managed by Citygroup and HSBC.

Pakistan’s debut Islamic bond issue saw considerable interest from both conventional as well as Islamic investors across the three regions Asia, Middle East and Europe.

He said on March 23, 2006 Pakistan successfully issued $500 million new ten year bond and $300 million new 30 year bond in the international market lead managed by JP Morgan, City group and Duetche Bank. This transaction, which represented the first international Reg-S 144 A bond issued by Pakistan since 1999.

By issuing 10 and 30 years bonds’ Pakistan completed its primary objective of establishing a full yield curve in record time. This achievement was completed in a short period of two years against an average of 4 years taken by other comparable countries.