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On 4 December 2014, the Luxembourg Stock Exchange (LuxSE) listed and admitted to trading on its Euro MTF market a sovereign sukuk from the Islamic Republic of Pakistan. For a total amount of USD 1 billion, this is the first sukuk issuance from Pakistan in nearly a decade and was more than two times oversubscribed in the primary market. It pays an annual distribution of 6.75% and matures in 5 years. The proceeds of the issue will be used to strengthen the country’s foreign currency reserves. It is in the form of an ijarah or leasing sukuk, the underlying assets of which comprise the Islamabad-Lahore motorway. Joint lead managers for the issue were Citigroup, Deutsche Bank, Dubai Islamic Bank and Standard Chartered Bank. LuxSE now lists nine sovereign bonds of Pakistan and this latest...
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