Pakistan short-lists consortia to launch OGDCL exchangeable bonds

Pakistan has short-listed two consortia for the sale of bonds exchangeable into Oil and Gas Development Co (OGDCL) shares, with the aim of raising more than $500 million, privitisation commission said on Monday.

The first consortium, which also ranked on top, consists of Citibank, JP Morgan, Credit Suisse and BMA Capital. The privatisation commission has authorised a six-member committee to negotiate with them.

The second consortium consists of Barclays Bank, Standard Chartered Bank, Merrill Lynch/Bank of America and KASB.

Pakistan is gearing up for its second attempt to launch an offshore exchangeable bond and the deal would mark the country’s return to the international capital markets for the first time since 2007.

From: Pakistan Times