Pakistan’s First Green Eurobond Launched to Finance Diamer
Islamabad: To address the funding requirements for the building of the Diamer-Bhasha and Mohmand dam projects, the Water and Power Development Authority (WAPDA) established the nation’s first green Eurobond.
The bond has been on the market for 10 years in an effort to raise $500 million at a reasonable interest rate of around 7.5%.
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Speaking at the launch event for the bond held at the Prime Minister’s House, the prime minister praised the WAPDA chairman and his team for the historic accomplishment of acquiring bonds on the international market.
The PM also expressed satisfaction over the interest shown by well-known foreign investors, noting that it demonstrated those investors’ faith in the administration and WAPDA.
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The launch, according to WAPDA Chairman Muzammil Hussain, was a significant accomplishment since it allowed a parastatal organisation to participate in the global bond market on its own merits and independently of the government.
The Regulation S bond was reportedly released at an extremely reasonable price, which is exceptional given that Pakistan’s sovereign bond, which is due to mature in 2031, has a coupon of 7.375 percent.
According to the report, there was a huge demand for WAPDA’s Indus bond, with the order book being oversubscribed six times to about $3 billion. Credible and prestigious firms including Goldman Sachs, Blackrock, Bluebay, Fidelity, Ashmore, Amundi, and UBS were featured in this.
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