Investors jump back on the Pakistan merry-go-round

The Federal Republic of Pakistan returned to the international bond markets yesterday (Thursday) with its most successful bond to date. Under the lead management of ABN AMRO, Deutsche Bank and JPMorgan, the sovereign priced a $500 million five-year fixed rate deal at par on a coupon of 6.75% to yield 370bp over Treasuries, or 335bp over Libor.