K&A Advises the Government of Pakistan in its US$ 1 Billion International Issue of Sukuk Certificates

Khan & Associates has advised the Government of Pakistan and the Second Pakistan International Sukuk Company as Pakistan counsel on US$ 1 billion issue of trust certificates (Sukuk) due 2019. The Sukuk were issued on the basis of a lease where the underlying asset was a motorway and were assigned a rating of B- by Standard & Poor’s and Caa1 by Moody’s. The Sukuk were listed on the Luxembourg Stock Exchange and admitted to trading on its Euro MTF market. The Sukuk were offered within the United States to qualified institutional buyers in reliance on Rule 144A and to non U.S. persons in offshore transactions in reliance on Regulation S. Citigroup Global Markets Limited, Deutsche Bank AG, Dubai Islamic Bank PJSC and Standard Chartered Bank acted as Joint Lead Managers. The deal was well received globally and was oversubscribed following demand from investors. It was Government of Pakistan’s second international Sukuk offering. In 2005, Khan & Associates advised the Government in its US$ 600 million trust certificates offering. Khan & Associates’ team on these transactions consisted of Mansoor Hassan Khan (Partner), Saqib Majeed (Senior Associate) and Zohaib Ahmed Khan (Associate).