Meezan bank completes issuance of Rs200 billion energy #sukuk
Meezan Bank concluded the issuance of Pakistan Energy Sukuk (PES) II worth approximately Rs 200 billion by state-owned Power Holding Limited (PHL). The Sukuk aims to help the Government in addressing the challenges for resolving circular debt in the country’s power sector. This is the second issuance of this series of sukuk, bringing the total size of the sukuk to approximately Rs400 billion. The sukuk issue was 1.7 times oversubscribed. The transaction is structured for ten years, with six monthly profit (rental) payments at a rate equivalent to 6 Month KIBOR -10 bps, as determined through the book building process.
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