Skip to main content

PSX Holds Gong Ceremony for the First Shelf Registered Instrument Issued by Bank Alfalah


Karachi, January 28, 2021: In a very encouraging development for the debt market of Pakistan, an innovative, new debt instrument has been issued and listed on Pakistan Stock Exchange (PSX) by Bank Alfalah (BAFL). Bank Alfalah has issued Medium Term Note in the form of Term Finance Certificates (Tranche Series-A) of PKR 11,000 million through Shelf Registration Program, which have been listed on the Exchange as of today, January 28, 2021. A Gong Ceremony was held at Pakistan Stock Exchange to mark the listing of the instrument. The gong was struck by the CEO of Bank Alfalah, Mr. Atif Bajwa, amidst the presence of the Members of the PSX Board, the MD & CEO of PSX, Mr. Farrukh H. Khan, and senior management of PSX, SECP and BAFL. Also present at the occasion were the senior management and representatives of Arif Habib Limited & Alfalah CLSA Securities, Joint Lead Managers & Arrangers to the Issue.

In his opening remarks, Mr. Farrukh Khan, the MD & CEO of PSX said, “It is indeed a very welcome and positive development for the debt market of Pakistan that Bank Alfalah has issued & listed its Tranche Series-A TFCs of Rs 11 Bn on the Exchange. Bank Alfalah has always been innovative whereby for the first time a shelf prospectus against issuance of Rs 50 Bn TFCs has been approved. Bank Alfalah has presence in both the brokerage and asset management industries and has recently become the first Market Maker of debt securities as well. I am very pleased that they are making their mark yet again on PSX through this innovative debt instrument, which will help provide depth and dynamism to the debt sector of the capital market of Pakistan”.

On this occasion, the CEO of Bank Alfalah, Mr. Atif Bajwa, stated, “Bank Alfalah would like to thank SECP and PSX for their continued efforts in promoting the capital markets of Pakistan. Our debt capital markets are still at a nascent stage and we appreciate the efforts of all the stakeholders to develop this market based on global best practices. Sharing the same vision, we at Bank Alfalah believe that an efficient and well developed debt market will open up additional avenues for corporates and investors for sources of funding and investments respectively”.

Speaking on the occasion, Mr. Arif Habib, Chairman - Arif Habib Group, stated, “I congratulate Bank Alfalah on the successful issuance of their Medium Term Note. I also congratulate the SECP and Pakistan Stock Exchange for successfully facilitating issuers. There was a time when we, as Consultants, would approach the SECP or the Stock Exchange for facilitation of a new issue but, since the last two years, we have not felt the need to make the first call for new issuances. The SECP and the Stock Exchange would already be standing with us to facilitate issuers on the equity and debt sectors of the capital market”.

Congratulating Bank Alfalah on the successful issuance of their new debt instrument, Mr. Sulaiman Mehdi, Chairman of the PSX Board, stated, “It is a proud moment for our capital market that the first tranche of Rs 11 Bn of the debt issue by Bank Alfalah has already been oversubscribed. Bank Alfalah was also the first bank to be the Market Maker in Pakistan. It surely reflects upon their commitment to Pakistan’s debt market and their innovative thinking”.  He further stated, “It is for the first time that we are seeing such close coordination between State Bank, SECP, PSX, and the entire financial industry; all are working towards reforms and development of the capital market. I congratulate not only Bank Alfalah, but also all the market participants and stakeholders who worked in tandem to bring about this innovative product on the debt market successfully”.

In his congratulatory note, Chairman, SECP, Mr. Aamir Khan, stated, “The launch of the first Medium Term Note Program has come about mostly due to the visionary leadership at Bank Alfalah but it is also heartening to see the combined efforts by all stakeholders in this regard. This issue is a very good omen for the future of debt capital market of Pakistan as recent changes in National Savings Schemes to restrict institutional investors have left the field wide open”. He further stated, “A well-developed corporate bond market is essential for the growth of the economy and currently the size of listed corporate debt market in Pakistan stands at less than 1% of GDP. It is in this backdrop, that Bank Alfalah’s MTN will encourage other market participants to tap the capital markets for their liquidity needs and foster competition in the market”.

In his remarks on the new debt issue by Bank Alfalah, Mr. Shauzab Ali, Commissioner SECP, stated, “While looking at the new debt instrument issued by Bank Alfalah and their record in developing the debt market, I am very happy to note that they have offered so much to the investors and have set high standards as role models for others to follow”.

Mr. Ali Sultan, Group Head - Global Treasury & Capital Markets at Bank Alfalah, added, “We have always strived for innovation and are proud that BAFL MTN is the first time in Pakistan that a shelf prospectus has been approved for issuance of TFCs. We are encouraged to continue with our efforts, given the strong response and oversubscription of the transaction which attracted a diverse investor base including Employee Funds, Foundations, Corporates and non-banking institutions”.

Comments

Post a Comment

Popular posts from this blog

Zong holds its Annual Business Conference 2021 digitally, adhering to the national SOPs

Islamabad- January 15 th , 2021 : For the first time since its inception, country’s leading connectivity provider, Zong 4G, has held its Annual Business Conference digitally. This innovative approach was adopted to ensure employees’ safety in compliance with the company’s and country’s COVID-19 SOPs, as Pakistan storms the second wave of the pandemic.   2021 Annual Business Conference was themed “Leaders in Digital Innovation” and aimed at commemorating Zong’s achievements for 2020 and to lay out the strategic direction for 2021. The event was attended by the management and employees of Zong 4G. Over 250+ Zong employees attended the conference remotely from the safety of their homes.   “During this time of an unprecedented pandemic, we have emerged as the go-to connectivity provider for millions of Pakistanis. With special data bundles and offers, including those for international roaming, we have delivered the industry’s best communications solutions to Pakistanis enabling them to res
3 comments
Read more

Goethe-Institut organizes the FIRST VIRTUAL PASCH PRINCIPALS' CONFERENCE SOUTH ASIA NORTH 2021 “THE GERMAN WAYS AND THE WAYS WITH GERMAN” · PASCH stands for “Schools: Partners for the Future” · Aimed to bring together Principals of PASCH Schools of the Northern South Asian region, who are supported by the Goethe-Institu · Attended by more than 40 Principals from PASCH Schools Northern South Asia

Islamabad, January 28, 2021 - With the vision of giving insights to the Principals into the untapped opportunities and a brighter future for young students, Goethe-Institut organized the FIRST VIRTUAL PASCH PRINCIPALS' CONFERENCE SOUTH ASIA NORTH 2021 “THE GERMAN WAYS AND THE WAYS WITH GERMAN” from 22.01.2021 to 24.01.2021. The conference aimed to bring together Principals of PASCH Schools of the Northern South Asian region, who are supported by the Goethe-Institut. For this initiative, Goethe-Institut partnered with leading schools in some of the major cities in Pakistan. Schools in Karachi, Lahore, Islamabad, Peshawar and Rawalpindi were engaged in the first virtual PASCH principals' conference. During the three-day conference, the PASCH-Initiative and its goals were discussed in detail and the resulting perspectives for students in South Asia were explored together with the school principals. Speaking on the occasion, Ms Veronika Taranzinskaja, PASCH Head of South Asi
1 comment
Read more

Telenor: The Covid-19 digitalisation wave makes its mark on 2021 tech trends

(Islamabad, 28th January 2021) Digitalisation efforts in every corner of society will accelerate in the wake of Covid-19, predicts Telenor Research. From new technology to combat loneliness, to remote education that’s here to stay, compounded by password panic induced by rising security concerns - these are some of the trends that will shape 2021.   The Tech Trends 2021 were revealed and discussed during an interactive session at Telenor Pakistan Headquarters 345 by Bjørn Taale Sandberg, Head of Telenor Research. The occasion was graced by Honourable Federal Minister of IT and Telecommunications, Syed Amin ul Haque. The event was also attended by government officials, ecosystem players, members of the media and Telenor Pakistan mana gement.   Speaking virtually at the session, Bjørn Taale Sandberg, Head of Telenor Research said, “The pandemic has triggered us and nearly every industry around the globe to adapt at a rate once thought impossible. The past year has proved that di
1 comment
Read more