PSX holds ‘Gong Ceremony’ for Bank Alfalah issue

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, says Atif Bajwa

KARACHI: 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 Rs 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 PSX to mark the listing of the instrument. The gong was struck by the CEO of Bank Alfalah, Atif Bajwa, amidst the presence of the Members of the PSX Board, the MD & CEO of PSX, 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, 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 billion on the Exchange.”

The PSX MD said Bank Alfalah has always been innovative whereby for the first time a shelf prospectus against issuance of Rs 50 billion 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. 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, Atif Bajwa, stated that Bank Alfalah would like to thank SECP and PSX for their continued efforts in promoting the capital markets of Pakistan.

The CEO said, “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, he added.

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