Issuer: Power Holding Limited
Guarantor: Government of Pakistan
Size: PRe239 billion across three tranches
Banks: HBL, Allied Bank, National Bank of Pakistan, Meezan Bank and UBL (mandated lead advisers and arrangers)
Date: June 2023
Pakistan’s energy sector has been caught for years in a vicious cycle of debt, which every so often threatens to develop into a full-blown crisis.
At its core, deep structural and operational inefficiencies in the sector cause a cascading cycle of non-payments throughout the energy supply chain, creating a phenomenon called circular debt, or the perpetual accumulation of debt owed to power-generating companies.
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