Case
WAPDA BEARER BONDS(A)
INDUSTRY :FINANCIAL INSTRUMENTS
AREA :FINANCE
ORGANIZATION :-
LENGTH :29
LUMS No :02-163-88-1
PUBLICATION YEAR : 1988
ABSTRACT:
It was early March, 1988, and Mr Muhammad Rafiq, General Manager, Finance, (Power) of the Water and Power Development Authority (WAPDA) In Lahore, Pakistan, had just received information from the National Development Finance Corporation (NDFC) that the recent WAPDA Bearer Bond issue of Rs 2 billion had been oversubscribed by over Rs 1 billion. In their initial period on tap between December 15,1987 and January 31,1988, the Bonds had only raised Rs 800 million in the market. After the extension of the period to February 29, another Rs 2.3 billion had been raised. Despite the apparent success of the issue, Mr Rafiq was now wondering whether WAPDA could repeat the issue in the next financial year, and what actions needed to be taken to ensure that the problems faced by the initial issue were not repeated.