In addition to M&Z acting as the transaction counsel for issues of Islamic bonds (Sukuk) issues, M&Z has considerable experience of acting as the transaction counsel in the domestic market being issues of redeemable capital pursuant to the relevant provisions of the Companies Ordinance, 1984. These include issues of Term Finance Certificates as well as issues of Commercial Paper. Commercial Paper is short unsecured debt instrument issued by local corporates. The firm has also acted as the transaction counsel for Tier II unsecured debt instruments issued by commercial banks in accordance with the applicable regulations issued by the State Bank of Pakistan in this regard.
Summit Bank Limited has issued unsecured subordinated, rated and listed Term Finance Certificates for an aggregate amount of PKR 1,500,000,000, comprising of a public offer and a private placement. M&Z has acted as the transaction counsel.
Tameer Micro Finance Bank Limited (Tameer) issued redeemable capital in the form of Commercial Paper for an aggregate amount of PKR 400,000,000. M&Z acted as the transaction counsel for the issue of Tameer's Commercial Paper.
In addition to the above, we are also acting as the transaction counsel in respect of an issue of retail TFCs by a microfinance bank; an issue of retail TFCs by a media company and an issue of TFCs by a commercial bank.