Winner: Mobilink

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Pakistan Mobile Communications, known as Mobilink, broke new ground at the beginning of November when it completed its first global bond, a $250 million seven-year non-call four-year issue. The deal was the first unsecured borrowing ever by a Pakistani corporate and marked a remarkable triumph for the country and company.

The only outstanding bonds from Pakistan are sovereign transactions, of which three have launched in the past three years, according to George Niedringhaus, head of emerging