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Winner: Mobilink

In our monthly roundup of innovative deals in the credit market, we dish out the gongs to Mobilink's trailblazing bond, Lloyds TSB's Arkle RMBS and OTC Bank's hybrid

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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

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