Bank of America and National Bank of Pakistan (NBP) have announced the successful completion of a new one-year commercial paper programme for NBP. The programme will be worth $75 million. Bank of America is the arranger, documentation agent and dealer for the transaction.

The programme will be operated out of the New York branch of NBP and will finance trade transactions with Pakistan.

NBP is the first Pakistani entity to implement a US commercial paper programme.

The transaction was syndicated by nine international banks. They are Credit Suisse, ABN AMRO, Dresdner Bank, Societe Generale, Arab Investment Company, MashreqBank, Arab Banking Corporation, CoBank and Banca Monte dei Paschi di Siena.