Pakistan on Thursday issued its first-ever Panda Bond in China’s onshore capital market, Adviser to the Finance Minister Khurram Schehzad announced.
“The inaugural Panda Bond is a 3-year fixed-rate instrument, making it Pakistan’s first-ever RMB-denominated sovereign issuance in China’s onshore capital market,” Schehzad wrote in a post on X. Pakistan had appeared on the radar screen of international investors when it launched Eurobond last month to raise $750 million. Islamabad also raised an additional $3 billion in deposits from Saudi Arabia and also returned $3.4 billion to the United Arab Emirates. Pakistan also received $1.3 billion from the IMF as well after getting approval of EFF and RSF tranches.
The development comes a day after Federal Minister for Finance and Revenue Muhammad Aurangzeb left for China to participate in the issuance ceremony of Pakistan’s inaugural Panda Bond.
