Pakistan is keen to raise more money from China’s onshore markets this year after the country successfully issued its debut yuan-denominated notes, according to Finance Minister Muhammad Aurangzeb, reports Bloomberg.
The South Asian country’s maiden issuance was more than five times oversubscribed, pointing to robust investor appetite for the bonds. The country has successfully raised $258 million from the debt sale, marking its cheapest foreign-currency bond offering ever.
“We are very clear that this is not a single event,” he said in an interview on Friday. The overall size of the panda bond programme is $1 billion, he said. “We are going to go ahead with the RMB issuances for the next tranche right away.”
Pakistan has successfully raised money from international markets this year. It also sold a global bond for the first time in four years in a private placement last month. The country has undertaken economic reforms under programs with the International Monetary Fund, restoring investor confidence after coming close to a default in 2023.
