ISLAMABAD: Pakistan has successfully completed its inaugural Panda Bond issuance in China’s onshore capital market, marking the country’s first-ever entry into the world’s second-largest and deepest capital market, according to the Advisor to the Finance Minister.
According to Khurram Schehzad, advisor to the Finance Minister, this bond is a three-year fixed-rate instrument and marks Pakistan’s first-ever yuan-denominated sovereign issuance in China’s onshore capital market.
𝗘𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲: 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗜𝗻𝗮𝘂𝗴𝘂𝗿𝗮𝗹 𝗣𝗮𝗻𝗱𝗮 𝗕𝗼𝗻𝗱 𝗚𝗼𝗲𝘀 𝗧𝗵𝗿𝗼𝘂𝗴𝗵 – 𝗠𝗮𝗿𝗸𝘀 𝗛𝗶𝘀𝘁𝗼𝗿𝗶𝗰 𝗕𝗿𝗲𝗮𝗸𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗶𝗻 𝗚𝗹𝗼𝗯𝗮𝗹 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗠𝗮𝗿𝗸𝗲𝘁𝘀
Pakistan has successfully completed its inaugural Panda Bond issuance… pic.twitter.com/l6vTwLGSxX
— Khurram Schehzad (@kschehzad) May 14, 2026
The bond raised 1.75 billion RMB, which is equal to about 250 million US dollars. However, investor demand was very high, reaching over 8.8 billion RMB (approximately 1.26 billion US dollars). As a result, the bond was oversubscribed by more than five times.
Remarkably, demand for the inaugural tranche alone exceeded Pakistan’s entire planned Panda Bond programme size of RMB 7.2 billion (US$1 billion equivalent), a powerful reflection of growing international investor confidence in Pakistan’s economic outlook and reform trajectory.
پانڈا بانڈ کا کامیاب اجرا تاریخی کامیابی ہے، وفاقی وزیر خزانہ سینیٹر محمد اورنگزیب
وفاقی وزیرِ خزانہ سینیٹر محمد اورنگزیب نے پاکستان کے پہلے پانڈا بانڈ کے کامیاب اجرا کو ملک کی اقتصادی و مالیاتی تاریخ کی ایک تاریخی کامیابی قرار دیا ہے۔ بیجنگ سے اپنے ایک بیان میں انہوں نے کہا کہ…
— Ministry of Finance, Government of Pakistan (@Financegovpk) May 14, 2026
The strong order book enabled highly competitive pricing at a 2.5% coupon, demonstrating the market’s positive assessment of Pakistan’s improving macroeconomic fundamentals, external stability, disciplined fiscal management, and sovereign repayment capacity.
This historic issuance represents far more than a financing transaction. It marks Pakistan’s strategic entry into China’s capital market, diversification of the country’s investor base, strengthening of Pakistan-China financial cooperation, and Pakistan’s structured return to international capital markets from a position of improving stability and credibility.
پاکستان کا پہلا پانڈا بانڈ: عالمی منڈیوں میں ایک تاریخی کامیابی
پاکستان نے چین کی مالیاتی منڈی میں اپنا پہلا “پانڈا بانڈ” کامیابی سے جاری کر دیا ہے۔ یہ پاکستان کی تاریخ میں پہلی بار ہے کہ اس نے دنیا کی دوسری بڑی کیپٹل مارکیٹ تک رسائی حاصل کی ہے.
نمایاں نکات:
کامیاب شروعات: یہ… pic.twitter.com/XKFVcMLrqQ— Khurram Schehzad (@kschehzad) May 14, 2026
The success of the Panda Bond sends a powerful signal to global investors that Pakistan’s economic recovery is gaining international recognition. It reflects confidence in the country’s reform agenda, improving fiscal and external indicators, successful debt management, and commitment to sustainable growth.
Pakistan is steadily transitioning: from stabilization to strategy, from crisis management to market confidence, and from short-term financing pressures to long-term capital market access. This milestone marks the beginning of a new chapter in Pakistan’s economic and financial engagement with the world.
