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Pakistan is targeting January to issue its first panda bond tranche, part of a planned programme of up to $1 billion, the Ministry of Finance said on Friday, as Islamabad seeks to diversify funding sources and tap China\u2019s onshore debt market.<\/p>\n
The inaugural issuance is expected to raise the equivalent of about $250 million, with further tranches to follow under a phased programme once regulatory approvals are completed, the ministry said after Finance Minister Muhammad Aurangzeb chaired a review meeting on the plan.<\/p>\n
Approvals from multilateral partners have already been secured, and final clearances from Chinese regulators are expected by early January, the statement said.<\/p>\n
The panda bond programme, denominated in yuan and sold on China\u2019s domestic market, is part of Pakistan\u2019s broader debt management strategy as it works to stabilise its economy under a $7 billion International Monetary Fund programme.<\/p>\n\n<\/figure>\nPricing for the inaugural bond will be determined closer to the launch once all regulatory requirements are completed, the ministry said.<\/p>\n
The finance ministry said engagement with Chinese institutional investors had been constructive, reflecting improving confidence in Pakistan\u2019s macroeconomic outlook following recent policy reforms.<\/p>\n
Preparatory work has already begun for subsequent tranches within the planned $1bn panda bond programme.<\/p>\n
Moody\u2019s raised its long-term foreign-currency issuer rating to Caa1 with a stable outlook in August 2025, citing an improving external position supported by reforms and IMF support. S&P Global Ratings upgraded Pakistan to B- with a stable outlook in July 2025.<\/p>\n
Pakistan has relied heavily on bilateral and multilateral financing, including short-term funding from Middle Eastern banks, but is now looking to broaden its investor base through markets such as China\u2019s onshore bond market.<\/p>\n<\/p><\/div>\n
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