Islamabad raises $250 million at 2.5pc; issuance of Panda bond oversubscribed fivefold

The Panda bond is a three-year fixed-rate instrument, making it Pakistan’s first-ever renminbi (RMB)-denominated sovereign issuance in China’s onshore capital market.

The government of Pakistan held a ceremony in Beijing on Friday to mark the introduction of Islamabad's first Panda Bonds onto China's onshore capital market.

Islamabad raises $250 million at 2.5pc; issuance of Panda bond oversubscribed fivefold

The Panda Bond’s real significance is in what it reveals about Pakistan’s evolving external financing strategy.