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 turns to ‘panda bonds’ to secure cheaper credit and diversify its borrowing into yuan-denominated funding, with a focus on sustainable development.

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.