Return to International Bond Markets
Overview
After about four years out of global markets, Pakistan sold a $500 million three-year Eurobond in April 2026, later upsized to $750 million, issued its first yuan Panda bond in China in May, and in September 2026 raised $3 billion, reported as its largest Eurobond transaction.
Latest updates
Pakistan raised $3 billion in 5.5-year and 10-year Eurobond tranches at 7.50% and 7.90%
Pakistan issued its first Panda bond in China's onshore market: RMB 1.75 billion (about $250 million) for three years at 2.5%
(The News)
Pakistan raised $500 million through a three-year Eurobond at a 6.975% coupon, its first since 2021, later upsized to $750 million
Positions on the record
Islamabad says
Islamabad said the inaugural Panda bond would support inclusive growth and deepen ties with China.
Quoted or summarised from the linked public statements only.
Recent developments
Market access reduces Pakistan's dependence on IMF, Gulf and Chinese official financing and refinances maturing debt, but at coupons of roughly 7–8% it adds costly external liabilities. Investors' appetite is closely tied to the IMF programme that the United States influences.
Recommended resources
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Re-entry to global capital markets: USD500m raised through 3-year Eurobond
via Business Recorder
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Pakistan debuts in China's domestic bond market, raises $250 million
via The News
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Junk borrower Pakistan raises $3 billion in landmark Eurobond deal
4 September 2026
via Business Today (India)
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Pakistan says inaugural Panda Bond issuance to support inclusive growth, deepen China ties
via Arab News
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Pakistan upsizes Eurobond to $750mn after 'strong investor demand'
via Aaj News
