Pakistan eyes $500m Panda bond issuance without ADB, AIIB

Finance Division sources say a second Pakistan Panda bond issuance of $500m is being prepared for January–June 2027 without ADB or AIIB guarantees.

Pakistan is preparing a second Panda bond of about $500 million in China’s market for January–June 2027.

Finance Division sources say the deal is planned without ADB or AIIB guarantees, with Chinese credit enhancement under study.

Islamabad is acting after only partial refinance of $1.3 billion in Chinese commercial loans it had repaid.

The first Panda bond, in May 2026, raised 1.75 billion yuan (about $258 million) with ADB and AIIB support.

A second issue is expected in April or May 2027; both deals would total about $758 million if completed.

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