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Bond Market News
Pakistan’s Dollar Bonds Amongst Top Gainers on Timely Coupon and Continuing IMF Talks
October 30, 2023
Pakistan’s dollar bonds were amongst the top gainers last week, rallying over 8-10% across the curve. Pakistan made a timely coupon payment on its 8.25% 2024s as per brokerage firm Topline Securities. Also, the nation will be in talks with the IMF this week to unlock $710mn as part of the second tranche of the multilateral lender’s $3bn bailout loan. As part of the nine-month bailout package, the IMF had initially transferred $1.2bn to Pakistan in July. The country’s financial position has seen an improvement with its forex reserves improving from just $3.1bn in January to $7.6bn at end-September 2023.
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