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Pakistan’s Dollar Bonds Rise after Securing $1bn Loan from Middle East Banks
January 23, 2025
Pakistan secured a loan worth $1bn at an interest rate of 6-7% from tow Middle Eastern banks. The loan agreements include one bilateral loan and one trade financing arrangement, both with a short-term tenure of up to 1Y. As part of an overall plan to raised $4bn from Middle Eastern commercial banks, Pakistan also plans to work with credit rating agencies for a potential upgrade to a single-B rating. The country recently got a temporary relief after the UAE agreed to roll over $2bn in payments due in January.
Pakistan’s dollar bonds were higher by over 1 point across the curve – its 7.375% 2031s were up 1.2 points to 86.9, yielding 10.3%.
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