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Pakistan’s Dollar Bonds Up ~3 Points on Plans to Hike IMF Loan to up to $8bn
February 27, 2024
Pakistan’s dollar bonds jumped by 2.8-4 points across the curve after it was reported that Pakistani authorities were exploring options to expand the upcoming IMF bailout package size from $6bn to $7.5-8bn. Pakistan could apply Climate Finance along with the Extended Fund Facility (EFF) to get this maximized size, it was noted. Sources mentioned that Pakistan had discussed the possibility of augmenting the programme size during the last Standby Arrangement (SBA) programme in June 2023, but the IMF did not entertain the request then.
Pakistan’s 8.25% 2025s jumped 3.2 points to 88.99, yielding 16.4% and its 7.875% 2036s soared 4 points to 70.60, yielding 12.7%.
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