Pakistan Pursues Panda Bond Issuance with Investor Meetings in Beijing

A delegation from Pakistan’s Ministry of Finance commenced a series of pre-marketing meetings with potential investors in Beijing, China, spanning from July 7 to 11, 2025. This initiative is part of a non-deal road-show (NDR) intended to pave the way for Pakistan’s inaugural Panda Bond offering, according to Khurram Shahzad, Advisor to the Finance Minister.

The advisor communicated via X that the Ministry of Finance representatives engaged in detailed technical discussions with possible investors, underwriters, future guarantors, a Chinese rating agency, and Chinese legal advisors. The dialogues centered on Pakistan’s macroeconomic evaluation and future predictions, ongoing enhancements to debt management strategies, and the framework and progress of the projected Panda Bond transaction.

The discussions encompassed regulatory procedures, mechanisms for credit enhancement, and the degree of investor interest in the upcoming bond issuance. The NDR garnered substantial initial enthusiasm, demonstrating investor confidence in Pakistan’s reform efforts and its increasing standing in international capital markets.