Pakistan Engages Investors in China for Debut Panda Bond

A delegation from the Ministry of Finance, Government of Pakistan, conducted a series of pre-marketing meetings with investors in Beijing, China, from July 7 to 11, 2025. This initiative is part of a non-deal investor roadshow (NDR) designed to prepare for Pakistan’s first-ever Panda Bond issuance.

The MoF delegation engaged in detailed technical discussions with potential investors, underwriters, possible guarantors, a Chinese Rating Agency, and Chinese legal advisors.

Khurram Schehzad, an advisor to the finance minister, shared on X Wednesday that the discussions centered on Pakistan’s economic outlook, ongoing debt management improvements, and the specifics of the proposed Panda Bond transaction.

The conversations also encompassed regulatory procedures, credit enhancement strategies, and investor appetite for the upcoming bond offering.

According to the X post, the NDR has generated significant early interest, indicating investor confidence in Pakistan’s reform efforts and its increasing reliability in global capital markets.

“This endeavor underscores the government’s dedication to actively engaging with investors and broadening funding avenues by entering China’s domestic capital market.”

The inaugural Panda Bond is slated for launch later this year, contingent upon the completion of necessary documentation and approvals, including credit guarantees from multilateral development partners.

Finance Minister Aurangzeb has stated that the government aims to raise approximately $300 million from Chinese investors through the Panda Bond.

“This move signifies Pakistan’s strategic approach to access China’s substantial and varied onshore bond market, expand its investor base, and diversify funding options via local currency instruments supported by multilateral partners.

“The successful NDR thus far demonstrates the government’s commitment to innovative and forward-thinking financial strategies, conveying a clear message that Pakistan is prepared to confidently and reliably explore new financial opportunities.”