Pakistan raises record $3 billion in dual-tranche Eurobond sale

Pakistan raised a record USD 3 billion through a dual-tranche Eurobond sale, attracting nearly USD 6 billion in orders, the Ministry of Finance said Thursday. The issuance marks the country's largest-ever single international bond transaction. The offering comprised USD 1.75 billion in 5.5-year bonds at a 7.5 percent coupon and USD 1.25 billion in 10-year bonds at 7.9 percent. The ministry cited strong demand from diversified global institutional investors as evidence of improving macroeconomic fundamentals. The successful sale follows Pakistan's efforts to recover from near-default in 2022-23. Its previous most expensive Eurobond, issued over a decade ago at 8.25 percent, has already been repaid.